165: How 'Finance Ninja" Daniel J. Mills Started at $30k a Year and Grew a US Rental Empire from Japan
BiggerPockets Money Podcast
BiggerPockets
4.6 • 2.9K Ratings
🗓️ 25 January 2021
⏱️ 83 minutes
🧾️ Download transcript
Summary
While living abroad, it can be very difficult to invest in assets in your home country, especially if you’re an American. Daniel J. Mills found this out early in his professional career. As a English teacher living in Japan, he had to jump through a sizable amount of hoops to find a way to invest in American stocks, index funds, and later real estate all while overseas.
Growing up in southern California, Daniel knew that there was money to be made through entrepreneurialism. He saw his father grow a business that was profiting millions each year, only to see it later become liquidated. Daniel didn’t really think too much about money or growing his personal wealth until years later.
After college, Daniel moved to Japan and became an English teacher making a salary of around $30,000 (USD) a year. He met his wife, settled down, and bought an apartment in an appreciating part of the city (contrary to many other parts of Japan). Daniel was saving around $1,000 a month, and realized he didn’t want to be making $30,000 a year forever. So, he started investing in index funds and stocks, which grew his net worth and allowed him to invest in other asset classes, like real estate.
Daniel even shares a tax loophole that allowed him to write off 100% of his 6-figure income while he was in Japan (solely from real estate depreciation)!
Flash forward to today, Daniel has rental properties in Idaho, Alabama, and Tennessee with partners from Japan and the United States. Daniel agrees with many other real estate professionals in the fact that you need a tried and true team in cities where you’re investing. Living in Japan, he doesn't have much to worry about in the US, thanks to his fantastic property managers, handymen, partners, lenders, and real estate agents.
In This Episode We Cover
- The challenges and benefits of investing in American assets while abroad
- Getting rid of debt fast so you’re able to scale your investments
- How money is easier to make as you become more educated and experienced
- The ins-and-outs of Japanese real estate compared to American real estate
- Converting bonus rooms to bedrooms for higher rent
- Forming partnerships with real estate professionals who can help you
- And So Much More!
Check the full show notes here: https://www.biggerpockets.com/moneyshow165
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Transcript
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| 0:00.0 | Welcome to the Bigger Pog its Money Podcast, show number 165, where we interview Daniel Mills, |
| 0:05.5 | a US citizen living in Japan who gives long distance real estate investing a whole new meaning. |
| 0:11.5 | I think the big thing is not to get overwhelmed and to keep things as simple as possible |
| 0:18.0 | in the beginning. I see this so often, people that are just don't get started because they think |
| 0:24.4 | it's a very complicated situation and it's almost like once they make a decision they can't change it. |
| 0:32.0 | Hello, hello, hello, my name is Mindy Jensen and with me as always is my Rockin' and Rollin' |
| 0:36.1 | Co-host, Scott Trej. You always drum up these great interests Mindy, thank you. |
| 0:41.9 | Scott and I are here to make financial independence less scary, less just for somebody else, |
| 0:46.9 | to introduce you to every money story because we truly believe financial freedom is attainable |
| 0:51.7 | for everyone, no matter when or where you're starting. That's right, whether you want to retire |
| 0:56.6 | early and travel the world, go on to make big time investments in assets like real estate, |
| 1:00.1 | start your own business or just invest in real estate from literally the other side of the world. |
| 1:04.7 | We'll help you reach your financial goals and get money out of the ways that you can launch yourself |
| 1:08.8 | towards these dreams. |
| 1:10.7 | Scott, today's guest comes from our Facebook group. If you're in the group, you have seen Daniel |
| 1:24.3 | Mills commenting on every single post that's up there. He is one of our top commenters and when |
| 1:30.3 | we reached out, he's actually a very interesting guy. We talk a lot about foreign tax and investing |
| 1:36.4 | in this episode, but we did feel it was really important to share this story because so many people |
| 1:40.9 | want to retire outside of the country or somehow take advantage of geoarbitrush. |
| 1:46.2 | Yeah, I think it's a fascinating story. It's a completely unique perspective, but I think it also, |
| 1:51.6 | if you're not living in Japan, highlights how great we have it here in the United States in terms of |
| 1:58.1 | applying the basics of building wealth. When you listen to this show, think about the hurdles |
... |
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