How to Retire Early Using Real Estate (Ditch Your Job in 3 Years Using This Guide!)
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Transcript of How to Retire Early Using Real Estate (Ditch Your Job in 3 Years Using This Guide!)
HOW TO RETIRE EARLY USING REAL
ESTATE (DITCH YOUR JOB IN
3 YEARS WITH THIS GUIDE!)
HOW TO RETIRE EARLYThink earlyretirement in 3 short years is impossible? Read on.
01
First, Some AssumptionsLet’s get on the same page about retirement goals.
02
Break Down Big GoalsNow that you know what you need, break it down.
03
Make an Actionable PlanSo how do you ACTUALLY get to early retirement?
04
Reaching Early RetirementMaking it happen is going to take some serious action.
Let’s get on the same page about what early retirement means.
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1. FIRST, SOME ASSUMPTIONS
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ASSUMPTION #1We’re assuming you don’t need six figures to retire early.
Just because you want to learn how to retire early doesn’t mean you’re financially unrealistic. We’re not talking about buying a yacht, drinking Cristal, and swimming in cash like Uncle Scrooge.
ASSUMPTION #2We’re assuming you simply need to be able to pay your bills with passive income.For this assumption, we’re going to use $54k/year or $4,500/month.
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WE GET IT…
Those are some presumptuous assumptions.But don’t worry. If you need more than that for your early retirement, you can adjust your numbers later.
Now we have our big goal for early retirement -- $4,500/month within 3 years.Let’s break it down.
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2. BREAK DOWN BIG GOALS
EARLY RETIREMENT INCOME NEEDED = # OF RENTALS x INCOME PER RENTAL
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LET’S WORK BACKWARDS
$4,500/MONTH = # OF RENTALS x INCOME PER RENTALThat’s the simple formula we need. And so far we know…
Now let’s take a closer look to fill in the other variables.
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HOW MANY RENTALS?To reach $4,500/month, how many rentals will you need? First, we need to know how much a rental would likely profit in a month.
HOW MUCH INCOME/RENTAL?No one’s situation will look exactly the same, but let’s take an average, attainable number. Let’s say $150/month is a doable average.
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SO WHAT’S THE BREAKDOWN?If you need $4,500/month and each unit nets $150/month, you’ll need 30 units for a sustainable early retirement.
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NOW OUR EQUATION LOOKS LIKE THIS
$4,500/MONTH = 30 RENTALS x $150/RENTAL PER MONTH
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NOW WE’RE GETTING SOMEWHERE
But we’re not done yet. Now we need to make a plan to get those 30 units.
Your plan will guide you. Action will get you to early retirement.
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3. MAKE AN ACTIONABLE PLAN
YEAR ONE
Let’s ease into it by acquiring just 5 units the
first year.(Your step-by-step buying
guide is right here!)
YEAR TWO
The second year, let’s set our sights on 10 more units.
YEAR THREE
You’re a pro now. In year three, aim for 15 more units, for a total of 30.
BREAKDOWN
Let’s break up our 30-unit goal into
three mini-goals, one for each year.
OVERWHELMED?Obtaining 30 units in 3 years might seem impossible –- but it’s not. (Promise.)
These resources will get you there…
FINDING & OFFERING ON RENTALS
• 4 Simple Tips for Finding Incredible Real Estate Deals
• Your Comprehensive Guide to Owning a Rental in Just 60 Days
• Buying Investment Property: Learn EXACTLY How It’s Done With This In-Depth Case Study!
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GETTING FUNDING• FHA Guidelines: How to
Qualify for a 3.5% Down Loan
• Investment Property Loans: The Ultimate Guide to Funding Your Deals
• How I Find Private Money Lenders to 100% Fund My Deals (& How You Can, Too)
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OTHER STUFF YOU’LL WANT TO READ• The Ultimate 60-Day A
ction Plan for Newbies Longing for a First Deal
• How to Create More Time for Real Estate Deals While Working a 9-5
• The BiggerPockets Ultimate Beginner’s Guide to Real Estate Investing
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Still wondering how to retire early? Here’s how to actually make it happen.
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4. REACHING EARLY RETIREMENT
GET COMFORTABLE WITH ACTIONIn short, early retirement is going to take a lot of action. You’ll need to analyze dozens if not hundreds of deals. At first, it will be hard. But you’ll get better.
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NO MONEY TO FUND IT?Try house hacking, a HELOC, seller financing, lease options, or dozens of other creative strategies.
THE BOTTOM LINE IS…If you want early retirement badly enough, you’ll find a way.
And we’re here to help.
Ask any and all of your “how to retire early” questions on our Forums -– and chances are, one of our 600,000 members will be able to give you advice.
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