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BiggerPockets Money Podcast

420: Trading His Man Cave for a “Money Cave” That Makes THOUSANDS a Month

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.62.9K Ratings

🗓️ 12 June 2023

⏱️ 56 minutes

🧾️ Download transcript

Summary

Turning a man cave into a “money cave” Airbnb making thousands of extra dollars a month? It doesn’t get more house-hackable than this! Ron Curtis was able to pick up his first home in a pricey area for only a few thousand dollars. But how he funded his “money cave” is even more impressive. Within just hours, Ron was able to get $20K to renovate and rehab his basement unit, turning a few thousand dollars into two fully-furnished units and a house hack that pays his mortgage for him. Want to hear how he did it? Tune in! Ron is a serial entrepreneur. If it makes money, Ron has tried it. From renting cars on Turo to managing Airbnbs, starting his own credit repair and financial coaching consultancy, and turning his primary residence into a cash-flowing short-term rental, Ron isn’t messing around. He does all this while still having a typical W2 job, allowing him to save almost all the income he collects so that he can invest even faster. But, just five years ago, Ron was in a different financial state. After blowing five figures on travel, trips, and going out, Ron took a step back and looked at all the credit card debthe racked up. Thanks to a helpful coworker, he was able to pay it off without succumbing to twenty-plus percent interest rates. Ron used this same strategy to help his friends pay off their debt and eventually start coaching. Now, running multiple cash-flowing businesses, Ron has side hustles that outpace most people’s nine-to-five. So how does he do it all with just twenty-four hours in the day? He’ll share his secrets in this episode! In This Episode We Cover The two easiest ways to escape credit card debt (and which one Ron recommends) Low money down real estate loans and the mortgage programs you MUST know about Starting your side hustles and the true cost of building a business Short-term rental house hacking and turning spare space into extra cash Outsourcing and delegating using VAs (virtual assistants) so you DON’T have to work for your business Business credit cards and using yours to buy assets that will make you richer And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Scott's Instagram Connect with James BiggerPockets Grab Scott’s Book, “Set for Life” Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Click here to check the full show notes: https://www.biggerpockets.com/blog/money-420 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email us: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Welcome to the bigger pockets money podcast where we interview Ron Curtis and talk about his journey from debt to

0:07.9

sprawling fledgling growing empire. Hello. Hello. Hello. My name is Scott trench and with me today is James Dainard from our sister podcast on the market.

0:16.7

Thanks for having me back Scott. I like hanging out with you talking about money. Yeah, always always very fun.

0:21.2

So thanks for things are coming back. James and I are here to make financial independence less scary.

0:26.0

Less just for somebody else to introduce you to every money story because we truly believe that financial freedom is attainable for everyone no matter when or where you're starting.

0:34.6

Whether you want to retire early and travel the world or go on and make big time investments in assets like real estate or start your own business

0:42.4

will help you reach your financial goals and get money out of the way so you can launch yourself towards your dreams.

0:48.0

James, I was really impressed with with Ron's journey from from debt to accumulating tens of thousands of dollars in wealth to house hacking to

0:55.4

building an empire. I mean, this guy is is on pace to take over the world one day and won't be that long in the distance.

1:02.6

It won't be in the two distant future when that happens. Yeah, he is addicted to the grind. I love it.

1:07.4

Like he's just going going going and then you know, and he actually made the best step. He really educated himself about debt rather than chasing the dream.

1:17.0

He figured out how to get to the dream first. Absolutely. Well, we have a new segment of the of the money show called the money moment.

1:25.0

Where we share a money hack tip or trick to help you on your financial journey and today's money moment is if your gas tank is running low,

1:32.0

avoid filling up on a Thursday according to new data from gas buddy. Gas tends to be cheapest at the beginning or end of the work week on Monday or Friday.

1:41.4

And tends to be the most expensive on Thursdays. I did not know that I was actually thinking about filling up today.

1:47.0

Today's a Thursday. I don't have to wait until tomorrow. Ron is a financial literacy coach who also works in real estate and as a full time job

1:54.7

in the government after smashing $10,000 in debt he created a real estate business which allows him mostly passive cash flow through leveraging VA's and AI.

2:04.4

Ron, I'm so excited to have you here on the bigger pockets money podcast. Thanks for joining us. Thanks for having me. I'm excited to be here as well.

2:11.4

Awesome. Could you get started by telling us a little bit about yourself and maybe giving us a quick overview of your money story.

2:17.5

I great. Some of the names Ron Curtis. Some people like to refer to me as Dr. Financial. I'm born and raised in Washington DC.

2:25.0

I attended Virginia Commonwealth University, VCU Rams, Enrichment Virginia. I graduated with my bachelor's in human resource management, specializing in business.

2:36.6

I'm pretty much what I do now. I consider myself a nine or five manure. I have a full time job. I work for the DC government specifically with project management and contract.

...

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