425: Financially Free in 4 Years by Making One VERY Smart Money Move

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 30 June 2023

⏱️ 49 minutes

🔗️ Recording | iTunes | RSS

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Summary

If you make the right money moves, financial freedom is only a few years away. You can’t spend your entire paycheck on travel, trips, high rent, or entertainment if you want to retire early and have true time freedom. Matt Amabilerealized this earlier than most. At twenty-two years old, Matt wasn’t making much at his job, and living in an expensive area didn’t help. His goal was simple: live for free so he could pocket most of his take-home pay. What happened was even better than he would have expected. With one property purchase, Matt eliminated his rent expense and created a $1,600-a-month passive income stream. This first venture into real estate was challenging, to say the least. From shady contractors to fist fights in a four-unit, a renovation timeline that went much longer than expected, and lockdowns making even simple tasks impossible, Matt hoped the reward was worth the risk on his first property. Spoiler alert: it definitely was. Now, financially free at twenty-six, Matt works when he wants, where he wants, making $6,000 per month in passive income. He did all this in just four years, starting with $10,000, making a median salary. If Matt can do it, with zero experience in real estate investing, what’s stopping you from doing the same? In This Episode We Cover The most underrated real estate strategy that helps you reach financial freedom FAST The 203(k) loan explained and using it to make MASSIVE equity gains on a property Sacrificing luxuries and keeping your expenses low so you can retire early Real estate partnerships and how to buy properties when you don’t have any money The “BRRRR on training wheels” that new real estate investors should try Job hopping and how Matt tripled his salary in under five years And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Find Investor-Friendly Lenders Join BiggerPockets for FREE Scott's Instagram Connect with James BiggerPockets Watch James on the “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, 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 Click here to check the full show notes: https://www.biggerpockets.com/blog/money-425 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 Matt Ammibiel and talk about
0:04.6	house hacking with a 203K loan and journeying towards 5 in your 20s.
0:10.0	Hello, hello, hello, hello, my name is Scott Trench and with me today is my co-host James
0:14.3	Danard from our sister podcast on the market. James and I are here to make financial independence
0:19.2	less scary, less just for somebody else. To introduce you to every money story because we truly
0:23.8	believe financial freedom is attainable for everyone, no matter where or when you're starting.
0:28.5	Whether you want to retire early and travel the world, go on and make big time investments in
0:33.2	assets like real estate or start your own business will help you reach financial goals and get
0:38.0	money out of the way so you can launch yourself towards your dreams.
0:42.1	All right, we have a new segment of the show called the Money Moments where we share a money
0:46.2	hack tip or trick to help you on your financial journey and today's money moment is if you're
0:50.5	thinking about taking a vacation, plan ahead and book your flights at the appropriately timed
0:57.1	moments in advance. So for example, flights are generally the most inexpensive between four
1:01.5	months and three weeks before your departure date. So book in that time period.
1:06.0	It's summer and you've just returned from a glorious day outdoors. You open the fridge and
1:11.8	there's nothing. Now you're busting your budget, paying $50 for takeout. Next time pack your fridge
1:17.8	with delicious affordable meals from Factor. America's number one ready to eat meal kit. Factor's
1:23.0	fresh never frozen meals are ready in just two minutes. Choose from over 34 chef prepared
1:28.6	dietitian approved weekly options featuring premium ingredients such as broccoli,
1:33.1	leeks, truffle butter and asparagus. Elevate your lunch or dinner with Factor's surf and turf
1:38.7	and surf and surf choices like roasted garlic filet mignon and shrimp and Cajun spiced shrimp and
1:44.3	salmon with calorie conscious protein plus vegan veggie and keto options. Factor's spices up
	...

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