Dallas Hileman's Six Figure Landlord is a step-by-step real estate mentorship. The program aims to teach you all you need to reach a 6 figure cash flow from rental income in 5-10 years. Dallas's approach is to maximize your profits by using his strategies to maximize your cash flow. In this Six Figure Landlord review, you'll find out how he plans to help you reach financial freedom and everything else you need to know before deciding if this course is for you.
Local lead generation is a type of digital real estate business model. The difference is that you don't need to deal with physical properties, maintenance, tenants, regulations, and policies. It costs very little to start. You can do it on your own, and it's easy to scale. Check out local lead generation if you're looking for a less risky passive income business model.
I've found that this course lacks a unique twist to its real estate investment method. But I found Dallas' breakdown of what it means to be financially free and how he groups the phases of investing in real estate into this idea very interesting.
Maximizing Profits To Reach the 5 Phases of Freedom
Dallas teaches that "freedom" can be separated into 5 different phases. You need to get through one phase in order to reach the final goal of complete freedom, or, as he calls it, "lifestyle freedom."
5 Phases of Freedom
The 5 phases are basically milestones in the management of your finances.
1. Debt Freedom
Consumer debt, or "bad debt," is the first barrier on the journey to lifestyle freedom. Your first goal is to eliminate bad debt. You can do this by fixing your finances and using good debt as leverage to buy assets that create cash flow. Assets are things that appreciate over time, such as rental property.
2. Emergency Freedom
After you eliminate bad debt and start earning positive cash flow, you can start putting money into your savings. It is recommended that you have enough savings to cover at least 6 months of necessities. Setting money aside will also help you get approved for real estate loans.
3. Rent Freedom
In the United States, the average monthly budget that goes into rent is 26.4%, which means 1/4 of people's income goes to rent. Your objective should be to have one check from your investment property cover your monthly rent.
4. Financial Freedom
By scaling up until you have enough properties that give you rental income to cover your rent, utilities, gas, food, health, and leisure, you will have reached financial freedom. This is the time where you don't need to trade your time for a 9-5 to support yourself or your family.
5. Lifestyle Freedom
Dallas describes the goal of lifestyle freedom as the time when money is no longer a barrier to doing whatever you want. This, of course, is subjective. Each person has their own interests and preferences, so the definition of reaching this goal will differ for each individual.
Pros and Cons of Six Figure Landlord
Pros
Dallas does not oversell the course. In fact, the 5-10 year timeframe is very realistic.
They have a good disclaimer on the results and timeframe that is clear on their page.
One-on-one Zoom calls mentorship with Dallas. Access to Facebook support group and direct email to Dallas.
Cons
Dallas does not have a lot of experience with full time real estate investing as compared to most mentors.
The course does not seem to have a unique investing strategy or specialization as compared to other courses.
There is little information on Dallas or his course outside his official accounts.
Price
Price offer will be given during the discovery call. Expect a high ticket fee.
Refund Policy
No refund policy stated.
Origin
2021
Reputation
No information outside of his official sites. The student testimonials appear legit, as they aren't overly optimistic success stories.
Who Is Dallas Hileman?
Dallas Hileman is a professional salesman, real estate investor, and paraglider from Saratoga Springs, Utah. He attended Brigham Young University in Utah from 2014 to 2018. After college, he worked as a sales manager for Hawx Services, a pest control company, where he worked for about 70 hours a week. He retired from his sales position in 2021 after creating Six Figure Landlord.
After meeting and hiring his mentor, Dallas invested in real estate part time, and in 3 years, he was able to create a cash flow of $100K/year. He currently has 5 properties, with a total of 20 rental units. With the financial freedom he created, he did things he always wanted to do, including travel, learn how to skateboard, go paragliding, and play disc golf.
Who Is Six Figure Landlord For?
Six Figure Landlord is created as a step-by-step beginner's guide for those who want to invest in real estate and possibly earn six figures online. Regardless of your financial situation, they teach how to find financing to purchase property.
What Do You Get With Six Figure Landlord?
The first step to getting the course would be to sign up for the 45-minute discovery call. You'll also receive a text with a link to the free 1 hour essentials training course. It's during the discovery call that you get to ask questions and receive the offer and price. You will have lifetime access to the package.
Apart from the main training course that comprises over 100 training videos (updated weekly), you'll also get:
Students will also have access to download checklists, templates, worksheets, spreadsheets, leases, forms, etc. Lastly, you'll have access to real estate agents handpicked by Dallas.
How Do You Make Money With Six Figure Landlord?
The training teaches you everything you need to know to get started, buy your first rental property, and occupy it with a prospective tenant. Dallas emphasizes that the secret is how you manage your finances, and that's how he has only 20 rental units and earns $100K/year.
8 Steps to Buying a House
The first important step is to find a property that has a high potential ROI. He outlines how to do this in 8 steps.
- Master your personal finances
The first thing you need to do is to organize your finances. You need to learn how to maximize your income and minimize your expenses. - Pick your market
Small, affordable houses in good neighborhoods are the best properties to start with. These rental houses usually have 3 bedrooms, which will give you the best rent price. Make sure the place has at least 1K people in the surrounding area. It would be wise to invest in states with landlord friendly laws and avoid markets with rent caps and expensive property taxes, such as California. - Assemble a team
You need to have an efficient team that includes a good real estate agent, a lender, and a home inspector. - Find and analyze deals
You can go property shopping in Zillow. Use dealcheck.io, which automatically pulls data from Zillow, to determine if the property would be profitable for you. - Win a contract
This is where a skilled real estate agent will come in handy. If you sign up for the course, Dallas will give you access to his list of handpicked real estate agents. - Inspection and repairs
A skilled property inspector can save you a lot of money here. If your property inspector can find issues, you can use that as leverage to reduce the price in negotiations. - Closing
Go through the process of signing documents with a title company to legally transfer the ownership of the property to you. - Manage the property
Manage the property without hiring a property manager. Dallas will teach you how to do this on your laptop from anywhere in the world.
8 Red Flags When Choosing a Location
Dallas also gives a list of red flags to look out for when finding properties. These are mostly inspired by his first hand experience when he bought a rental property in West Valley City, Utah, which was a high crime area.
- Trash
Avoid neighborhoods with trash littered all over. This is a sign that you may have many problems dealing with tenants and maintenance. - Vacant lots
Do not invest in areas with nearby abandoned vacant lots. If others are unwilling to reinvest on these derelict properties, it is a sign that you shouldn't either. - Bars on windows
Areas with more than a few properties with bars on the windows are not a good sign. This also includes destroyed blinds or pin up sheets on windows. - Graffiti
Avoid areas with much graffiti on the walls and other surfaces. This is a sign of a lack of public service in the area and may mean trouble for your property. - Sea of multifamily properties
You should not invest in areas that are full of low quality multifamily properties. This is a sign that your ROI will be low. Few multifamily properties surrounded by single family or even duplexes are good areas to invest in. - Broken down vehicles
Do not invest in areas where you can find broken down cars and bikes with missing parts like tires or that are abandoned. - Unkept yards
Avoid areas where there are many yards that look like they haven't been mowed in months. This is a sign that people in the area do not maintain the property. - Safe and comfortable
If you yourself do not feel safe or comfortable walking in that neighborhood, then you definitely should not invest there.
Dallas also doesn't use a property manager, which cuts out the management fee. He does all property management himself to minimize operating expenses. As for how to automate and scale your business without a property manager, he will teach you how if you take his course.
Are Students of Six Figure Landlord Successful?
The course seems small and intimate and it appears he only had a few students as of late. The success stories posted on the site seem legit, as the details are quite believable. As always, take the reviews with a grain of salt.
He shows 2 reviews of his top students, which are couples:
The 3rd review is from an investor who already owns real estate properties but joined the mentorship because he wanted to learn ways to minimize his expenses to maximize his profits.
The last review is from Dallas' friend Gabe, whom he helped with real estate investing way before he created the course.
Is Real Estate Investment Worth It in 2024?
The answer is yes. Investing in real estate gives the highest returns of any other business model. The downside is that there is a high learning curve and even higher risks. You need a lot of capital to invest in real estate, and you have to be prepared for the possibility that you may fail.
As a beginner, you are better off investing in a real estate mentor in order to minimize the time and money you might lose by learning the hard way. There are many legit mentors out there that offer their own strategies and specializations. Each one attempts to reduce the risks of real estate investment, but at the expense of creating new ones.
Here are some courses for your reference:
The Land Geek by Mike Podolsky specializes in investing in empty raw land.
Owner Finance Pro, by Jacob Strong and Jon Steltzer, is a fairly new course that teaches you how to acquire property using creative financing, specifically owner financing.
Antoine Martel, who specializes in turnkey and Section 8 real estate investment, has his FlipSystem course that comes with a customer relationship management (CRM) that allows you to automate your business without hiring anyone.
BNB Method by Suzie Agelopoulus teaches how to create time and financial freedom through Airbnb arbitrage.
JD Sustar, owner of Rental Academy Mentorship, focuses on buying properties and renting them out as residences or Airbnb units.
Why Local Lead Generation Is the Best Passive Income Business Model in 2024
Compared to real estate investment, it takes very little capital to start your local lead generation business. It works by creating and ranking your site on Google using free methods such as SEO. Your ranked site will be rented out to local businesses who pay you for the leads your site generates. This gives you a predictable cash flow.
You don't have to deal with tenant screening and evictions, maintenance, taxes, mortgages, or any other issues that come with real estate investment. Competition is low as you target local markets. It could take years before you even need to update your site. To scale your business, you simply have to repeat the process. You can scale as much as you want in order to hit your goal. These are what make Local Lead Generation the best passive income model to create financial freedom.
