You DON’T Need 20+ Rentals to Quit (I Did It With 6)

BiggerPockets Real Estate Podcast

BiggerPockets

Education, Business, Investing

4.8 • 16.5K Ratings

🗓️ 2 June 2025

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

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Summary

It doesn’t take long to replace your income through rental property investing. Just ask Miller McSwain, who quit his job two and a half years after buying his first rental property! But it wasn't a standard rental with just one tenant and one income stream that got him there. Instead, a new “mega cash flow” strategy got him to his goal in record time. It’s not short-term rentals, mid-term rentals, or house flipping, but something that might work even better. Miller was a nuclear rocket scientist by day (yes, seriously) and a house hacker by night. He bought a property just after graduation, using his job offer as proof of income to the bank. He and his fiancée (now wife) lived in the basement while renting out the rooms on the top floors. He was saving tons on rent and living for almost free. So, why couldn’t he do this on a bigger scale? He could, and he did. This “co-living” strategy became Miller’s new obsession. Now, he’s got six rental properties with over 40 tenants, making thousands of dollars a month from each property in pure cash flow. He’s sharing exactly how to do it and does so in-depth in his new book, Co-Living Cash Flow, so you can quit your job, or at least replace some, or all, of your income with the fewest properties possible. In This Episode We Cover Miller’s “mega cash flow” strategy that produces way more passive income than regular rentals Exactly what to look for in the perfect “co-living” property for happy tenants (and neighbors) The “community” events Miller throws at his properties that lead to lower vacancy Discounting security deposits? The method behind Miller’s genius tenant screening tactic How to remotely manage co-living rentals yourself (no need to pay a manager!) And So Much More! Check out more resources from this show on ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠BiggerPockets.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.biggerpockets.com/blog/real-estate-1129 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠[email protected]⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This investor left his day job after buying six rental properties, and he did it by discovering
0:05.6	a single strategy that maximizes cash flow, then he just repeated it over and over again.
0:11.3	You don't need a lot of starting cash or any secret sauce to replicate this exact investing path.
0:17.4	All you need is just a little creativity to see opportunities that others might overlook.
0:22.9	Let's dive into how this works.
0:29.6	Hey everyone, I'm Dave Meyer, head of real estate investing at Bigger Pockets.
0:34.0	Today, we're bringing you an investor story with Miller McSwain.
0:38.3	Miller worked as a nuclear rocket scientist in Colorado until a few months ago when his real
0:44.1	estate investing portfolio started generating enough cash flow that he could quit his job
0:49.0	and invest full time.
0:50.9	Miller didn't have any special advantages that allowed him to make this huge life
0:54.9	transition. He lives frugally. He made some sacrifices, and he went all in on a co-living
1:00.3	strategy that allowed him to turn his six investment properties into 41 separate units.
1:06.8	Co-living has become very popular recently because this room-by-room approach allows you to
1:12.7	generate much more cash flow than you normally can with a traditional long-term buy-in-hole.
1:19.1	Miller says he's seeing a 12 to 14% cash on cash return for some of his properties, which is
1:24.5	huge. But even if you're not as interested in this co-living model, which you
1:29.1	might want to be after this conversation, you could still learn a ton from Miller's successful
1:34.7	investing career because the lessons that he's going to share with us, you can apply to almost
1:38.9	any investing portfolio. So let's bring them on. Here's my conversation with investor Miller McSwain.
1:45.4	Miller, welcome to the show. Thanks for being here. Hey, Dave. Thanks so much for the invite.
1:48.8	Super stoked to chat today. Yeah, me too. Tell us a little bit about yourself. How did you come to
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