530: Reaching $1M Net Worth and FI in 6 Years with a “Home Run” Rental Property

530: Reaching $1M Net Worth and FI in 6 Years with a “Home Run” Rental Property

You DON’T have to spend your entire life chasing financial independence. Play your cards right, and you may not even need a whole decade! With a little hard work and sacrifice, today’s guest became a millionaire (and financially free) in just SIX years! Welcome back to the BiggerPockets Money podcast! After years of “drifting” through life and racking up bad debt, Erichad a moment when he realized he might not be able to rely on his W2 income for as long as he had hoped. Seeing the writing on the wall, he decided to get serious about achieving financial independence—buying rental properties, fixing them up, and eventually flipping them for a huge profit. One “home run” deal catapulted him toward his FI goal and a $1 million net worth! If you dream of financial freedom but don’t want to spend your whole life getting there, this episode is for you! Eric offers some helpful advice for those who are looking to start their own FIRE journey—including why new investorsshould buy “grandpa’s house,” how to uncover “rare” real estate deals on the multiple listings service (MLS), and how to get the maximum return on a few years of sacrifice! In This Episode We Cover How Eric became a millionaire and reached financial independence in SIX years Why buying “grandpa’s house” is a cheat code for building wealth How to start fixing and flipping houses (and turn a HUGE profit!) How to find “rare” real estate deals on the multiple listings service (MLS) Building your real estate portfolio by using your profits to buy MORE properties And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder Grab Your Copy of “The Book on Flipping Houses” BiggerPockets Money 516 - Jaspreet Singh: Getting Rich Slowly and Why Some People STAY Broke BiggerPockets Money 481 - Building a $1 Million Net Worth in Only 3 Years by Investing in Real Estate Connect with Eric on BiggerPockets 00:00 Intro 01:22Millionaire in 6 Years! 03:34 Buying “Grandpa’s House” 09:04 Eric’s BIG Turning Point 15:24 The Journey to $1 Million 19:08 The “Home Run” Rental 31:45 Moving to New Hampshire 33:13 How to Reach FI 36:13 Share Your Money Story! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-530 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

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12: How to Become an “Overnight” Success in 10 Short Years with David Greene

12: How to Become an “Overnight” Success in 10 Short Years with David Greene

While David Greene is a long-time real estate investor, best-selling author, and one of the top real estate agents in California today, his career started in the most unlikely of places—as a busboy at...

19 Mars 20181h 2min

11: Financial Freedom in Less Than Five Years with Joel from FI 180

11: Financial Freedom in Less Than Five Years with Joel from FI 180

Joel and his wife were barreling down the wrong financial path - saving nothing and spending more than $100,000 every year. A freak car accident literally changed the direction of their lives by causi...

12 Mars 20181h 14min

10: Designing a Frugal But Luxurious FI Life by Age 32 with Liz Thames

10: Designing a Frugal But Luxurious FI Life by Age 32 with Liz Thames

In March, 2014, Liz and her husband made the conscious decision to stop their big city, big spending lifestyle, and adopt a frugal mindset in order to realize their new goal of moving out of the hustl...

5 Mars 20181h 6min

9: Financial Independence at Age 30 (by House Hacking + Side Hustles) with Drew from Guy On Fire

9: Financial Independence at Age 30 (by House Hacking + Side Hustles) with Drew from Guy On Fire

What would happen if someone had early financial independence in mind right out the gate, upon graduating college? Imagine the amount of money that person could stockpile... Today’s guest had exactly ...

26 Feb 201856min

8: From Financially Perfect to Rock Bottom (and back again) with Tiffany “The Budgetnista” Aliche

8: From Financially Perfect to Rock Bottom (and back again) with Tiffany “The Budgetnista” Aliche

Tiffany Aliche grew up talking about money. Her dad was an accountant,  her mother actively  engaged the children in grocery  shopping and other areas of finance. She was a teacher at a private school...

19 Feb 201855min

7: How Breakfast Food Motivated Financial Freedom with Mr. and Mrs. Waffles on Wednesday

7: How Breakfast Food Motivated Financial Freedom with Mr. and Mrs. Waffles on Wednesday

Mr. and Mrs. Waffles on Wednesday (WoW) were doing everything wrong. They ran up ridiculous tabs at a local restaurant/bar just ‘hanging out,’ while getting abysmal returns from their financial planne...

12 Feb 20181h 10min

6: Fearlessly Paying off Massive Student Debt on $30,000 per Year with Sarah Wilson

6: Fearlessly Paying off Massive Student Debt on $30,000 per Year with Sarah Wilson

Are you tired of hearing success stories from folks who are earning $60,000, $80,000, or even $100,000 or more paying off debt and moving toward financial freedom? Where’s the inspiration for the fol...

5 Feb 201832min

5: Jump Starting your Early FI Plans by Live-in Flipping with Mindy Jensen

5: Jump Starting your Early FI Plans by Live-in Flipping with Mindy Jensen

Mindy was born in a small town, and then she moved and moved and moved. In fact, moving doesn’t phase her at all, which plays right into the core component of her investment strategy -- The Live-In-Fl...

29 Jan 201853min

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