From Job Loss Risk to $6,000/Month Cash Flow & 10 Rentals in 2 Years

Ashley:
One of the challenges a rookie real estate investor faces is finding the right market to launch their first deal. You might want to look at economic factors like job growth, population growth, and price to rent ratio, just to name a few. But you also need to feel comfortable with the challenges of managing out of state properties.

Tony:
And our guest today did just that. He built a 10 property portfolio with the intent of finding financial freedom for his family, and he used the birth strategy and has weathered contractor dilemma and evictions all while self-managing from an entirely different state.

Ashley:
This is the Real Estate Rookie podcast. And I’m Ashley Care.

Tony:
And I’m Tony j Robinson. And let’s give a big warm welcome to Lorenzo. Lorenzo. Thank you for joining us today, brother.

Lorenzo:
Thank you for having me as a guest. Super excited to be here.

Ashley:
Lorenzo, let’s start before you even knew what real estate investing was, what was your life like and when was the moment that a switch really flipped for you? Figuring out real estate investing?

Lorenzo:
I start as a software engineer. I’ve been in this industry for 18 years. I’ve always been an employee and as you know, that means trading time for money. You trade your time for a hourly rate, which can be very high if you are skilled or if you are in a solid industry as software engineering is. But still it kind of feels capped. It kind of feels you have a cap. So I’ve always been looking for a way to scale independently from the time I put into something. And I’ve tried pretty much everything as everybody else out there. I tried stock investing, I tried day trading, I tried any other kind of businesses, but it’s kind of hard to scale and disconnect from the actual time that you put in. So I started to analyze how all the wealthy people that I know what they have in common, and that is when real estate started to feel like the common denominator amongst them all.

Lorenzo:
I know a few wealthy people even personally, and they all started or got into real estate and that feels to me what is the actual key for their success. So I thought if you want to be like somebody, you have to do what that somebody does. So that’s how I approached real estate. My first steps were I have a pretty analytical approach, so being an engineer, maybe that’s my professional deviation, but my method was, okay, I’m going to start documenting myself as much as I can. I started reading forums and that’s how I found BiggerPockets, which has been a great resource for me. I of course started reading the Bur method book and that was like, okay, this is what I need. That was my really aha moment. So that’s how I got started.

Tony:
And Lorenzo, I know COVID played a big role in your investing journey as well. What was that moment and how did that shape your investing journey?

Lorenzo:
That was pretty much a big slap in my face that I got from the situation. During 2020, I was still on a visa because I think I can guess for my accent, I’m a foreigner. So I was on a visa and my visa was about to expire I think literally a few months before COVID. So my green card was in the process and because of COVID, everything was delayed, government was shutting down and all the processes were delayed because of the pandemic. So that set me back along with the shrink in demand that there was in the, pretty much in all the engineering software, engineering fields, including mine. So my company was cutting resources and these combined with my visa status, I could not change employers because my visa was tied to the company that sponsored me, so I could only work for one employer, which wasn’t giving me work at all.

Lorenzo:
So it was like, what am I going to do now? My wife was not working either because her visa was expired as well. So we were staring at each other every day and it felt like looking at a candle that was burning and there’s really nothing you can do because you have no resources. In that moment it was like, I need to do something. I cannot do this. I cannot let a W2 job or an employee decide for my future. I have to be self-sufficient. So that is when I really felt that I needed to step my game up and I really wanted to start with real estate. The problem was that whenever I felt like I needed to take some actual step social media, feel like they’re full of people that are already great successful people like Grant Cardone or Robert, they’re like 15,000 properties.

Lorenzo:
And I’m like, I’m 15,000 steps behind. I’m never going to get there. You feel discouraged because you feel like I’m too far behind. And on the other side, there are those self proclaimed gurus which are like, yeah, I’m going to teach you the method. You’re going to achieve passive income overnight, and at the end of the day, all they want to do is send you their course. So it’s like, I don’t trust this. Maybe I’m just mistaken. Once again, I’m just like, maybe this is just another wrong thing that I picked. So I felt discouraged until, and this was 2023, I met one of my best. It was my friend’s 40th birthday, and I met his brother-in-law and chitchatting about what you do in life. And it was the first time that I met him. So he told me, oh no, I manage rental properties.

Lorenzo:
Oh cool, what a coincidence. Tell me about it. And he told me he had 16 properties at the time, and he was an average guy. I am, I think it was a scuba diver prior to that. So it really felt like something real is materializing before my eyes. And I was like, okay, this is what I was waiting for, a regular guy, a very normal person that made it, so tell me everything. Tell me about it. And we started chatting a little bit deeper about that and I felt like this was really something that I could do myself because now I had met somebody that started where I started and this is how I got started. This is how I got started.

Ashley:
Lorenzo, that example really shows the power of not working and just asking what people are doing, telling them what you are trying to do. And you probably learned so much just in that little conversation. So from that point in time, when did you actually do your first deal?

Lorenzo:
My first deal happened three, four months later. I was stuck for two years reading books and finding resources, and then when I felt that blockage that I had, when I felt that it was gone, it was like, I need to do it. I need to do this. We were on a vacation in Italy actually. That’s where I met him and when I came back, we connected again and I asked him to introduce me to his real estate agent. And so he did. I started speaking with his real estate agent, but he was in a different city that I meant to invest in because we decided not to invest in the same city, of course, not to step on each other’s toes. I picked a city that was like 30, 40 minutes away from him and I started sending deals to this agent and I was asking him, can you go take a look?

Lorenzo:
Tell me what you think and I’ll jump on this property. And maybe due to the distance of this city, this real estate agent was not really prompt to follow up. So after three, four missed deals, I was a little bit discouraged again, and that’s when he actually came up and told me that he was up front and he told me, maybe I’m not the right fit for you because I live in a different city. It takes me three days to go check on a property. I’m going to send you a contact of another real estate agent that operates in the city you’re looking at. So he did, and this real estate agent I met, he’s a great human, he’s a great person, I love him. He’s really a great person before being an excellent real estate agent. So that’s what I liked. We had a very good connection from the very first call and I told him what I was looking for and he started sending me deals, one after the other and I was like, let’s speak one, let’s speak one.

Lorenzo:
It doesn’t matter as long as numbers pan out, I’m all about it. I was itching really to get started. So the first property was two bedroom, one bath that I acquired for $43,000. It was all cash. It needed a Springfield, Illinois. So this property was in a pretty good conditions, not excellent. I’m not looking for ready turnkey properties. So this property, I think I put in something less than $3,000. I remember I repaired the back door in the patio, a few hinges were broken or worn out. Another thing I did was something in the kitchen. A couple cabinets had the same problem, the doors were kind of falling off. So I was $3,000 in even less in repairs. So that puts me at less than 46 K. When I refinanced it, it appraised for 54. So that means that when I left the 20% in as a down payment and I basically got my money back, I got almost all my money back. So that gives me an infinite ROI, because I left more cash in it and I was blown away with this first deal. I don’t know if it was beginner’s luck or maybe, yeah, no, because it felt like everything got aligned perfectly. So I was just like, I need a second one.

Tony:
Well, Lorenzo, I mean, congratulations on the first deal and I think kudos to you for taking action because you said you had that chance encounter and just a few months later you found your first deal. But I think something that’s really important, and I’m glad you brought up that meeting with your friend’s brother-in-law because sometimes all it takes is one chance encounter with the right person to make you feel like it actually is possible for you to do this thing called real estate investing. And you can listen to the podcast, you can watch the YouTube videos, but sometimes until you actually meet someone, it’s hard to really believe it in yourself. And I think that’s why it’s so important for Ricky’s to get out and talk to people. That’s why it’s so important for Ricky’s to get out and go to conferences, the BiggerPockets annual Conference, PP Con, right?

Tony:
That’s coming up. If you haven’t been to that, make sure you guys go. But because at places like that you might meet that person, that does change the entire trajectory of your life. So I think that’s amazing. And then the second thing you mentioned to you is about the agent Lorenzo, and I think that’s a challenge that a lot of other rookie investors also have is that they go to their family friend or maybe they go to the agent, then sold them their primary residence, and those folks aren’t quite as equipped to help investors find good deals. And I’m glad you found someone, but for all of our rookies that are listening, head over to biggerpockets.com/agent finder, biggerpockets.com/agent finder, and we’ll get you guys connected with investors, friendly agents who actually are willing to do the things that investors need their agents to do, because a lot of times it is different from a primary residence type realtor. So you crush the first deal, Lorenzo, clearly 43,000 appraises for 54, which sets you up for I’m assuming your second deal. But before we go on, I just want to know what does your entire portfolio look like today?

Lorenzo:
My entire portfolio today is 10 properties, two of which are duplexes, so that’s 12 doors currently.

Ashley:
Lorenzo, we have to take a short break, but when we come back we’re going to get into that next deal, so stay tuned. Okay, now let’s get back into the show with Lorenzos. After that first deal, your portfolio actually grew pretty fast. You went through 12 doors in two years. So what strategies actually helped you grow to get that next deal and continue on to grow your portfolio?

Lorenzo:
As I said before, I’m a W2 employee, so my only source of income is my salary and savings. So at the time I started, I think I had slightly less than a hundred K in savings. So there is a good chunk of money that probably not everybody can be able to set aside. So I consider myself lucky to have a good job that gives me good saving, but that was relatively easy to put aside during the pandemic due to mainly reduced spending. So I knew I had this thing in the back burner, so that gave me the motivation to really save. So salary and saving are what currently funds my deals and as I scale, I hope that what I’m actually doing now is I’m reinvesting all the proceeds from the business into the business itself. So that is at the point now it’s at the point where it is.

Tony:
I just want to ask, are you still buying around that same price point, like sub 100 K properties?

Lorenzo:
Now I’m at a point where I slowed down a little bit and I can explain why. First of all, because I out of funds, yeah, seriously, the market has shifted a little bit. I think last year it was much easier for me to find gems and for some reason this year is the market is lower, there’s less availability on the market. So even this real estate agent is telling me the same thing, but this gives me the chance to do two things. First, stabilize the portfolio because I acquired crazy last year and I had four properties to rehab and I’m finishing the last one as we speak end of the month it should be ready. So that gives me some breathing room because I cannot continue to acquire properties if I have three or four that are being rehabbed at the same time and at the same moment, really, I feel like I’m not saying I made a mistake in acquiring so much, but I probably should have been a little bit more organic and sustainable in the growth.

Lorenzo:
But in that moment, it just felt like deals were falling on my lap and I couldn’t say no. So I really purchased the property that I’m rehabbing now is the last one I bought, and I think it was around September last year. It’s a duplex and there was a striking deal. I couldn’t say no, I swear to God. I had I think 70 something thousand dollars on my bank account and I got the duplex for 70. So I was left with $3,000 and I’m like, I need to wait my next paycheck really eating noodles. No, I’m joking. But that was real. I told my real estate agent, I need to get this deal because it’s like a striking deal. I paid 70, I am 12, maybe $15,000 in rehabs. But that property, once it is finished, it’s a duplex, so it’s going to be rented for combined, I think at least 2300 combined with the two units, and it’s probably going to appraise for one 30.

Lorenzo:
So I’m going to have a little bit of sweet equity there and all the income going to be, all the rental income is going to be income because there’s no mortgage on it. I got cash. So these numbers are crazy to me, but I’m glad now I have to slow down a little bit so I can stabilize the portfolio. I’m starting to have the first items that are breaking in other properties, water heater, a furnace to be serviced, other things. So I, I’m glad that I now have this cashflow that I can reinvest in the business to self upkeep. Right.

Tony:
And Lorenzo, were you continuing to bur throughout all of those deals, the plan was to bur every single one of those and is that what you did?

Lorenzo:
Yeah, in fact, the property that I acquired before this duplex that I just mentioned is a single family home, three bedroom, two bathrooms, and I got it for 25,000. So that was another incredible deal and that was pretty rough. Trust me, when I bought it, I was like, did I do the good choice here? I was really skeptical, but I trusted a handyman that I had at the time and he told me he would fix it for 15,000, so that would put me at 40 all in. And the projected resale value based on my realtor analysis was 65, maybe 70. So I was like, I cannot pass. I’m sorry, but I cannot pass. I have to take this

Ashley:
Lorenzo. I want to touch on real quick that handyman aspect of it, because that’s actually one of the hardest parts of fulfilling the Burr strategy is getting a reliable contractor that you trust that can give you an accurate estimate and perform the work to have it appraised so high. So how did you find your handyman and what does the process look like when you do purchase a property using the handyman?

Lorenzo:
Yeah, I’m glad you bring this point because for now I’ve only talked about the ops. Lemme talk a little bit about the downs as well because it all feels like roses and flowers, but it’s not always like that. I found this handyman through our referral. It was referred to me by actually the realtor. He had been working with this handyman for a while, so he recommended him to me. He started, I want to say pretty good. We had two or three small projects that he delivered pretty well. I think you have to understand and you have to be at peace with the fact that handyman by definition are or tend to be unreliable, and they’re not great at communication. So if you get mad at that and if that is a frustration point for you, probably you have to switch your mentality around that because that happened to me as well.

Lorenzo:
So until you accept that is a fact, you cannot expect them to behave. You want them to, you have to be at peace with the fact that they are unreliable. They don’t pick up the phone, they have their own time, they have their own schedule. So you just have to work around that. What happened with me was he delivered a little late on his original estimate. Fortunately, that didn’t cause me too big of a problem, but especially for this deal that I just mentioned, the 20 5K one, something really, really unfortunate happened. He was really late on his initial estimate. And when I started to inquire about, I think something happened in his personal life, he never opened. He never spoke to me of that. He was never really transparent. And that is when I started being skeptical because I felt he was keeping information from me.

Lorenzo:
And then all of a sudden he calls me, I think it was around Thanksgiving last year, he calls me on a Sunday morning and is like, Hey, I have a bad news for you. Pretty much all the material that was in your house was stolen, your property was burglarized, and pretty much everything is gone. Kitchen cabinets, flooring, pretty much everything. And I was like, okay, how did happen? And then of course, I don’t have any proof, but I kind of know what happened because speaking with the real estate agent, he kind of has the same hunch. And of course I have no proof and I have no intention to prove anything. But I’m not saying that people are evil by nature, but when something happens in their lives, they turn into their survival instinct. So I think that was just parachute. So that was his last resort, and I think it was in January that I flew in town and I met him in person and I was like, of course I cannot prove what happened, but I had a good idea and I’m sorry that you picked your choice to sacrifice the relationship you had with me, the good partnership you had with me in favor of this.

Lorenzo:
And of course, I cannot trust you anymore. Right? Of course. Now we have closed this chapter and I’m still convinced that he didn’t do it out of a bad intention. I think something just bad happened in his life, and that was the only resources that he was able to pull to get himself out of the rabbit hole he was in.

Ashley:
Well, that’s too unfortunate, but thank you for sharing that story with us of how that happened in your property and just some things to be aware of as an investor with anybody you’re working with of something that can happen like this. So I guess let’s go and look towards something that’s hopefully a little more positive, but this is what is your buy box going into the future? Are you going to be looking towards the same type of property that you purchased or will it be something else?

Lorenzo:
My buy box is currently single family homes, rarely duplexes. And this is for a simple reason that I know that there is the rule that less than over four units can still be considered residential over four units has to be considered commercial. So I don’t feel I’m quite ready yet to scale to commercial. So for now, I’m sticking to single family properties, no apartments for now because I think I still want to prefer Section eight as a rental strategy. So apartments are not really suited for that. So my current buy box is still single family homes and duplexes. They can be acquired under market value due to any kind of problem that they have. It could be maintenance, it could be financial distress on the owner, it can be rehabs, bed tenants, anything. Anything that gives me the chance to acquire under market value for me is what I’m looking for.

Tony:
Lorenzo, are most of your current rentals under the Section eight program or Renzo? Through the section eight program,

Lorenzo:
I started with pretty much a hundred percent of my rentals as section eight until I got to the point where first I don’t want to put all the eggs in the same basket. And second, because Section eight has a quiet, cumbersome process, they have to inspect the property. They have a huge backlog, inspections to be done of tenants that they apply. So I started having section eight as a hundred percent target, but then sometimes it took me months to get a property rented, and that is what kept me a little bit back. I found out that I can rent properties the traditional way faster just due to these slow process that Section eight has. So I got to the point where I had three properties and then I started renting the others conventionally until one of my Section eight tenant had to be evicted and I replaced her with a traditional tenant non section eight tenant. And that is another point that I want to bring up. When I talked about the downs, even evictions are another thing that you have to be aware of, you have to consider as an investor.

Tony:
Yeah. I want to talk a little bit about the eviction as well because I know that’s a fear for a lot of rookies. But before we get into that, there’s some talk with the current administration about making some pretty big changes to the Section eight program, which could potentially impact investors like us who are renting houses out through section eight. So with that being the case, I guess, do you have any backup plans or what’s the plan that you have with your current rentals if those changes were to actually take place?

Lorenzo:
Yeah, that is a topic that I read about and that is circling back to what I said before. I’m glad that I didn’t put all the eggs in the same section eight basket just because of this reason. I know that the current administration was to reduce fundings towards section eight allocations, so I think now I only have two properties are section eight, so that wouldn’t impact me as much in regards to that. I just want to mention something you said before about having the right mindset. If you feel like any change, like anything that can happen externally can really derail you and your business and you fear that and you react or overreact to that, that’s going to cause a lot of headache for you, sleepless nights and all of that. And nobody wants that in this regard. I remember something that another friend of mine told me, he’s a very successful entrepreneur in the restoration sector, and he told me once when you run a business, you don’t think of what you can do if something goes wrong, if something goes bad, you have to think of what to do to make it go right.

Lorenzo:
And that is what I’m planning to do. I am not going to cry on myself, oh, the current government is cutting section eight funds and I’m going to cry on myself. Oh, there’s nothing I can do. I want to be prepared for that. So I’m already thinking, what can I do? Of course, my first intention would be renew the lease if possible with the current tenants if they are reapproved with the current rules. Otherwise, fortunately, I have all the other properties that generate sufficient cashflow to cover vacancy. Should that happen for, I don’t know, a month or two or maybe three, should something really bad happen to those properties and I’m not able to get them rented for let’s say a quarter. So I’m keeping some stash aside, some cash for this accordance.

Ashley:
And for anyone listening that hasn’t heard about this yet, you can go to biggerpockets.com/blog and we have a blog post up there. We’ll also link it for you guys in the show notes too, and it goes over what these potential changes are and how they could impact you as an investor along with some ways. Like Lorenzo said, some of the ways he’s going to be proactive are mentioned in there too, so you can check it out. So Lorenzo, hopefully that doesn’t happen that your tenants stop paying rent, but as of right now, what is the cashflow on your properties?

Lorenzo:
Currently I’m around just shy of six K in pure cashflow. Of course, that doesn’t include all the things that break on a monthly basis. I just replaced a water heater last week. Yesterday morning, another tenant called me with, he sent me videos about the kitchen. The entire ceiling fell off. So that’s going to be another big headache I’m going to tackle this month. But best case scenario is just shy of six K per month, and the projected is going to be around 8,500 when all the properties are stabilized.

Ashley:
Lorenzo, how does that feel to be able to cover these unexpected repairs and capital improvements that come up with the cashflow? Does that provide you with a sense of security in a sense? And is cashflow your ultimate goal with investing in real estate?

Lorenzo:
Yes. For now, I’m more focused cashflow other than appreciation for the simple reason that I want this business to be self-sustaining. So that cashflow, I haven’t taken any distribution. I am in the business since November 23, so it’s one year and a half even more, and I haven’t taken anything out. I’m just reinvesting all the proceeds into the business itself to keep up with expenses, improvements, and yeah, stabilizing the portfolio, which means exactly what you just said, keeping up with the repairs, covering for vacancies, making improvements. Yep, that’s how I’m doing. Now,

Tony:
Lawrence, I just want to give you some credit, man, because I think to get to that level of cashflow in 18 months, that is pretty insane. I think it’s just a testament to the hard work that you’ve put in. But I guess if someone who’s listening wanted to replicate the success that you’ve had in the same amount of time or maybe even faster, what advice would you have for them?

Lorenzo:
Well, first of all, thank you. I think I did a very good job at getting where I am now in just 18 months. One thing I forgot to mention is what gave me a really good push was the sale proceeds that I had from another property in Milano, Italy. I had this property for around 15 years, so I had quite a lot of equity on it, and when I started having my first deal or two, I realized that that property in Milano was not really keeping up with the numbers that I had in Springfield. So I was like, I’m better off if I just sell it and reinvest the proceeds into these other properties. So that also gave me a very good cash influx that I could reinvest in terms of suggestion or tips that I can share. The message I really want to spread out is, as you said, it might sound cliche, but it’s actually reality.

Lorenzo:
Just get started. You have to put yourself in a comfortable position at the beginning because if you’re waiting for the perfect moment to say, I need to know everything. I need to analyze a hundred deals before pulling the trigger, I need to be 120% sure about what I’m doing is right. I need to be sure that I’m capable. You’re never going to do that. You didn’t start walking as a baby when you are already confident. An average baby falls 400 times before starting to walk confidently. So I gave myself maybe not 400 mistakes to make, but I need to do it. I need to step out of my comfort zone and just toss myself in the water and learn to swim as I go. And that’s what I did. So the ultimate recommendation I want to give is start with money that you can afford to lose. Meaning if anything goes wrong, just be at peace with it. Okay? It was a mistake. You learn, and as I said before, just try to make it go well, other than thinking, what will I do if something goes wrong? So those are the two things that kept me afloat.

Tony:
Lorenzo, I love that advice on just focusing on taking action and focusing on taking action that’s not too far outside of what you’re currently capable of. And that just little bit of stretching yourself is I think, the key for the success that a lot of the guests on the rookie podcasts have had. So we appreciate you sharing that. I want to get into what’s coming up next for you, Lorenzo, and how you’re stabilized in this portfolio that you have, that you’ve built. But we’re going to take one last break, and while we’re gone, guys, if you haven’t yet, make sure you are subscribed to the Real Estate Ricky YouTube channel. You guys can find us at realestate Ricky. We’ll be right back after this. Alright guys, welcome back. So Lorenzo, you’ve got this portfolio you’ve built up the last year and a half, 18 months, and you said that you really want to optimize and stabilize before you continue to go through another growth spurt. So what exactly does that look like for you? How are you optimizing this portfolio?

Lorenzo:
Yes, so as I said before, my goal for now is to get all the properties rented. That’s what I mean by stabilizing the portfolio. I have this duplex that has been rehabbed, and hopefully I can get it stabilized around June, July, maybe with both units rented. And then this gives me a couple of months to think about what is next. Although I have a pretty clear roadmap in my head, I just want to make sure that market conditions are aligned with what I’m looking for. So two things may happen around July, June, July. One is I start finding new deals, so I’m going to keep accelerating and using the cashflow to fund more deals. If nothing of that happens, I’m going to t those deals, excuse me. I’m going to reinvest those funds into more improvements to my current properties. I have, for example, the very first one property that I bought needs the garage redone.

Lorenzo:
So that is one thing that’s on the plate. And if I’m not able to acquire, maybe what I’m thinking of doing is start paying off some of the debt that I have on these properties just for the simple reason that interest rates on those properties are pretty high. So I have that as a expense that’s bothering me a little. And also it kind of gives me a peace of mind because if I’m able to pay off at one mortgage on one of those properties, I have another one that is owned free and clear. So with no mortgage, so should anything happen, I have no monthly expenses on it. And also this gives me, it basically leaves the door open for any possible cash out refinance on a property that you own free and clear, maybe I need funds in the future. I know I have this property that’s paid off and should something really good materialize on the market, I can still use that property to get a cash out refi and redirect those funds towards acquiring more. So what I want to do is optimize the economic aspect of my business in such a way that expenses are covered for, and yeah, as I said before, basically I’m kind of paying down the bigger expense, which for now is high interest rates.

Tony:
Lorenzo, one last question too, because I know you’re pausing is stabilized, but the goal is to keep scaling once you’ve completed all of this. But you mentioned earlier in the show that one of the challenges was that just this year in general has been a little bit more difficult to find deals that were as good as what you’ve been buying the last 18 months. And I’m assuming most of those deals came on market. You said you were working with an agent. I guess as you look forward, are you planning to change your acquisition strategy to start finding those good deals again? And if so, what does that look like?

Lorenzo:
Let’s say that half of the deals are deals that I sent to this real estate agent, and the other half were off market deals that this agent himself recommended to me, including the one that I purchased for 20 5K. That was an off market deal. So I’m going to continue pursuing these two avenues. The problem I’m facing now is really I cannot source good deals on the channels that I used, like Zillow or Redfin, the traditional avenues that we know, and the same real estate agent is telling me the same thing. I’m having a hard time finding good investment deals because it has a lot of different kind of properties that are primary residence kind of deals, which it’s not what I’m looking for. So what I’m looking to do now is kind of play by ear. If I come across a good deal, I have the necessary funds to get the next one, but I’m not going to rush it. I’m not going to rush it because of what I said before. I still need to stabilize the portfolio. I still need, there are still things that are going to break in any of my units. So I think I’m in a good position for now where I can pace myself a little bit. I don’t need to rush, I just want to accelerate, but I’m fine. Where I am.

Ashley:
It gets addicting acquiring properties. But Tony and I have both been there where we both needed to take a pause and stabilize our properties, put systems and processes in place. The fun part is acquiring, acquiring, acquiring. You get that adrenaline rush, but you really do need to focus on your systems and processes. So I do want to share with all the rookies listening a resource that we put together. It’s at biggerpockets.com/rookie resource. And I thought this would go in line well with some of the things that Lorenzo talked about is to focusing on the upkeep in the maintenance and capital improvements of his property, really investing his money back into it. So on there, we have a seasonal maintenance recurring tracker. So you can go there, check it out, and these are all things we recommend that depending on your property type, obviously these are things you should be doing monthly, annually, every couple of years to actually upkeep your property. So you can find that at biggerpockets.com/rookie resource. So Lorenzo, thank you so much for joining us today. We really appreciated having you on the show. Can you let everyone know where they can reach out to you?

Lorenzo:
It’s been my pleasure. It’s been a honor being here. If anybody has question and they want to reach out, I’m on Instagram. You can just look for my handle is my first name, last name, which is Lorenzo Daria. That’s the best way to reach out to me.

Ashley:
Well, great. Thank you so much, Lorenzo. I’m Ashley, he’s Tony. And we’ll see you guys on the next episode of Real Estate Rookie.