436: “Snowballing” to 12 Doors in 4 Years & Replacing TWO Six-Figure Salaries w/Emily Love

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 24 July 2024

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Owning rentals could help you become financially free, afford you more time with family, and allow you to travel the world. Whether you’re stuck in a career you dislike or you need a more flexible job, you’re about to learn that real estate investing could be your golden ticket! Welcome back to the Real Estate Rookie podcast! Despite earning six-figure salaries as engineers, Emily Love and her husband were stressed, exhausted, and dissatisfied at their nine-to-five jobs. So, with the goal of one day trading their W2s for financial freedom, they set out to buy their first rental property. Little did they know that ONE deal would quickly snowball into a real estate portfolio with twelve doors—allowing them to leave their engineering careers behind and replace their income with a concoction of cash flow from rentals, co-hosting, and consulting! Do you dream of leaving your job and becoming a full-time real estate investor? You won’t want to miss this episode! Emily shares how she reverse-engineered her cost-of-living number to set clear investing goals, used the profits from her first property to build her portfolio, and created multiple streams of income in her real estate business! In This Episode We Cover How Emily and her husband replaced TWO six-figure salaries with real estate Why your FIRST real estate deal is so important for achieving your investing goals How to scale a portfolio that allows you to leave your nine-to-five job Reverse-engineering your cost-of-living figure to find your investing strategy How to start (and scale!) your own co-hosting business from scratch The BEST ways to find high-quality contractors for your renovation projects How to extract multiple income streams from your real estate business And So Much More! (00:00) Intro (00:48) Life Before Real Estate (07:31) Current Portfolio & First Deal (15:16) “Snowballing” with Rentals (21:28) Leaving Her W2 Job (26:58) Creating Other Income Streams (34:59) How to Start Today! (36:54) Connect with Emily! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-436 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	My name is Ashley Care and welcome to the Real Estate Rookie Podcast where every week, three times a week,
0:06.0	we bring you the inspiration, motivation, stories you need to kick start your investing journey.
0:11.0	Our guests today decided to make sacrifices today for a
0:15.9	better future. She believes that every rookie should reverse engineer their
0:20.9	goals so that you know what to do and how to get there.
0:24.0	We're going to discuss why your first property is so important, how one property
0:30.4	will snowball your portfolio, how her portfolio let her
0:34.9	leave her job and also why making six figures can actually suck.
0:40.9	So let's give a big welcome. So Emily, thank you for coming on to the show today.
0:47.2	Yeah, so happy to be here.
0:48.5	Yeah, so to kind of get started, what were your life circumstances like when you started to even think about real estate
0:55.1	investing? Yeah so before real estate investing I had just graduated college with my engineering degree and ran at a college I started
1:05.0	I started working for Anhezer Bush full time.
1:07.9	And I worked as an environmental and safety manager for them.
1:12.1	And basically what that means is I was making sure that they were complying with like the
1:17.0	environmental and safety regulations in the US. And it was a very demanding job, it was very high stress.
1:23.6	It was a 24-7 operation, manufacturing, union environment.
1:28.9	And honestly, after one year in, I was exhausted exhausted and I realized that even though I was making six figures it
1:37.3	sucked. So what was it like at work when you and your coworkers were making this great salary but it also kind of
1:46.8	seemed like living like you are broke too.
1:50.3	Even though we were like making a lot me and my husband both worked for Anizer Bush actually we were making a lot of money
1:56.7	We knew we still wanted to quit and what we did was just we're like how much money do we need to survive like what is our
	...

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