321: The Fast Track to Financial Freedom & Turning $29K into $1.5M by Doing THIS w/Joe and Andrea DelGrosso

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 13 September 2023

⏱️ 53 minutes

🔗️ Recording | iTunes | RSS

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Summary

If your end goal is financial freedom, investing in real estate is one of the best ways to get there. But, if you want to reach that goal sooner rather than later, you may need to leverage several strategies at once. Today’s guests were able to fast-track their journey to financial freedom by doing just that! In this episode of the Real Estate Rookie podcast, we’re chatting with husband-and-wife real estate duo Joe and Andrea DelGrosso. Their investing journey started back in 2016 when they bought a single-family rental without knowing very much about real estate. Although they initially invested for some extra financial stability, their focus shifted in 2019. As they started tuning into BiggerPockets and educating themselves about real estate, they realized that there were ways to expedite their path to financial freedom—tapping into equity to turn tens of thousands into MILLIONS. Today, the DelGrossos have a modest portfolio of ten properties. Stick around as they share how they were able to create multiple revenue streams from a single property, as well as why they made the transition from long-term rentals to short-term rentals. For rookies who are still deciding on which real estate strategy to use, they touch on everything from 1031 exchanges to BRRRRs and more! In This Episode We Cover: Reaching financial freedom faster by combining multiple investing strategies How to create multiple streams of income from ONE property How to get your spouse on board with real estate investing Leveraging the equity in your properties to grow your portfolio FAST How to avoid capital gains taxes using a 1031 exchange And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! Hear Our Recent Interview with Mike Michalowicz Snowballing 6-Figure Short-Term Rental Profits Into Passive Investments w/ Avery Carl Achieving FI with Fewer Doors: The Small and Mighty Real Estate Portfolio w/ Chad Carson Follow Lauren Mattina on Instagram Connect with Joe and Andrea: Joe's BiggerPockets Profile Joe and Andrea's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-321 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This says Real State Rookie episode 321.
0:04.0	Still kind of trying to learn all these terms.
0:05.8	Burr, fire, you know, financial free, all these things terms.
0:10.8	But I feel like with this condo that we bought in 2019,
0:13.3	it was a two bedroom, two bath.
0:14.8	We bought it and it had, it needed a full paint job,
0:17.8	which we DIY'd.
0:19.0	Then we rented it out fast forward four years later,
0:22.0	we ended up actually selling that in 1031
0:26.8	it into our biggest short term property that we have.
0:30.4	But in between there, we also did a cashout refi on it
0:33.6	because we increased the value with the burr, right?
0:36.6	Pulled some cash out and we bought another property with that.
0:39.8	I'm Ashley Care and I'm here with my co-host,
0:42.4	Tony J. Robinson.
0:43.9	And welcome to the Real State Rookie podcast
0:46.1	where every week, twice a week,
0:47.8	we bring you the inspiration, motivation, and stories
0:50.6	you need to hear to kickstart your investing journey.
0:52.7	Today we've got a dynamic husband and wife duo,
0:55.0	Joe and Andrea Del Grozo.
0:57.1	And I really enjoy chatting with them.
	...

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