Financial Freedom in 8 Years by Investing for Equity (NOT Cash Flow)

BiggerPockets Real Estate Podcast

BiggerPockets

Education, Investing, Business

4.8 • 16.6K Ratings

🗓️ 18 November 2024

⏱️ 40 minutes

🔗️ Recording | iTunes | RSS

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Summary

What if, within ten years, you could reach financial freedom? Imagine it. You may have a high-stress job where you’re working long hours and making good money but feeling burnout creeping in. You NEED an exit strategy if you’re going to keep up with this lifestyle because before long, you may need an early retirement. That’s precisely how Benjamin Aaker, emergency medicine physician, felt. Benjamin loves his work, and he’s still working today, but now, he has the option to leave when the burnout gets too much. After becoming an “accidental landlord,” Benjamin quickly saw the benefits of investing in real estate. He bought a few more houses and a multifamily building, then went bigger and bigger. Now, he’s equity-rich with a real estate portfolio that can support his lifestyle if he decides not to work. Even if you’re not stressed out at your job (yet), Benjamin encourages you to financially prepare to exit your career, if just for peace of mind. He talks about how you can scale smarter, faster, and better with partners, why sometimes you need to get dirty to succeed in real estate, and how to juggle investing with your full-time job. In This Episode We Cover: How to scale your real estate portfolio fast and reach financial freedom The crucial mistake Benjamin made when he bought his first big property Determining your financial independence timeline and when you want to be able to quit Appreciation vs. cash flow and the surprising choice Benjamin made to reach financial independence faster Vetting a real estate partner BEFORE you invest and red flags to look for Syndication investing for beginners and using other people’s money to buy real estate And So Much More! Links from the Show Join BiggerPockets for FREE Let Us Know What You Thought of the Show! Invest in Turnkey Properties with REI Nation Grab “The Intention Journal” Find an Investor-Friendly Agent in Your Area How to Build a Real Estate Portfolio & Quickly Scale Your Investments Connect with Benjamin Connect with Dave (00:00) Intro (00:48) Got a High-Stress Job? (02:30) The “Accidental” Landlord (03:54) Becoming Work-OPTIONAL (10:22) Equity Over Cash Flow (14:31) Multifamily and BIG Syndication Mistakes (23:55) A Really Crappy Problem (27:30) Finding (and Vetting) Partners (30:35) WAY Bigger Deals Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/real-estate-1045 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Maybe you're not getting into real estate because you want to quit your job today, but you want to quit in a year or in a decade.
0:07.0	Today's guest is going to explain how he used real estate to create a safety net in case the stress of 24-hour emergency room shifts ever became too much to handle.
0:23.3	Hey, everyone, it's Dave.
0:30.4	And today we have an incredible investor story with Benjamin Acre, an emergency room physician in Sioux Falls, South Dakota.
0:38.9	Benjamin became an accidental landlord, then realized that real estate could be the exact solution he was looking for and has since scaled up into some seriously impressive properties, even if he had to jackhammer at least one sewage line
0:45.6	himself to get there. Let's bring on Benjamin. Benjamin, thanks for joining me today. It's good to
0:51.2	have you. Yeah, thanks so much for having me. It's really exciting to be here today.
0:54.7	Yeah, let's jump into this thing. Tell me a little bit about how you first got started investing and
1:00.6	what else you were doing at that time. Sure. So I'm a physician, an emergency medicine physician,
1:07.2	and got started doing that, not wanting to do any kind of real estate at all, just never even
1:12.7	thought of it. But I kind of realized early on that burnout was a thing and it's very high in
1:18.4	medicine and it's even higher in emergency medicine. And so I was wanting to do other things.
1:23.2	But that was stock market. That was anything else other than real estate at the time.
1:29.7	And I was an accidental landlord.
1:31.9	That's how I really got into real estate investing.
1:33.8	And how old were you at the time?
1:34.8	Let's see.
1:36.8	It would have been nine years ago.
1:39.7	So that would have put me at 35 years old. Okay.
1:40.4	And I would imagine that being an emergency room physician is extremely time intensive. So what was it like
1:47.7	becoming an accidental landlord? Well, yeah, you're right. It is time intensive. The nice thing about
1:52.9	emergency medicine is it's a shift work. So you can kind of schedule your day and pack it all in.
	...

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