How Thomas Naoum Overcame Adversity to Build a Successful Section 8 Rental Business
Are you looking for inspiration to overcome adversity and build a successful business? Look no further than Thomas Naoum, a Section 8 entrepreneur who owns 77 single-family Section 8 rentals and is living proof that anyone can branch into this.
Thomas had a real estate background, but he didn’t immediately jump into the Section 8 rental business. Early on in his entrepreneurship career, he built up liquidity through trading stocks and pressure washing, among other things. Additionally, he worked at the Local Housing Authority in a parish in Louisiana before diving into his own real estate ventures.
By the time he was 17, he bought his first property and completed a BRRR to put it on Section 8 to mitigate his day trading tax liability. Initially, the jump into Section 8 was not the easiest, but Thomas was determined to make it work. He lost close to $70k making small mistakes along the way but learned valuable lessons that would prove to be useful in his journey to success.
Here are four ways that illustrate how Thomas Naoum overcame adversity to build a successful Section 8 rental business:
- The importance of attending board meetings
By attending board meetings, Thomas learned about the various steps required to run a successful Section 8 rental business. He was able to create a systemized business model that could scale without him directly having to be involved. The ultimate goal is to scale without having to be directly involved in the business, staying as the investor in the background is the most powerful move in any business. Now, he owns rentals in two states that he doesn’t even live in.
- Turning mistakes into opportunities
Thomas learned from his mistakes and used them as opportunities to improve. He lost close to $70k in his first year in Section 8 rentals but persevered, learned from his mistakes, and created a formula and system that works, so everything functions as a passive cash-flow business.
- The power of passive income
Thomas understands that the end goal is to have your money work for you instead of working for it your entire life. He has found that many people know how to make a lot of money, but very few people know how to efficiently allocate to create a TRUE passive income. He has been able to close on each property with about $5-12k, on average, using various routes of financing, including owner financing, subject two financing, and private money lenders.
- Recession-proof business model
Thomas’s Section 8 rental business is recession-proof. Even during the 2020 pandemic, when landlords were not receiving payments, he was still receiving his rent payments via Section 8. Regardless of the financial climate you buy in, Section 8 rentals can be scalable. As we delve deeper into a recession, more and more people are getting laid off and can’t pay their rents, but Thomas doesn’t have to worry about the government missing their payments.
In conclusion, Thomas Naoum is a Section 8 entrepreneur who overcame adversity to build a successful rental business. He has demonstrated that by attending board meetings, turning mistakes into opportunities, focusing on passive income, and creating a recession-proof business model, anyone can build a successful business. If you’re interested in following in his footsteps, Thomas offers direct, personalized mentorship through his Recession Proof Blueprints program, where he works with you directly to force results. So what are you waiting for? Take the first step towards building your successful Section 8 rental business today!