Alright – so today we’ve got the honor of introducing you to Lorenzo McNulty. We think you’ll enjoy our conversation, we’ve shared it below.

Lorenzo , appreciate you joining us today. How did you come up with the idea for your business?

As I walked into the first duplex with a proven concept for making money in Section 8 rentals, flashbacks of my previous business emerged. Knowing this was different—and how I had gotten here—was chock full of lessons for a new entrepreneur.

I remember one moment vividly. I was frozen, unable to move, as the weight of everything that was happening crushed me. “I’m smarter than this,” I thought to myself. Memories flooded my mind of me leaving work to pick up my kids and bring them to the place where they would sit, eat pizza, and watch me build a business six years prior.”

I was devastated. I had poured so much of myself into this project, and now it seemed like all that work had been for nothing. My biggest fear had come true—I had bet on myself, and I was failing miserably. All I could do was watch it fall apart in slow motion as if time had slowed down just to make me suffer more than necessary.

The truth I was beginning to understand, was that the partnership had been in decline for some time before our 5-figure-a-month business even noticed it.

Before I continue, I want you to know that I have always been a solitary problem solver for most of my life. I have always been able to find myself in silence and shut down. But this time it was different. I felt hurt. Not primarily for myself, but for the people who consistently reported that their lives had been changed by our products and services, the businesses we supported, and the ones we inspired.

If you’ve ever broken up with someone you didn’t want to break up with, you know exactly what it feels like at this early stage of the partnership.

In all my years of entrepreneurship, I have learned that you will have to pivot at some point. This time around, however, I was willingly making myself a newbie in an entirely new industry.

I can see that you have provided a passage about your past experiences, and you would like me to rewrite it to make it clearer. Here’s my attempt:

During a short time spent writing manuals for assisted living facilities in North Carolina, I developed a strong desire to open my own facility. However, this new business required my constant attention, as I was the licensed administrator and medical technician. I had to be there 24/7, even if other staff members didn’t show up. It was a demanding job, and I often found myself missing the six-figure salary of my previous corporate job.

Couldn’t I just go back to taking a paycheck from people telling me what to do every day? Can’t I just shed all this responsibility after an interview? The answer was nah… I would rather enjoy the struggles of my own path than struggle along the path of another with ultimately the same goal. Building someone else’s legacy while leveraging my time away from my family and fun memories just didn’t give me that warm and fuzzy feeling suggesting I was going the right way.

A stroke of luck or God answering the prayers of my sheer desperation to make something work happened when I was pressed by the State of North Carolina to pass another mile of red tape before officially licensing my facility.

A woman stopped at the door of the house as I was clearing out the dust of construction work. She asked for me by name and after spinning through my mental Rolodex, I realized I’d never seen her before a day in my life. I looked to the curb behind her to see a sparkly white Mercedes. Assuming she’s a realtor asking to buy my property, I walk down the two front porch steps to greet her. She was also in a season where she needed something to work, and fast. She was looking for housing for her and her two children living with autoimmune challenges.

We probably stood at that driveway discussing everything from public housing to parenting and back for over an hour. Then it hit me, I had heard about this co-living strategy to help people find stable housing but I was now interacting with an individual who really needed an option and knew others who would take advantage of this as well.

I tell budding business owners about the power of saying “NO” all the time and here’s why. A yes requires a lot. A no gives you time to think about if it is actually worth a yes. It’s easier to go from a hard no to a soft yes than it is the other way around. Remember that.

It was a no for me immediately. I don’t know anything about real estate, I told myself. “I’m way too far away from that license anyway,” I said. Even though I said no, I was curious enough to meet with a buddy of mine who explained the business model of a popular rental arbitrage company. He told me about his properties and how much money he made, saying it’s easy, but Fees-E. I wasn’t sold on it. I had already read the articles about how cities were placing bans on this style of business and I wanted no parts of it.

I talked to my wife about it. She comes from a military family and married a Marine, so naturally we spoke of our Veterans. Coincidently, my application to become a Service Disabled Veteran Owned Small Business (SDVOSB) was on hold, awaiting updates. I liked the idea of helping Veterans and was already relatively connected.

“It could work,” I said. “It HAS to work,” I thought quietly to myself.

Even though I felt as if no one was even looking at solving this problem. Even though I thought this solution could need more information than what currently had, I leaned in.

Unsure where to get started, I started where I always start with a business plan – finding out where the money comes from. It led me to a ton of organizations online. It was looking like I was going to need miles of smiles and dials to get anywhere. Again, I’m not sure if it was God finally checking his voicemails from me, or the desire for this to be fruitful, but within the first few phone calls, I got to a gentleman who said, “I’ve got 1200 doors in your area right now.” Long story short, we spoke on the phone for a few hours and followed up with some emails and texts to close the first deal that nets us over $1,000 per month to provide safe, affordable housing to my Veterans.

“Holy sh*t! It works,” I thought. There’s a special moment that happens when all your hard work and the overcoming of the imposter syndrome yield to the sweet sounds of cash flow. It feels surreal in the amounts of relief that accompany it.

But that’s only for a moment, we’ve scaled to 5 doors with 50+ on the table now. Hopefully, you will come back to read an update from Legacy Housing Group and Lorenzo to see that we are now housing a thousand Veterans and beyond.

As always, we appreciate you sharing your insights and we’ve got a few more questions for you, but before we get to all of that can you take a minute to introduce yourself and give our readers some of your back background and context?

Legacy Housing Group Started with a failed business owner going from clueless about real estate to rocking a thriving portfolio in just nine months. My journey is proof that anyone can dive into the world of property investment and come out on top. We get to help bridge the housing gap for Veterans while teaching others about a community that makes impactful income without a real estate license.

Not gonna lie, I’m no real estate guru, but I’ve figured out a system that lets me manage my properties in less time than it takes to binge-watch a season of your favorite show. No need for expensive consultants or licenses – just good old-fashioned smarts and a bit of elbow grease.

And guess what? I’m itching to spill the beans and share my secrets with you! Whether you’re just dipping your toes into the real estate game or ready to snag your first property, I’ve got your back. Let’s turn your dreams of financial freedom into bricks-and-mortar reality – together!

What do you think helped you build your reputation within your market?

The biggest thing I think helped us build up a reputation was simply making it a priority. Reputation is one of those soft skills many people miss and don’t know it. It takes your lifetime to build and only a few minutes to bring crashing to the ground. It deserves priority because it speaks for you in rooms you have not entered yet and carries you into relationships you only dreamed of.

What’s a lesson you had to unlearn and what’s the backstory?

The biggest lesson I had to unlearn helped my business get started making a profit. An idea I adopted growing up in Mississippi was preventing me from reaching the profitable business I desired.

Can I be honest? I’ve been coaching and developing other entrepreneurs and business leaders for close to twenty years now, and the years 2022 – 2024 have allowed me to reach and help more people and make more profits than all those prior years combined. The stuck-point idea was to help people before helping myself, which I often displayed as giving away my time, talent, and treasure for free.

This bogs down your time with tasks you won’t be able to house, feed, or clothe yourself with. Unlearning that thought process and adding a business model helped me free more time in my day for the things I love while increasing my income.

Contact Info:

• Website: https://legacyhousinggroup.com/rei-made-easy
• Instagram: instagram.com/legacyhousinggroup
• Facebook: facebook.com/legacyhousinggroup
• Other: https://legacyhousinggroup.com/connect

Image Credits
Jk Photography