498: Paying Off $118K of Debt in 2 Years and Buying Real Estate (16 Units!)

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 30 January 2024

⏱️ 46 minutes

🔗️ Recording | iTunes | RSS

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Summary

Real estate investing is a popular path to financial freedom, but if you’re not careful, bad debt can get in the way. Before today’s guest could buy rental properties, she had to deal with the mountain of debt that stood between her and wealth. But thanks to aggressive saving and new money habits, she became debt-free in just TWO years! Sarah King has been thrown several curveballs on her journey to financial independence. Just when she had managed to pay off $118,000 of debt and buy five properties, her marriage ended in a nasty divorce. Forced to liquidate her and her husband’s assets, Sarah was back at square one. Rather than giving up on her dream of reaching FIRE, she overcame her shaky financial situation and found creative ways to buy real estate. Within a few months, she was back on her feet, and today, she owns sixteen units across ten properties! In this episode, Sarah offers some crucial advice for aspiring investors—including why you should get your financial house in order before buying properties, how to leverage your retirement accounts to buy more properties, and how to use private money (responsibly). You’ll even learn about house hacking—the real estate investing strategy Sarah uses to cover her mortgage payment each month! In This Episode We Cover How to reach financial freedom by investing in real estate The three areas of your finances that will help you build wealth faster How to pay off BAD debt as quickly as possible Why you MUST get your financial house in order before buying properties How to use private money to buy MORE real estate Covering your mortgage payment with the house hacking strategy 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 Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Money Moment From Toxic-Marriage to Financially Independent Mom with 13 Units How to Achieve Financial Freedom Through Real Estate in 4 Steps Click here to check the full show notes: https://www.biggerpockets.com/blog/money-498 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	Hello, hello, hello, and welcome to the BiggerPockets Money Podcast. My name is Mindy Jensen and I am solo today.
0:06.2	Scott is taking a much needed and well-deserved day off, so I am here to make financial independence less scary, less just for somebody else,
0:15.0	to introduce you to every money story because I truly believe financial freedom is attainable for everyone,
0:21.0	no matter when or where you're starting.
0:24.0	Today I'm talking to Sarah King, a real estate investor and the founder of the
0:28.2	Nords Guide to Fai.
0:30.1	Sarah talks to us about her journey out of debt and how she was able to find success in real estate investing after a complicated divorce.
0:38.0	You'll learn how to quickly get yourself out of debt, what the most important piece of education newbies should
0:44.0	get before they get into real estate, and how to responsibly use private lending to
0:49.5	get ahead. If you're interested in real estate investing, but you have debt or your financial situation is unstable,
0:55.3	Sarah's story is a great blueprint of how to get your financial house in order before you dip your toes into real estate.
1:05.0	Sarah King from The Nirds Guide to Fai. Welcome to the BiggerPuggets Money Podcast.
1:07.0	I am so excited to talk to you today.
1:09.0	I am pumped to be here.
1:11.0	I've always dreamed of being on the money podcast. This is
1:14.7	fantastic. I'm a money nerd by nature so this is fantastic and with the one and
1:20.4	only Mindy of course. So what I'm hearing you say is I am making your dreams come true.
1:26.5	You are. Well my dream coming true last year was to meet you and now we've come so far so.
1:31.6	Well I love it thank you so much so Sarah let's jump right into it
1:36.4	because we have a ton of things to talk about. Your introduction to the financial
1:40.0	independence space happened at a time where you were kind of drowning in debt.
1:45.8	What year was this and how much debt were you in?
	...

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