From $17K/Year Teacher Salary to Financial Freedom with Repeatable Rentals

BiggerPockets Real Estate Podcast

BiggerPockets

Investing, Education, Business

4.8 • 16.6K Ratings

🗓️ 12 August 2024

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

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Summary

How does a teacher with a LOW salary achieve financial freedom, let alone invest in real estate? Surprisingly, it’s not as hard as you think, and if you repeat the strategy from today’s show, you could reach financial freedom much sooner than you’d planned. In this episode, we’re talking to Corby Goade, who, not too long ago, was a teacher making just $17,000 per year at the start of his career. So, how did he begin building wealth and replace his AND his wife’s income? After fixing up an outdated house he bought after college, Corby was shocked by how much equity he had made. With some basic painting, new flooring, and simple upgrades, Corby made twice as much in equity as he did teaching. From there, a rinse-and-repeat-type strategy formed as Corby slowly began buying rental properties whenever he could, even with his tiny teacher’s salary. Fast forward to today, and Corby and his wife are financially free, running multiple businesses and living life on their terms. They still own that first rental, even though Corby did “everything wrong” (his words), and his first tenant almost destroyed the property. Still an active investor, Corby says that deals just like his first one are on the market NOW, even in 2024. He shares his exact buy box you can use TODAY to find properties like this, walk into equity, and achieve financial freedom just like he did. In This Episode We Cover: The repeatable real estate investing strategy beginners can use to build wealth fast Why house hacking is the easiest way to invest in real estate and start making/saving money Why you can still reach financial freedom, even if you do EVERYTHING wrong on your first rentals The exact buy box Corby uses today to find undervalued real estate deals (even in an expensive market) Corby’s best advice to get real estate deals sent straight to your inbox And So Much More! Links from the Show Try the BiggerPockets Real Estate Investment Calculators on Your Next Deal Join BiggerPockets for FREE Let Us Know What You Thought of the Show! Learn How to Reach Financial Freedom with FEWER Rentals with the “Small and Mighty Real Estate Investor” Property Manager Finder See Dave at BPCON2024 in Cancun! House Hacking 101: What It Is and How to Get Started (00:00) Intro (01:47) Accidentally Making Double His Salary (06:58) Doing Everything Wrong (11:07) Surviving the 2008 Crash (16:37) Quitting His Job (19:51) What a "Deal" Looks Like (29:26) How Much These Deals Make (31:12) Get Deals Sent to You! (32:22) Best Tip for Newbies Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/real-estate-1003 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	It's very common these days to hear people say that you can no longer find cash flow or you can't buy deals on the
0:08.8	MLS and make them pencil and this is particularly true when people start talking about some more expensive
0:16.5	markets. But I'm curious if that's actually true because I've spoken to a lot of investors who say that they are still buying in this market even in more expensive areas of the country.
0:29.0	And so today we're actually going to do a deep dive into how you can absolutely still make
0:36.0	deals pencil and it's not using some fancy new creative tactic it's using the same old fundamentals that have always worked for real estate
0:46.0	investors.
0:47.0	Hey everyone, this is Dave, Welcome to the BiggerPockets podcast. Today we're
0:56.7	talking to a super cool very interesting fun investor named Corby Goad who is
1:02.3	operating out of Boise, Idaho. He has been investing for a couple
1:06.3	decades now, but he left his W-2 job recently. He actually rebuilt his entire career around real estate, not just investing, but also by building
1:17.2	real estate services businesses. And we're going to talk to Corby about a bunch of things.
1:22.0	First and foremost, about market cycles
1:24.4	and how he's adapted his tactics, his strategy,
1:27.2	his portfolio, being through a lot of different types
1:30.8	of market conditions.
1:32.3	We'll also talk to him about the Boise housing market,
1:35.4	and we're going to get into a really great conversation
1:38.5	about how to build a buy box that works even
1:42.0	in this high interest rate confusing economic climate.
1:46.0	Let's bring on Corby.
1:47.4	Corby, welcome to the Bigger Pocket's Real Estate Podcast.
1:51.0	It's so good to have you here. Thanks for joining us.
	...

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