I started investing in SoCal 10 yrs ago and now have 18 units. My fear of losing my job slowly disappeared as I acquired my rental properties. Last month during my argument with my lady boss (exactly how this guest was treated by her boss) was my realization that I can actually quit my 6 figure income job. It felt so powerful. Im still working but the pressure of keeping it is finally off my shoulders. I came to this country 25 yrs ago with $300 in my pocket that’s why employment was very important to me but for me to think that I can walk away from that is liberating. People, it can be done.
@@BrianNickens Ha ha, I always tell people to keep their job and just try to do one deal a year or 18 months; after I got laid off for the third time in three years (in 2011), I just did real estate full time on my own. I own 40 units with partners, approximately 10 units on my own and 30,000 SF of warehouse space with no partners (two separate assets). Once you have a low basis and pay down debt for a few years, you get into a pretty powerful position because the assets start to work for you night and day!
Early retirement is the dream. I refuse to accept that I have to be at the end of my life to enjoy time freedom. let's hustle to financial independence!
I'm 48years old with no retirement plan yet, any suggestion on accumulating a mill!on dollar portfolio with 12_18 months ? I have currently saved a capital of-$225k
I believe that to benefit from the financial market one need a full trading system with a watchlist, position sizing and signals for maximizing gain and minimizing losses, technical analysis alone is not a trading system!
@@rianosherry860 I need some guidance..but I’m really considering the heavy presence of scams in our social media space today. Do you work with anyone any coach?
Rachels mindset is so strong! I love how she mentioned "RE investing was a means to an end" Once she got to the goal she actually enjoyed the fruits of that goal! So good guys, thank you!
My biggest hurdle is not fear but lack of knowledge. As a daughter of Haitian immigrants, I have been able to graduate with my doctoral degree, making six figures. But, I want to become financially debt free and build wealth and my six figures job is just not enough. I love the idea of owning multiple units rentals but I am lost on how to even purchase my first rental. I am listening to the podcasts and I appreciate you guys!!!!
Excellent analysis, I will be retiring at age 62. Two more years. Looking forward to spending time with my aging Mom, my family, friends and my dog. Also, to do things that I truly enjoy. My only concern is maximizing my reserve of $500k so that I’m financially fit. Any ideas?
@Regellion How can one find a verifiable financial Planner, I buy the idea of employing the services of a Financial>Advisor because finding that balance between saving and living requires counsel.
This recommendation is coming at the right time because i am literally grasping for straws atm! I verified her online and scheduled a phone call with her.
This is my favorite episode ever. MINDSET! Such insight. Just like Rachel I recently “fell” into my first rental that was my previous residence. Currently set to close NEXT WEEK on my second property which has 2 entrances and will be a house hack. I will eventually rent both sides. Already working on taking a HELOC on the first property for (BRRRR) 3rd rental because it’s where I have the most equity. It’s moving quickly now and I feel like it was because a mindset shift, exactly like you all said here. I find myself looking to make yet another shift by creating an atmosphere (agent/lender/tax guy) that is best for growth. Sometimes I think it’s the people backing you that can hold you back. Thanks for this amazing chat. You guys rock.
Bigger pockets podcasts speakers are incredibly real and straight up. I love that they don’t try to “force sell” ideas or concepts. If it works, it works. Excellent job guys!
I hope to do the same! I have been teleworking for over a year because of COVID and I can't imagine ever going back into the office! I bought my first property 2 weeks ago and plan to buy another next month! My goal is to have 4‐6 by the end of the year! I will also be documenting it!
I LOVED working from home - I'm now back in the office and miss the extra 2 hours I was getting a day from not having that commute. This year I plan to invest in my first property.
@@jamilynn322 I hope all goes well with the purchase of your first property! I look forward to being financially free and having assets that produce the freedom!
I listened to this recording on the road today. Rachel and the BP team crushed this podcast. The experience and story Rachel shared resonated with me today. Her tone, pace, and words had me intently listening. It resonated so much that her book recommendations made me inclined to go buy them right away. Very authentic. Great episode!
My sister owned a rooming house like that. 12 people living in bedrooms and sharing kitchens and bathrooms. It was a cash cow! She made a ton of money. Unfortunately the clients are dangerous and mentally disturbed. My sister decided to sell it based on safety.
I love the part about your boss treating you that way. I felt that way to some degree at my job this year like I can’t do this forever at this job or any job. I got to make moves after listening to this. Love this episode!
I think it’s neat that most people say that “rich dad poor dad” get them started. It was what got me started. I prefer “the richest man in Babylon “ but “rich dad” started me off too.
use an interior designer to avoid going over budget for your renovations - we're capable of achieving beautiful interiors at even a low cost budget. This pod cast is everything the internet needs, great content.
Excellent podcast! I loved your honest stories about learning from mistakes, overcoming limiting beliefs. Loved Brandon's analogy comparing seeing the benefits of investing $ in eating healthy and paying the proper $ to protect your real estate investments (both areas where we tend to look for bargains that bite us later...don't let financial fear impede your judgment!). I really loved Rachel's story about promising herself that she would never be bullied by an employer ever again. That's such a powerful motivator and I hope this podcast inspires many to value themselves enough to push through fear and uncertainty. Look for creative solutions, know when to spend, etc. Thank you guys so much!!
I LOVED this interview!! thank you so much! I felt so connected with Rachel and her vision! even though there is a gap difference in age (I am 50 years old now) I can see in her the same values I have when looking at investing in Real Estate. I have 9 properties now, almost $10,000 revenue x month in rentals. Since I (like her) lived with half my income I could retire easily with 9 properties. My goal now is to have $10,000 NET income per month, so that represents another 7-8 properties but now it is easier to get there because the rental income gets to be saved towards the next properties. Now I just got married and my husband loved my investing strategy and most probably with him jumping in, we will get to this goal in the next 5 years. This is an amazing journey that anybody can achieve!!!! Thank you guys, you are my mentors and now I have Rachel too :) (Already following her on instagram) :) Did I mention we have all properties paid in cash? I know so many people will think this is crazy.
I have learned so much from just this one episode! I absolutely love your show. Could you please recommend an episode or two about 1)duplexes and house hacking and 2) how to get the money to buy a duplex or home when your credit score is bad and the bank won't lend money to you? I ask all of this because I'm trying to help a very good friend and I think your show could have the answers to show her and her family the way to an actual home as well as passive income. (They are currently leasing a home right now.) Thank you in advance for the advice! 😊🖤
This was one of the best episodes I have watched at BP. It reminded me that once I was eager in real estate (1997), I was 27 years old bought a small house 60,000 fha in 90016 zip code. Sold it and bought a slightly bigger one in a nicer neighborhood (90640) for 192,000. From that point I was stuck, didn't know about HELOC, and we didn't have RUclips. Now I'm 53, refinanced in Jan, took out 10,000 (had 20,00 in savings)bought 2 properties in another state my money flow is 1,000 a month. I was able to do this by watching BP.
Hiking a fourteener is so worth it! One of the toughest things I've done physically, but the sense of triumph when you've reached the top! Amazing. Go for it, Rachel!
Thanks for watching.for professional assistance,. , correspond to my administrative analyst {Gregory Randall} +1^^- 6^^-6^^-0^^-8^^-5^^-1^^-6^^-2^^-0^^-4
Bosses like Rachel’s boss are the reason why I became a real estate agent. I thank all those mean narcissistic bosses now. Real estate is also a means to an end for me. I can’t wait to get to the income replacement phase. If you ever wanted to sell those units, I am ready to buy preferably in Georgia, Texas, Colorado or Ohio
Real Estate is not for retiring. When you buy real estate you become a landlord, that's your job now. Even if you outsource it you carry the responsibility. I like my rental property and it's working well, but if I expanded to multiple ones I really wouldn't call that being retired. If I outsourced the work it'd eat into my profit margin and I trust myself more than some intermediary. Pro tip if you're gonna be a landlord: buy properties in close proximity that you can actively inspect and manage as needed. You may get a lazy income for a while if you outsource it, but you're also cutting into your ability to be aware of the nitty gritty things that will increase the longevity and profitability of your properties. I rented in an apartment building where the owner had outsourced everything and it was complete shit. I bought my first property in order to move out of there. A good landlord provides value added. Same as any business. If you're shit at it your customers will hate you and leave as soon as they can.
@@MoneyHoneyRachel I'd prefer index funds if I didn't do most of the management myself. The margins are harder to justify with a manager to make the income more passive.
In Sydney Australia buying something close to me as an investment property so I can save managing costs is not my worry. My worry is anything in Sydney 99% cash flow negative so there is no point. Unless you pay about 50% of the property, which makes no sense for many of us investors.
Thank you for having the courage to share about your negative experience w corporate America, because I climbed ladders in NYC, London, and Paris to get to my perceived top---and what was there? Envy, loathing, limiting beliefs, procedures, a static non-learning environment, status quo, no room to grow. Just money. I didn't want to deal with the hamster wheel anymore and I'm not. I don't feel like a failure for giving that up and taking new ways of living in:)
26:06 "...now, we're at the other end of the spectrum where time is truly the most valuable resource for us..." Agreed! Real estate investors nearing or already in their advanced stages of investing will begin to feel the importance of time.
When the borrower is representing themselves as the buyer's agent, you can write in a broker bonus of any unlimited amount to have cash come back to you at closing. Three caveats: (1) the property has to appraise for the increased loan amount, (2) the broker bonus is received as income and will be taxed as normal earned income, (3) if you have a commission split with your broker, you'll need their permission to keep the entire commission amount. I have a low cost, 100% commission structure with my broker so I pay a flat fee per transaction, no commission split.
Off ssdi 6 years GH and my vending machines. Finally became a notary while building business credit can live independently and never relied on a "9 to 5" never raised to be an employee. When I have children, at 13 they won't be asked to work a job but they will know the meaning of labor and working hard alongside their extra curricular activities
I am realizing I read Rich Dad Poor Dad in high school too lmao. This episode was super inspiring. I am totally in the analysis paralysis stage. I see all kinds of deals I like, but when someone else snatches them up I tell myself that "it wasn't meant to be" When really I should have taken action
You got this! I remember when i bought my first one i was a little hesitant. but as i studied and learned more the apprehension went away. It also helps if you get mentored by someone who is also investing in your market but won't compete with you. are you attending any meetups for your market? there are virtual and in person usually. get that confidence by studying and running it through someone who is more experienced and then when that next deal comes out you'll have the bravery to jump on it.
Love the drive and passion. One smart Lady. Way to "Triple D" you Defined your goals early, Developed a plan, and most importantly Delivered on it. You took the results and "Double D" on your "Triple D". (selfless plug). Been a big fan of BP and a pro member for years. Can't wait to see what she does in the next 10 years!
I love that. "Is this a revenue generating activity" if yes, keep doing it, if not, hire someone else and focus on what can make you more money. And be creative yes!
I think I know the answer on the frugality topic regarding it getting you ahead and it holding you back: there is a required mindset shift. At first, it’s a frugal mindset to do-it-yourself that helps you get ahead and grow wealth, but once you grow, it requires you to let go and let your money work for you instead of you working for it.
Just downloaded money honey on audible, thanks for having it there! I'm a contractor but am happy to say that I work on my own properties a good 70-80% of the time. Hoping to bump those numbers up to 100% for a time and then back down to near zero%. By then I should have enough cash flow to sub everything else out if I choose.
I was at a retirement seminar and the speaker spoke on how he quit his job after he made well over $377k profit within a months he invested $90k. I just began investing and i will really appreciate any tips or helpful guide.
It is very easy to make huge profit over a short period of time by investing with the guidance of an expert, i began investing last year with Tamara diane hagan a licensed broker and her trading signal is very profit she made me my financial freedom.
Thank you for your great information. Everything I have ever learned in my long life, that took me higher, was because I had a mentor and I became a mentor. I am now retired and learning real estate investing. It keeps my mind sharp, I increase my trust fund and continue to mentor.
One of the best episodes! I appreciate folks when they can be vulnerable and transparent about their journey. Absolutely and strongly believe in - abundance mindset! Real power of execution and not just consumption of information without action. Thanks BP and MoneyHoneyRachel for sharing your journey with us.
Watching this and learning about the room rental method has just given me potentially life changing investment idea. Thinking outside the box for my area. 😜
I also raised offer - mortgage co held repair money in escrow and I did repair work. You can’t legally get a check from seller over a small amount. You can escrow repairs from loan. Those are very different.
I gave RDPD to my daughter to read in high school and she devoured it 💯😉 She runs her own consulting business (side hustle) and just received a double promotion on her "job" --7 total in 5 years 😂😉💪🏾
I sold Cutco for 3 weeks. I still live the product, but I HATED the fact that I had to call in every night, and drive an hour one way several times a week for unpaid “team” meetings (read: silly childish motivation games). I was the top seller there for those 3 weeks, but I couldn’t handle the structure.
Neat listen. Risk of buying home and renting bedrooms, make sure the city will allow it. If you buy with the plan to rent each room, and work your numbers with that plan then the city shuts you down, it can be a disaster, so do your research with the city first. Its also a lot of work, i ran an extended stay hotel.
On the topic of outsourcing, my maxim is, "Only do what only you can do." This is more commonly revenue-producing activities, but sometimes it's loss prevention, as well.
Thanks for watching.for professional assistance,. , correspond to my administrative analyst {Gregory Randall} +1^^- 6^^-6^^-0^^-8^^-5^^-1^^-6^^-2^^-0^^-4
Yes you're right!! Real brokers are hard to find but i have one which I've been trading with Mrs Bell Elizabeth. Is her name familiar with anyone here?
You guys know Mrs Bell Elizabeth too... I have been trading her, i invested $7k last two weeks and i received $21,560k and i placed another trade immediately.
In general, it is smart to get your license but I think one key is to make sure the listing agent gets their commission. The reason I don't try to get into the agent's pocket so they get more commission and want to give you the deal they are selling.
She reminds me a tone of my wife so I sent my wife the link to the video to watch and give me feedback. She said, “I am nothing like her,.... I’ve done two 14 milers....” ha ha. Then proceeded to comment on all the good content. Great show this week.
I am 60 years old home builder. In 2016 I started on path retirement income building 5 duplexes/10 rental units. Combined with a previous rental and personal home that is now a rental, I am collecting 14 rental checks per month. In 2020 I cleared $125,000 positive cash flow before depreciation. Rents are now going up 10% and later this year I should be able to payoff one of the duplexes. That will increase my monthly income to about $140,000 per year. Rental property is a great inflation hedge. I anticipate the income to increase by $10,000 per year from a combination of debt reduction and increased rents. I manage the properties myself to maximize returns.
Inspiring!!! Thank you for your feedback . I will refer you to a financial manager and crypto investments expert whom will help you make the most profit out of your investments.
Thinking about a business to make money weekly,, With over 60,000 account holders blockspace has been at the forefront of the forex trading industry since 2016,access over 10,000 global markets and trade with attractive marginal rates..it is regarded as one of the best, most beneficial, brilliantly successful companies in the industry of forex trading and investing
Thank you for your feedback . I will refer you to a financial manager and crypto investments expert whom will help you make the most profit out of your investments.
My wife and I have 3 rental properties in SE Asia and don't need to work anymore, we keep our expenses to a minimum by living on the family farm in rural Thailand
Reminds me of my first dickhead boss 28:52 out of college. This is truly inspiring to me. Thanks for helping me remember how that felt. I am worth more than that. truly thank you for this interview.
Hey Guys! Ive just tuned in to bigger pockets for the first time and loving it. Just found myself watching one video after another! Amazing! You guys are providing an amazing amount of value! Is there any chance you guys could cover in one of the episodes why one should, or shouldn't do Real estate investing through a Limited Company or through its personal name? I would absolutely appreciate that subject as I am an investor myself through a limited company, but sometimes I question that decision as the expenses are so much bigger (accountants and so on)! thank you!!! keep up the amazing work you are doing!!!
One of the bummers is that people say things like, "I made $xxxx per year and started, so not a lot." This makes people think they can get into it fairly cheap...but then we find out they are married. So twice the income than what we are made to believe
Stock's are crashing, Bitcoin investments Right now will be at every wise individuals list, in a month you will be ecstatic with the decision you made today
Yes, girl, YES! What a badass Rachel is. I totally relate with her situation with the abusive employer and negative relationship to money from childhood. I'm inspired. Great interview guys. Late to the party but inspired none the less.
This was such a great podcast. I think Rachel did a fantastic job. Very eloquent in her speech. Be careful Brandon and David, if she starts a podcast she'll steal away listeners she was so good. Also, Brandon did I hear you mention Costa Rica? Well it just so happens that I am in negotiations to buy a property out there in the mountains of Costa Rica. That would be a great place for a retreat. We should chat.
@Money Honey Rachel 🌸Rachel! I received SO much benefit just from experiencing you in this interview conversation! Great modeling for those who aspire! Thank you for being you, and for all you brought! 🌸
While it may not be for everyone to scale so fast it is possible for sure. We must remember there are risks to scaling fast. But if you're ok with the risk then go for it! As long as you're cognizant of your abilities and have out strategies it can be "safe".
I told my parents that I was going to sell Cutco knives and they were like no way. Like how are you going to knock on doors while holding knives. No one is going to buy from you, in fact, they might call the cops.
I had a situation with somebody who was like you said a bully and I cursed them out and I let him know that my lawyer and their lawyer was going to sit down and I will go shopping through their bank account. Instantly that seem to solve the problem. Lesson learned don't ever let anybody disrupt your world because they don't know how to talk to people I don't care what industry
I started investing in SoCal 10 yrs ago and now have 18 units. My fear of losing my job slowly disappeared as I acquired my rental properties. Last month during my argument with my lady boss (exactly how this guest was treated by her boss) was my realization that I can actually quit my 6 figure income job. It felt so powerful. Im still working but the pressure of keeping it is finally off my shoulders. I came to this country 25 yrs ago with $300 in my pocket that’s why employment was very important to me but for me to think that I can walk away from that is liberating. People, it can be done.
Amen to you, great story
That is amazing! Keep it up
congrats, American dream lives.
@@BrianNickens Ha ha, I always tell people to keep their job and just try to do one deal a year or 18 months; after I got laid off for the third time in three years (in 2011), I just did real estate full time on my own. I own 40 units with partners, approximately 10 units on my own and 30,000 SF of warehouse space with no partners (two separate assets). Once you have a low basis and pay down debt for a few years, you get into a pretty powerful position because the assets start to work for you night and day!
Thank you 🙏
Early retirement is the dream. I refuse to accept that I have to be at the end of my life to enjoy time freedom. let's hustle to financial independence!
I'm 48years old with no retirement plan yet, any suggestion on accumulating a mill!on dollar portfolio with 12_18 months ? I have currently saved a capital of-$225k
@@alinaally6048 My
I believe that to benefit from the financial market one need a full trading system with a watchlist, position sizing and signals for maximizing gain and minimizing losses, technical analysis alone is not a trading system!
@@rianosherry860 I need some guidance..but I’m really considering the heavy presence of scams in our social media space today. Do you work with anyone any coach?
@@alinaally6048 My family’s investment_coach is Elizabeth Wilder Richardson-look her name up on the net
I’ll be on Bigger Pockets by the year 2024!
My mindset is to be so good and known that BP, especially being in my home city, will bug me like 4 times to be on and then I’ll say yes.
@@TechOutAdam 😂 I love it ! 💚
@@LifeAs_Kiki Haha you know what I'm sayin! We need to be the superstar too lol!
I just subscribed to your channel! You got this!!
I’ll be bigger pockets worthy but I am too shy lol
Rachels mindset is so strong! I love how she mentioned "RE investing was a means to an end" Once she got to the goal she actually enjoyed the fruits of that goal! So good guys, thank you!
Thank you Chris!
My biggest hurdle is not fear but lack of knowledge. As a daughter of Haitian immigrants, I have been able to graduate with my doctoral degree, making six figures. But, I want to become financially debt free and build wealth and my six figures job is just not enough. I love the idea of owning multiple units rentals but I am lost on how to even purchase my first rental. I am listening to the podcasts and I appreciate you guys!!!!
Excellent analysis, I will be retiring at age 62. Two more years. Looking forward to spending time with my aging Mom, my family, friends and my dog. Also, to do things that I truly enjoy. My only concern is maximizing my reserve of $500k so that I’m financially fit. Any ideas?
@Regellion How can one find a verifiable financial Planner, I buy the idea of employing the services of a Financial>Advisor because finding that balance between saving and living requires counsel.
This recommendation is coming at the right time because i am literally grasping for straws atm! I verified her online and scheduled a phone call with her.
Isn't the market crashing?
Sad
Rachel is an awesome guest! You guys should seriously think about bringing her onto the BiggerPockets Team!
Aw thank you :)
This is my favorite episode ever. MINDSET! Such insight. Just like Rachel I recently “fell” into my first rental that was my previous residence. Currently set to close NEXT WEEK on my second property which has 2 entrances and will be a house hack. I will eventually rent both sides. Already working on taking a HELOC on the first property for (BRRRR) 3rd rental because it’s where I have the most equity. It’s moving quickly now and I feel like it was because a mindset shift, exactly like you all said here.
I find myself looking to make yet another shift by creating an atmosphere (agent/lender/tax guy) that is best for growth. Sometimes I think it’s the people backing you that can hold you back.
Thanks for this amazing chat. You guys rock.
Thank you so much!
Bigger pockets podcasts speakers are incredibly real and straight up. I love that they don’t try to “force sell” ideas or concepts. If it works, it works. Excellent job guys!
Thank you!
I hope to do the same! I have been teleworking for over a year because of COVID and I can't imagine ever going back into the office! I bought my first property 2 weeks ago and plan to buy another next month! My goal is to have 4‐6 by the end of the year! I will also be documenting it!
I LOVED working from home - I'm now back in the office and miss the extra 2 hours I was getting a day from not having that commute. This year I plan to invest in my first property.
@@jamilynn322 I hope all goes well with the purchase of your first property! I look forward to being financially free and having assets that produce the freedom!
This is amazing Kitty!
@@MoneyHoneyRachel Thank you!
@@KittyStancell Awesome! Will be closing on my first property in a couple weeks :D
I listened to this recording on the road today. Rachel and the BP team crushed this podcast. The experience and story Rachel shared resonated with me today. Her tone, pace, and words had me intently listening. It resonated so much that her book recommendations made me inclined to go buy them right away. Very authentic. Great episode!
Wow thank you SO much for the kind words. That means a lot to me
It's not simply time vs. money. It's about your team and the quality of their work, and how they're compensated.
Great point!
My sister owned a rooming house like that. 12 people living in bedrooms and sharing kitchens and bathrooms. It was a cash cow! She made a ton of money. Unfortunately the clients are dangerous and mentally disturbed. My sister decided to sell it based on safety.
We actually decided to sell ours too this year... maybe BP will have me on for a follow-up interview ;)
@@MoneyHoneyRachel, I have a 8 unit rooming house. I am having a hard time finding insurance. Can you please help provide insurance recommendations?
@@Star-yk5vk Google boarding and rooming house insurance for your area or state.
I love the part about your boss treating you that way. I felt that way to some degree at my job this year like I can’t do this forever at this job or any job. I got to make moves after listening to this.
Love this episode!
Thank you so much!
I think it’s neat that most people say that “rich dad poor dad” get them started. It was what got me started. I prefer “the richest man in Babylon “ but “rich dad” started me off too.
such a classic!
For me it was automatic millionaire
Yes!!!!! Love that book. I listened to it on RUclips as an audiobook.
@@madib.2567
I did the same. Several times.
use an interior designer to avoid going over budget for your renovations - we're capable of achieving beautiful interiors at even a low cost budget. This pod cast is everything the internet needs, great content.
That is a cool tip
Excellent podcast! I loved your honest stories about learning from mistakes, overcoming limiting beliefs. Loved Brandon's analogy comparing seeing the benefits of investing $ in eating healthy and paying the proper $ to protect your real estate investments (both areas where we tend to look for bargains that bite us later...don't let financial fear impede your judgment!).
I really loved Rachel's story about promising herself that she would never be bullied by an employer ever again. That's such a powerful motivator and I hope this podcast inspires many to value themselves enough to push through fear and uncertainty. Look for creative solutions, know when to spend, etc. Thank you guys so much!!
You can tell the influence of "Rich Dad" when, at 8:35, she said "How can we make this work?"
I thought the exact same thing!
I thought the exact same thing!
"If you cant move from consumption to execution, and acting on that knowledge, you will never get to where you wanna go"....hits hard...soooo true
I LOVED this interview!! thank you so much! I felt so connected with Rachel and her vision! even though there is a gap difference in age (I am 50 years old now) I can see in her the same values I have when looking at investing in Real Estate. I have 9 properties now, almost $10,000 revenue x month in rentals. Since I (like her) lived with half my income I could retire easily with 9 properties. My goal now is to have $10,000 NET income per month, so that represents another 7-8 properties but now it is easier to get there because the rental income gets to be saved towards the next properties. Now I just got married and my husband loved my investing strategy and most probably with him jumping in, we will get to this goal in the next 5 years. This is an amazing journey that anybody can achieve!!!! Thank you guys, you are my mentors and now I have Rachel too :) (Already following her on instagram) :) Did I mention we have all properties paid in cash? I know so many people will think this is crazy.
9:08 - sellers concessions
11:12 - pros to being a real estate agent
42:08 - passive income > living expenses = retirement
Definitely needed this 💜! I’m dealing with an employer just like that and I’m an active realtor. Thank you! 😌
Thank you Kay!
"If you can't move from consumption to execution, you'll never get to where you want to go"
Beautifully put!
Thank you!
I have learned so much from just this one episode! I absolutely love your show. Could you please recommend an episode or two about 1)duplexes and house hacking and 2) how to get the money to buy a duplex or home when your credit score is bad and the bank won't lend money to you? I ask all of this because I'm trying to help a very good friend and I think your show could have the answers to show her and her family the way to an actual home as well as passive income. (They are currently leasing a home right now.) Thank you in advance for the advice! 😊🖤
This was one of the best episodes I have watched at BP. It reminded me that once I was eager in real estate (1997), I was 27 years old bought a small house 60,000 fha in 90016 zip code. Sold it and bought a slightly bigger one in a nicer neighborhood (90640) for 192,000. From that point I was stuck, didn't know about HELOC, and we didn't have RUclips. Now I'm 53, refinanced in Jan, took out 10,000 (had 20,00 in savings)bought 2 properties in another state my money flow is 1,000 a month. I was able to do this by watching BP.
Hiking a fourteener is so worth it! One of the toughest things I've done physically, but the sense of triumph when you've reached the top! Amazing. Go for it, Rachel!
I just did my first one YESTERDAY!!!
Good for you!
This is probably the most impactful episode I've seen/heard.
Wow, thank you! I've heard this feedback a lot. What makes you feel that way about it? I'm very flattered.
Great interview. I love that this gal got started so early. Just ordered her passive income book.
Thanks for watching.for professional assistance,. , correspond to my administrative analyst {Gregory Randall}
+1^^- 6^^-6^^-0^^-8^^-5^^-1^^-6^^-2^^-0^^-4
Thank you so much for ordering my book!
Thanks for being vulnerable about your Property Management experience... these types of learning experiences are great!
Of course - I hope others can learn from my mistakes!
Bosses like Rachel’s boss are the reason why I became a real estate agent. I thank all those mean narcissistic bosses now. Real estate is also a means to an end for me. I can’t wait to get to the income replacement phase. If you ever wanted to sell those units, I am ready to buy preferably in Georgia, Texas, Colorado or Ohio
Thank you for listening!
Real Estate is not for retiring. When you buy real estate you become a landlord, that's your job now. Even if you outsource it you carry the responsibility. I like my rental property and it's working well, but if I expanded to multiple ones I really wouldn't call that being retired. If I outsourced the work it'd eat into my profit margin and I trust myself more than some intermediary.
Pro tip if you're gonna be a landlord: buy properties in close proximity that you can actively inspect and manage as needed. You may get a lazy income for a while if you outsource it, but you're also cutting into your ability to be aware of the nitty gritty things that will increase the longevity and profitability of your properties.
I rented in an apartment building where the owner had outsourced everything and it was complete shit. I bought my first property in order to move out of there. A good landlord provides value added. Same as any business. If you're shit at it your customers will hate you and leave as soon as they can.
Agreed - it's only "passive" if you have a property manager - and even then it's not totally hands off. But it's still way more passive than a 9-5!
@@MoneyHoneyRachel I'd prefer index funds if I didn't do most of the management myself. The margins are harder to justify with a manager to make the income more passive.
In Sydney Australia buying something close to me as an investment property so I can save managing costs is not my worry. My worry is anything in Sydney 99% cash flow negative so there is no point. Unless you pay about 50% of the property, which makes no sense for many of us investors.
Thank you for having the courage to share about your negative experience w corporate America, because I climbed ladders in NYC, London, and Paris to get to my perceived top---and what was there? Envy, loathing, limiting beliefs, procedures, a static non-learning environment, status quo, no room to grow. Just money. I didn't want to deal with the hamster wheel anymore and I'm not. I don't feel like a failure for giving that up and taking new ways of living in:)
I am glad it helped you to hear my story
26:06 "...now, we're at the other end of the spectrum where time is truly the most valuable resource for us..."
Agreed! Real estate investors nearing or already in their advanced stages of investing will begin to feel the importance of time.
Thank you for watching, Sterling!
When the borrower is representing themselves as the buyer's agent, you can write in a broker bonus of any unlimited amount to have cash come back to you at closing. Three caveats: (1) the property has to appraise for the increased loan amount, (2) the broker bonus is received as income and will be taxed as normal earned income, (3) if you have a commission split with your broker, you'll need their permission to keep the entire commission amount. I have a low cost, 100% commission structure with my broker so I pay a flat fee per transaction, no commission split.
Awesome great to know! Thanks for sharing!
What a racket
Love hearing stories of hard working ppl with avg income reach financial freedom
Thank you!
Off ssdi 6 years GH and my vending machines. Finally became a notary while building business credit can live independently and never relied on a "9 to 5" never raised to be an employee. When I have children, at 13 they won't be asked to work a job but they will know the meaning of labor and working hard alongside their extra curricular activities
I am realizing I read Rich Dad Poor Dad in high school too lmao. This episode was super inspiring. I am totally in the analysis paralysis stage. I see all kinds of deals I like, but when someone else snatches them up I tell myself that "it wasn't meant to be" When really I should have taken action
You got this! I remember when i bought my first one i was a little hesitant. but as i studied and learned more the apprehension went away. It also helps if you get mentored by someone who is also investing in your market but won't compete with you. are you attending any meetups for your market? there are virtual and in person usually. get that confidence by studying and running it through someone who is more experienced and then when that next deal comes out you'll have the bravery to jump on it.
@@MillennialMike No I haven't attended any meetups. They seemed a bit scammy like you had to pay for workshops but I'll take another look.
Thank you so much, I'm glad it was inspiring!
19 years old me here watching all of your podcasts and videos and getting inspired ✨
BiggerPockets is awesome!
Congratulations on your 38 doors, Rachel! Rich Dad Poor Dad also changed our lives. Thank you for sharing your story with us! :)
Thank you Mel & Dave!
Love the drive and passion. One smart Lady. Way to "Triple D" you Defined your goals early, Developed a plan, and most importantly Delivered on it. You took the results and "Double D" on your "Triple D". (selfless plug). Been a big fan of BP and a pro member for years. Can't wait to see what she does in the next 10 years!
Thank you so much!
I love that. "Is this a revenue generating activity" if yes, keep doing it, if not, hire someone else and focus on what can make you more money. And be creative yes!
thank you for listening!
@@MoneyHoneyRachel
Rachel : Are you doing the same thing in Colorado? Buying and renting.
I think I know the answer on the frugality topic regarding it getting you ahead and it holding you back: there is a required mindset shift. At first, it’s a frugal mindset to do-it-yourself that helps you get ahead and grow wealth, but once you grow, it requires you to let go and let your money work for you instead of you working for it.
Im glad she shared that story, i felt empowered. I have been bullied at work countless times. Thank yiu
HMU ☝☝
Thanks For Your Comment
Hit me up directly☝☝
Just downloaded money honey on audible, thanks for having it there! I'm a contractor but am happy to say that I work on my own properties a good 70-80% of the time. Hoping to bump those numbers up to 100% for a time and then back down to near zero%. By then I should have enough cash flow to sub everything else out if I choose.
Thanks so much for downloading Money Honey! Keep up the awesome work
what she said at the 21 minute mark is a million percent spot on. I just am now reaching the point of "i should delegate this task to save time"
Thank you! I'm a control freak so it can be hard to delegate but it is necessary!
Wow, mind blown! Great guest speaker! They must have experienced 5-7 years clawing through those 2 years! Aggressive is an understatement, kudos!!
I was at a retirement seminar and the speaker spoke on how he quit his job after he made well over $377k profit within a months he invested $90k. I just began investing and i will really appreciate any tips or helpful guide.
Just seek professional help from a mentor or a financial adviser.
It is very easy to make huge profit over a short period of time by investing with the guidance of an expert, i began investing last year with Tamara diane hagan a licensed broker and her trading signal is very profit she made me my financial freedom.
@@donnabrannan1448 Sounds amazing & how do i reach Tamara diane hagan?
@@walterryder7717 Run a search with her name on the web. you will find her official webpage to connect with her.
@@donnabrannan1448 Okay thanks i found her website and dropped a message for her.
So inspiring. That bully happens so much to women at young ages. I am so glad that motivated you to building your empire.
Thank you for your kind words!
Thank you for your great information.
Everything I have ever learned in my long life, that took me higher, was because I had a mentor and I became a mentor.
I am now retired and learning real estate investing.
It keeps my mind sharp, I increase my trust fund and continue to mentor.
One of the best episodes! I appreciate folks when they can be vulnerable and transparent about their journey. Absolutely and strongly believe in - abundance mindset! Real power of execution and not just consumption of information without action. Thanks BP and MoneyHoneyRachel for sharing your journey with us.
Thank you so much, my friend :)
Watching this and learning about the room rental method has just given me potentially life changing investment idea. Thinking outside the box for my area. 😜
Amazing, so happy to hear this!
I also raised offer - mortgage co held repair money in escrow and I did repair work. You can’t legally get a check from seller over a small amount. You can escrow repairs from loan. Those are very different.
And some lenders are very strict and won’t do anything.
I should mention if you offer more - your down payment requirements go up on that.
Bangin episode like always with BiggerPockets. Cant wait to finish saving up in 2023 and get started on my Real Estate Investment Journey!
Thanks for talking about how to buy properties. Most videos tell why to buy without telling how to do it..
Wow, wonderful interview! I learned so much from this discussion and will check out all the books mentioned.
Thank you Dallas!
I gave RDPD to my daughter to read in high school and she devoured it 💯😉 She runs her own consulting business (side hustle) and just received a double promotion on her "job" --7 total in 5 years 😂😉💪🏾
I sold Cutco for 3 weeks. I still live the product, but I HATED the fact that I had to call in every night, and drive an hour one way several times a week for unpaid “team” meetings (read: silly childish motivation games). I was the top seller there for those 3 weeks, but I couldn’t handle the structure.
she was amazing! what a great interview! incredible discussions. I learned so much from this thank you!
Thank you so much!
Neat listen. Risk of buying home and renting bedrooms, make sure the city will allow it. If you buy with the plan to rent each room, and work your numbers with that plan then the city shuts you down, it can be a disaster, so do your research with the city first. Its also a lot of work, i ran an extended stay hotel.
On the topic of outsourcing, my maxim is, "Only do what only you can do." This is more commonly revenue-producing activities, but sometimes it's loss prevention, as well.
Thanks for watching.for professional assistance,. , correspond to my administrative analyst {Gregory Randall}
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I've been searching for a good broker to trade with!!!
Please 🙏 sir how can i find one??
Real brokers are hard to find but you have to settle down and select one for yourself
Yes you're right!! Real brokers are hard to find but i have one which I've been trading with Mrs Bell Elizabeth. Is her name familiar with anyone here?
@@jacksonpaul586 Wow 😲 I'm surprised you called that name here.
Yes I've been working with her and she's super fabulous
Ohh i remembered a friend of mine calling that name but i didn't pay attention then...
But i will like to make some good investment with her.
You guys know Mrs Bell Elizabeth too...
I have been trading her, i invested $7k last two weeks and i received $21,560k and i placed another trade immediately.
Wow...if you can't moved from consumption to execution you will never start...powerful just powerful
Thank you for the kind words!
@@MoneyHoneyRachel you are welcome..simply you are fantastic
In general, it is smart to get your license but I think one key is to make sure the listing agent gets their commission. The reason I don't try to get into the agent's pocket so they get more commission and want to give you the deal they are selling.
She reminds me a tone of my wife so I sent my wife the link to the video to watch and give me feedback. She said, “I am nothing like her,.... I’ve done two 14 milers....” ha ha. Then proceeded to comment on all the good content. Great show this week.
Haha love this, tell your wife I said hi! :)
This is my favorite episode. Great strength and tons of motivation, thank you!
Thank you so much!
Sounds like her high CAP rates for boarding rooms is what made all of this possible. It's like running a motel/airbnb out of a property.
I am 60 years old home builder. In 2016 I started on path retirement income building 5 duplexes/10 rental units. Combined with a previous rental and personal home that is now a rental, I am collecting 14 rental checks per month. In 2020 I cleared $125,000 positive cash flow before depreciation. Rents are now going up 10% and later this year I should be able to payoff one of the duplexes. That will increase my monthly income to about $140,000 per year. Rental property is a great inflation hedge. I anticipate the income to increase by $10,000 per year from a combination of debt reduction and increased rents. I manage the properties myself to maximize returns.
Inspiring!!! Thank you for your feedback . I will refer you to a financial manager and crypto investments expert whom will help you make the most profit out of your investments.
Search for his name John Augustus Godfrey jr. on google. Contact him with the provided information.
Thinking about a business to make money weekly,, With over 60,000 account holders blockspace has been at the forefront of the forex trading industry since 2016,access over 10,000 global markets and trade with attractive marginal rates..it is regarded as one of the best, most beneficial, brilliantly successful companies in the industry of forex trading and investing
About to turn 22, ready to dive head first into real estate and investing!
Thank you for your feedback . I will refer you to a financial manager and crypto investments expert whom will help you make the most profit out of your investments.
Search for his name John Augustus Godfrey jr. on google. Contact him with the provided information.
Keep learning and be smart with your money. Start analyzing deals and go get in the game!
Amazing, dont' give up!
My wife and I have 3 rental properties in SE Asia and don't need to work anymore, we keep our expenses to a minimum by living on the family farm in rural Thailand
Reminds me of my first dickhead boss 28:52 out of college. This is truly inspiring to me. Thanks for helping me remember how that felt. I am worth more than that. truly thank you for this interview.
I relate to this gal so much! Grew up in a RICH town, we were not.... love this!
and both from the VILLE!
Thank you
Hey Guys! Ive just tuned in to bigger pockets for the first time and loving it. Just found myself watching one video after another! Amazing! You guys are providing an amazing amount of value! Is there any chance you guys could cover in one of the episodes why one should, or shouldn't do Real estate investing through a Limited Company or through its personal name? I would absolutely appreciate that subject as I am an investor myself through a limited company, but sometimes I question that decision as the expenses are so much bigger (accountants and so on)! thank you!!! keep up the amazing work you are doing!!!
One of the bummers is that people say things like, "I made $xxxx per year and started, so not a lot." This makes people think they can get into it fairly cheap...but then we find out they are married. So twice the income than what we are made to believe
🌟🌟🌟David's (person wearing black t-shirt) interpretations, translations, plus mind & brain comments - YES!
Right? He's the best.
The best decision I ever made in my life was investing in financial market.
Trust me guys it pays
Assets that can make you rich
Bitcoin
Stocks
Real estate
Stock's are crashing, Bitcoin investments Right now will be at every wise individuals list, in a month you will be ecstatic with the decision you made today
I'm looking for something to venture into on a short term basis, I have about $6k sitting in my savings, what do you think I should be buying?
I'm new to this Bitcoin trading, how do I get started with the help of a professional?
Any specific guide?
Yes, girl, YES! What a badass Rachel is. I totally relate with her situation with the abusive employer and negative relationship to money from childhood. I'm inspired. Great interview guys. Late to the party but inspired none the less.
Great video. I own 12 single families as rentals. It is nice to accumulate wealth and know that your children will be set up for the future.
How did you start
This was such a great podcast. I think Rachel did a fantastic job. Very eloquent in her speech. Be careful Brandon and David, if she starts a podcast she'll steal away listeners she was so good. Also, Brandon did I hear you mention Costa Rica? Well it just so happens that I am in negotiations to buy a property out there in the mountains of Costa Rica. That would be a great place for a retreat. We should chat.
Haha thank you so much, you are so kind!
Been watching for years. This has got to be one of my favs
Wow thank you! I've been hearing this feedback a lot - what makes you feel that way? I am so flattered you said that!
Wooow. So much knowledge and mutual respect.
Money has GRAVITY, the ability to pull more money into its orbit
Oooh love that!
I will never get over david saying
I was the bell of the ball
I was the pretty girl
I got all the attention
with the most stoic face
He's the ultimate straight man for Brandon "Giggles Like a 5 Year Old" :-D
Completely lost it when he said that 😂
That face gets me all the time. Lol
@Money Honey Rachel
🌸Rachel! I received SO much benefit just from experiencing you in this interview conversation! Great modeling for those who aspire! Thank you for being you, and for all you brought! 🌸
Thank you So much!
While it may not be for everyone to scale so fast it is possible for sure. We must remember there are risks to scaling fast. But if you're ok with the risk then go for it! As long as you're cognizant of your abilities and have out strategies it can be "safe".
So true! Thanks Travis!
I told my parents that I was going to sell Cutco knives and they were like no way. Like how are you going to knock on doors while holding knives. No one is going to buy from you, in fact, they might call the cops.
Smart parents. Only shrewd, soulless assholes can sell those overpriced knives.
@@jeradkiester698 Haha, funniest thing I have read all night. Yeah they're no better than Walmart knives.
My parents did not like the idea at first either lol
Taking my National/Missouri Exam on Tuesday! 😬🤘🏼
Good luck!
OMG, I felt the "I've had enough" with employers. Guess that's part of the reason I'm here watching this. Thanks for the valuable info.
I had a situation with somebody who was like you said a bully and I cursed them out and I let him know that my lawyer and their lawyer was going to sit down and I will go shopping through their bank account. Instantly that seem to solve the problem. Lesson learned don't ever let anybody disrupt your world because they don't know how to talk to people I don't care what industry
One of the best episodes yet!!
Omg thank you!
Thank you so much .. This episode provides value , which is the essence of a successful channel. All the Best
Great podcast! I will purchase my first rental property this year 🙌🏽
You got this!
what a great idea to do to a home or multifamily properties. Great informative interview guys!!
Love this episode!! Encouraging to someone who is having anxiety about working on her first house! Ever! @56yr!
Thank you!
Going from a consumption mindset to an execution mindset...
An overlooked powerful statement
Thank you :)
Rich dad poor dad has changed everyones life!
Awesome podcast. She just helped me with where I am stuck and gave me the direction I need.
Thank you guys.
Time for me to restructure.
HMU ☝☝
I've learned (the hard way); if it's important, hire the best
Very true!
Always trying to learn from others, keep up the good work! 🙂
Thank you!
She has one of the nicest smiles
Patrick is my coach! He is a boss! Next 5 Moves is a great book!
Superb commentary, The guest was excellent. Everyone was genuine. I subscribed.