530: Reaching $1M Net Worth and FI in 6 Years with a “Home Run” Rental Property

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 21 May 2024

⏱️ 48 minutes

🔗️ Recording | iTunes | RSS

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Summary

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 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 Property Manager Finder Grab Your Copy of “The Book on Flipping Houses” BiggerPockets Money 516 - Jaspreet Singh: Getting Rich Slowly and Why Some People STAY Broke BiggerPockets Money 481 - Building a $1 Million Net Worth in Only 3 Years by Investing in Real Estate Connect with Eric on BiggerPockets 00:00 Intro 01:22Millionaire 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 [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Do you ever wonder what it would take to grow your net worth to $1 million?
0:05.0	How about in the New York City metro area?
0:08.0	What are the steps you would have to take?
0:10.0	How aggressively should you be saving? What should you be investing in?
0:14.6	Today we're speaking with a longtime listener who his story is going to show you exactly how he did just that.
0:20.7	Hello hello hello. My name is Mindy Jensen and with me as always is my very own million-dollar
0:26.2	co-host Scott French.
0:27.2	Awesome, well great to be here with my real estate, co-host Mindy Jensen.
0:32.8	As always, we're here to make financial independence less scary.
0:35.1	Less just for somebody else to introduce you to every money story,
0:38.0	because we truly believe financial freedom is attainable for everyone,
0:40.4	no matter where or when you're starting or what industry you work in.
0:44.1	Today we're going to talk to Eric who posted in our Facebook group that he hit a big
0:47.7	financial milestone in late 2023 and that was December 2023 after just six years of getting serious about financial independence
0:56.9	and discovering kind of the fire world and concepts there.
1:00.4	You can listen to a story about how if you start taking these meaningful steps,
1:04.4	maybe getting your PhD in personal finance as you referred to it.
1:08.1	You can also achieve a really significant outcome potentially in five,
1:12.8	or maybe even a little less.
1:14.4	Eric, welcome to the BiggerPockets of Money Podcast.
1:16.9	I am so excited to talk to you today.
1:19.2	Yeah, I'm super excited to be here too.
	...

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