On our Mortgage Freedom series today we’re going to introduce someone who paid off their mortgage through house hacking. What is house hacking you might ask? Well, we’re going to learn more about that today.
Steven Donovan is our guest today. Steven is a money coach and his financial advice and his inspirational story have been featured in GO Banking Rates, Bigger Pockets, and Rockstar Finance.
Lately, I’ve been sharing our family’s interest in buying our first rental property. I’ve written articles, done at least a dozen podcast interviews on the subject and I’ve even looked at some houses with my wife Nicole.
I’ve learned 1% rule, the 50% rule and how to analyze a deal. It’s been fun!
During this whole time, I’ve been asking for people’s feedback, experience, and advice because I’m a complete newbie with real estate investing.
One person who reached out to me recently was my friend Deniz. He shared his difficulty with real estate investing over the past 13 years. He’s had tenant issues, rent competition and overall, it’s been difficult as he’s moved out of DC and into the suburbs as a new father.
Our conversation made me want to get more perspectives, pros and cons of real estate investing. We’re considering making a $100,000+ investment. I want to make sure our family is making a smart move.
With that said, here are 13 additional pros and cons from former and current real estate investors:
Homeschooling is the practice of educating kids at home or out in the world instead of traditional schooling. While the concept might be different or even radical for some, it’s on the rise. Since 2012, homeschooling has grown consistently by 3-8% per year.
As Nicole and I save up for our first rental property, I’m trying to look at all angles before we proceed. We’ve talked about taking out a mortgage again. We’ve talked about saving up to buy all in cash. One method that’s super intriguing for us is the BRRRR Method of real estate investing. We’re going to discuss what that is and how it works today.
After paying off our mortgage in 2017, we have a lot more cash available to us as a family. We’ve used that extra dough to save up for our first rental property and we’re pumped to make it a reality this fall!
A big question that we’ve been struggling with is whether we should buy in cash or take out another mortgage. After much debate, we’ve decided it makes the most sense for us to go all cash.
Investing in real estate can feel intimidating when you’re just getting started. You hear stories of people who’ve amassed their wealth by investing in dozens or hundreds of rental properties. The prospect of owning so many properties can feel more stressful than hopeful.
Our guest today, Doc G, shares why we don’t need countless rentals to feel financially comfortable. As a physician, he’s been able to invest his day job income in just a few rentals that provide his family with consistent cash flow.
My quest for rental property knowledge continues my friends. While Nicole and I continue to save up our money to buy our first rental, I figured I would speak with someone who’s had massive real estate success to keep me motivated.
Our guest today is Joel Florek. At 25 years old, he owns 31 units in both Michigan and Indiana. These properties provide him so much cash flow that recently he’s been able to leave his 9-5 job and pursue his passion for sailing and family.
Joel’s story of real estate success has been featured in BiggerPockets and on multiple 5-star rated podcasts. As a husband, father and Michigan native, I’m honored to have him on the show today.
Young millionaire status and financial independence can both be attained by building up your passive income through real estate and lowering your cost of living. That’s what has worked well for the blogger known as the Financial Gladiator!
By investing early and growing his portfolio, the Financial Gladiator achieved financial independence in his early 30’s and now enjoys life traveling the globe as a scuba instructor. Now, that’s the life!
According to Mr. and Mrs. Planting our Pennies, becoming a young millionaire doesn’t require you to continuously climb the corporate ladder. They found good paying jobs that allowed them to have a solid work/life balance and they still achieved financial independence at a young age.
Let’s get inspired by this young couple to hit our financial goals and smile along the way.
If you’ve been listening to this show for a while, you’ve no doubt heard me yammer on about my family’s interest in buy-and-hold real estate. We’re still shooting for our first rental property by December (if our savings can continue to build up)!
To help inspire me and all of you real estate dreamers out there, I’ve invited Joel Larsgaard on the show today.
His passion for real estate has allowed him to design a family life that allows his wife to stay at home with his two young daughters. Furthermore, his investments give him the freedom to have a day job that he loves (even if it doesn’t pay him top dollar).