Real Estate Rookie 8 Rentals in 3 Years While Working a Full-Time Job AND Remote Managing w/Luke Otto
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Oct 7, 2024 In this enlightening chat, real estate investor Luke Otto shares his remarkable journey of building an eight-unit portfolio in just three years while juggling a full-time job. Luke recounts how a casual conversation ignited his passion for real estate, pushing through the initial fear of investing. He discusses valuable insights on managing vintage home renovations, creative financing strategies like seller financing, and the importance of trust in partnerships. Luke proves that you don’t need to quit your day job to achieve substantial success in real estate.
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Spark of Interest
- Luke Otto's interest in real estate was sparked by a conversation with an NFL player friend.
- Inspired, he read "The Book on Rental Property Investing" and bought his first property months later.
Fear as Motivation
- Luke Otto felt fear when making his first large down payment, viewing it as a sign he was taking the right risk.
- This fear motivated him, signifying a departure from complacency.
First Deal Details
- For his first deal, Luke Otto purchased a small, vacant two-bed, one-bath single-family home for $63,000.
- He offered below asking price after speaking with the sellers and understanding their motivations.