Episode 62: Newbie to Savvy Landlord and Author with Guest Lee Nugent
Summary
In today's episode I talk with one of the most amazing action-packed people I have ever met: Lee Nugent. Started as an employee, bought some single family homes, self-managed his real estate, and is now a lender, coach and author! Along the way, he ran into "Ole' Drunk Patty", and had a murder occur at one of his properties. Learn with me today on how to educate and continuing leveling up with Lee Nugent!
Listen to full episode :
Meet Our Guest!
Lee Nugent began investing in 2015 with $6,000.00. In that time, he has grown a portfolio of properties and businesses that include:
• Private Money Lending
• Long term rentals
• Short term rentals
• Licensed Realtor in Louisiana and Florida
• House Flipping
• Wholesaling properties that he doesn’t keep for himself
• Coaching/consulting to investors and small business owners.
Lee takes a very candid approach to investing; "It's simple, just not necessarily easy". You must be willing to put in the work, and if you are, Lee is here to help you grow and push past obstacles that are in your way.
Lee understands that navigating the landscape of real estate investing can be overwhelming. That's why Lee works to demystify the aspects of Real Estate Investing, offering personalized guidance tailored to each client's unique goals.
This week’s blog post:
Welcome to another episode on My Life as a Landlord. Today, we dive into an inspiring journey with our guest, Lee Nugent, who transformed from a newbie into a savvy landlord and author. Join us as we explore the nuances of real estate, the challenges of being a landlord, and the power of educating oneself in the landlord world.
The Beginning of a Journey
Lee's Start in Real Estate
Lee shares his initial leap into real estate investing back in 2015, alongside his wife. With a modest credit score and a loan approval of $150,000, they embarked on their landlord journey. Their first deal, a duplex bought for $67,000 but appraised for $104,000, marked the beginning of their success.
The Emotional Rollercoaster
The Fear and Excitement
Lee opens up about the emotional challenges they faced, highlighting the contrast in backgrounds between him and his wife. Their different approaches to risk, influenced by their upbringings, played a significant role in their journey.
Lessons Learned
Overcoming Initial Hurdles
Lee discusses the pivotal moments and mental barriers that many new investors face. He emphasizes the importance of having a catalyst and the courage to take the first step into real estate investing.
The Power of Mindset
Shifting Perspectives
Lee shares insights on the impact of mindset and the importance of surrounding oneself with positive influences. He reflects on the significance of empowering oneself and others through education and positive reinforcement.
Challenges Along the Way
Dealing with Difficult Situations
From Tenancy Issues to a Murder Case
Lee recounts various challenges, including dealing with late payments, understanding when to be firm with tenants, and a shocking incident involving a murder at one of his properties. These experiences taught him valuable lessons in management and decision-making.
Understanding Landlord Responsibilities
The Balance Between Firmness and Compassion
Lee discusses the delicate balance required to manage properties effectively, stressing the importance of not being a "doormat" while also understanding the human aspect of the landlord-tenant relationship.
Growth and Expansion
Beyond Landlording
Lee talks about his evolution from managing properties to becoming a real estate investment coach, fund manager, and author. He shares his mission to empower others through education, leveraging his experiences to guide aspiring investors.
The Importance of Education
Lee's Book and Educational Resources
Lee introduces his book and other resources aimed at demystifying real estate investing. He highlights the importance of making educational content accessible to everyone, aiming to remove barriers for newcomers.
Closing Thoughts
The Journey Continues
As we wrap up, Lee leaves us with thoughts on continuous growth and the search for new challenges. His story serves as a testament to the transformative power of education, perseverance, and the right mindset in the realm of real estate investing.
Thank you for joining us on this insightful journey with Lee Nugent. Stay tuned for more episodes that dive deep into the world of real estate and landlordship.