275: From $40K Debt to 4 Doors and Six-Figure Net Worth (In 1 Year!) w/Mike Larson
Owning multiple properties with no money? While it might sound ludicrous, there are several ways to do it. Money shouldn’t be the barrier preventing you from getting into the world of real estate investing. In fact, many people have been able to turn around their own fortunes by using other people’s money (OPM)—today’s special guest is one of them!
In this episode, we chat with Mike Larson, who found himself in this type of situation only a few years ago. Trapped in over $40,000 of consumer debt and living paycheck to paycheck with zero savings, Mike decided that real estate was going to be his escape rope. Over the next year, he eliminated as many bills as possible, tracked all of his expenses, and worked tirelessly to supplement his W-2 income. Today, Mike owns four long-term properties, has amassed a multiple six-figure net worth, and lives the real estate rookie’s dream by the beach.
Tune into this episode for a classic, feel-good, rags-to-riches story. Mike shares about his real estate investing journey and provides all kinds of helpful tips—including the steps you need to take to fast-track your real estate career, how to use other people’s money to secure your first investment property, and how to get private money lenders to come to you!
In This Episode We Cover
How to get your first investment property with ZERO capital
How identifying as a real estate investor can yield all types of opportunities
Wholesaling for a huge profit without spending any of your own money
Bringing value to private money lenders so that they come to you
Using the BRRRR strategy to generate cash flow from distressed properties
Two steps you MUST take today to fast-track your real estate career
And So Much More!
Links from the Show
Book Mentioned in This Episode:
Investing in Real Estate with No (and Low) Money Down by Brandon Turner
Connect with Mike:
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-275
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