Fast-Track FI by “Gamifying” Your Finances and Making Your Own Luck

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 22 October 2024

⏱️ 54 minutes

🔗️ Recording | iTunes | RSS

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Summary

The combination of saving money and buying rentals is a recipe for reaching financial independence much faster than you thought possible. Just ask today’s guest, who started with tens of thousands of dollars in debt but was able to achieve FI in just a few years! Henry Washington is a real estate investor, author of Real Estate Deal Maker, and co-host of the On the Market podcast, but he doesn’t have your typical “rags-to-riches” money story. Despite an upper-middle-class upbringing and landing a six-figure job right out of college, Henry was a serial spender. Before he knew it, he had racked up $40,000 in credit card debt and was told by banks that he was unlendable. Horrified by what his family’s future would look like on its current trajectory, Henry was determined to get his finances in check. He caught the real estate bug, attended meetups and networking events, befriended other investors, and found his first deal! Henry went on to build and scale a real estate portfolio of over 140 units, and in this episode, he provides actionable advice that will help you break into real estate—whether you aspire to own a single rental property or twenty. Along the way, you’ll learn about “gamifying” your way to financial freedom, funding a down payment without money in the bank, and the recession-proof investing strategy Henry still uses today! In This Episode We Cover How Henry scaled his real estate portfolio to over 140 units in just seven years How “gamifying” your finances can turn you from a spender into a saver Why finding good deals is the key to a recession-proof investing strategy Getting a crash course in real estate investing through local meetups and networking Creative ways to come up with the down payment for an investment property The three phases of rental property investing that lead to generational wealth And So Much More! Links from the Show Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Join BiggerPockets for FREE Email Mindy: [email protected] Email Scott: [email protected] BiggerPockets Money Facebook Group On the Market Podcast Rich Dad Poor Dad by Robert Kiyosaki Buy Henry’s Book “Real Estate Deal Maker” Find Investor-Friendly Lenders 30 Ways to Find Good Real Estate Deals in 2024 Connect with Henry Henry’s Instagram (00:00) Intro (01:10) Racking Up $40K Debt (06:06) Catching the Real Estate Bug (11:24) “Gamifying” Finances & Networking (16:37) Henry’s First Deal (24:18) Making Your Own Luck (30:17) Henry’s Current Portfolio (36:26) Saving His Rental Income (43:22) How to Get Started in 2024 (46:39) Connect with Henry! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-574 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	Everyone wants to focus on strategies to fast track their financial independence journey.
0:05.4	Our guest today fired in three years by quickly and strategically scaling his real estate portfolio.
0:12.8	Stick around to hear how he did it.
0:14.7	Hello, hello, hello, and welcome to the BiggerPockets Money
0:16.9	podcast.
0:17.7	My name is Mindy Jensen, and with me as always,
0:20.1	is my understands Bitcoin but still won't buy it co-host Scott Trudge.
0:24.4	Oof Mindy that's a real hard money intro.
0:27.2	Bigger pockets has a goal of creating one million millionaires.
0:30.7	You are in the right place if you want to get your financial house in order
0:33.2	because we truly believe financial freedom is attainable for everyone no matter when or
0:36.6	where you're starting as long as you don't invest in crypto. We are so excited to be
0:40.6	joined today by Henry Washington, co-host of the On the Market Podcast, published
0:44.8	author of Real Estate Dealmaker and obviously goes without saying a very successful real estate
0:49.2	investor that allowed him to say goodbye to his W2.
0:52.6	You may recognize him from Bigger Pockets,
0:54.4	but do you know the ins and outs of how Henry gets started?
0:57.2	We're going to pull back the curtain today
0:59.2	here on Bigger Pockets Money.
1:01.3	Henry is so excited to have you here on the show. Thanks for joining us.
1:04.3	Oh, thank you for having me man. This is exciting. I get to I get to tell my story from a
1:08.3	slightly different perspective. This is fun. Well, let's go back in the way back machine and look at your financial situation.
	...

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