FIRE & Real Estate Investing?

Question

Hi Bigger Pockets Family!

I am relatively new “investor” who has been listening to Bigger Pockets pockets on the quest to bettering my personal finances. I am finally on track to close on my first SFH rental within the next two weeks! If you listen to the podcast, you’ve likely heard of Mr. Money Mustache who is featured on a new film detailing a couple’s FIRE (Financial Independence Retire Early) journey.

As I start to explore “FIRE” and those who are on the path I decided to host a screening of the film, “Playing with FIRE” at The Neon in Dayton, OH and would like to share with the BP community for those who are also interested in the FI movement. Is anyone in the area currently combining FIRE techniques (accelerated saving, index fund investing, etc.) with RE investing simultaneously? How to you build RE funding into your budgets?

There will be also Q&A session following, thus, comment if you are interested in sharing your journey to FIRE, RE investing, and/or the combination of!

Best!

Rick Pozos · Answer

To be FI, you dont need to do exactly what the "Big Guys" tell you that they did. You have to have your own lifestyle and use what works for you.

Personally, I have about $300 worth of stocks. I might put a little more over time, but for now I have sold some homes and carried the notes on them. I have purchased a few non-performing notes and got them performing. These 6 notes have gotten us to FI.

You can increase your net worth so much more through real estate than any other means if you take it seriously. I just happen to think this is such a great way of increasing net worth that I keep doing it.

Constance Chambers · Answer

@Jamie Briscoe

We are not in your area Jamie but we are FIRE movement believers.  Also follow ChooseFI on Facebook & actively post & follow discussions  ChooseFI has a Realestate group on FB as well that’s been a tremendous resource & motivational as we started really late in our game.  We turn 50 this year. We are at a 64% savings/investing rate after just 1 yr of committing to FIRE.  Our early retirement goal is before age 55 using REI as our primary vehicle.

Nathan Hughes · Answer

@Jamie Briscoe  I listen to a blend of podcasts about FI Real estate and side hustles (business Ideas) a lot of these have great sites associated with them and packed with a plethora of information and Knowledge.

BP money, business and real estate

Coach Carson Real estate and FI

Mad Fientist  Financial Independence

Choose FI

Afford anything by Paula Pant

Cardon Zone  Multifamily guru

Real estate investing for cash flow by Kevin Bupp

Achieve your goal with Hal Elrod  (author of the miracle morning)

The Side Hustle Show

The bright ideas ecommerce podcast

Rick Pozos · Answer

I try to share my knowledge as much as possible about real estate. After a while, people will come to you with questions. Then later people will come to you with deals. People found me with the notes and were asking for information. I gave them the information, but they also wanted me to buy the notes. I did.

When you give freely, people and deals come back to you. Karma.

Becky McDowell · Answer

Congrats on your first rental! When will FIRE be playing at the Neon? I’m definitely interested.

Jamie Briscoe · Answer

@Rick Pozos Were  you able to find these notes via communication directly with banking institutions or otherwise? I’ve heard little blips of note investing but it seems like a path that is not extremely popular, however, I have heard very positive stories from individuals who have successfully turned notes around for profit. The process seems challenging/muddled regarding how to actually focus on notes as an REI path, granted my investigation on the notes has been limited.

Jamie Briscoe · Answer

@Constance Chambers 64% is amazing! I am encouraging my siblings who will soon be university  grads to be extremely frugal; with no family, or huge loan balances, should be fairly easy to do comfortably. Although it’s not much by many terms, I'm hoping to reach 20-25% by the end of this year and move upward from there. Additional RE purchases should accelerate the rate over the next few years.

Jamie Briscoe · Answer

@Nathan Hughes I’m just starting to listen to Choose Fi and to read through the many many articles on Mr. MM’s blog, and I am slowly catching up on the BP money podcast.  If you know of any others I should tune into on a regular basis as well, I am all ears!

Nathan Hughes · Answer

Jamie do you listen to the BP money podcast?

https://www.biggerpockets.com/moneyshow

If not you should dive into it. Mindy and Scott are awesome and that's what the whole podcast is linked to. If your in the FIRE community and MMM follower then you might have heard of Mr 1500 and that's Mindy's husband. I would also suggest listening to the Choose FI podcast if you don't already.

FIRE & Real Estate Investing?

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