315: From 400 Credit Score to Making $17,000/Month in Passive Income

BiggerPockets Money Podcast

BiggerPockets

Education, Investing, Business

4.5 • 3K Ratings

🗓️ 4 July 2022

⏱️ 108 minutes

🔗️ Recording | iTunes | RSS

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Summary

Passive income and credit scores. While they don't entirely rely on each other, having good credit does allow you to build passive income streams far faster. Andrew Brazell learned this the hard way, but thankfully profited big time by making some needed changes. Less than a decade or so ago, Andrew was living in a rat-infested apartment, riddled with credit card and student loan debt, spending all of his money every month. He felt financially hopeless until he struck up a conversation with his Rugby teammate, and BiggerPockets CEO, Scott Trench. Scott personally helped Andrew dig himself out of a debt hole, start house hacking, and get well on his way to financial freedom. From there, Andrew understood the formula—save your money, buy income-producing assets, and repeat until financially free. Andrew took this lesson to heart, and shortly after paying off his debt, began rental arbitraging his apartment, helping him eliminate his cost of living. That’s when he met Haley Ferguson, his future wife, and a soon-to-be top short-term rental host. The duo saved their money and bought their first house hack property. And, because of smart landlording, they were able to bring in more than double their mortgage payment in rent alone, allowing them to live at a profit. Now, they’re well on their way to buying even more properties, helping them go from financial fiasco to financial freedom, and finally financial abundance. In This Episode We Cover How to save money every month so you can pay off debt, invest, or just have peace of mind House hacking, rental arbitrage, and other ways you can eliminate your cost of living Reducing your credit card, medical, or other debts by making a simple phone call Lifestyle creep and why every financial freedom chaser should resist it Vacation rental investing and the massive profits that come with it Purchasing properties with the VA loan and using low down payment loans to scale your real estate portfolio And So Much More Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Scott's Instagram Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Biggerpockets Bookstore Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets How to Create Financial Security (From Scratch!) and Become “Set for Life” 300 Doors, 100% Creative Financing with Pace Morby Airbnb Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	The opinions expressed here are my own and do not reflect those of the Marine Corps,
0:05.0	the Department of Defense, or the United States government.
0:07.6	Welcome to the Bigger Pockets Money Podcast,
0:09.5	show number 315, where we interview Andrew and Haley and talk about their
0:14.4	journey from his financial message to their real estate successes.
0:19.2	When we saw the potential though, we realized like we're not compromising.
0:23.8	Again, we're just loving future us.
0:26.6	We're living in, and it was an upgrade for us because I mean,
0:30.9	we're coming from Denver where square footage here is not cheap.
0:34.3	So we moved it into the mother-on-loss suite and it was an upgrade.
0:37.4	So we still, that's how we looked at it.
0:39.8	Yeah, we could be in the Big Too Bad Room House and have a nice guest room and all that other stuff.
0:43.7	Or we can live in the small mother-on-loss suite and just pay to have our friend's
0:48.5	day at a hotel whenever they come visit.
0:50.3	Like that was the options that we had and I don't regret it at all.
0:54.4	I love that little place.
0:55.6	Hello, hello, hello. My name is Mindy Jensen and joining me today is my hard-hitting co-host,
1:00.3	Scotchette.
1:01.1	That's a rocking good intro, Mindy.
1:05.9	Scotch, I heard you make financial independence less scary.
1:08.5	Let's just for somebody else to introduce you to every money story because we truly believe
1:13.3	financial freedom is attainable for everyone, no matter where or when you're starting.
	...

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