College Student Turns $16,000 Car Sale into 30-Property Rental Empire by Age 24

Lawrence Guerguis, a 24-year-old from Orange County, California, decided against a career in investment banking after a conversation with a banker and switched his major to real estate while at the University of San Diego. He sold his hand-me-down car for $16,000, used $15,000 as a down payment on a low-cost house in Illinois, and financed the purchase with a debt-service-coverage-ratio loan that required a 1.25 ratio, which the local HUD rent easily exceeded.

The first tenant was secured through the Section 8 program, delivering immediate cash flow and confirming his niche. Following graduation in May 2024, Guerguis relocated to Cleveland, Ohio, where he bought, repaired, and rented multiple properties, learning construction basics via online videos. After a year and a half of hands-on management, he launched a property-management company, delegating repairs and showings while remaining the landlord. He now operates the portfolio remotely from California, describing the landlord lifestyle as hectic but rewarding.