Kyle and Lauren Clugston – a husband and wife team working their way towards long-term wealth with buy and hold rental properties, talks to Neil Henderson and Brittany Henderson, the hosts of The Road to Family Freedom podcast. Kyle and Lauren Clugston started their real estate journey in 2017, and have since purchased four properties, starting with a house hack of a duplex and a recent addition of a triplex, all while holding down full-time jobs.
- Key Lessons Learned: Don’t wait on the ‘perfect’ property for your first deal. Find a property that won’t make you go broke. Using skills that you already have can be really beneficial.
- How did they acquire their knowledge or what knowledge did they need to acquire? They learned a lot on the job, and they did a lot of research. Learn to renovate by trade instead of by unit.
- How much money did it take to get started? They were all in for about $187,000 with the purchase price and renovations, including 20% of the purchase price and $50,000 in cash and also credit cards for renovations. They don’t recommend credit cards for first-time real estate investors.
- How much time does it take now? It depends on what stage they are in. But it is about an hour a week to manage tenants and Kyle handles the maintenance calls. If they are turning over a unit it is about 4-6 hours a week. If they are in acquisition and renovation mode, it is like another full-time job.
- Could they do this strategy from anywhere in the world? Not right now, but it is their goal.
- Schedule a video chat with Neil Henderson at roadtofamilyfreedom.com/contact
- Neil Henderson introduces Kyle and Lauren Clugston.
- What was the ‘a-ha moment’ that got that interested in real estate?
- What were the costs that they paid for their first property?
- They cash-flow about $300 a month on their first duplex.
- How did they get educated to be able to do everything themselves?
- There are so many lessons that you have to learn from moving forward on your first property.
- What was the hardest thing that occurred with renovation?
- Kyle is a New Jersey State Trooper.
- What is their screening process for tenants?
- How did they tackle the challenges that come with working a full-time job with real estate?
- Kyle and Lauren talk about how they have streamlined their process.
- Find good tenants and management will be easier.
- They would like to eventually have assistants.
- What would be the first job they would like to pass off to someone else?
- What do they find to be important to take care of on the front end of investing on a property?
- What does a day in the life look like for them as property managers?
- How do they find most of the properties that they end up purchasing?
- Kyle and Lauren talk about their video series to teach people about real estate investing.
- Document… don’t create.
- You can use Instagram to crowdsource information.
- Are they seeing any impact on the real estate side due to the coronavirus pandemic?
- Has their state government put restrictions on evictions?
Books and Resources Mentioned:
Rentals to Wealth Instagram: Instagram