Aired On Wednesday, June 03, 6 AM, On Real Estate Rookie.
He takes the time to call thirty five realtors to find the one he wants and interview them, so he has really great advice to about a partnership. He has an out of state deal with a partner, and he breaks it down how that relationship began and felt. Yeah, that's Great I. CAn't wait to get into it, so let's bring him out Robert Leonard. Hey, Robert thanks coming on the show. Man Super excited to have you here. Yeah thanks so much! I'm super excited to be here. So. Why don't you tell us a little bit about who you are and give some some background on your real estate investing so when I became a real estate investor I did it accidentally I didn't know is becoming a real estate investor. I didn't really have any intentions of becoming a real estate investor. I was always a stock investor I started learning sock investing when I was about fourteen or fifteen years old. I studied it for about seven years, and then when I was graduating college. My parents told me when I went into college that when I graduated started earning a salary, I would have to pay them rent. And it really wasn't a big deal. A lot of people have to do that, but I knew that I did not want to pay rent for me. I wanted to own something and so I worked nearly fulltime all throughout college and I purchased a property before I walked at my college graduation, my senior year, and so I ended up living there and basically. Basically what happened was I had two bedrooms and I never opened the bedroom door for the second bedroom for months, and I was like why should probably do something with this? And so I ended up renting out that bedroom, and it covered about seven hundred seven hundred fifty dollars of about eleven, hundred dollar mortgage said well this. This isn't so bad and I. I hadn't found bigger pockets or anything like that. I don't know if house hacking was even a thing yet or as a as a name and so fast forward a few months I found out well. Hey, this is a real estate investing strategy. I I guess. I could actually do this being a stock investor. I never thought that I could be a real. Real estate investor I always thought it was just for the wealthy, and for the rich, and so that's kind of how I fell into real estate investing. That's awesome. I loved the accidental house hacker in Philippi. He calls himself the king of House hacking rightfully pay, but actually it's your mom. That taught it to you, so you can't take all the credit. Right a lot of people don't know that that. My I actually picked it up from my mom. And then that's how that's how he got started I. Just Kinda next her, but Robert Attic your. Were you never curious about that door? The door was four, or what wrote was in there I mean. Did you just say as just empty space on either for storage I didn't even use it for storage. I didn't use it for anything. I mean I went in there of course during the inspections things like. Like that and when I moved in, but it was just a spare room that I didn't need, and I just had plenty of space in the house so I I just never went in it ever I just never just kinda always walked past it. So what gave you the idea rented out though I'm sure I'm sure you aren't just like having somebody ask you. Did you see it on Youtube? I mean what gave you the idea that? Hey, maybe I can make some money off of this room. I just I. Don't I'm not sure exactly. It just kind of popped in my head. Really I was just like a penny. Yeah, I just had. Like innate and it's kind of always been a eight in me to be an investor and make business do businesses side also things like that so I said well, I like to have toys things with motors and I want to buy some more so how can I get more money coming in? And that was just one of the ways that's great I love that. So, what does your portfolio kind of look like now? So, what was the next step for you? After that initial house hack so I've done more deal. Deal since then, but I've been I've sold off. Some of my portfolio I've done about six deals, but I own three units right now. So from the house hack I lived there, so it was kind of strategic, but it kind of wasn't so when I went to buy the property, they were putting a special assessment on the property because it was a condo. So there's a homeowners association, and so that was holding up the purchase, and so I knew something was going on, but they didn't really release all the details. And I said well. I'll I'll buy it anyway and just Kinda see what happens, and so I owned it for about nine months. Basically, the special assessment ended up. Being was the homeowners association did a seven million dollar renovation to the property because they've never done any project like this. They had big savings in their Hoa Fund and so the used almost all of the money from that to fund. Fund the renovations so us as the owners only had to put about ten thousand dollars of our own money into the renovations, for about sixty or seventy thousand dollars worth of work. We got all new siding on new doors. Windows roof parking lot got redone pool everything so the community looked amazing after, and this was just after I bought it so I eventually brand on. So it Kinda worked out, and that's why I said I kinda speculated a little bit. Because I knew something was coming, but I didn't know what. And so basically I was GONNA turn into a rental that was my plan lived there for a year year and a half two years, and then move out. Turn it into a rental, but because of that the value skyrocketed and I was able to sell it make a decent chunk of money, and so I put that into.