365: Finance Friday: How to Become Real Estate Ready in 2023
BiggerPockets Money Podcast
BiggerPockets
4.6 • 2.9K Ratings
🗓️ 23 December 2022
⏱️ 60 minutes
🧾️ Download transcript
Summary
Don’t know how to become a millionaire? There’s a pretty simple formula for seven-figure wealth that the average American doesn’t know about. It isn’t complicated, but it does take a fair amount of time to come to fruition. If you follow the same strategy, regardless of where you’re starting right now, you too could become a millionaire in under ten years. This wealth-building formula is exactly what today’s guest, Remy, is looking for.
Remy is doing his mid-twenties the right way. He’s got a great income, contributes heavily to investing, and already has six figures in equity thanks to buying his home two years ago. He’s made moves that many young investors would envy, but he wants to go even further over the next ten years. Remy is looking to become “real estate ready” in 2023, meaning he needs to be in a favorable position to start building his rental property portfolio so he can have a million dollars of real estate by the time he turns thirty-five.
The plan is simple for Remy, but he’ll need to make some serious tradeoffs. Is more real estate worth forsaking his growing retirement accounts? Should he slash his emergency fund to pile more fuel onto the FIRE? And where can he cut his budget so he’s saving as much cash as possible, ready to invest in the next great deal that comes his way? If you want to get real estate ready like Remy, stick around!
In This Episode We Cover
How to invest more when you’re financially treading water every month
Why requoting your car insurance after a certain age could save you thousands
Real estate vs. retirement investing and which one is worth a bigger contribution
Renting vs. selling your primary residence and when freeing up cash is the right move to make
Emergency reserves and the certain situation when Scott and Mindy are against them
Why retirement accounts can be a “trap” for the investor who wants to retire early
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
BiggerPockets Money Facebook Group
Finance Review Guest Onboarding
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Subscribe to The “On The Market” YouTube Channel
Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets
Check Out Mindy’s 2022 Live Spending Tracker and Budget
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Transcript
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| 0:00.0 | Welcome to the Bigger Pockets Money Podcast, finance Friday edition, Ruby Interview Remi, |
| 0:05.2 | and talk about becoming real estate-eddy. |
| 0:08.7 | I would love to invest in real estate. |
| 0:10.6 | The area that I live in is a high cost of living area, so property tends to be relatively |
| 0:14.8 | high with most investment loans being 25% down. |
| 0:18.7 | That's a significant chunk of money that I would have to save up. |
| 0:21.9 | Mostly looking at this as a 10 to 15 to 20 year return basis. |
| 0:27.0 | How do I get from here to there? |
| 0:29.2 | I think I'm in a relatively good position to be a millionaire by the time I'm 35. |
| 0:33.7 | I'm not keen on making a move on my home by my car primary residence, but considering |
| 0:39.0 | you know, it could have a big financial impact on my positioning, is that something I should |
| 0:43.0 | consider. |
| 0:44.0 | Hello, hello, hello, my name is Mindy Jensen, and with me as always is my nerdy co-host |
| 0:48.2 | Scott Chet. |
| 0:49.2 | 3.14159, math leaks do it all the time. |
| 0:53.8 | Thank you Mindy. |
| 0:56.2 | Please tell me you had that on a t-shirt. |
| 0:58.1 | No, I unfortunately not yet. |
| 1:00.4 | Not yet. |
| 1:01.4 | Not yet. |
| 1:02.4 | Not yet is right. |
| 1:03.4 | Christmas is coming, Scott. |
... |
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