8. REI to FI making 54K with 4 littles, serious long distance landlording, plenty of taco bell, and developing a strong network | David from @DIY_Landlord
I am coining a new term with this one -- REFI! Financial Independence by Real Estate! This podcast set the record for my longest EVER. Carve out sometime ( or get your steps in) because listening to David crush it on a 54K salery will amaze you. He talks through his early days of finding deals all the way from Africa. with the help of his father and business partner. David and I also share a love for Facebook marketplace deals, live-in flips, and using smart-key locks. Despite carrying the most business debt of any person I have interviewed to date, David is very debt aware on the personal side. He was always raised to be wary of debt, and if you must use debt like student loans, you best pay it off fast. He even worked 30 hours a week through college. We cover the importance of living on less than you make and learning to be personally financially disciplined, and that you do not need a ton of properties to be financially independent. A portfolio will look different if you want financial independence vs. want to build a business. And David was here to build a business. We review two ways David protected himself during COVID. The first, and everyone's favorite: stacking cash. The second is access to cash. You will also hear how David celebrates every deal, and our favorite things on the taco bell menu. Listen to David scare me strongly away from investing in commercial real estate during COVID. Also, I have a new life goal of owning an entire street of duplexes now (to avoid “apartment complex” mentality). And I am hype to learn how he got not one but TWO whole streets of duplexes. Perhaps you too will learn a new term: elevator (or escalation) clauses. I love our talk on tenant screening methods, section 8, and all of the benefits of networking local. David dishes on how he bought his newest primary residence/house hack/live in flip (with FOUR kids, mind you!). David continues buying but cautiously with COVID. Finally, hear what David is OUTSOURCING (hint: it is the same sucky task I recently hired out!) to someone else, to buy back his own time. Learn: BRRRR. Or a whole book on BRRR. Buildium. Why David should stock up on 7 layer taco bell burritos while they last. (RIP also loaded grillers) Classes of property: my fav article on the topic. Elevator clause, or Escalation clause My Automated Tenant Screening System The book that saved him $120,000: Never split the difference. --- Support this podcast: https://podcasters.spotify.com/pod/show/nerdsguidetofi/support