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Rental Income Podcast With Dan Lane

The Rental Property Retirement Plan With Steve Goldberg (Ep 325)

Rental Income Podcast With Dan Lane

Rental Income Podcast

Business, Investing, Entrepreneurship

4.8836 Ratings

🗓️ 27 July 2021

⏱️ 26 minutes

🧾️ Download transcript

Summary

Steve is getting ready to retire and support himself off his rental income. On this episode, we talk about how Steve slowly built a portfolio of condos over the years as he was working full-time.

We talk about what he looked for in a perfect rental, his strategy to identify off-market deals, and how he was able to buy properties with cash and reinvest that cash into buying more rentals.

Transcript

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0:00.0

inspiring interviews with today's top landlords this is the rental income podcast and now dan lay most investors

0:10.5

use mortgages to buy rental properties but steve you've got a little bit of a different strategy you would save up

0:17.8

money and as you had the money you you would buy a rental property, right?

0:22.6

Basically, that's true.

0:24.3

Since I didn't actually need the money from the real estate at that time to live on because I had my family business income,

0:32.9

I would be able to just take what I would normally pay myself, leave that in the checking account,

0:39.5

wait for the next property to come, and then pay for it out of the checkbook.

0:43.4

Steve never touched a penny of the profits that his rental properties generated. He reinvested

0:49.0

all of that money into buying more rental properties. And now he's getting ready to reap the rewards of doing that.

0:56.8

He recently decided he's ready to retire, so he's going to sell his family business,

1:01.9

and he's going to live off of his rental income.

1:05.1

So on the show today, we're going to talk about exactly how he built his portfolio

1:09.5

without using any mortgages and figure out how he got

1:13.6

to where he is today. Joining us on the show today for a repeat appearance is Steve Goldberg from

1:19.8

Connecticut. We'll take a really quick break. We'll thank our sponsors. We'll come right back

1:24.9

and we'll catch up with Steve. A good deal on a rental property isn't going to last very long.

1:30.2

To win properties today, you need to move quickly when a deal comes on the market, but it takes

1:35.4

time to analyze a property.

1:37.9

I want to let you know about an app where you can analyze deals on your phone in seconds.

1:43.1

It's called Ask Rick. That's RIC for Rental Income

1:47.0

Calculator. You can analyze a deal with the push of a button. You can figure out the rent,

1:52.0

your mortgage payment, your expenses, and figure out the cash flow. If the numbers make

...

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