Mindy, I really don’t like it when you take these intros and use them as an opportunity to projectile on me your frustrations with my youth. My name is Mindy Jensen and with me as always is my infant co-host who has never heard Rocket Man from Elton John, Scott Trench. Welcome to the BiggerPockets podcast show number 288, Finance Friday edition, where we interview Brandy and talk about self-employment, short-term rentals, tax planning, and geographic arbitrage.Īre we on the right path because we have net worth, but we’re so heavy in real estate equity at this point that even when I track our FIRE numbers and track the potential of moving to Portugal as an opportunity in the future, I just wonder, “Am I thinking of this in the right way?” But what’s the point of so much equity if you can’t use it? This is the main topic of today’s discussion!īrandy is wondering what will make the most sense for her life abroad- keeping the rental properties or selling and investing in stocks? In order to offer suggestions, Scott and Mindy take a look at Brandy’s entire financial picture, where she stands in terms of retirement, how high her expenses are, and what she can do before her journey to start on the best financial foot possible.Ĭlick here to listen on Apple Podcasts. In total, this comes out to a handsome $300k per year, and that’s on top of the million dollars worth of equity that sits between her vacation rentals and her primary residence. Brandy already works remotely, but will be giving up a significant amount of her income once she makes the move.īrandy has multiple streams of income-her contract work, her eBay business, her rental portfolio, and her husband’s job. Why Portugal? Besides the climate, coastline, and comfortable cost of living, Portugal allows today’s guest, Brandy, to live abroad with a passive income visa. Your state and country by paying income taxes.Passive income is a must, especially if you’re trading your life in America to start living in Portugal. Your city and county by paying property taxes Your community by providing private sector housing. Sellers by solving their financial dilemmas Realize that you can become a weekend millionaire without taking advantage of anyone. We are going to take you through the process systematically until you feel confident that you can do it.Ĥ) Understand and practice the negotiating techniques that we will teach you.ĥ) Study the chapters on how to structure offers until you thoroughly understand.Ħ) Feel very good about what you are doing. We will show you how to do this.ģ) Have the courage to make enough low offers to sellers until you feel comfortable doing it. But start out slow.ġ) Learn and thoroughly understand this program.Ģ) Spend time learning about your local real estate market. We think that you will do much better than buying one house a year once you get started and gain some experience. Once the mortgages are paid off, the rent coming in (minus the expenses you in for to maintain the property) will be yours to keep. We are going to teach you how to buy rental real estate in such a way that you will be able to cover all the expenses, maintain the property well, and pay off the mortgages within 15 years. Here, in a nutshell, is what you will learn from this book. The weekend millionaire program doesn’t focus on how much property you own but on how much cash flow it can generate. Cash flow is such an integral part of the Weekend Millionaire program that we devoted the next chapter to it. Real estate is one of the few investments that can generate enough cash flow to purchase the asset without having to use any of your earned income. Use the equity gain to buy another asset and hire more tenants to pay off the mortgage for you. Investors use leverage to acquire assets that generate in come that will pay for the asset and provide profits. To Investm ent (Making money being an Investor and Owner) If you change the way you think you will change your life.įrom Employment (Earning a wage by being an employee) When you own rental properties you hire tenants to go to work for someone else to earn the money to pay off your mortgages. People: You let oth ers pay it off for you. Money: You can buy an asset for a fraction and There is a very good chance that will happen, but it isn’t the key ingredient. Speculation requires asset values to rise. This is an investment program, not speculation, an important difference.
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