124: Engelo Rumora is an American based Australian property investor who’s buying up every single family home he can find, helping Brits get into the US market, and has been involved in over 350 deals

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Engelo RumoraEngelo is a well known Australian property investor living and working in America, who also goes by the name ‘The Real Estate Dingo’. He grew up in Sydney, Australia with a passion for football and finally made it to a professional level playing for a team in Hong Kong.

After that dream was fulfilled, he returned to Australia and began working as a low paid labourer which gave him the motivation he needed to transform his life.

Needless to say, Rich Dad Poor Dad played a part in his enlightenment and from then he was hooked on property. He started investing in Australia before moving to the USA and continued to grow his portfolio, with involvement to date in over 350 property transactions.

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Investing Strategies

Engelo sources the same type of deals for himself as he sources for his investors. Unfortunately though he wasn’t growing his own portfolio as quickly as he’d like as he was too busy trying to fulfil demand from his investor clients.

He’s decided that going forward he need to be more selfish with his deal – focusing on his own portfolio and cash flow above the demand from his investors.

The plan is to scale from 5 deals per month up to 10 per month, with Engelo holding on to 70% of them for his own portfolio which he hopes to grow from 12 single family homes up to 35-40 by the end of this year, and increasing further to 60-75 by the end of next year.

Biggest Success

One of Engelo’s sourcing tactics is sending yellow letters to vacant properties. One campaign in California resulted in a call from an owner who was fed up with two houses he owned and was willing to give them to Engelo for free.

One of them is almost at the end of a $6,000 renovation and will rent out for $600 per month.

The second one is going to be renovated by Engelo’s company before being given away to a family in need around Christmas time this year.

Biggest Difficulty

Around 4 months ago, Engelo dropped the ball on a renovation only a few minutes from his office (despite managing properties all over the country). The house had a lot of problems that didn’t come up during the purchasing process, and because Engelo was busy with the day to day running of his business, he was approving invoices for work that he hadn’t inspected.

On a subsequent site visit he discovered the work hadn’t been done, nor had permits been given by the council for the works, resulting in heavy fines.

Luckily, the neighbour wanted to buy the house to flatten it for a swimming pool, which capped Engelo’s loss at around $20,000. He sees it as a lucky escape but it taught him a great lesson about making sure he has the right team around him.

What’s Your Favourite Book?

[button icon=”hb-moon-book” special_style=”no” color=”carrot” size=”” three_d=”yes” title=”Click Here for Your Free Audiobook” link=”http://www.kqzyfj.com/click-7742959-10449428″ new_tab=”yes” animation=”” animation_delay=”” class=””]

How to Win Friends and Influence People – Dale Carnegie

Think and Grow Rich – Napoleon Hill

Traction: Get a Grip on Your Business – Gino Wickman

Engelo Rumora’s Links & Resources

EngeloRumora.com – Find out more about Engelo and his property investing
Ohio Cashflow – Ohio Cashflow is Engelo’s business offering a hands-free return for investors
HipChat – Engelo’s favourite resource for communicating with his team

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