Podcast Summary
Invest in real estate with no money down through programs like Rent to Retirement: Rent to Retirement offers discounted properties and investor loans with low down payments. Good tenant screening is essential, and RentReady simplifies this process. Airbnb hosting can provide extra income.
It's possible to invest in real estate with no money down through programs like Rent to Retirement. They offer discounted new construction properties and investor loans with low rates and minimal down payment options. Good tenant screening is crucial for successful rental property management, and RentReady's new feature simplifies this process with automatic proof of income verification. Additionally, hosting properties on Airbnb can provide extra income. The BiggerPockets podcast hosts, Josh Dorkin and Brandon Turner, shared their personal experiences and encouraged listeners to find joy in the journey towards financial freedom.
Strive for Financial Independence: Tips and Inspiration: Assess progress towards financial goals mid-year, consider house hacking, frugality, and multiple income streams for financial independence, and draw inspiration from others' experiences
Everyone, regardless of age or current financial situation, should strive for financial independence. This can be achieved through various means, including real estate investment, business ownership, or even selling cookies. For those with children, the freedom to spend quality time with them without a boss's approval is an added benefit. Currently, we are about halfway through the year, making it an excellent time to assess progress towards goals and adjust accordingly. Additionally, the discussion touched on the concepts of house hacking, frugality, and creating multiple income streams. Craig Kirlop, a team member at Bigger Pockets, shared his experiences and insights on these topics. Overall, the episode provided valuable information and inspiration for anyone looking to improve their financial situation and live a more fulfilling life.
From Skeptic to Team Member at BiggerPockets: Finding a passion and taking action can lead to personal and professional growth, even if it means stepping out of one's comfort zone.
Craig's journey into real estate and life hacking began when he felt unfulfilled in his previous job and sought a better work-life balance. After discovering BiggerPockets through a rental property investing book, he became intrigued and immersed himself in the community, ultimately applying for a job and joining the team. Craig's experience highlights the transformative power of finding a passion and taking action towards it, even if it means stepping out of one's comfort zone. He went from being skeptical of real estate and BiggerPockets to becoming an integral part of the team, demonstrating that with dedication and hard work, personal and professional growth are possible.
Buying a rental property in Colorado: Researching and finding the right lender and agent can help new real estate investors buy a rental property with a focused goal and house hacking strategy.
Having a clear and focused goal, such as buying a rental property, is essential for making progress towards achieving it. The speaker shared his personal experience of moving to Colorado with a list of priorities, the first of which was to buy a rental property. He emphasized the importance of researching and finding the right lender and agent to help make the purchase possible. The term "house hacking" was introduced as a strategy for buying a small multifamily property with a small down payment loan and living in one unit while renting out the other to help cover mortgage payments and build equity. This approach can be an effective way for new real estate investors to get started.
Finding a Good Agent and Lender for New Real Estate Investors: New investors should ask for recommendations, interview potential agents and lenders, and build strong relationships for a successful and enjoyable real estate investing journey
Engaging with an agent and a lender are crucial first steps for new real estate investors, especially for those looking to house hack. Agents can provide valuable insights, deals, and encouragement, while lenders can help secure financing. To find a good agent, ask for recommendations from family, friends, or online communities like BiggerPockets. Interview potential agents to assess their experience, investment background, and compatibility. Similarly, to find a good lender, seek recommendations from trusted sources or use online platforms like BiggerPockets Marketplace. Interview multiple lenders to compare offers and find the best fit. Remember, building strong relationships with these professionals can lead to a more successful and enjoyable real estate investing journey.
Shopping for a mortgage: Multiple inquiries within 30 days count as one hard pull: When shopping for a mortgage, multiple inquiries within a 30-day period only count as one hard credit pull, allowing you to compare offers from different lenders without hurting your credit score. Building a good relationship with your lender and considering house hacking as an investment strategy can also help maximize returns.
When shopping for a mortgage, it's important to remember that multiple inquiries within a 30-day period will only count as one hard credit pull. This means you can compare offers from different lenders without negatively impacting your credit score. Additionally, the relationship you build with your lender can significantly impact the process and turnaround time. When it comes to real estate investments, house hacking can be an attractive option due to the low down payment and potential rental income to help qualify for the mortgage. For instance, a buyer purchased a duplex for $385,000 with a $12,750 down payment and had a tenant signed on the same day. However, it's crucial to remember that leases must be signed after the property is owned to avoid any legal issues. Furthermore, engaging potential tenants during the rehab process can help minimize vacancy time, which is essential to maintaining profitability. Overall, the key is to prioritize a good relationship with your lender, make informed decisions, and effectively manage your property to maximize returns.
Living Dually: Renting and Airbnb-ing for Financial Freedom: Individual saves on rent by sharing living space and generates income through Airbnb and long-term rentals, accelerating path to financial freedom.
This individual has found a creative way to live almost rent-free by renting out half of his property and Airbnb-ing out his bedroom in the other half. His monthly income from these rentals covers his mortgage payment and even brings in additional income. He acknowledges that some people might think he's crazy, but he sees it as a way to accelerate his path to financial freedom. Despite sharing his living space with strangers, he enjoys the experience and finds it enriching. This unique living arrangement has helped him save money and meet interesting people from around the world.
Building equity through house hacking: House hacking involves renting out your property to save money and build equity, but safety concerns and local regulations should be considered.
House hacking, even if it means paying a small rent to yourself, can still be a financially wise decision. By doing so, you're building equity in the property and saving money compared to renting or owning a condo. However, safety concerns, especially for females, should be considered when renting out your place on platforms like Airbnb. Denver, for instance, has strict rules against short-term rentals unless you live on the property. In such cases, you can still rent out your place when you're away by hiring a trusted cleaning service through platforms like Craigslist.
Turning liabilities into assets for extra income: Renting out assets like apartments and cars can generate significant monthly income. Find trustworthy cleaning services and consider using Turo to rent out vehicles for added earnings.
Turning liabilities into assets can significantly increase income. The speaker shared his experience of renting out his apartment and car to generate additional income. He emphasized the importance of finding trustworthy cleaning services and recommended asking for recommendations. He also introduced Turo, an app that allows car owners to rent out their vehicles, which he uses to transform his car liability into an asset. The speaker earns around $700-$800 per month by renting his car, adding to his income from the Airbnb and rental tenants. Turo provides insurance coverage and encourages drivers to take pictures before and after rentals to ensure accountability. The speaker reported no major issues with Turo or its drivers. This innovative approach demonstrates the power of creative problem-solving and financial optimization.
Living financially set doesn't mean being cheap, it means being strategic: Be strategic about large expenses like housing and transportation, generate income from unused items, practice mindful spending, focus on savings and avoid large monthly payments to enjoy life without financial burden.
Living a financially set life doesn't mean being cheap or sacrificing enjoyment. It means being strategic about expenses, particularly large ones like housing and transportation. For example, renting out unused items or finding alternative living arrangements can generate income. Frugality, or mindful spending, is another key component. This doesn't mean cutting out all pleasures, but rather being thoughtful about where money is going. Small changes, like cooking meals at home instead of eating out, can add up to significant savings. The book "Set for Life" by Scott Trench emphasizes that it's not the little things that typically make people broke, but rather large expenses. By focusing on these areas, individuals can enjoy the fun things in life without being burdened by large monthly payments. It's a holistic approach to managing money and living within means.
Adopting a frugal mindset leads to financial freedom: Living below your means and focusing on long-term goals can lead to financial freedom, allowing you to pursue passions and live the life you desire
Adopting a frugal mindset and cutting expenses can lead to financial freedom at a relatively early age. This allows individuals to focus on what's most important to them, such as spending time with family or pursuing passions. The key is to have a plan and take small steps towards achieving your goals, whether that's buying a duplex, saving for a down payment on the next property, or increasing income through additional investments. By focusing on long-term goals and living below your means, you can eventually reach a point where your passive income exceeds your expenses, granting you financial freedom. This doesn't mean retiring and living a sedentary life, but rather having the flexibility to pursue your passions and live the life you desire.
Living frugally as a young adult for future financial benefits: Being frugal in your younger years can help save money for future investments, but it's essential to find a balance and consider market conditions before setting ambitious financial goals.
Living frugally and minimizing expenses during your younger years can provide significant financial benefits for the future. As Craig shared, he lived below the poverty line when he was young and single, but he enjoyed a good life by being exceptionally frugal. This sacrifice allowed him to save money and eventually invest in real estate. Craig emphasized that this approach may not be suitable for everyone, especially those with families to support. However, for those who are single and young, it's an excellent opportunity to take advantage of their situation and live below their means. Another important point Craig made was regarding setting ambitious goals. While it's great to aim high, such as buying multiple properties in a short period, it's crucial to consider the market conditions and the potential risks involved. Craig suggested continuing to work hard and building wealth gradually rather than taking on significant debt or responsibility for others' investments. Ultimately, the key is to find a balance between living within your means and pursuing your financial goals, while also enjoying the present moment.
Build the life you desire, not just follow a traditional path: Use technology, resources, and creativity to earn extra income and pursue dreams, while being smart and frugal with finances and tenant screening.
Individuals should strive to build the life they desire, rather than following the traditional path of working for 40 years and relying on retirement benefits. The speaker shared a story of a teacher who used a ride-sharing service to earn extra income and pursue her dream of moving to Mexico. Technology and resources like DealMachine and RentReady can help in building and growing a business or investment portfolio. Moreover, the importance of good tenant screening through tools like RentReady's tenant proof of income verification was emphasized. Overall, the message encourages listeners to be creative, frugal, and smart in building their lives and achieving their goals.
Navigating Real Estate Investing in a Challenging Market: Fundrise offers high-demand bridge financing on quality assets, allowing top investors to secure funding and investors to earn healthy interest rates. Transparency with roommates is recommended for landlords, and pools or hot tubs are typically not recommended for rental properties.
In today's challenging real estate market, high interest rates are putting pressure on investors, leaving some in need of funding. Fundrise, America's largest direct investor alternative asset manager, offers a solution through their new opportunistic private credit strategy. This strategy provides high demand bridge financing on high-quality assets with creditworthy borrowers, allowing top real estate investors to secure the funding they need while investors receive a healthy interest rate. With over $500 million in completed private credit deals and an average net interest of 10.8%, Fundrise presents a unique opportunity for investors to capitalize on this market environment. Regarding landlord matters, while technically you don't have to disclose your landlord status to your roommates, it's recommended to be transparent and open about your role as their landlord. Lastly, a pool or hot tub is generally not recommended for rental properties due to the added maintenance and liability concerns. Investing in real estate can be a lucrative endeavor, and with the right strategies and resources, you can navigate the current market and secure your financial future. For more information on achieving financial freedom, check out the book "Set for Life" by Scott Trench.
Get uncomfortable and tackle new challenges: Success in real estate investing requires stepping out of your comfort zone and facing uncertainty
Successful real estate investors are not afraid to be uncomfortable and take risks. Craig Cureton, a real estate investor and podcast guest, shared his favorite real estate and business books, including "Set For Life" which helped him get started in real estate investing. He also recommended "Never Split the Difference" for effective negotiation and "The Four Agreements" for a philosophical approach to living a great life. Craig also enjoys traveling, hiking, and staying active. The key to success in real estate investing, according to Craig, is being willing to step out of your comfort zone and tackle new challenges. As he put it, "Get uncomfortable. Get uncomfortable." So if you're serious about real estate investing, don't be afraid to take that next step and face the uncertainty head-on. And if you're looking for some inspiration, consider picking up one of Craig's recommended books.
Stepping Out of Your Comfort Zone: Embrace new experiences, reach out for advice, and be open to creative business opportunities for financial freedom
Learning from this episode of the Bigger Pockets podcast is the importance of stepping out of your comfort zone and being open to new experiences and opportunities. Craig Kirlup, the guest on the show, emphasized the need to get uncomfortable and encouraged listeners to reach out to him for advice or connection if they were inspired by the episode. Craig shared his unique perspective on financial freedom and even suggested an intriguing business model involving renting out cars. The conversation was filled with humor and banter, making for an enjoyable and engaging listen. From a personal standpoint, Craig revealed that he values free time above all else and has been trying to reduce his gym membership expenses. Overall, this episode was a great reminder to be proactive, creative, and open to new possibilities.
New Year's Resolutions and Essential Apps: The interviewee values self-improvement, has kept New Year's resolutions like quitting bad habits and adopting new ones, and uses essential apps like BiggerPockets, Spotify, Facebook, ESPN, and Safari or Chrome to help him stay focused and productive. He also recommends the Moment app to monitor phone usage and save time, and plans to learn a new language.
The interviewee values self-improvement and has kept several New Year's resolutions throughout his life, including quitting bad habits and adopting new ones. He mentioned his love for yoga and his efforts to reduce his gym membership expenses. The interviewee also shared his experience of keeping a New Year's resolution to stop fighting with his mom, which led to a stronger relationship. He expressed that only 2% of New Year's resolutions succeed, but he is part of that statistic. The interviewee named five essential apps on his phone, including the BiggerPockets app, Spotify, Facebook, ESPN, and Safari or Chrome. He also recommended the Moment app, which helps him monitor his phone usage and set limits, allowing him to save time and be more present with his family. The interviewee also mentioned his desire to learn a foreign language, specifically Spanish, French, German, or Mandarin. Lastly, he shared that there is a job his company could not pay him enough to do, but he did not specify what that job was.
Finding an investor-friendly agent is crucial for real estate investors: Use BiggerPockets Agent Finder to connect with local market experts and navigate the real estate market, increasing chances of financial freedom
While some jobs in real estate may seem less desirable than others, such as Josh Dorkin's job with its 30-hour weekly meeting schedule, the ultimate goal for investors remains the same: achieving financial freedom. To get there, finding an investor-friendly agent is crucial. With BiggerPockets Agent Finder, investors can easily connect with local market experts who can help navigate neighborhoods, analyze numbers, and take confident action. This free resource is available at biggerpockets.com/deals and can help investors navigate the ever-changing real estate market and get closer to their financial goals. Remember, it's not about timing the market, but rather time in the market. So, invest wisely and don't hesitate to seek the guidance of a trusted agent.
