On today's show, I talk to Dan Lane, host of the Rental Income Podcast where he has interviewed to over 100 successful real estate investors. He has compiled 10 of his most important lessons learned from all of these interviews, and we go through each of them today.

If you missed our last episode, be sure to listen to Rich Dad Poor Dad Book Summary.

Enjoy the show!

–  –  –  –  –  –  –  –  –  –  –  –  –  –

Download your FREE copy of:  The Ultimate Guide to Passive Real Estate Investing.

Get your FREE coffee mug by leaving us a Rating and Review on iTunes.  Here's how.

See our available Turnkey Cash-Flow Rental Properties.

Please give us a RATING & REVIEW   (Thank you!)

SUBSCRIBE on iTunes  |  Stitcher  |  Podcast Feed


10 Lessons Learned From 100 Successful Real Estate Investors – Dan Lane
Welcome to Passive Real Estate Investing. I'm your host, Marco Santarelli. It is said that mistakes are made but lessons are learned. One of my friends, Dan Lane, is a guy who has interviewed over 100 successful real estate investors. He always asks the questions that he should've asked when he got started investing in real estate. He's learned a lot of good things and has walked away with a lot of great takeaways. I asked him to come on the show today to share with us some of those, the top 10 lessons that he's learned. It's great to have him on the show to share that wisdom that has been accumulated by many people over many years and that can help you shortcut your path to success and avoid stepping on the same landmines that other people have had or to maybe just curtail and accelerate the speed at which you accomplish your goals.

It's my pleasure to welcome Dan Lane to the show. Dan is an accidental landlord. He's also the host of the Rental Income Podcast, happens to be one of the podcasts I listen to on a regular basis. Dan wants to share his experiences and knowledge with you, our listening audience today. I'm excited about that because he has learned a lot from virtually 100 successful real estate investors that he's interviewed here over the last, I'm not sure how many years. With that, Dan, welcome to the show.

Hey Marco, it's an honor to be here. Thank you so much for having me. I love your show too. It's a real thrill to be on with you.

I'm happy to have you on. You sent me a list of lessons learn and I thought, "Wow, these are pretty good." They apply to different people in different ways, but there's something here for virtually everybody. I want to jump into those here in a couple of minutes. Let's start off with you, because it's always good to know who you are and where you came from. In your case, how you got involved in real estate accidentally. It's a great story. Please share that with us.

When I graduated from college, I got a job in Corporate America. After a couple of years, I was making some money and I decided I was going to buy a property. I bought a house and I wasn't planning on having roommates. When word got out among my group of friends that I bought a place, I started having a lot of friends reach out to me to ask if they could rent a room and move in with me. I said, "Sure. Let's do it. This will be fun."

When I started doing the math, I was realizing that I was going to be living there for free, that their rent was covering the mortgage. I was just in disbelief. Today, we have a term for that. We call it house hacking. At the time, I wasn't familiar with that concept. I just figured I had stumbled upon something that was really cool. Just as luck would have it, the market was also appreciating around that time. About two years later, I sold the house and I made about $100,000. It really worked out awesome that I lived there free and had this big pile of money. I was hooked. From that point, I wanted to do it again.

I ended up getting my real estate license to learn more about real estate. When I became a realtor,