4.6 • 2.9K Ratings
🗓️ 30 July 2024
⏱️ 59 minutes
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0:00.0 | ADU garage conversions may be the path to turning even California single family homes into cash flowing rental property investments. |
0:09.0 | Our guest today, Mike just completed one of those and is contemplating his second in Mantica, California, which is about an hour or so east of San Francisco. |
0:17.8 | Hello, hello, hello, and welcome to the BiggerPockets Money Podcast. |
0:20.8 | My name is Mindy Jensen and with me as always is my flipping amazing co-host Scott Trench. |
0:26.8 | I'll permit that intro. I'll permit it. Bigger Pockets has a goal of creating 1 million |
0:32.1 | millionaires. You are in the right place if you want to get your financial house in order because we truly believe financial freedom is attainable for everyone no matter when or where you're starting as long as you have a garage. In a recent episode, |
0:44.1 | number 547, bigger pockets money, we interviewed that ADU guy, Derek |
0:49.0 | Charelle, a firefighter who reached a different type of fire through ADU investing. |
0:54.4 | He has a mission to help average people make real estate investing possible |
0:57.8 | and to increase housing stock in this country by hoping people use ADUs to build wealth. |
1:03.4 | Today's guest is Mike Russell, who's investing in Northern California. |
1:07.4 | He sought the Council of ADU expert Derek to help build his own ADU and put him on the path to financial |
1:14.8 | independence even while earning a very modest salary. Mike, welcome to the |
1:20.4 | BiggerPockets Money Podcast. I am so excited to talk to you today. |
1:24.5 | Thanks so much. |
1:25.2 | I'm happy to be here. |
1:25.9 | All right, Mike, before we hear about the power of the ADU |
1:29.2 | and how you have harnessed it |
1:30.9 | and how it has impacted your money journey let's establish a |
1:34.6 | snapshot of what life is like currently yeah sure so right now I'm 26 years old I |
1:40.6 | work in Southern California at a church and I help out in their music program. |
1:44.0 | I make around $52,000 right now and that W-2 income. |
... |
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