050: I Live in a Trailer Park, but You Live with Your Mom!

Nov 6, 2018

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How can some of the worst years of your life be when you manage hundreds of properties in colorful Colorado? It’s because you have to deal with tons of different tenants (and their kids and dogs), collect rents...it was a nightmare for Rondi Lambeth. So, now, he focuses on multifamily apartment complexes, which are easier to handle.

Rondi is the founder of Fortress Credit Professionals and a real estate investor. He makes money in the credit repair business and then invests about 70% in multifamily properties.

Topics on Today’s Episode:

Rondi has a rags to riches story - going from living in a home without electricity or water to buying his first home when he was 18
Single-family properties are sexy, but a lot of work
Raising capital involves rules and relationships; there’s more money than you know about out there and it gets easier to get it thanks to believers
Mentors make a difference and help you reprogram yourself to be successful
Asking for capital doesn’t involve selling - only offers opportunities
Stay Broke: When you have enough money to do another deal, spend it all; keeps you hungry
Be smart, don’t pay taxes; if you do want the government wants you to do (be wealthy), then you don’t have to pay taxes
Owners make the big decisions and manage the people who manage the people
It’s much easier to become wealthy if you have good credit; banks will throw money at you
300-850 is the FICO range; 300 means 30% and 850 means 85% chance of bank being paid back
Regardless of what’s on your credit file, anything can be removed from it
Personal Life: Pay off credits cards in full every month; Business Side: Leverage credit card debt responsibly based on cash flow
Differences between Corey’s business and a real estate investment trust (REIT)

Links and Resources Mentioned:

Quotes:

“It’s so much easier to become wealthy with good credit.” Rondi Lambeth

“I don’t know why anyone would do single family. It’s sexy. I don’t care about sex anymore. I’m lazy. I don’t want to do all that work.” Rondi Lambeth

“The moment you have enough money to go do another deal, spend it all because then it keeps you hungry.” Rondi Lambeth

“They call it cash flow for a reason. It flows out of people’s hands that can’t handle it, and it flows into people’s hands that know how to make it grow.” Corey Peterson

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