If you make the right money moves, financial freedom is only a few years away. You can’t spend your entire paycheck on travel, trips, high rent, or entertainment if you want to retire early and have true time freedom. Matt Amabilerealized this earlier than most. At twenty-two years old, Matt wasn’t making much at his job, and living in an expensive area didn’t help. His goal was simple: live for free so he could pocket most of his take-home pay. What happened was even better than he would have expected.
With one property purchase, Matt eliminated his rent expense and created a $1,600-a-month passive income stream. This first venture into real estate was challenging, to say the least. From shady contractors to fist fights in a four-unit, a renovation timeline that went much longer than expected, and lockdowns making even simple tasks impossible, Matt hoped the reward was worth the risk on his first property. Spoiler alert: it definitely was.
Now, financially free at twenty-six, Matt works when he wants, where he wants, making $6,000 per month in passive income. He did all this in just four years, starting with $10,000, making a median salary. If Matt can do it, with zero experience in real estate investing, what’s stopping you from doing the same?
In This Episode We Cover
The most underrated real estate strategy that helps you reach financial freedom FAST
The 203(k) loan explained and using it to make MASSIVE equity gains on a property
Sacrificing luxuries and keeping your expenses low so you can retire early
Real estate partnerships and how to buy properties when you don’t have any money
The “BRRRR on training wheels” that new real estate investors should try
Job hopping and how Matt tripled his salary in under five years
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
BiggerPockets Forums
Finance Review Guest Onboarding
Find Investor-Friendly Lenders
Join BiggerPockets for FREE
Scott's Instagram
Connect with James BiggerPockets
Watch James on the “On The Market” YouTube Channel
Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets
Grab Scott’s Book, “Set for Life”
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Podcast Talent Search!
Money Moment
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-425
Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: moneymoment@biggerpockets.com
Learn more about your ad choices. Visit megaphone.fm/adchoices
BiggerPockets Money Podcast