521: Full-Time FIRE and Traveling the World…All Thanks to Rentals!

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 19 April 2024

⏱️ 46 minutes

🔗️ Recording | iTunes | RSS

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Summary

Could real estate investing help you reach financial freedom much sooner than you thought possible? Today’s guest had his world turned upside down by one tragic incident, but he was able to quit his W2 job, pivot to real estate, and fast-track his journey to FIRE! Today, we’re chatting with technology instructor turned full-time real estate investor Keith Nugent. After a skydiving accident rendered him unable to perform his previous job duties, Keith knew he needed a new path to financial independence. Fortunately, he discovered real estate at the perfect time. Taking advantage of the fallout from the 2008 housing market crash, Keith started loading up on rental properties—often buying them for pennies on the dollar. In just twelve years, he had not only achieved his goal of thirty cash-flowing units by 2020 but also added an additionalten units to his portfolio! Thanks to real estate, Keith now has a career that fully accommodates his disability and will allow him to retire early. In the meantime, he enjoys his newfound financial freedom by traveling the world and spending time with his FIRE-bound friends. In this episode, Keith offers practical tips on how to start investing in real estate—from choosing your market to buying your first rental property and more! In This Episode We Cover How Keith became a full-time real estate investor after a tragic skydiving accident How to replace your W2 income and achieve financial freedom with real estate Why time in the market is MORE important than timing the market How to determine how much cash flow you need to support your retirement Why you NEED an estate plan and how to decide who inherits your assets 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 Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Money Podcast 330 - The Ultimate Teen Money Hack for Parents Money Podcast 397 - Estate Planning, Wills, & What to Do NOW to Protect Your Heirs Grab Your “Family Emergency Binder” Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-521 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	On this episode of Fire Friday of the BiggerPockets Money podcast, we're talking to someone who was able to flip a bad situation and turn it into an opportunity.
0:09.2	Today we're talking with Keith Nugent, who was forced into disability after a skyditing accident in 2006.
0:16.5	After his recovery, Keith realized he could no longer work as a corporate trainer and had to forge
0:21.8	a new path in real estate instead.
0:24.0	Hello, hello, hello, and welcome to the BiggerPockets Money Podcast.
0:27.0	My name is Mindy Jensen and I am jumping in solo today.
0:31.0	There's a little pun for all of you people who are missing Scott. He
0:35.8	will be back with me soon. As always I am here to make financial independence less
0:40.6	scary, less just for somebody else.
0:43.2	To introduce you to every money story, because I truly believe financial freedom is
0:48.0	attainable for everyone, no matter when or where you're starting.
0:51.9	And now let's bring in Keith. Keith Nugent, welcome to the BiggerPockets Money Podcast.
0:56.7	I am so excited to dive right into this interview.
1:00.5	Hey Minnie, it's good to try to you.
1:04.2	So Keith, in 2006, you had a skydiving accident that sort of took your life in a different
1:11.1	trajectory.
1:12.1	On a very high level, can you give us a little bit of
1:14.5	background about what happened? Yeah, so I was doing a trick that had done a
1:20.5	couple hundred times already that season, but there was one variable that was changed that I forgot about.
1:27.0	And so rather than landing softly, I pounded into the ground.
1:32.0	And this happened on a Sunday, I woke up in the hospital on
1:35.0	Wednesday with all sorts of broken bones I had bitten through my tongue and
	...

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