BiggerPockets Real Estate Podcast
BiggerPockets Real Estate Podcast

He Sold His Car to Buy His First Property: Now He Owns 40 Rentals!

September 28, 2026

AI Summary

5 min read

Larry Gerges was a junior in college, planning a career in investment banking, when a chance conversation at a pizza parlor changed his trajectory. A disenchanted investment banker told him that if he didn't love money—really love it—the Wall Street grind wasn't worth it. Gerges realized he didn't. He pivoted to real estate, sold his car for $16,000, and used that cash as a down payment on a $70,000 duplex in Peoria, Illinois—a market he had never visited. He found a handyman on Facebook, got a thumbs-up on the property, and closed using a DSCR loan because he had no W-2 income. The property cash-flowed $900 a month from the start. That proof of concept was enough.

The Discipline of Extreme Constraints

Continue reading the full summary in the app — free to try.

Read Full Summary →

Free • No credit card required

Listen to Audio Summary Open in App

What you'll learn

  • 1 (00:08) **How a Barroom Chat Killed Wall Street Dreams** - Larry explains that a chance conversation with a miserable investment banker made him realize he didn't "love" money, steering him toward real estate instead.
  • 2 (04:12) **Selling His Car to Fund His First Deal** - With no W-2 income, Larry sold his car for $16,000 to create a down payment and began searching for affordable markets on Zillow.
  • 3 (05:31) **Buying a $70k Duplex in Peoria, Illinois** - Larry bought his first property sight unseen, relying on a handyman found on Facebook for a thumbs-up inspection.
  • 4 (08:05) **Landing the "Perfect Tenant": The Government** - To ensure he wouldn't miss a mortgage payment, Larry targeted Section 8 tenants, realizing the government is a reliable payer.
  • 5 (14:21) **Accelerating Graduation to Scale Up** - After the first deal worked, Larry overloaded his class schedule to graduate on time while simultaneously building his real estate backend.
  • 6 (15:44) **Raising Private Money by Trolling Crypto Discords** - To fund his next deals, Larry went into crypto Discord channels, argued for tangible assets, and found a private money partner.
  • 7 (17:31) **Researching Cleveland by Wasting Agents' Time** - Before moving, Larry did extensive research by requesting video tours from 50+ listing agents to learn about property mechanics and neighborhood quality.

+ Full timestamped outline available in the app

Show Notes

Lawrence “Landlord Larry” Guerguis thought he would spend the next 40 years of his life in finance. But one conversation with a regretful investment banker changed his life’s trajectory and set him on a path toward financial freedom through real estate investing. Just three years later, he owns 40 rental properties producing thousands in monthly cash flow!


Once Larry realized the impact that rental properties could have on his wealth, time, lifestyle, and flexibility, he wasted no time in buying his first rental property. While still in college, he sold his car, scrounged together a down payment, and bought a duplex out in the Midwest. With proof of concept and a few hundred bucks lining his pockets each month, he went all-in on real estate. He’s since moved to Cleveland, Ohio, where he’s built a real estate portfolio of 40 single-family homes (and counting!).


In today’s episode, he’s giving you all the secrets he’s used to buy deal after deal without having the W-2 income to qualify for traditional bank financing. From locking in better rents with Section 8 investing to building a brand that creates greater opportunities, Larry has found a formula that really works in 2026!


In This Episode We Cover

How Larry scaled to 40 rental properties in just three years

The wild strategy Larry used to find his first private money lender

How Larry funds his rental properties without the bank (or W-2 income!)

Using Section 8 investing to lock in higher rents

Using social media to find off-market properties and lenders

How to pick a m

BiggerPockets Real Estate Podcast

More from this podcast

BiggerPockets Real Estate Podcast →