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EP.10 How To Acquire 40 Rentals Before Turning 40, with Luke Andrews

How To Acquire 40 Rentals Before Turning 40, with Luke Andrews 

 

Today I’m speaking with Luke Andrews. He is a real estate entrepreneur who sells, leads and invests. He is a best selling author who has purchased 40 rental properties before turning 40 and has a passion for trying to change lives through real estate. Today, he talks with us about how he left his job in W2 to pursue a career in Real Estate. Stay tuned!

 

Download his free eBook at 10investormistakes.com. 

 

Working in W2

[03:36]

Luke worked in W2 his entire career. After college, he had sales jobs and worked for commission. He kept his W2 to have a safety net of a salary. When he experienced having to bring his work home with him, he started to realize it was pointless. He decided to work for himself and not make somebody else rich by working for them. 

 

Rental Portfolio 

[05:48]

Luke’s rental portfolio started with him and his wife building their first house in 2006, shortly after they married. At the time, it was the height of the market, and it crashed a couple of years later. They eventually needed a spot where they had to upgrade to get something larger. The timing was perfect because both had good enough jobs and credit and were also in a position to keep their first house as a rental. The market was flooded with good-quality candidates who had just gotten into a bad loan and needed a place to live. 

 

Leaving the Job 

[14:12] 

Luke didn’t take much of the money from his investment properties’ positive cash flow each month. He had to ensure that he had plenty of savings and looked at the equity in his home. It was easy for the first four to six months because of all the adrenaline. But as the months passed, it became difficult for him to handle because the excitement wore off. 

 

[18:02]

Luke didn’t want to look like a failure in front of his family. He was trying to set an example for his kids about perseverance, working for himself, and being an entrepreneur. He didn’t want to think he was failing and wasn’t good enough to handle referrals and personal businesses. 

 

Passion for Real Estate 

[20:06]

Luke has always been passionate about real estate, investing, and helping people through that. He loves tax breaks for the freedom it has and that it is a tangible asset he can drive over. Even though he has made lots of mistakes on the side, he still tries to get new investors into the business and help them shorten and flatten the learning curve. 

 

As a real estate professional and investor, is it harder to find deals? 

[24:39]

As a real estate professional, Luke says the market is definitely softening. But it’s probably softening to levels to where it actually is where it needs to be. It is the same thing with rates. He says that today, we sit in the five to five and a half range, and we’re still sitting at the bottom of that trough. People will feel that houses are back to a normal selling mode. 

 

Is a coach essential? 

[27:37]

Luke thinks that everybody needs to have some version of a coach or mentor. Even if you feel you can’t afford it now, the access is there for virtual mentors. Many things can help you learn, like podcasts, Youtube videos, books, etc. Take one of these big virtual mentors and spend a month deep-diving into everything they do. Don’t listen to anybody else. Don’t try any other podcast. Just deep dive on them. Just a month at a time and then move on to somebody else next month.

 

Luke’s Fears in Leaving his Job 

[31:11]

Luke was very afraid about how he would look to his kids if he broke out and failed. Now, he tells his clients not to fear failure. Seeing his failures made him stronger because he refused to quit. 

 

Luke’s Final Thoughts 

[38:47]

Luke says to just do it. But don’t just go in tomorrow and tell your boss to piss off and walk out the door. Have a plan in place. Life’s too short to be unhappy and to be miserable. The freedom, joy, and love for that every day will be absolutely perfect and blissful. Some days are going to be more challenging than others. Some days you’re there just because you made a promise that you would be, but at the end of the day, that’s still the right place for you. So there’s never going to be a right time. There’s never going to be a perfect time, and you can’t let perfect get in the way of good enough. 

 

Learn more about Luke Andrews at: 

 

Get Luke’s Book at https://10investormistakes.com/

 

Book a Free-30 Minute Coaching Session with Brian O’Neill 

 

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