#61 with Rachel Richards: Retired at 27 & Living Off of $15k of Passive Income per Month
Millennial Millionaire Real Estate Podcast
English - August 28, 2020 21:07 - 50 minutes - 92.5 MB - ★★★★★ - 56 ratingsInvesting Business Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
In this episode, Jonathan Farber interviews Rachel Richards on her journey from buying her first duplex 3 years ago to retiring at 27 to live off of $15k of passive income per month. Rachel is a bestselling author and small multifamily investor in Denver, Colorado. In this episode, we get into topics like: getting through the first deal, finding deals as a new investor, managing property remotely, and more!
Top Takeaways:
How to get that first deal done - 7:45 - 10:30
It is doable to get your operation off the ground while working full time
The hustle is worth the result
If you’re passionate about real estate, use your extra time to grow better yourself
Don’t settle for something that doesn’t meet your needs
Finding deals with little experience - 14:00 - 18:00
If you want the benefit of the MLS, get a real estate license
The MLS isn’t the only route but it is possible to find good deals as an investor there
A real estate license also lets you cash in by representing the buyer
Probate leads, if approached with empathy, can also be effective
How to effectively manage property from a distance - 23:45 - 32:00
Ponying up for a quality property management company is well worth it
The headaches saved and disasters avoided will keep you at ease
Remember to always build property management fees into expenses
Even if self-managing, this will prevent worry later if things change
Use a screening questionnaire to make sure applicants meet your requirements
Schedule multiple showings at once to avoid the waste of cancellations
How to bring value to Rachel Richards:
Reviews on Amazon
Podcast connections
Resources:
Book by Rachel Richards: Money Honey
Book by Rachel Richards: Passive Income, Aggressive Retirement
Book by Chandler Bol: Published
Book by Steven Pressfield: The War of Art
Social Links:
Connect With The host, Jonathan Farber Here!
LinkedIn: https://www.linkedin.com/in/jonathanfarber1/
Instagram: @jonjfarb
FaceBook: https://www.facebook.com/jonathan.farber.9
Facebook Group: Real Estate Mentorship Mastermind
https://www.facebook.com/groups/860025821084224/
BiggerPockets: https://www.biggerpockets.com/users/JonathanF29
Schedule a time to talk: https://calendly.com/jonathan-farber/1-on-1-with-jonathan-farber-mmtr
Apply to be a guest on the podcast here: https://forms.gle/YNmALHUvDvuMWVVFA