544: 80-Hour Workweeks to Lean FIRE in 8 Years through Real Estate

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 9 July 2024

⏱️ 49 minutes

🔗️ Recording | iTunes | RSS

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Summary

Reaching financial independence and becoming a millionaire before the age of thirty?! While this path requires several years of ruthless saving, smart investing, and unwavering discipline, there’s no reason why YOU can’t enjoy financial freedom and attain the lifestyle you want! Shortly after graduating from college with over $50,000 in student loans, Franklin Zheng found himself working a grueling, eighty-hour-per-week factory job. Fortunately, it was also around this time that he discovered BiggerPocketsand decided to try his hand at real estate investing. He started attending local meetups, where he learned that simply getting in the same room with other investors presented all kinds of opportunities. It wasn’t long before Franklin had found his future investing partner, and in just FIVE years, he has built a cash-flowing real estate portfolio of thirty-eight units, as well as a business that has allowed him to leave his W2 job and travel the world! In this episode of the BiggerPockets Money podcast, you’ll get a glimpse of what it takes to achieve financial independence and amass a one-million-dollar net worth. Make no mistake—it’s not easy. Franklin will be the first to tell you that the last five years have been filled with all kinds of successes, challenges, and failures. But if he can do it, YOU can, too! In This Episode We Cover How Franklin reached financial independence by thirty in just FIVE years What you MUST know before investing in commercial real estate Fast-tracking your real estate journey through the power of local meetups How to start a real estate business that allows you to leave your W2 job The secret to forming successful real estate investing partnerships How to defer capital gains tax on your rental property with a 1031 exchange 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 Connect with Franklin on BiggerPockets See Scott and Mindy at BPCON2024 in Cancun! Check Out the Top 100 Cash Flow Markets Find a Local Real Estate Meetup Find Answers to Your Real Estate Questions on the BiggerPockets Forums 00:00 Intro 01:10 The 80-Hour Factory Job 08:17 Real Estate Meetups & Partnerships 16:48 Renting to Attorneys 19:32 Selling the Office Building 23:07 “Unicorn” Rentals & 38 Units! 29:14 Starting the Lending Business 32:47 Leaving His W2 & Traveling the World 36:27 Put in the Work! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-544 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

Transcript

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0:00.0	Delayed gratification comes with some sacrifice, but it can be a powerful victory.
0:05.7	Today's guest will show how hard work and a bit of pain will change your financial trajectory.
0:12.1	Hello, hello, hello, and welcome to the BiggerPockets Money Podcast.
0:15.0	My name is Mindy Jensen and with me as always is my rock star co-host Scott Trench.
0:21.0	Thanks, Mindy.
0:22.0	Great to be here. You are in the right place
0:23.9	listening today if you want to get your financial house in order because we believe
0:27.3	that everybody can achieve financial freedom no matter when or where you're
0:31.8	starting even if you're just entering your first job or
0:35.1	starting to get more serious about that financial journey.
0:37.5	Today we're joined by Franklin Zeng, a recent Fai achiever who took his learnings from places like bigger pockets and engineered his way from the dreaded night shift to financial independence all before he reached 30 years of age.
0:52.3	That's right. We're going to hear how one meetup changed. all before he reached 30 years of age.
0:52.6	That's right, we're going to hear how one meetup changed his entire financial future.
0:56.8	Why asking questions is a strength if you're starting out and how he and his business partner
1:02.1	have harnessed their superpowers to help
1:04.3	fuel their work optional lifestyle. Franklin, welcome to the BiggerPockets Money
1:08.5	Podcast. Thank you, pleasure to be here. We're so excited to have you here, Franklin.
1:12.4	Can you just tell us where you are right now and what your last 24 hours have looked
1:16.8	like?
1:17.8	Yeah, I'm actually in Paris right now.
1:20.7	Last 24 hours, they hopped on a flight, didn't get any sleep, landed in Paris, met up with a friend, got
1:28.0	dinner, now I'm sitting here at my friend's apartment and recording this podcast with you guys.
	...

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