Robert Hammond and his wife are somewhat legendary around the halls of Lifestyles Unlimited because they were able to buy 74 houses in 2 years! These houses created $1.5 million in wealth for their family, and over $10,000 per month in cashflow.
I had to find out how Robert did it, so I spent an afternoon with him and Lisa at their home office. Their accomplishments have allowed them to leave corporate America and set their own schedules. They work out of their beautiful home office and get to do the things that they enjoy.
Robert Hammond proves to everyone that there is no excuse for sitting on the sidelines. Real estate investing is accessible to everyone.
{ 15 comments… read them below or add one }
Can’t play the video. Is it just me?
How did they start out? Are they only doing multifamily? Did they have a lot of money (in the bank) for the loans to do so many? What is the process of aquiring so many in so little time? Im just starting with lifestyles and their success is one I wish to memic, can anyone point me in the right direction?
Please fix link. It will not play.
Hi Sue,
You might have this problem if your browser is old. I’m using Google Chrome and it works like a champ.
Hi Robert,
Would you mind providing a typical LLC governance agreement (to cover various conditions, expectations, and percentages). I know that this is a tall order, but I suspect that this will answer many people’s questions (including my own) in a single shot.
For example, after looking at your numbers it seems that you are splitting the whole deal 50/50 with your partners (e.g. equity, cash flow, etc.). I assume that any variance that is seen is due to the single family rentals that you wholly own.
I also assume that the partner is typically bringing all of the money to the partnership and is personally standing for the loan. I then suspect that you are bringing the effort and the experience to the table.
Thanks for the videos and sharing your story. You are a living legend. :)
Thanks for the video podcast. Like others I believe, I’d love to see more details as to how the partnerships were created, what kind of funding was used and who was responsible for paying the loans. A more in-depth video would be great if Robert doesn’t mind.
Thanks. Very inspiring!
I can’t speak for Robert, but it is my understanding that he started with around $40k to invest. He flipped 2 houses to bring it up to around $80k. With the 80, he bought 10 houses and reached his fha max.
At that point, Del advised him to find partners. He found 6 partners to put up money and credit for the next 64.
Robert, correct me if I’m wrong!
Robert and his wife have done an excellent job! And now they are positioning themselves to teach others!
Congratulations!
Don Fletcher
Hi All,
‘Lifestyles’ has it pretty accurate in their description of our acquisition process. And Andy, your assumptions are also accurate on the generalities of how the partnership agreements are structured.
By the way, we had our baby about 6 months ago, and it is very nice to have the flexibility to spend as much time as we want with him. We do get some nanny help to free us up a little.
Thanks for the compliments and good luck on your investment endeavors.
Robert,
Congratulations again! Your daughter (like mine) will be fortunate enough to be born into a family that is financially free! My daughter is almost 5 years old, and she is already looking for her first Investment Property!
I hope to see you at LUInc soon. If you want to reach me directly, you can email me at Don@DonFletcher.com .
Your freind (and fan),
Don Fletcher
This is phenomenal. Thanks for sharing!
Hi,
Robert congratulations on your success and your new baby!
How did you find your rental property? Realtor? Mailings? Buying a list? Foreclosures? Pre-forclosures?
How long ago did you buy your first 2 rental properties?
Did you buy with a conventional loan of 20% down?
Thanks.
Robert,
How did you acquire such a high number of houses in 24 months and still rehab them? You were averaging over 3 houses/month!
Robert,
Can you explain how you went about acquiring the 10 initial properties using FHA loans?
Thanks.
They were not FHA loans they were Fannie Mae. And at the time, it was ‘the fannie mae 10′ that you could do. With the banking crisis they change the limit to 4 homes.
The process was basically… buy with cash or hard money short term loan, then do a cash out refinance into a 30 yr fixed Fannie Mae loan. Had to keep my credit score up and my debt ratio down. Probably the last 5-6 we did in my wife’s name…her credit and debt ratios were stronger.
That’s incredible and it’s great to have a partner in your journey towards financial freedom.