Replacing Your 9-5 Income w/ Short-Term Rentals & Should You Cash Out Your 401K? | Michael Elefante E91

The Rich Somers Report

Rich Somers

Business, Entrepreneurship, Investing

5 • 910 Ratings

🗓️ 3 October 2023

⏱️ 70 minutes

🔗️ Recording | iTunes | RSS

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Summary

Rich sits down with Michael Elefante - a real estate investor, entrepreneur and social media influencer. Michael is the founder of BNB Investor Academy, a coaching program that has helped over 1,200 people find, invest in, design and manage short term rentals successfully. Michael became financially free at age 27, just one year after making his first investment into real estate. Within three years, he and his wife, Jill, have accumulated seven short term rental properties that bring in ...

Transcript

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0:00.0	what's the most important next step?
0:01.5	It's kind of as simple as that.
0:02.9	You know, it's very overwhelming to think,
0:05.2	oh, what do I need to do to scale it
0:06.2	to my first 10,000 a month in cash flow,
0:07.9	or how do I build a million dollar business?
0:09.6	It's like people get so overwhelmed with the product
0:11.9	without just taking the most important next step.
0:14.0	Once you accomplish that next step, take a breath. What's the most important next step after that?
0:18.0	And then you just kind of piece one after another. It's like a staircase.
0:21.0	Yeah, that's so good. I think you know if if something takes
0:24.2	10 steps and you're looking at all 10 in order to get to that end goal it's like
0:28.9	it's overwhelming. You're not going to jump 10 steps at once now so you. So you got to just take it one at a time.
0:34.4	Welcome to the Rich Drummers Report where we talk real estate, business, and wealth
0:38.9	building all while keeping it real. No fluff, no BS. I hope that you enjoy the show.
0:44.0	All right guys, welcome to another episode of the reports.
0:51.0	Today I got someone who's changing the short-term rental space I got my man
0:56.8	Michael elephante Michael welcome to the show brother
0:59.3	Rich thanks for happening man yeah man appreciate you coming out dude.
1:03.0	I've heard so much about you through a lot of other folks that have been on the podcast and
1:08.2	excited to finally connect in person so thank you for taking the time.
1:11.6	Yeah man likewise I know it's been probably like six months when we So thank you for taking the time. Yeah, man. Yeah, man, likewise.
	...

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