475: How to Get Rich Without Investing in Real Estate

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 1 December 2023

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

You want to know how to get rich. But you probably don’t want to deal with the tenants, toilets, trash, and constant headaches of investing in real estate. And even as the world’s biggest resource for real estate investors, we get it. The landlord lifestyle isn’t for everyone. Thankfully, real estate isn’t the ONLY way to get rich. There are five other time-tested ways to build wealth that don’t involve 2 A.M. tenant phone calls. In today’s show, Mindy and Scott tag team the five best ways to build wealth without ever buying a rental property.These methods work for almost anyone, no matter how much (or how little) money you make or have in the bank. Some of these methods are more passive than others, requiring just minutes a month to start building wealth, while others can explode your income but require much more time. But we’re not just giving you some experimental investment methods to try. Both Mindy and Scott have used most, if not all, of these methods to become rich themselves, and if you incorporate ANY of these methods into your life in 2024, there’s a good chance by this time next year, you could be way wealthier! In This Episode We Cover The five ways to get rich WITHOUT investing in real estate The four “levers” of wealth you can pull to level up your financial lifestyle “Boring” businesses and HUGE investment opportunities for those in their 20s, 30s, or 40s Job hopping and why you could be underpaid and overworked at your current role The investment accounts that can expedite your path to becoming a millionaire The super passive investment anyone can use to build massive wealth in the background And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggerPockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment Past Episodes Mentioned in Today’s Show Index Funds Financial Mechanic David Greene (1st Episode) David Greene “Boring” Businesses Liquor Store Investment Franchising Side Hustles Nick Loper (Side Hustle Nation) Loan Signing Side Hustle Click here to check the full show notes: https://www.biggerpockets.com/blog/money-475 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	You've probably thought I could invest in real estate, but I don't have 20% or more for the down payment lying around.
0:06.7	What if all you needed was 5% down? With getaway, it's possible.
0:10.4	Getaway is making it easier than ever for individual investors like you to build real estate portfolios.
0:16.0	Getaway will co-invest in a deal with you, where they take care of finding the property, financing, management, maintenance, and more.
0:23.7	Then in two to five years, you can buy them out and keep the appreciation.
0:28.1	Here's what to do.
0:28.9	Head to getaway.co slash BP.
0:32.4	Get pre-qualified in minutes, browse pre-vetted properties that match your
0:36.3	investment goals, bring as little as 5% down and start cash flowing. You can even use the cash flow
0:42.4	to cover monthly expenses.
0:44.1	Finally, refinance or bring your own cash to buy Getaway out of the deal.
0:49.1	You get the property and the equity.
0:51.1	Ready to join thousands of investors using getaway to scale
0:54.2	their portfolios faster? Check out pre-vetted deals today by signing up for free at getaway.co slash BP that's g-e-t-a dot co slash B. If you've got rental properties take a quick
1:10.8	look at your property management expenses.
1:13.0	If you're in Texas, you could be paying 8% of your rent to a property manager.
1:17.0	But in New York, it could be up to 25%.
1:20.0	No matter where you own property, you can cut your expenses overnight by self-managing with rent ready.
1:26.4	Rent ready lets you collect rent, screen tenants, track repairs, and manage accounting all from your phone.
1:33.4	Plus they charge a flat rate so your cash flow stays high
1:37.2	and your stress stays low.
1:39.2	Even better, Rent Ready is included in your BiggerPockets Pro membership.
	...

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