BiggerPockets Podcast 238: Becoming a Real Estate Millionaire on a Teacher’s Salary with Michael “Swanny” Swan
Is it possible to invest in real estate if you live in an expensive market—and earn a teacher’s salary? According to today’s guest, it’s not only possible, but it can be incredibly profitable! Today’s guest, Michael Swan, is a P.E. teacher who lives in San Diego but has used the valuable real estate concept known as “trading up” to acquire millions of dollars in real estate. You’ll learn why Michael liquidated his entire retirement plan to buy his first few deals, the truth about “luck” and real estate, and some fantastic tips for buying and managing properties—even from a distance. (And if you work a full-time job or make less than $100,000 per year, this show might just change your life!)
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In This Episode We Cover:
- Why Michael’s nickname is Swanny
- How he realized his financial ladder was leaning on the wrong building
- Tips for utilizing IRAs and penalties
- Whether purchasing 11 condos is a good idea or not
- The story of the 15-unit apartment complex
- How he went from $5k in cash flow to $24k
- Whether luck had to do with his great deals
- Tips for buying areas in with both cash flow and appreciation
- His formula for financial freedom (using multifamilies)
- A discussion on single families versus multifamilies
- How to find deals in your market
- Tips for seeking out the perfect property manager
- How many units he has now
- How to tackle big projects
- How he manages his work with his time as a teacher
- And SO much more!
Links from the Show
Books Mentioned in this Show
- Rich Dad Poor Dad by Robert Kiyosaki
- Multi-Family Millions by David Lindahl
- Loopholes of Real Estate by Garrett Sutton
- The 7 Habits of Highly Effective by Stephen Covey
- Think and Grow Rich by Napoleon Hill
- The 10X Rule by Grant Cardone
Fire Round Questions
- What strategies do you use to find the “right” property manager?
- Is a skunk in the yard my responsibility?
- Apartment bedrooms 2, 1 or studios
- Investing in San Diego
- Investing in rental income properties out of state
- “Living in San Diego, if I am able to do it, anybody can do it.” (Tweet This!)
- “Luck is when preparation meets opportunity.” (Tweet This!)
- “Make sure you make connections with everybody.” (Tweet This!)
- “I don’t take advice from someone that has less than me.” (Tweet This!)