$4K/Month Cash Flow From Real Estate After Losing His “Safe” Job
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- Опубликовано: 30 июн 2024
- For some people, real estate investing is “too risky.” But what if a small, cash-flowing portfolio could provide financial stability when you lose your job? If you asked today’s guests, they might say it’s too risky NOT to buy rental properties!
Welcome back to the “Real Estate Rookie” podcast! Kevin and Julia Windheuser got into real estate at the perfect time. Shortly after building a small portfolio with six total doors, Kevin was let go from his “safe” engineering job. With no W2 income, the couple leaned on the steady income from their rentals. This $4,000 monthly cash flow bought them the time to not only work on their real estate business but also find Kevin a new job.
In this episode, you’ll learn about the power of a “small and mighty” rental portfolio and how it can insulate your finances when times are tough. Kevin and Julia also talk about why they chose a market just outside their backyard, as well as how they estimate rehab costs. Tired of bad tenants? Julia shares the unique screening process she uses to guarantee the best tenants in town!
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Achieving FI with Fewer Doors: The Small and Mighty Real Estate Portfolio:
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Making $10K/Month with a “Small and Mighty” Rental Portfolio:
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Show notes at: link.chtbl.com/Rookie
00:00 Intro
00:32 Losing His “Safe” Job
06:07 Financial Stability & Choosing a Market
12:04 Challenging Rehab Projects
21:11 Tenant Screening 101
26:33 Tips for New Investors
34:45 What’s Next for the Windheusers?
Kevin & Julia your story is very inspiring and repeatable for anyone. Thanks for sharing! BP, Ashley & Tony thanks for having them on the podcast.
Thank you! we plan to share so much more of our journey too!
Very informative. I'm on the verge of commencing my 1st STR. Navigating the corporate world can be quite intricate.
thank you! good luck on your STR!
That's right Tony, no job is safe
so true, everyones replaceable and your employer knows that so you need to take your own financial future into your own hands. thanks for listening and the comment!
Born and raised in Providence, RI. PC area is super nice!
lets go Providence! lots of great areas to invest in still!
Thank You Tony and Ashley!
they are the best!
Love your videos. Can you interview Kevin Choe from Pace Morby’s team.
How did they get approved by the banks for all these properties? It seems they wouldn’t have the debt to income ratio to be approved for them all, if they had several mortgages already.
He got the pre-approval prior to getting laid off
Great question! For our first 3 properties we both had W2 jobs. Property #1 we used Julia's 1st time home buyer so it did not affect Kevin's debt to income ratio (DTI). Property #2 we used Kevin's first time home buyer for the same reason (did not affect Julia's DTI). We could only do this because we were only engaged at the time, not married. Property #3 we had both our names on the mortgage; however, we now had rental income, which covered more than the montage payment on the other 2 houses so our DTI was still strong. In addition to all of this we payed off our car, student loans, and had no other debt. Hope this helps show the strategy you can you use. Definitely talk to a mortgage broker too on other strategies you can take advantage of to keep you DTI in good shape.
@@jimmybermeo3938 the layoff was when we used Hard Money. One of the benefits to Hard Money is the lender makes their own rules and usually bases the loan off the asset, not the borrower circumstances. Of course this is different lender to lender
@@jimmybermeo3938 the house were closing on when I got layoff was with hard money so the loan was based on the property itself not my W2 income. Although if we used a traditional mortgage we might have been in some trouble getting the clear to close. thanks for listening!
11:55 “The rents are a little bit better here, but they definitely don’t cover the mortgage.” So how are they cash flowing?
Sorry it wasn’t clear. we moved from Boston to Providence to invest and then moved back to Boston recently. When I’m revering to “here” I’m referring to Boston. In Providence where our properties are the rents DO cover the mortgages and some. Hope the clarifies!
@@LuxLivingRI ahh, it all makes sense now. Thanks for the clarification!
Cool story, but I'm always curious why everyone leaves out Healthcare Insurance? If you dont have any kids, I suppose it's doable, but if you have kids you’ll be paying $1,400 a month for a 12k deductable and 16k out of pocket. I make over 6 figures and I've been looking for some sort of coverage that's NOT a Christian Share for three year's that's not going to cost me $17k a year. I ask my friends how they do it, and guess what? "My wife carries the insurance." That's not a win in my book. The goal is to get husband and wife self-employed. Well, thats certainly my goal.
That’s a great point and something we unfortunately didn’t get a chance to talk about due to time constraints. When I got laid off, a part of my separation was subsidized COBRA for a few months. This lowered the cost drastically; however, was not a long term solution. Getting laid off was not our jump into real estate full time, Although that I still the goal. the layoff gave us a taste of what it could be like. Julia and I knew we needed another job with insurance benefits for the short term until we built a large enough portfolio to cover the high cost of healthcare and more. Hope that clarifies!
Why that Clock is not working ?
Hey Real estate rookie team, Just checked your youtube, really great stuff.
I was wondering are you looking for a short or long form video editor ? Or Whole RUclips management ?
Blud looks scary
Chick looks high af