Remington Lyman turned four units into 24 with a single 1031 exchange and built a 100-unit portfolio in a decade — starting with just $7,500 and a duplex he found while cold calling from his office job.
BiggerPockets Real Estate Podcast
Remington Lyman turned four units into 24 with a single 1031 exchange and built a 100-unit portfolio in a decade — starting with just $7,500 and a duplex he found while cold calling from his office job.
TL;DR
Remington Lyman went from a $7,500 down payment on a Columbus, Ohio duplex to over 100 rental units and 4 commercial deals in just 10 years — starting with house hacking, scaling through BRRRR deals [1] — Remington Lyman "Remington bought a distressed 4-unit for $80,000 cash, borrowed $10,000 from his mom, renovated it for $150,000 with a mentor's capital, an…" 13:56 , and recently pivoting to triple net commercial leases in Opportunity Zones for 0% capital gains tax [2] — Remington Lyman "In a triple net lease, the tenant pays ALL property expenses — taxes, repairs, maintenance, every bill. For Remington, this meant predictab…" 30:00 . He built deal flow through cold calling, networking, and partnering strategically, and now earns more in a single commission check than his entire JPMorgan salary [3] — Remington Lyman "$60K JPMorgan salary vs. single commission checks: Remington was making $60,000 annually at JPMorgan; after leaving he sometimes earns that…" 06:31 . The key takeaway: treat early mistakes as tuition, build your network relentlessly, and always ask about tax advantages you might be leaving on the table.
Remington Lyman shares how he built a 100+ unit real estate portfolio in Columbus, Ohio starting with just $7,500, using house hacking, BRRRR strategies, 1031 exchanges, Opportunity Zones, triple net commercial leases, and medium-term rentals to escape corporate life and achieve financial freedom in 10 years.
The episode opens with a relatable gut-punch: you work all year, perform above and beyond, and your boss hands you a 2% raise with a smile. That's exactly what happened to Remington Lyman at JPMorgan, and it was all he needed to redirect his energy toward rental property investing. Dave Meyer introduces Remington's journey — from a $7,500 starting point to millions in real estate — teasing the strategies that made it possible: house hacking, BRRRR deals, 1031 exchanges, triple net commercial leases, and Opportunity Zone tax plays. The framing is both motivational and instructional: this isn't a lucky story, it's a repeatable blueprint.
Remington's story starts in an unexpected place: a rifle team scholarship to Ohio State, where he majored in finance. After graduating, he landed a typical analyst job at JPMorgan, but his entrepreneurial instincts never settled. When his apartment lease ended, he and his roommate — splitting $300/month each in a roach-infested apartment to save money — decided to stop paying rent to someone else. They bought a $330,000 duplex in Columbus, renovated the other side themselves, found another tenant on Craigslist, and ended up making about $50 per month while living essentially for free [1] — Remington Lyman "First duplex cost $330,000 in 2017: Remington's first duplex in Columbus, Ohio cost $330,000 in 2017, which he and his partner considered e…" 03:58 . It was a classic, scrappy first step — but it set the template for everything that followed.
Dave Meyer presses Remington on what specifically drove him away from what was objectively a good job — JPMorgan, finance bro, solid paycheck. Remington's answer is crisp: he was taught that performance gets rewarded proportionally. A 2% raise told him that's not how the corporate world works [1] — Remington Lyman "2% raise after stellar performance: After working extremely hard at JPMorgan, Remington received only a 2% raise — the equivalent of an inf…" 04:28 . Still, he didn't rage-quit. He worked at JPMorgan for four years, stacking rental properties the whole time, until the company laid him off in 2019. By then, he had 10 properties and could cover his lifestyle. The layoff, as he'd later admit, was the push he never would have given himself. It was scary — but it was also the best thing that ever happened to him.
The first ad break features four sponsors directly relevant to real estate investors. Indeed Sponsored Jobs is pitched as the solution to chaotic hiring needs — particularly for landlords who suddenly need maintenance staff or bookkeepers, with a $75 credit offered via indeed.com/podcast. Rent to Retirement offers turnkey new construction homes at up to 10% below market value in top national markets, with interest rates as low as 3.75%. Airbnb promotes its co-host network as a way to monetize empty properties while traveling. NREG rounds things out with a pitch for investment-property-specific insurance that goes beyond basic coverage to ensure claims are actually paid.
Most new investors are stuck waiting 6-12 months between purchases while they save up or satisfy lender seasoning requirements. Remington's solution was elegantly simple: he and his business partner took turns being the borrower. One would house hack a property, then the other would do the next one, splitting ownership across all deals. In roughly 18 months, they had three properties totaling 10 units [1] — Remington Lyman "3 properties, 10 units in 18 months via partner turns: By alternating house hack purchases with his business partner, Remington acquired 3 …" 09:31 — a pace that most investors wouldn't hit in three or four years. It's a partnership structure as much as a financing strategy, and it laid the groundwork for Remington's later, more sophisticated deals.
This is the deal that changed everything. Remington identified a distressed 4-unit in Franklinton, an up-and-coming Columbus neighborhood, priced at $80,000. He had about $75,000 in savings and borrowed another $10,000 from his mom to buy it outright in cash. Then he brought his mentor — a seasoned local investor he'd met through a cold calling chain — into a 50/50 partnership: Remington owned the basis, the mentor funded the $150,000 renovation [1] — Remington Lyman "Remington bought a distressed 4-unit for $80,000 cash, borrowed $10,000 from his mom, renovated it for $150,000 with a mentor's capital, an…" 13:56 . Together they refinanced after an appraisal of $400,000–$450,000, pulling out all invested capital and then some [2] — Remington Lyman "4-unit BRRRR bought for $80K, appraised at $400-$450K: Remington purchased a distressed 4-unit property for $80,000 cash, put $150,000 into…" 13:56 . The deal also introduced Remington to delayed financing — buy with cash, renovate, then refinance above the original purchase price once seasoning is met. What made the deal truly remarkable wasn't just the numbers; it was the relationship infrastructure behind it — a mentor found through pure hustle and persistence.
There's no shortcut described here — just old-fashioned hustle. Every day after work, Remington would pull lists from the county auditor's website and call owners of 2-to-4 unit properties in his target zip code [1] — Remington Lyman "Remington was cold calling property owners from the county auditor site after work to find deals. One owner didn't want to sell but gave hi…" 15:55 . Most said no. Some had interesting conversations. And one elderly owner, not interested in selling anything, gave Remington a phone number: a local agent who had found him deals for years. Remington called the agent, they met for a beer, and a mentorship was born. Dave Meyer's takeaway is pointed: the best mentors aren't found through a prescribed process — they emerge from consistent, genuine effort and relationship-building. This is the story behind the story of that landmark BRRRR deal.
The BRRRR wasn't the end of this deal's story — it was just the beginning. After pulling out all invested capital through the refinance, Remington and his mentor eventually sold the 4-unit and executed a 1031 exchange, deferring capital gains taxes by rolling the proceeds directly into a 24-unit apartment building [1] — Remington Lyman "After the BRRRR forced out all the capital and more, Remington and his mentor didn't stop there. They sold the 4-unit and used a 1031 excha…" 18:09 . Found through the same cold calling approach that sourced the original 4-unit, this new building represented a 6x increase in units in a single transaction. It's a vivid illustration of how equity compounds: a $80,000 purchase became the foundation for a multi-million-dollar apartment building, all within a few years and without paying a dollar in capital gains tax at the time of sale.
Columbus wasn't just convenient — it became genuinely one of America's best emerging real estate markets. Remington points to a wave of massive manufacturing investment: Intel building chip facilities, Anduril constructing drone manufacturing operations, and Honda developing an electric vehicle battery plant [1] — Remington Lyman "Columbus wasn't just convenient — it exploded with manufacturing investment from Intel, Anduril, and Honda, plus a massive higher education…" 20:00 . These facilities don't just bring construction jobs — they attract a permanent workforce that needs housing, and Ohio's large network of universities provides the pipeline of educated talent those companies need. The combination of cheap land for manufacturers and a strong talent pool made central Ohio a magnet for corporate investment, and the rental market followed. Remington's timing was right, his market knowledge was real, and he benefited from both.
When Dave Meyer asks where investors should focus their energy for deal flow, Remington's answer is both tactical and relationship-first. Realtors — including his own agents — source about half his deals, sometimes as pocket listings before they hit the market [1] — Remington Lyman "Remington uses a multi-pronged deal flow approach: realtors, pocket listings, wholesalers, personal cold calling, and virtual assistants in…" 20:48 . The other half come from off-market hustle: personal cold calling from auditor lists, working with wholesalers, and employing virtual assistants in the Philippines to cold call property owners at scale. His broader advice, though, is simpler: talk to as many people as possible. A casual conversation with a commercial broker landed him his office building the very next day. The playbook isn't one channel — it's all of them, working in parallel, all the time.
The conversation briefly pivots to the softer side of investing: relationships. Dave Meyer reflects that the best deals he's ever found and the most reliable people he calls when things go sideways are all people he met organically over 16 years in the business. Remington echoes this. He encourages investors to attend local meetups — BiggerPockets hosts many — and to attend BPCon, where deal-minded investors congregate with high intent. You don't need to be extroverted; you just need to build a few meaningful relationships consistently. For both hosts, the network is the real moat.
The second ad break packs in five sponsors, all targeting active real estate investors. Stessa leads with an April tax-season hook — offering AI-driven expense categorization and Schedule E compliance tools available for free at stessa.com. Steadily pitches landlord-specific insurance with a 5% discount for BiggerPockets Pro members. Lennar's Investor Marketplace offers a free account to browse new construction homes with built-in ROI data. Baselane, BiggerPockets' official banking platform, promotes automated rental cash flow management and a $10,000 giveaway. Finally, Flock Homes introduces the 721 exchange as an alternative exit strategy for landlords who want to stop managing individual properties without triggering a massive capital gains tax event.
By 2022, Remington had 80 rental units, rising interest rates, a growing family, and a burning desire to simplify. He shifted his focus to commercial real estate, specifically targeting assets with triple net leases. His first major commercial play was a 24,000 square foot warehouse in Columbus, listed at $600,000, which he and a partner snapped up immediately [1] — Remington Lyman "24,000 sq ft warehouse commercial deal: Remington and a business partner purchased a 24,000 square foot warehouse listed at $600,000, inves…" 28:40 . They invested another $500,000 in renovation — no small feat on a building that had sat vacant for 30 years — and landed a 10-year triple net lease with a not-for-profit art studio backed by a major donor. The art studio quickly subleased interior studios to individual artists, became fully occupied within a month, and generated steady monthly cash flow. The neighborhood improved, local government supported the project, and the community benefited. A genuine win-all-around deal.
For listeners unfamiliar with commercial lease structures, Dave Meyer asks Remington to explain triple net leases from first principles. The answer is revelatory for residential investors: unlike owning a house where you're responsible for every repair and tax bill, in a triple net lease the tenant absorbs all those costs [1] — Remington Lyman "In a triple net lease, the tenant pays ALL property expenses — taxes, repairs, maintenance, every bill. For Remington, this meant predictab…" 30:00 . Property taxes, maintenance, insurance, every bill — it all goes to the tenant. The landlord collects a relatively predictable check month after month with almost no surprise expenses. The tradeoff, as Dave notes, is that you're essentially betting on the business occupying the space: a thriving tenant means smooth income; a failing one means potential vacancy. But with a well-vetted, long-term tenant locked into a 10-year lease, the risk-reward is compelling.
The warehouse deal isn't just a cash flow story — it's a tax play. The property sits in a federally designated Opportunity Zone, a program created in 2017 under the first round of Trump tax cuts to incentivize investment in economically distressed areas [1] — Remington Lyman "By placing his commercial warehouse in a designated Opportunity Zone and holding for 10 years, Remington will owe zero federal capital gain…" 32:31 . The headline benefit: hold the investment for 10 years and the capital gains tax on any appreciation is completely forgiven at the federal level. Ohio adds another layer — a state tax credit equal to 10% of the purchase price plus renovation costs [2] — Remington Lyman "State-level tax credit: 10% of purchase + reno costs: Ohio Opportunity Zone investors can claim a state-level tax credit equal to 10% of th…" 33:30 . Remington is candid that he didn't know about all these advantages when he started and estimates he left hundreds of thousands of dollars in savings on the table as a result. His advice: get a good CPA, get a good attorney, and aggressively ask what tax benefits you might be missing.
Short-term rentals peaked in popularity during COVID and have since faced regulatory headwinds, management complexity, and market saturation. Remington's response was to move one step back on the rental spectrum: medium-term rentals. By targeting traveling nurses, remote contractors, and students who need furnished housing for one month to a year, he captures significantly higher rents than traditional leases — 50% to 100% more per unit [1] — Remington Lyman "Short-term rentals are overregulated and management-heavy; long-term rentals are safer but lower yield. Medium-term rentals — 1 month to 1 …" 34:20 . Columbus is an ideal market for this: the state capital, a major research university hospital, and a large contractor and construction workforce all generate steady demand for medium-stay housing. Remington uses a property manager for about 10 of these units at roughly 15% of revenue, which he considers a bargain given how much more they generate than standard rentals.
As the interview winds down, Dave Meyer asks what's next. Remington's answer is personal before it's professional: he just had his first child and wants a big family — his stated goal is 10 kids. On the business side, he's focused on growing his commercial portfolio and expanding his brokerage. With 45+ agents under his managing broker license, many of whom are actively cold calling, every agent who sources a deal is a potential co-investment partner. Remington sees the brokerage less as a separate business and more as a deal-finding engine. His broader mission ties it all together: create affordable housing, renovate neglected properties, and support the Columbus community that has supported his growth.
Dave Meyer thanks Remington Lyman for sharing such a detailed and replicable investing story, then directs listeners to subscribe across all platforms (YouTube, Apple Podcasts, Spotify). The production credits roll — executive producer Dave Meyer, produced by Ian Kay, copywriting by Calico Content, editing by Exodus Media — followed by a standard BiggerPockets legal disclaimer reminding listeners that the content is for informational purposes only, past performance does not guarantee future results, and all investment decisions should be made with qualified advisors. A brief Stitch Fix radio ad rounds out the closing seconds.
Chapter 1 · 00:00
The episode opens with a relatable gut-punch: you work all year, perform above and beyond, and your boss hands you a 2% raise with a smile. That's exactly what happened to Remington Lyman at JPMorgan, and it was all he needed to redirect his energy toward rental property investing. Dave Meyer introduces Remington's journey — from a $7,500 starting point to millions in real estate — teasing the strategies that made it possible: house hacking, BRRRR deals, 1031 exchanges, triple net commercial leases, and Opportunity Zone tax plays. The framing is both motivational and instructional: this isn't a lucky story, it's a repeatable blueprint.
A 2% raise after a year of stellar performance at JPMorgan was all Remington needed to realize corporate life wasn't the path to real wealth. That single moment of frustration redirected his entire financial trajectory.
Chapter 2 · 01:58
Remington's story starts in an unexpected place: a rifle team scholarship to Ohio State, where he majored in finance. After graduating, he landed a typical analyst job at JPMorgan, but his entrepreneurial instincts never settled. When his apartment lease ended, he and his roommate — splitting $300/month each in a roach-infested apartment to save money — decided to stop paying rent to someone else. They bought a $330,000 duplex in Columbus, renovated the other side themselves, found another tenant on Craigslist, and ended up making about $50 per month while living essentially for free [1] — Remington Lyman "First duplex cost $330,000 in 2017: Remington's first duplex in Columbus, Ohio cost $330,000 in 2017, which he and his partner considered e…" 03:58 . It was a classic, scrappy first step — but it set the template for everything that followed.
Claims made here
Remington Lyman's first duplex in Columbus, Ohio was purchased for approximately $330,000 in 2017.
Remington Lyman received only a 2% raise after a year of hard work at JPMorgan, which he noted is equivalent to the rate of inflation.
Remington and his college roommate split $600/month rent in a roach-infested apartment to save up for a duplex down payment. Within months they had their first property and were living nearly rent-free while building equity.
Remington Lyman started his real estate investing journey with only $7,500 to his name, purchasing his first duplex via a house hack with a roommate.
Remington's first duplex in Columbus, Ohio cost $330,000 in 2017, which he and his partner considered expensive at the time.
After working extremely hard at JPMorgan, Remington received only a 2% raise — the equivalent of an inflation-matching bump — which motivated him to invest in real estate.
While working full-time at JPMorgan, Remington grew his portfolio to 10 rental properties before being laid off in 2019.
Chapter 3 · 05:35
Dave Meyer presses Remington on what specifically drove him away from what was objectively a good job — JPMorgan, finance bro, solid paycheck. Remington's answer is crisp: he was taught that performance gets rewarded proportionally. A 2% raise told him that's not how the corporate world works [1] — Remington Lyman "2% raise after stellar performance: After working extremely hard at JPMorgan, Remington received only a 2% raise — the equivalent of an inf…" 04:28 . Still, he didn't rage-quit. He worked at JPMorgan for four years, stacking rental properties the whole time, until the company laid him off in 2019. By then, he had 10 properties and could cover his lifestyle. The layoff, as he'd later admit, was the push he never would have given himself. It was scary — but it was also the best thing that ever happened to him.
Claims made here
Remington Lyman was making $60,000 per year at JPMorgan before being laid off and transitioning to real estate.
Remington Lyman owns over 100 residential rental units and 4 commercial properties, plus a real estate brokerage with over 45 licensed agents of which he owns 50%.
Remington was making $60,000 annually at JPMorgan; after leaving he sometimes earns that same amount in a single real estate commission check.
Remington reached over 100 residential rental units plus 4 commercial deals within just 10 years of starting with his first duplex in 2017.
Remington owns 50% of a real estate brokerage with over 45 licensed agents, generating additional income through commission splits and deal opportunities.
Chapter 4 · 07:32
The first ad break features four sponsors directly relevant to real estate investors. Indeed Sponsored Jobs is pitched as the solution to chaotic hiring needs — particularly for landlords who suddenly need maintenance staff or bookkeepers, with a $75 credit offered via indeed.com/podcast. Rent to Retirement offers turnkey new construction homes at up to 10% below market value in top national markets, with interest rates as low as 3.75%. Airbnb promotes its co-host network as a way to monetize empty properties while traveling. NREG rounds things out with a pitch for investment-property-specific insurance that goes beyond basic coverage to ensure claims are actually paid.
Claims made here
Remington and his partner acquired 3 properties totaling 10 units in approximately a year and a half by alternating house hack purchases.
Instead of waiting 6-12 months between properties, Remington and his partner took turns getting loans and house hacking. The result: 3 properties, 10 total units, all within a year and a half.
By alternating house hack purchases with his business partner, Remington acquired 3 properties totaling 10 units in approximately a year and a half.
Chapter 6 · 13:56
This is the deal that changed everything. Remington identified a distressed 4-unit in Franklinton, an up-and-coming Columbus neighborhood, priced at $80,000. He had about $75,000 in savings and borrowed another $10,000 from his mom to buy it outright in cash. Then he brought his mentor — a seasoned local investor he'd met through a cold calling chain — into a 50/50 partnership: Remington owned the basis, the mentor funded the $150,000 renovation [1] — Remington Lyman "Remington bought a distressed 4-unit for $80,000 cash, borrowed $10,000 from his mom, renovated it for $150,000 with a mentor's capital, an…" 13:56 . Together they refinanced after an appraisal of $400,000–$450,000, pulling out all invested capital and then some [2] — Remington Lyman "4-unit BRRRR bought for $80K, appraised at $400-$450K: Remington purchased a distressed 4-unit property for $80,000 cash, put $150,000 into…" 13:56 . The deal also introduced Remington to delayed financing — buy with cash, renovate, then refinance above the original purchase price once seasoning is met. What made the deal truly remarkable wasn't just the numbers; it was the relationship infrastructure behind it — a mentor found through pure hustle and persistence.
Claims made here
Remington purchased a 4-unit distressed property in Franklinton, Columbus for $80,000 cash, renovated it for approximately $150,000, and it appraised at $400,000-$450,000.
BRRRR investors typically need a 6-month seasoning period before a bank will refinance a property for more than the original purchase price plus renovation costs.
Remington bought a distressed 4-unit for $80,000 cash, borrowed $10,000 from his mom, renovated it for $150,000 with a mentor's capital, and refinanced it at $400,000-$450,000 — pulling out all invested capital and more. This single deal became the template for his scaling strategy.
Remington purchased a distressed 4-unit property for $80,000 cash, put $150,000 into renovation, and it appraised at $400,000–$450,000, allowing him to pull all capital back out.
Remington was cold calling property owners from the county auditor site after work to find deals. One owner didn't want to sell but gave him a phone number — which led to monthly beers with his first real estate mentor. Relationships built on genuine hustle compound over time.
Chapter 7 · 18:08
There's no shortcut described here — just old-fashioned hustle. Every day after work, Remington would pull lists from the county auditor's website and call owners of 2-to-4 unit properties in his target zip code [1] — Remington Lyman "Remington was cold calling property owners from the county auditor site after work to find deals. One owner didn't want to sell but gave hi…" 15:55 . Most said no. Some had interesting conversations. And one elderly owner, not interested in selling anything, gave Remington a phone number: a local agent who had found him deals for years. Remington called the agent, they met for a beer, and a mentorship was born. Dave Meyer's takeaway is pointed: the best mentors aren't found through a prescribed process — they emerge from consistent, genuine effort and relationship-building. This is the story behind the story of that landmark BRRRR deal.
After the BRRRR forced out all the capital and more, Remington and his mentor didn't stop there. They sold the 4-unit and used a 1031 exchange to defer taxes and roll all the equity into a 24-unit apartment building they still own today — found through the same cold calling hustle.
Remington used a 1031 exchange to roll equity from a 4-unit property into a 24-unit apartment building, multiplying his unit count sixfold with one transaction.
Chapter 8 · 20:00
The BRRRR wasn't the end of this deal's story — it was just the beginning. After pulling out all invested capital through the refinance, Remington and his mentor eventually sold the 4-unit and executed a 1031 exchange, deferring capital gains taxes by rolling the proceeds directly into a 24-unit apartment building [1] — Remington Lyman "After the BRRRR forced out all the capital and more, Remington and his mentor didn't stop there. They sold the 4-unit and used a 1031 excha…" 18:09 . Found through the same cold calling approach that sourced the original 4-unit, this new building represented a 6x increase in units in a single transaction. It's a vivid illustration of how equity compounds: a $80,000 purchase became the foundation for a multi-million-dollar apartment building, all within a few years and without paying a dollar in capital gains tax at the time of sale.
Claims made here
Central Ohio has seen significant economic growth from Intel building a semiconductor chip facility, Anduril building a drone manufacturing plant, and Honda building an electric vehicle battery facility.
Columbus wasn't just convenient — it exploded with manufacturing investment from Intel, Anduril, and Honda, plus a massive higher education ecosystem supplying workforce talent. Remington saw it early and stayed put while the market appreciated around him.
Chapter 9 · 20:48
Columbus wasn't just convenient — it became genuinely one of America's best emerging real estate markets. Remington points to a wave of massive manufacturing investment: Intel building chip facilities, Anduril constructing drone manufacturing operations, and Honda developing an electric vehicle battery plant [1] — Remington Lyman "Columbus wasn't just convenient — it exploded with manufacturing investment from Intel, Anduril, and Honda, plus a massive higher education…" 20:00 . These facilities don't just bring construction jobs — they attract a permanent workforce that needs housing, and Ohio's large network of universities provides the pipeline of educated talent those companies need. The combination of cheap land for manufacturers and a strong talent pool made central Ohio a magnet for corporate investment, and the rental market followed. Remington's timing was right, his market knowledge was real, and he benefited from both.
Remington uses a multi-pronged deal flow approach: realtors, pocket listings, wholesalers, personal cold calling, and virtual assistants in the Philippines who cold call on his behalf. About half his deals came from realtors; the other half off-market. The lesson: maximize every lead channel available.
Chapter 10 · 21:45
When Dave Meyer asks where investors should focus their energy for deal flow, Remington's answer is both tactical and relationship-first. Realtors — including his own agents — source about half his deals, sometimes as pocket listings before they hit the market [1] — Remington Lyman "Remington uses a multi-pronged deal flow approach: realtors, pocket listings, wholesalers, personal cold calling, and virtual assistants in…" 20:48 . The other half come from off-market hustle: personal cold calling from auditor lists, working with wholesalers, and employing virtual assistants in the Philippines to cold call property owners at scale. His broader advice, though, is simpler: talk to as many people as possible. A casual conversation with a commercial broker landed him his office building the very next day. The playbook isn't one channel — it's all of them, working in parallel, all the time.
Chapter 13 · 28:05
By 2022, Remington had 80 rental units, rising interest rates, a growing family, and a burning desire to simplify. He shifted his focus to commercial real estate, specifically targeting assets with triple net leases. His first major commercial play was a 24,000 square foot warehouse in Columbus, listed at $600,000, which he and a partner snapped up immediately [1] — Remington Lyman "24,000 sq ft warehouse commercial deal: Remington and a business partner purchased a 24,000 square foot warehouse listed at $600,000, inves…" 28:40 . They invested another $500,000 in renovation — no small feat on a building that had sat vacant for 30 years — and landed a 10-year triple net lease with a not-for-profit art studio backed by a major donor. The art studio quickly subleased interior studios to individual artists, became fully occupied within a month, and generated steady monthly cash flow. The neighborhood improved, local government supported the project, and the community benefited. A genuine win-all-around deal.
Claims made here
Remington and his business partner purchased a 24,000 square foot warehouse listed at $600,000 and invested approximately $500,000 in renovations before securing a 10-year triple net lease.
Remington and a business partner purchased a 24,000 square foot warehouse listed at $600,000, invested another $500,000 in renovation, and secured a 10-year triple net lease.
Finding deals and generating cash flow is the glamorous side of real estate. But Remington argues that tax strategy — Opportunity Zones, 1031 exchanges, state credits — is where generational wealth is actually built and preserved.
Chapter 14 · 30:00
For listeners unfamiliar with commercial lease structures, Dave Meyer asks Remington to explain triple net leases from first principles. The answer is revelatory for residential investors: unlike owning a house where you're responsible for every repair and tax bill, in a triple net lease the tenant absorbs all those costs [1] — Remington Lyman "In a triple net lease, the tenant pays ALL property expenses — taxes, repairs, maintenance, every bill. For Remington, this meant predictab…" 30:00 . Property taxes, maintenance, insurance, every bill — it all goes to the tenant. The landlord collects a relatively predictable check month after month with almost no surprise expenses. The tradeoff, as Dave notes, is that you're essentially betting on the business occupying the space: a thriving tenant means smooth income; a failing one means potential vacancy. But with a well-vetted, long-term tenant locked into a 10-year lease, the risk-reward is compelling.
In a triple net lease, the tenant pays ALL property expenses — taxes, repairs, maintenance, every bill. For Remington, this meant predictable monthly cash flow with almost no surprises, making it far easier to underwrite than residential rentals.
By buying his commercial warehouse in a designated Opportunity Zone, Remington can sell after 10 years and pay zero federal capital gains tax on the investment gains.
Chapter 15 · 32:31
The warehouse deal isn't just a cash flow story — it's a tax play. The property sits in a federally designated Opportunity Zone, a program created in 2017 under the first round of Trump tax cuts to incentivize investment in economically distressed areas [1] — Remington Lyman "By placing his commercial warehouse in a designated Opportunity Zone and holding for 10 years, Remington will owe zero federal capital gain…" 32:31 . The headline benefit: hold the investment for 10 years and the capital gains tax on any appreciation is completely forgiven at the federal level. Ohio adds another layer — a state tax credit equal to 10% of the purchase price plus renovation costs [2] — Remington Lyman "State-level tax credit: 10% of purchase + reno costs: Ohio Opportunity Zone investors can claim a state-level tax credit equal to 10% of th…" 33:30 . Remington is candid that he didn't know about all these advantages when he started and estimates he left hundreds of thousands of dollars in savings on the table as a result. His advice: get a good CPA, get a good attorney, and aggressively ask what tax benefits you might be missing.
Claims made here
Opportunity Zone tax incentive legislation was introduced in 2017 as part of the first round of Trump-era tax cuts.
Investing in a federally designated Opportunity Zone and holding the investment for 10 years results in zero federal capital gains tax on investment gains at the time of sale.
Ohio Opportunity Zone investors can receive a state-level tax credit equal to 10% of the purchase price plus renovation costs.
By placing his commercial warehouse in a designated Opportunity Zone and holding for 10 years, Remington will owe zero federal capital gains tax when he sells. Ohio also offers a state-level tax credit of 10% of purchase and renovation costs — benefits he didn't fully capture early on, costing him hundreds of thousands.
Ohio Opportunity Zone investors can claim a state-level tax credit equal to 10% of the purchase price plus renovation costs, adding significant savings on top of federal benefits.
Chapter 16 · 34:20
Short-term rentals peaked in popularity during COVID and have since faced regulatory headwinds, management complexity, and market saturation. Remington's response was to move one step back on the rental spectrum: medium-term rentals. By targeting traveling nurses, remote contractors, and students who need furnished housing for one month to a year, he captures significantly higher rents than traditional leases — 50% to 100% more per unit [1] — Remington Lyman "Short-term rentals are overregulated and management-heavy; long-term rentals are safer but lower yield. Medium-term rentals — 1 month to 1 …" 34:20 . Columbus is an ideal market for this: the state capital, a major research university hospital, and a large contractor and construction workforce all generate steady demand for medium-stay housing. Remington uses a property manager for about 10 of these units at roughly 15% of revenue, which he considers a bargain given how much more they generate than standard rentals.
Claims made here
Medium-term rentals generate 50% to 100% more income than traditional long-term rentals for the same unit.
Short-term rentals are overregulated and management-heavy; long-term rentals are safer but lower yield. Medium-term rentals — 1 month to 1 year — hit the sweet spot: traveling nurses, contractors, and students pay 50-100% more than traditional tenants, with far less turnover than STRs.
By converting residential units to medium-term rentals for traveling nurses, contractors, and students, Remington earns 50% to 100% more rent than traditional long-term leases.
No indexed bits in this chapter.
Remington bought a distressed 4-unit for $80,000 cash, borrowed $10,000 from his mom, renovated it for $150,000 with a mentor's capital, and refinanced it at $400,000-$450,000 — pulling out all invested capital and more. This single deal became the template for his scaling strategy.
By placing his commercial warehouse in a designated Opportunity Zone and holding for 10 years, Remington will owe zero federal capital gains tax when he sells. Ohio also offers a state-level tax credit of 10% of purchase and renovation costs — benefits he didn't fully capture early on, costing him hundreds of thousands.
This episode
The podcast platform and real estate investing education community where Remington Lyman learned strategies after his first deal; host of this episode.
Remington Lyman's former employer where he worked as a financial analyst before pivoting to full-time real estate investing after being laid off in 2019.
Defense technology company building a drone manufacturing facility in central Ohio, contributing to the region's economic growth.
Sponsor offering landlords a 721 exchange option to contribute properties into a professionally managed portfolio as an exit strategy.
Mentioned as building an electric vehicle battery plant in central Ohio, adding to the manufacturing boom driving real estate demand.
Mentioned as one of the major manufacturers driving economic growth in central Ohio with a semiconductor chip facility.
BiggerPockets partner and episode sponsor offering full-service turnkey investment properties with new construction homes at below-market prices.
Remington Lyman attended Ohio State on a rifle team scholarship, where he majored in finance and minored in economics.
BiggerPockets' official banking platform for landlords, mentioned as a sponsor offering automated rental cash flow management and a $10,000 giveaway.
Sponsor of the episode; an AI-powered financial tracking and tax management platform designed for real estate investors.
Remington Lyman's primary real estate investing market, which has seen significant growth driven by major manufacturing investments from Intel, Honda, and Anduril.
An up-and-coming Columbus, Ohio neighborhood where Remington Lyman executed his landmark BRRRR deal on a distressed 4-unit property.
Stats
This episode
Factual claims made this episode, and whether a source was named.
Remington Lyman received only a 2% raise after a year of hard work at JPMorgan, which he noted is equivalent to the rate of inflation.
Remington Lyman's first duplex in Columbus, Ohio was purchased for approximately $330,000 in 2017.
Remington and his partner acquired 3 properties totaling 10 units in approximately a year and a half by alternating house hack purchases.
Remington purchased a 4-unit distressed property in Franklinton, Columbus for $80,000 cash, renovated it for approximately $150,000, and it appraised at $400,000-$450,000.
BRRRR investors typically need a 6-month seasoning period before a bank will refinance a property for more than the original purchase price plus renovation costs.
Remington Lyman was making $60,000 per year at JPMorgan before being laid off and transitioning to real estate.
Remington Lyman owns over 100 residential rental units and 4 commercial properties, plus a real estate brokerage with over 45 licensed agents of which he owns 50%.
Remington and his business partner purchased a 24,000 square foot warehouse listed at $600,000 and invested approximately $500,000 in renovations before securing a 10-year triple net lease.
Investing in a federally designated Opportunity Zone and holding the investment for 10 years results in zero federal capital gains tax on investment gains at the time of sale.
Ohio Opportunity Zone investors can receive a state-level tax credit equal to 10% of the purchase price plus renovation costs.
Medium-term rentals generate 50% to 100% more income than traditional long-term rentals for the same unit.
Central Ohio has seen significant economic growth from Intel building a semiconductor chip facility, Anduril building a drone manufacturing plant, and Honda building an electric vehicle battery facility.
Opportunity Zone tax incentive legislation was introduced in 2017 as part of the first round of Trump-era tax cuts.
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