He Sold His Car to Buy His First Property: Now He Owns 40 Rentals!

Lawrence “Landlord Larry” Guerguis thought he would spend the next 40 years of his life in finance. But one conversation with a regretful investment banker changed his life’s trajectory and set him on a path toward financial freedom through real estate investing. Just three years later, he owns 40 rental properties producing thousands in monthly cash flow! Once Larry realized the impact that rental properties could have on his wealth, time, lifestyle, and flexibility, he wasted no time in buying his first rental property. While still in college, he sold his car, scrounged together a down payment, and bought a duplex out in the Midwest. With proof of concept and a few hundred bucks lining his pockets each month, he went all-in on real estate. He’s since moved to Cleveland, Ohio, where he’s built a real estate portfolio of 40 single-family homes (and counting!). In today’s episode, he’s giving you all the secrets he’s used to buy deal after deal without having the W-2 income to qualify for traditional bank financing. From locking in better rents with Section 8 investing to building a brand that creates greater opportunities, Larry has found a formula that really works in 2026! In This Episode We Cover How Larry scaled to 40 rental properties in just three years The wild strategy Larry used to find his first private money lender How Larry funds his rental properties without the bank (or W-2 income!) Using Section 8 investing to lock in higher rents Using social media to find off-market properties and lenders How to pick a more affordable real estate market to invest in And So Much More! Check out more resources from this show on ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠BiggerPockets.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠h⁠⁠t⁠t⁠ps://www⁠.biggerpockets.com/blog/real-estate-1336. Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠[email protected]⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Learn more about your ad choices. Visit megaphone.fm/adchoices

Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.

• 0:00Henry Washington?

  Today's guest owns 40 rental properties, producing thousands in monthly cash flow, and he's only been in real estate for a few years. Before real estate, Larry Gergis thought he'd be spending the next 40 years of his life working on Wall Street. But one conversation with a regretful investment banker changed his trajectory and set him on a path toward financial freedom through real estate. Larry knew he wanted to buy rentals, but how? He was a college student living in California with no W2 income, so he couldn't possibly buy a rental property, right? But Larry wasn't taking no for an answer. He sold his car, scrounged together a down payment, and bought a duplex in a Midwest market he could actually afford.

• 0:45Henry Washington?

  Then with proof of concept and a few hundred bucks lining his pocket each month, he moved to Cleveland, Ohio, where he has built a real estate portfolio of 40 single-family homes and counting. Today, he's sharing how he bought deal after deal without qualifying for traditional bank financing. From focusing on low-price but high-cash-flow rentals to locking in higher rents with Section 8 investing. Landlord Larry has found a formula that really works today.

• 1:18Henry Washington?

  What's going on, everybody? I'm Henry Washington, co-host of the BiggerPockets Podcast, and today we have an investor story with Larry Gergis. You might know him as @LandlordLarry on Instagram and TikTok, so let's bring him on. Lawrence Gergis, better known as @LandlordLarry. Welcome to the BiggerPockets Podcast, my friend.

• 1:38Speaker 01

  Thank you very much for having me. Appreciate it.

• 1:40Henry Washington?

  We like to start off by learning a little bit about who you are, what you do, and how you even got into real estate in the first place.

• 1:47Speaker 01

  My name is Larry or Lawrence. Some people call me @LandlordLarry on the internet. I'm from California, Southern California. And I started investing in Section 8 real estate, particularly during my junior year in college. And I did take a big leap from Southern California. From the people that are from there, they know it's a very nice place to live. And I moved to the Midwest to do it full-time right after college. So thank God, it's been a blessing to do it. And I've been doing it for a little over three years now, and it's been great.

• 2:16Henry Washington?

  What even sparked the interest in real estate? Because college is not that path.

• 2:22Speaker 01

  No, college isn't that path. And it wasn't always real estate for me. It was originally investment banking. I thought I was going to be the typical finance bro.

• 2:31Henry Washington?

  Finance bros.

• 2:32Speaker 01

  Yeah, that was going to be my path. Living in New York, working crazy hours. It's a pretty funny story. I was actually just out at the bars with friends during my junior year of college, my first semester. And like I said, I went to college in San Diego. It's a fun place to be. But we were at a bar, and then we went to a pizza parlor right next to it. And there was some guy sitting next to me, looked a little down. He was just kind of on his own. And I was like, hey, bro, everything all right? And he was like, don't talk to me. I only get two weeks out of the year off. And I was like, okay, what do you do by chance? And he was like, I'm in investment banking. Like, I'd love to talk to this guy. Okay, let's hear it. So I ended up talking to that guy in that pizza parlor. My friends leave for like an hour and a half. And he gave me some pointers.

• 3:17Speaker 01

  The thing that really stuck with me from that conversation, he asked me if I loved money. You know, not liked, not enjoyed, spending it loved. And I said, no, no, I don't love money. Money's great. I think everyone enjoys having a little bit more of that. But loving is something different. And I didn't love it. And he said, forget about investment banking. Forget about anything finance. Because that's what you need to have to work these crazy hours. And you make great money. But he says, he doesn't even have the time to spend it. And I was like, all right. So after that day, I was like, we're going to figure out this real estate stuff out before we graduate, so that we have some sort of path coming out of college.

• 3:58Henry Washington?

  All right, okay. So you got tapped on the shoulder and you took it seriously. So how did you go from that moment to actually taking action and working towards your first deal?

• 4:12Speaker 01

  I ended up selling my car, my first car. And I sold it for around 16 grand.

• 4:17Henry Washington?

  Okay.

• 4:17Speaker 01

  And I was like, listen, I don't need a car. I use one of the family, I have a family hammer-down car from 2008. I still drive that car. I love that thing. And I was like, I'm going to sell this, and we're going to figure out a down payment for something.

• 4:30Henry Washington?

  So you didn't buy in San Diego?

• 4:32Speaker 01

  No, unfortunately, I didn't have the budget for it. Didn't buy in San Diego, didn't buy anywhere in California. Pretty much, I just went on Zillow, Redfin, all those websites. And I put my budget in. I put like 70 grand max purchase price. And the states that came up were Ohio, Missouri, Illinois, like parts of Illinois, Alabama, all these midwestern, southern states. I was like, okay. So now we're not investing in our home state. We're going to have to figure out management. You know, for me, it was like, we're going to figure this stuff as we get there. As long as I get the ball rolling, then I'm going to make a mistake. And even if I buy a house, like the loan payment on it's 400 bucks, like that's a $400 monthly mistake that I'll figure out over 30 years.

• 5:16Speaker 01

  So I ended up coming across a place called Peoria, Illinois.

• 5:21Henry Washington?

  Oh, yeah.

• 5:22Speaker 01

  It's an interesting, I've been there a couple of times. It's interesting. I didn't go there to look at the property. I pretty much just trusted some handyman I found on a Facebook group.

• 5:31Henry Washington?

  Seems legit. I see no problem with this.

• 5:33Speaker 01

  Oh, yeah, yeah. Legit's the word we'll use. So yeah, I was just, I joined all the Facebook groups in the Peoria area. And I just found like a handyman, and I was like, hey, man, like, I just need you to go look at this property and see if it's not awful. At the time, even if he told me things that were wrong with it, I wouldn't know. You know, like I said, I'm college finance. I don't know what a water here was, like none of that. So I pretty much just needed a thumbs up or thumbs down from him. He gave me a thumbs up. Don't know the reliability on that, but I took it.

• 6:05Henry Washington?

  Okay.

• 6:05Speaker 01

  And I ended up buying that house. I put around 15,3 down.

• 6:09Henry Washington?

  Purchase price was 70?

• 6:11Speaker 01

  65.

• 6:12Henry Washington?

  So you did a conventional mortgage?

• 6:14Speaker 01

  I did a DSCR, because I don't have a W2. I have no pay stubs, no income. So the only one I applied for was DSCR. And closing took forever. And even to get the pre-approval before took forever, because I was looking for a lender that'd go down to that loan amount. And the place where I found him was actually BiggerPockets. Like during class, I was scrolling through, like, you could even see my history. It's just like, sub 100K loan amount, DSCR. And I'm like, does anyone know a lender? Finally got connected one and bought through him.

• 6:46Henry Washington?

  One thing you said that I liked was you thought through what the fear was, the worst-case scenario. What's the worst-case scenario? I buy a house and my mortgage payment is 300 bucks. And if it doesn't go well, I'll just be stuck paying 300 bucks a month for a while. Like, I can figure that out.

• 7:02Speaker 01

  Yeah.

• 7:02Henry Washington?

  When we break our fears down sometimes and we figure out, okay, well, what's the real consequence to the action that I'm taking? We sometimes realize that the fear is not that big of a deal. So I like that approach you took, and I want other people to do that. If you're stuck in a decision, break down your fears. What's the worst-case scenario? And can you survive that worst-case scenario? Can you get back on your feet and not compromise your family's well-being? The roof over your head, those things are important. But if it's just like, yeah, I might lose some money, but I'll be okay? I don't know. You might want to rethink that calculated risk.

• 7:34Speaker 01

  Yeah, exactly.

• 7:35Henry Washington?

  The other thing, you just started putting in your budget on Realtor to look for a place to invest. And you landed on this property in Peoria. So purchase price 65-ish thousand. You put about 15,000 down. And you said it was fairly turnkey, so no renovations?

• 7:54Speaker 01

  Not much, no. Like, I maybe put like a couple hundred bucks and like paint, like painted some walls and stuff like that, and that's about it.

• 8:00Henry Washington?

  And then you needed a tenant.

• 8:02Speaker 01

  Yeah.

• 8:03Henry Washington?

  How long did it take you to find one?

• 8:04Speaker 01

  I needed not any tenant. I needed the perfect tenant, because I couldn't afford a non-payment. Like, otherwise I wouldn't make the mortgage payment. It took me a couple of months, to be honest. It wasn't immediate, because I started advertising just on Zillow. And I was getting a bunch of people, and I was kind of messing around for the first time with tenant screening websites. Which ones did I like? Which one gave me the information I needed? I ended up just kind of thinking, I was like, okay, if I need a tenant that's going to pay me for sure, like, let's look into Section 8. Because I was like, okay, let's take a look at it. I mean, baseline, like, if I sign this government paper, I should get paid rent, right?

• 8:40Speaker 01

  And I was like, okay, so let's start to advertise on affordable housing. I advertised on affordable housing, found a couple tenants. It's very light screening, like screening wasn't really good at all. And got one.

• 8:53Henry Washington?

  How did it go? Was it a good tenant?

• 8:55Speaker 01

  So the tenant didn't end up paying anything. Her portion was nothing. As a lot of people know, Section 8 does pay like 70 to 100% or even less, depending on the tenant's income. Her income was nothing. So I was getting 100% from Section 8, which was pretty sick. And I was cool with that.

• 9:10Henry Washington?

  So the government was your reliable tenant that you were looking for?

• 9:13Speaker 01

  Exactly. That's what I was saying. I was looking for the perfect tenant. The government, the government never misses a payment. So yeah, no, I ended up getting around 1,400 in rent. And my payment was 480-something, which wasn't bad.

• 9:25Henry Washington?

  No, that's pretty frickin' awesome.

• 9:27Speaker 01

  Yeah, yeah, yeah.

• 9:28Henry Washington?

  That's really good cash flow.

• 9:29Speaker 01

  I was like, this is sick. And I'm still in my college dorm doing this.

• 9:34Speaker 01

  So I got a little bit of party money. It's cool.

• 9:40Speaker 01

  You know, my roommates ain't doing this, right? So I was like, this is sick. You know, I was like, but for me, in reality, that was the moment where it clicked. I was like, okay, this works.

• 9:52Henry Washington?

  Proof of concept.

• 9:52Speaker 01

  Exactly. Proof of concept. Like, this works. And obviously, one house, 700, 600, 1,000, whatever, net, is not life-changing. It's not going to do much for me, right? Not much for anyone, especially if you live in California. But if I can manage to scale up, there you go.

• 10:08Henry Washington?

  All right. Well, made a few mistakes, but you came out clean on the other side, got some cash flow. And if you're anything like me, once I got a taste of that proof of concept and it was working after my first deal, I was like, how do I do a lot more of these right now? Cause I was ready to scale as soon as I did that first one. So I'm very curious what that meant to you and we'll learn about that right after the break. Here's a strategy that most W2 employees have never heard of. Normally, if you want to write off a rental property against your regular income, you need real estate professional status. That means tracking hundreds of hours a year. Rent to Retirement just launched a

• 10:50Henry Washington?

  program that skips all of that. It's called the STR loophole tenant placement program. Here's how it works. You buy one of Rent to Retirement's Class A new construction investment properties. You set up an Airbnb listing and self-manage it for the remainder of the year. Rent to Retirement then rents the home as a short-term rental to establish it as an STR for the year. No furnishing required, making this the easy button to save five or six figures in taxes this year. And because you're the sole manager, there's no hourly minimum to meet. That lets you use a cost segregation study to accelerate the depreciation and potentially write off over $100,000 against your income, even on your first rental. Add

• 11:32Henry Washington?

  in cash back up to 13% of the home price, which exceeds $60,000 on some properties. With this massive cash back incentives, investors are seeing total returns up to 126%. New construction, A-class properties, and inventory is limited. Learn more at biggerpockets.com/retirement or text REI to 33777. Again, text REI to 33777.

• 11:59Dave Meyer?

  Summer bookings sound great until someone slips by the pool, gets hurt on your dock, or damages your property during a long holiday weekend. A lot of short-term rental investors don't realize their standard policy may leave gaps when it comes to short-term rental activity. That's why investors use Steadily. They offer landlord insurance built for real estate investors, including short-term rentals. And if you're a BiggerPockets Pro member, you'll also get 5% off your landlord insurance premiums. Visit biggerpockets.com/landlordinsurance to learn more.

• 12:31Henry Washington?

  Quick word about a new pro perk you'll want to know about. Aven. If you're a homeowner, there's a good chance you're sitting on equity that you're not using. The problem is tapping into that usually means a cash out refi, a traditional second mortgage, or weeks of paperwork just to get approved. Aven built something different. It's a credit card, but it's backed by your home equity. So you get a lot of the rate benefits of a HELOC with the flexibility of a card you can use anywhere. Rates are typically well below a standard credit card. Approval is fast and mostly online, and you can use it for anything: a renovation, paying down high interest debt, or just have more breathing room in your budget. And if you're a BiggerPockets Pro member, there's an extra reason to check it out. Get approved for the Aven card and you'll get a $400 statement credit after spending $400

• 13:16Henry Washington?

  on your Aven card. Enough to cover your entire annual Pro membership. Head over to aven.com/biggerpockets to see if you qualify. Aven Financial, NMLS #2042345. Cards issued per 2020 license from Visa USA, Inc. by Coastal Community Bank, NMLS #462289. Member FDIC. Equal housing lender. Subject to approval. Terms apply. Visit aven.com for details.

• 13:36Speaker 03

  The action's on the court, and as the official beer sponsor of the NBA, Michelob Ultra is getting fans closer to the game with a chance to win courtside seats, merch, and more. Visit michelobultra.com/courtside to enter. Michelob Ultra Courtside, 26 to 27. No purchase necessary. Open to U.S. residents 21+. Begins on October 1st, 2026 and ends on June 30th, 2027. Multiple entry periods. See official rules at michelobultra.com/courtside for free entry, entry deadlines, prizes, and details.

• 14:07Henry Washington?

  All right. Welcome back to the BiggerPockets Podcast. I am here speaking with landlord Larry, and he just told us about his first deal that he did while in college. Pretty impressive, made some mistakes, but ended up with some good cash flow. What did you do next?

• 14:21Speaker 01

  So I'm still in college. Like I said, I just added that, that real estate major. So my college actually just got extended and that just wasn't going to work, especially after seeing this work.

• 14:30Henry Washington?

  After you get the proof of concept, now you want to get out of there.

• 14:32Speaker 01

  So I kind of went to my academic advisor and I was like, hey, man, like, we're gonna have to chop this up. How are we gonna, you know, squeeze all these credits so I can graduate on time? Cause I still want to graduate. He was like, you're gonna have to take a lot of credits every semester and then also do summer and winter classes. Let's do it. So that junior year, second semester, I did, I think 18 credits. I did six credits that summer, and then I did three credits during the winter, and then another 23 credits my senior year, second semester. And thank God I graduated on time.

• 15:02Henry Washington?

  Wow.

• 15:03Speaker 01

  Yeah, that was a lot of.

• 15:04Henry Washington?

  That is a lot of class. Cause what's a full load? 12?

• 15:08Speaker 01

  Like 12 to 15. Yeah.

• 15:09Henry Washington?

  Yeah.

• 15:10Speaker 01

  Yeah. So I like did a double overload, especially on my last semester, senior year. I actually took a class at the community college nearby. So we finished. We finished, thank God. And during this time, I'm doing all the backend because I was preparing to move out to wherever I was going to invest. So I wanted to get my, like, you know, my set DSCR lender, my lawyer, my, you know, real estate agents in whatever state I was going to go to. I'm still figuring this out at the time, right? But I'm, I did a lot of this on BiggerPockets too. It was just kind of finding connections so that wherever I did move out, I can hit the ground running. And also funding this portfolio that I wanted to do.

• 15:44Henry Washington?

  What was that process like to get to the next deal?

• 15:46Speaker 01

  So like I said, I used all my money on that first deal and I didn't have any personal assets, you know, to take money from. So I ended up kind of, you know, going around, asking different people, but I'm very familiar with Discord. Like that's like my online presence. I love Discord. So I was going in different like crypto Discord channels and like for lack of a better term, like just trash talking to these people. Like, so like I was pretty much just telling them that like, like their assets are not tangible and like it could be gone tomorrow. Like you have no idea. Like crypto is great, but like, you know, I have nothing against it, but I'm going to do what I can to like tell these people that tomorrow could be worth nothing. And like if all your money's in crypto, that's

• 16:31Speaker 01

  a little bit of a risk. So I just tell people like invest in tangible assets, invest in tangible assets. And I was doing it like to, it's so many discords with hundreds of thousands of people. And I got people that, you know, are serious, not serious. And I finally got some younger guy, right? That like came up on some crypto money. He, you know, messaged me on Discord. He's like, yeah, I do agree with you. I have some money in crypto and I do want to like, you know, take a chunk of it out to, you know, invest in something tangible. What are you talking about? And I kind of, you know, like make a pitch deck with Canva and, and you know, like bootstrap that. And I was like, hey, man, you should really come down to San Diego and have a conversation about it. He actually, you know, comes down to San Diego earlier in May. I'm graduating May, like end of May.

• 17:13Speaker 01

  He comes down earlier in May, taking out to some Korean barbecue, which he doesn't eat because he doesn't like, like raw meats like that. So we were just talking the whole time and it ends up working out. Like we agreed to like a certain start money and I ended up taking that and moving out. The first place I chose was Cleveland, Ohio.

• 17:31Henry Washington?

  Okay. And what did you decide to do with that money? You said you moved to Cleveland. I'm assuming you researched Cleveland before moving there?

• 17:39Speaker 01

  Yeah. So that entire senior year while I was doing my classes, that's where I actually like needed to research, like where I was going. Yeah. Yeah. So I researched Chicago, which I turned, you know, I wasn't going to do that. I researched Alabama, Missouri. I actually had a friend in Missouri. So I researched a lot of Missouri and then Cleveland, Ohio. And Cleveland, Ohio, just kind of, you know, first of all, I was like tolerable to live in, you know, there was a downtown, like, you know, even though I don't, I don't really use it, but I'm here for work.

• 18:09Henry Washington?

  Southern California folks.

• 18:10Speaker 01

  Yeah.

• 18:12Henry Washington?

  It's a decent city. It's not, it's, it's fine.

• 18:15Speaker 01

  Yeah. It's got character, everybody.

• 18:17Henry Washington?

  It's not San Diego, but it's good.

• 18:19Speaker 01

  Yeah. And, and it was an insane Section 8 market and it still is. So I'd pretty much just after class, like go on Zillow and kind of, you know, I felt kind of bad because I was kind of wasting these, uh, these agents' times, but I'd give them calls, the listing agents, and I asked them to like send me video tours of the houses and then also answer questions about the area. Because, you know, my understanding of, obviously there's East Cleveland, which is pretty bad and different parts in the Cleveland surrounding areas. So I wanted to get an understanding of which areas are good or bad to buy in. And like now also understanding the insides of these houses. I probably did this to like 50 agents, you know, poor guys, like I wasted their time, but I got the knowledge that I

• 19:02Speaker 01

  needed so that when I did move there, I went immediately. The first week I was there, I toured easily over 60, 70 houses.

• 19:09Henry Washington?

  What did you learn by getting the video tours? Like what were you looking for? And then what did you actually learn from that?

• 19:17Speaker 01

  For example, different video tours had, you know, older panels, older electrical panels, and some of them had new. I'd look at different basement walls. Some of them, you know, you could see condensation building up or horizontal cracks, vertical cracks, right? And I'd ask questions. I'd be like, oh, like what is that? Cause I had no idea. And some agents, you know, are very knowledgeable about houses and some aren't, you know, that's just normal. But the ones that were, which is how I found my agent, right? Cause he was answering every single question about the mechanics of the house. I was like, this guy knows the stuff. I'd be like, you know, uh, why is this like water heater look different than this one? Oh, it's an older one, you know, so it's due for however many years. And now, now I just know, like the fact that they made that comment, it's due to be replaced soon. Now I know like, okay, water heaters are roughly, need to be replaced every 10

• 20:02Speaker 01

  or so years, right? I had no, I had no idea. So just asking these questions kind of put those timelines for like, or like difference between three tab, two tab, or whatever, shingle roofs, right?

• 20:11Henry Washington?

  Yeah.

• 20:12Speaker 01

  So, yeah, right. These are all important things. I didn't care about the cosmetic. Like these things are all cheap. It was understanding like the mechanics behind homes. So asking these questions taught me like kind of a baseline. And then when I was there, I can kind of connect the dots and be like, oh, I did see that in the video. Look at, that's like, you know, an older panel. I should probably be careful about this house.

• 20:31Henry Washington?

  All right. So you got familiar with properties. You got familiar with Cleveland. You moved. Now you're living there. How long did it take you to get your first deal? What'd you do?

• 20:42Speaker 01

  Yeah. So I moved to Cleveland, 2024, end of July. Immediately, I had that agent that I was speaking with, one of the ones that I was speaking with, uh, you know, asking for video tours and all that. And this guy was a dog. Uh, he knows everything about houses. I was like, I'm gonna move this day. I believe it was a Thursday and that Monday, we started looking at houses. Uh, and I made a huge list that weekend. A poor guy. I mean, I, I probably put like 50, 60 houses on that list. And on a sheet that I shared with him, I was like, we're going to tour all of these. And that gave me a huge understanding of what areas were bad. I mean, I was walking around places in Cleveland. Gunshots, two doors to the left of me. Like it was, it was interesting and I knew like, okay, like maybe this is an amazing place to buy.

• 21:25Speaker 01

  And then some other places were great. So first deal was a duplex. I was planning on going in, uh, just single family, but it was actually a duplex. In kind of a rough area. I'm not going to lie, but there were two section eight tenants in there, top down. That had been there for, one was like 16 years and one was 11 years. They'd been there forever. And the rent was super low. It was like 650 bucks each unit. So from my understanding of studying the section eight there, the authority there. I could increase the rents right away to the standard of, you know, 2024.

• 21:57Henry Washington?

  Without doing any work?

• 21:58Speaker 01

  Without doing any work because they already passed section eight inspections, right? So I knew that it was turnkey enough. I toured the property in person. It looked great. The tenants took great care of the property. I met the tenants, you know, I still have this tenant to this day. He's a great guy. And I was like, okay, let's put an offer. I put a pretty aggressive offer on. I kind of wanted to, and this was my first offer. So I was asking all the questions along the way. I read every single page, you know, letter by letter. And, you know, thank God we got that first one at 88,000 was for that duplex. Yeah.

• 22:27Henry Washington?

  That cash flows without you raising the rents. That's a decent cash flowing deal without raising the rents.

• 22:32Speaker 01

  My mortgage was 675 on the dot, 675. I remember. And, you know, I'm still making, you know, 600 bucks, uh, paying water and sewer. They're both very old. So the water and sewer was very minimal. Uh, so I'm, you know, I'm making them a 500 and something dollars. Great. I'll take it. But the HUD for that time, for, they were both three bedroom units, but they had two, two bedroom vouchers. So I could only get to two bedroom rent. Uh, were around $1,200 for two, two bedroom rent. Both of them, three months later went up to that amount.

• 22:59Henry Washington?

  Nice.

• 22:59Speaker 01

  And it cash flowed like crazy. I was like, wow, that is wild. So the first one was a home run. Uh, even my agent to the, to this day, said those were some home, those first six were home runs.

• 23:09Henry Washington?

  It sounds like you found a, a kind of a niche opportunity there, right? Cause if the property was a three bedroom, but only getting two bedroom vouchers. There's obviously opportunity for you to get increased rents. Was the previous landlord just not on top of maintaining his rents? Like, is that an opportunity you can find if you look for it? Is that normal?

• 23:29Speaker 01

  Yeah, yeah. I actually recently bought two properties with tenants that have been there for a very long time and increases that haven't been there for a long time. You could see that, like, for example, for that first property, it was being transferred from owner to owner to owner to owner. Bought and sold, bought and sold. And no one like really, you know, went, because usually section eight, you need to hand in a rent increase in person. So maybe they didn't have an agent in the area to hand in a rent increase or just didn't think about it. So no one, no one handed in a rent increase to the housing authority there. And I was like, I'm just going to give it a shot and see what happens. And still to this day, I mean, I recently bought two houses where it was a three bedroom tenant has amazing income. The rent was 900 and it went up to 1,600.

• 24:09Speaker 01

  So it's just like, people are just, you know, it's a lot of out of state investors that just don't understand the, you know, and I don't blame them. Don't understand, you know, the rules of the housing authority there, but I was like, I'm just gonna, I'm gonna ask.

• 24:20Henry Washington?

  Super cool. So you bought that duplex, then what?

• 24:25Speaker 01

  And then around the same time, it's funny, the first six I bought, uh, it was six houses in six months. And I bought them kind of in, in duos. It was, it was pretty interesting how that, that happened. My goal was six houses in a year. So thankfully about the six houses in six months, I bought a single family at the time. That one needed a little bit of work. I didn't know anyone there. So I actually have pictures of me doing the work myself and it was, I'm not going to lie. The work was kind of bad. The work was out of bad. I mean, like I was painting a room. I didn't put any primer on it. I like tried to re-sand wood floor. Didn't go all right, but like thankfully I did get another housing authority tenant. The numbers on that, the payment on it was 524.

• 25:08Speaker 01

  And I got a housing authority for 1850. So that one did really well. So I bought those around the same time. That one was already occupied, the duplex. And then the move in date for the other tenant was October 1st. Right around October, I bought two more. Uh, one was a four bedroom, two baths, single. And the other one was a three bedroom, one bath, single in a nicer area, still section eight. Uh, the zip code for that area was really good. So I got really good rents on that. The payment on that one was 709, I believe, and I got 1720. And then on the four bedroom, she didn't have any income, but my payment was also like 540 something and the rent was 1,300.

• 25:49Henry Washington?

  These are great numbers for, for reasonably affordable houses.

• 25:53Speaker 01

  Yeah.

• 25:54Henry Washington?

  Uh, that were not purchased that long ago. That's why Cleveland is one of the most popular, you know, landlord markets because of the affordability versus rents that you can get there, which is really, really cool. And you funded all six of these through that private money partnership that you had?

• 26:12Speaker 01

  The down payments. Yeah. The down payments fell anywhere between like 17,000 and 20,000 at the time. Those were my cash to close on all those.

• 26:20Henry Washington?

  And how much equity were you giving up on each one of these deals?

• 26:23Speaker 01

  I was giving him 30%.

• 26:25Henry Washington?

  And rent 70, 30 split or 50, 50 split on rents?

• 26:28Speaker 01

  50, 50.

• 26:28Henry Washington?

  Okay. What was the long-term plan with the, with the partnership and the loans? Do you, do you still have these partnerships? Are you, did you buy him out? Like, how does it end?

• 26:40Speaker 01

  Yeah. So he's actually a really nice guy. Um, and the reason why I gave him equity, first of all, like I'm a desperate college kid and like I didn't have any experience. And like, I knew that I could work it out with him, you know, he's a younger guy. So I was like, we'll, we'll figure it out later, but obviously that's not the right way to go about it. Definitely if you're going into partnerships, don't think that way. Have your long-term plan set from the beginning. Cause once you sign that paper, you sign it. But, uh, he was a cool guy. So I kind of figured that we, you know, once we get the ball rolling, then we can, you know, figure out moving forward. But yeah, the goal was like to kind of buy him out eventually when all these properties are cash flowing, give him like, you know, his big check at the end and he'll be happy. And that's eventually what ended up happening. I did like buy out the equity. And then I started getting, you know, all the cash flow from all these properties. And then I dumped all of that back into now my personal, uh, portfolio.

• 27:24Henry Washington?

  All right, Larry. Well, this is pretty cool. It's a pretty cool story about getting started. I love hearing stories about how people got started at a younger age. I was an old fogey when I got started. The other thing that's really cool is you did this while in college. And a lot of people think that they aren't prepared or ready to get started. And you didn't let that stop you as a college student. You figured out a way to do it. You figured out a way to raise money. You figured out a way to find deals. All while taking two times the load of a normal college student. So that's pretty impressive in itself. Do you mind giving us a breakdown of where your portfolio stands today?

• 28:05Speaker 01

  Yeah. So thank God I've been able to build it around 40 properties now.

• 28:09Henry Washington?

  Wow.

• 28:09Speaker 01

  Uh, yeah, I, I still only have that one multi-family duplex. So I did.

• 28:14Henry Washington?

  All singles?

• 28:15Speaker 01

  Yeah, all singles. Yeah, all singles. My, my, my strategy is pretty simple. I like three ones, three twos, maybe some four bedrooms. You know, they're easier to manage, longer term tenants. But yeah, I've, I've been able to, to grow it to that. And, and to be honest, I dump everything back into it. I, I love buying these houses. I'm passionate about it. Um, so I don't, you know, I try not to take too much home. Uh, I try to just buy, you know, every month, you know, down payments, down payments, down payments.

• 28:41Henry Washington?

  Okay. And is this all in Cleveland or did you venture into another market?

• 28:45Speaker 01

  Yeah. So, uh, majority is in Cleveland and then I also have, uh, a bunch in St. Louis, Missouri. Uh, like I mentioned before, I have a friend out there that went to college with me. So when we both finished, I was like, hey man, like, you know, I kind of need my boots on the ground. And, you know, he wanted to also learn like section eight. So I was like, this is a great opportunity. Like we can work together. We have partnership in, in St. Louis. So, uh, I was able to buy out there because I had, uh, you know, my friend out there.

• 29:10Henry Washington?

  These are markets where people think it's competitive because of the popularity of the markets for landlords. Like how, how has that impacted or not impacted your strategy going forward? Have you had trouble finding deals? Is like, what's, what's that look like?

• 29:25Speaker 01

  Yeah. So deals have definitely gotten more expensive for sure. I mean, the appreciation on the houses that I already own is insane. But it's always kind of understanding now off-market deals. Thankfully, obviously through social media, which is pretty cool. It's, you know, a great opportunity to have. I've been able to, uh, meet a lot of wholesalers, meet a lot of people that have off-market deals. So I've been able to buy some off-markets, but even still on the market, it's really just understanding the numbers. Like, yeah, a deal might be more expensive. But if the rent, you know, numbers out, numbers out, like buy, buy the deal. Like my biggest regret in my first year. And maybe, you know, it turned out to be fine because I did, like those first six houses were home runs.

• 30:04Speaker 01

  But like I was penny pinching, like I was going crazy on deals. I had lost deals because I was a thousand, $2,000 away. Uh, from what the seller wanted. And in reality, like, what is that? Like on a small deal, like that's like $5 a month, like difference, you know? And like, I was going crazy over it. Like I wish I bought every deal like sooner.

• 30:24Henry Washington?

  Said every investor ever.

• 30:25Speaker 01

  Literally. Yeah, exactly. Like, like, I didn't understand that when I first got into it and people, you know, maybe older investors I was talking to at the time, they're like, get as much as you can, man. I wish I got more. And, and at the time, you know, and they're like, at your age, like it'll turn out good. Just get the deal. And I was like, you know, being a little cocky. I was like, I'm going to buy perfect deals all the time. Unrealistic, you know, but, but buy the deal, get it under your belt. Because real estate, for me, I look at it, if you're buying these kinds of assets, they're pretty much forever appreciating.

• 30:55Henry Washington?

  You know, I think that there's value in being cautious when you're there. Uh, but there's a very, very delicate balance of being overly cautious and it hindering you. Versus, uh, versus being cautious, uh, in order to protect yourself. So you definitely have to have the balance. That's where having a network of other investors can come in handy to help you, help you get out of your own head sometimes and know when to make the offer and when not to make the offer. I want to pivot before we get out of here because, you know, we call you landlord Larry and that's because of your social media. Handle where you've got a, uh, a presence where you're talking a lot about this.

• 31:36Henry Washington?

  So I'd love to learn more about how that's helped you and maybe how that's not helped you, but we'll do that when we come back from a break.

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• 36:36Henry Washington?

  Welcome back to the BiggerPockets Podcast. I am here with Landlord Larry. He has shared his journey from starting to invest in college to moving to Cleveland and buying six deals in six months, and then pivoting and doing some deals in St. Louis. So you're very familiar with being an out-of-state investor. But the thing I'm curious about is you've built a social media presence as Landlord Larry. And as someone who's built a social media presence myself, there's upsides and downsides to it. So I'm curious about your social media journey. What prompted you to even start creating a social media presence?

• 37:19Speaker 01

  It's always kind of, you know, been in the back of my mind. I've always liked, you know, making videos, whether for me, when I was younger, it was gaming and, you know, different vlog-style funny videos with my friends. I liked, you know, making videos. It was cool. So when it comes to, you know, the real estate side, I was like, okay, well, for me in Cleveland, I'm one of the youngest investors, and I don't see like why that's the case. Like, I do think it's possible for younger investors. And a lot of the questions I got just from my friends and like, you know, different family friends were like, how did you get into it so young? Or like, is it possible for me as a younger person? And I'd be like, absolutely. Like, you just need to understand some fundamental ideas and educate yourself, just as you would like any other career. Like, it's, it's really

• 38:00Speaker 01

  nothing special. Like, like, trust me, like, my friends that are becoming doctors, it's harder to be a doctor. Like, no questions asked. Like, like, I tell them all the time, like, God bless you, man. Like, I can't do medical school. So if you took like a percentage of that, like any education into like understanding real estate, for sure it's possible. You know, almost at any age, like a younger 18 and up, you know, some people that are younger than 18 get their parents to co-sign is possible. So, you know, I got these questions. I was like, you know, how about I, you know, start making videos? You know, I made this account. I told a couple of my friends, I'll start posting consistently. I didn't. The first, you know, eight months, I didn't post. I posted awful videos. If you scroll all the way down, it's just me holding a camera, talking, you know, just yapping pretty much.

• 38:41Speaker 01

  But it wasn't until like January of this, of this year, is I was like, I'm going to post every single day, quality content. So I can teach, like genuinely teach these people, be completely upfront, show numbers, like show rent amounts, like bank statements. Like, I want people to truly understand that this is possible, and it's just understanding, right, the steps to do it. And then make it also quick. Cause I understand that short-form content, like you need to keep these people glued to their phone for the 30 second max or else you lose them. So yeah, like I truly like have a passion for teaching. I'd eventually like to become a professor at my university, just for fun. I think it'd be a great time to teach a real estate class.

• 39:20Henry Washington?

  I think that's really cool. And, and I hope you get the opportunity to do that in the future.

• 39:24Speaker 01

  Yeah.

• 39:25Henry Washington?

  In terms of like a direct return on your business, like, so think like, you know, buying deals or finding lenders or finding contractors, like what has having a social media presence brought you the most in your business? Like, I know for me, I've bought a couple of deals from leads I've gotten from social media, but it's, you know, marginal compared to like the volume of deals I do from outside of social media. Where I've gotten the most benefit in my direct real estate business has been private money. Because of the credibility that you build online, it's opened up doors for lenders to reach out to me and say, hey, I'd like to work with you. So what's the online brand brought to you?

• 40:09Speaker 01

  Yeah. So I've actually had some private lenders reach out to me, and I haven't tapped into that yet, but that is something that I am going to look forward into because I do want to amp up the volume a little bit. So, but honestly, for me, it's, it's kind of been connections. Like, I've been able to, you know, either lenders or other people in like the social media, like real estate world. It's been, it's, it's been nice to, you know, meet them and learn from them. I, you know, I learn from, I try to learn from everybody, really. And yeah, like mainly that. And like even the people that I, you know, don't buy from, like those are the people on my wholesale list in my Discord. So like, it's, it's cool to have that connection.

• 40:44Henry Washington?

  Awesome. And one last question before we get out of here. There is no doubt someone listening to this episode who is in college, maybe just about to finish college, and they're like, man, I think I want to do this. What advice would you give to that person?

• 41:02Speaker 01

  So I tell this to a lot of new investors, right? Whether you're going to get into Section 8, flipping, bird, anything, right? Do yourself a favor. Cause thank God, like I got pretty lucky with just, you know, going crazy at it. And that's not necessarily how it always goes. So do yourself a favor and educate yourself, right? Do your homework. It's, it's not, you know, like school is boring, but like, so is real estate. Like, right? The backend of it is all numbers. Yeah. Like, it's, it's not all sunshine and rainbows, and it's understanding, you know, the things that you need to do. So educate yourself, whether that be books, articles, podcasts, mentors, whatever, right? First, tap into that. Cause remember, real estate is a high-ticket career. Like, if you're

• 41:44Speaker 01

  going to invest, you're going to spend money, right? A ton of it. Okay. It's not free, right? So invest in some education of some sort. Understand, just before you go crazy at it, because I'm telling you, like, it is possible, but just having the steps, understanding the steps to go through it first is, is definitely a necessary aspect of getting into it.

• 42:03Henry Washington?

  Landlord Larry, thank you so much for joining us on the BiggerPockets Podcast. Thank you for sharing your journey with us. It's, it's pretty impressive what you've been able to to build and create. You should be proud of yourself.

• 42:13Speaker 01

  Thank you so much for having me, man. I really appreciate it.

• 42:15Henry Washington?

  We've been talking about social media, so let everybody know where they can find you.

• 42:20Speaker 01

  Yeah. So you can find me at landlord.larry on Instagram. And yeah, that's about it.

• 42:25Henry Washington?

  All right. Landlord.larry on Instagram. And if you're listening to this episode and you think you've got a cool story to share, well, you can always head over to biggerpockets.com/guest and fill out the form. Who knows? We could be talking to you very shortly and you could be sharing your journey on the BiggerPockets Podcast. As always, thank you for listening and we'll see you on the next episode.

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