Manage episode 288281711 series 2505440
Retiring via passive income is why most people get into real estate, but rarely does someone accomplish that goal within just two years! Rachel Richards, real estate investor, agent, and author of Money Honey shares her story of aggressive real estate acquisition. All purchased, by the way, with at least 20% down!
While her friends in high school may have been reading for fun, Rachel was reading Rich Dad Poor Dad and trying to find the best way to become financially free. After she graduated from college she took jobs where she felt underappreciated and at some points, humiliated. She realized that this was not the path she would go down, and started investing shortly after in 2017. By 2018, Rachel and her husband had acquired 38 doors. Yes, you heard that right, 38 doors in under two years!
These rental properties allowed Rachel and her husband to retire, as they were making six-figure incomes solely from their properties alone. This didn’t mean two years in she was still a rookie. Far from it actually. Rachel had to systematize her rental properties as much as she could within those two years so she could manage them long distance without having huge headaches along the way.
Rachel shares some interesting stories, from turning a duplex into a short-term boarding home, to catching her property managers stealing over $6,000 from her. She’s learnt a lot and put her knowledge into her books Money Honey and Passive Income, Aggressive Retirement, both of which may help you get to where she’s at now!
In This Episode We Cover:
- Understanding how important financial independence is to your life
- Dismissing limiting beliefs that you can’t or shouldn’t do something
- Seller concessions and how you can use them to get more money at closing
- Why being too frugal may lead you to lose more money in the long run
- Systematizing your long distance real estate investing
- And SO much more!
Links from the Show
- BiggerPockets Forums
- Be a guest to the podcast
- Cutco Cutlery
- BiggerPockets Podcast 416: 29-Year Old Making Nearly $1M in Passive Real Estate Income (3 Years In!) with Matt Onofrio
- BiggerPockets Podcast 418: 14 Deals in 16 Months: How Alex Camacho Found his Mastery in Deal Finding
- BiggerPockets Podcast 320: Hands-On BRRRR Investing and DIY Secrets with Instagram Star Brittany Arnason
- BiggerPockets Podcast 398: 22 BRRRR Properties in Under 10 Hours Per Week with Tarl Yarber
Check the full show notes here: http://biggerpockets.com/show454