530: Reaching $1M Net Worth and FI in 6 Years with a “Home Run” Rental Property
Description
You DON’T have to spend your entire life chasing financial independence. Play your cards right, and you may not even need a whole decade! With a little hard work and sacrifice, today’s guest became a millionaire (and financially free) in just SIX years!
Welcome back to the BiggerPockets Money podcast! After years of “drifting” through life and racking up bad debt, Erichad a moment when he realized he might not be able to rely on his W2 income for as long as he had hoped. Seeing the writing on the wall, he decided to get serious about achieving financial independence—buying rental properties, fixing them up, and eventually flipping them for a huge profit. One “home run” deal catapulted him toward his FI goal and a $1 million net worth!
If you dream of financial freedom but don’t want to spend your whole life getting there, this episode is for you! Eric offers some helpful advice for those who are looking to start their own FIRE journey—including why new investorsshould buy “grandpa’s house,” how to uncover “rare” real estate deals on the multiple listings service (MLS), and how to get the maximum return on a few years of sacrifice!
In This Episode We Cover
How Eric became a millionaire and reached financial independence in SIX years
Why buying “grandpa’s house” is a cheat code for building wealth
How to start fixing and flipping houses (and turn a HUGE profit!)
How to find “rare” real estate deals on the multiple listings service (MLS)
Building your real estate portfolio by using your profits to buy MORE properties
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums
Finance Review Guest Onboarding
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Find an Investor-Friendly Agent in Your Area
Find Investor-Friendly Lenders
Grab Your Copy of “The Book on Flipping Houses”
BiggerPockets Money 516 - Jaspreet Singh: Getting Rich Slowly and Why Some People STAY Broke
Connect with Eric on BiggerPockets
00:00 Intro
01:22 Millionaire in 6 Years!
03:34 Buying “Grandpa’s House”
09:04 Eric’s BIG Turning Point
15:24 The Journey to $1 Million
19:08 The “Home Run” Rental
31:45 Moving to New Hampshire
33:13 How to Reach FI
36:13 Share Your Money Story!
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-530
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com
Learn more about your ad choices. Visit megaphone.fm/adchoices
United States
