about 9 days ago.
Updated 6 months ago.
On this podcast episode I talk about how to create a life of financial freedom.
The first step is to establish what your freedom number really is. Your freedom number is simply the amount of money that you need per month to live your current lifestyle without having to work or have a job. If you have enough money coming in from your investments to cover your overhead and all of your bills, then you have achieved financial freedom.
On this podcast episode I talk about how to establish your financial freedom number, and how to put a plan in place to achieve financial freedom in 15 years (or less).
The way that we achieve this is by buying rental properties and refinancing the loan into 15 year mortgages. By doing this, we know that in 15 years we will own the property free and clear with no mortgage. And we know that the rental income that the property generates will be income that goes straight into our pocket (after taxes, repairs and insurance).
All we need to do is to calculate how many rental properties we need to own, in order for us to achieve financial freedom. If you could purchase just two rental properties per year for five years, then you would own ten rental properties free and clear just 15 years later. If those rental properties each paid you $2,500 in rent per month you would have $25,000 per month in rental income. And you would have achieved financial freedom.
And this financial freedom is forever, since the properties will continue to go up in value, and the rent can be increased every year which will outpace inflation.
Even better, when you move on, your kids (or heirs) would inherit your financial freedom.
If you are brand new to real estate and want to learn more about how to wholesale real estate and flip houses then please register for the free wholesaling real estate training at this link below:
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If you want to learn how to fix and flip houses I have a fix and flip training webinar at this link: https://www.lexlevinrad.com/fixandflipwebinar
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