Buy and Hold Rentals to Wealth with Kyle and Lauren Clugston
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.