Ep 276: Early Retirement by Age 35 ($10k/mo) Through Real Estate

[Mindy Jensen]

Why work at a lame job until you’re too old to enjoy the life you’ve been given? If you are looking to get out of the rat race earlier, this is one episode you can’t afford to miss. Today on The BiggerPockets Podcast, we sit down with Bryce Stewart, a former school teacher who was able to quit his job at age 35 through the smart purchases of small multifamily properties. Bryce shares his powerful story on how he was able to build a portfolio of 22 units that give him $10,000 per month in income. Bryce also shares a phenomenal concept he called “vacuuming the truck,” which could change the way you think about real estate (and life) forever.

Listen here or on your favorite podcast app.

[Michael Durham]

Originally posted by @Paul B.:

Originally posted by @Michael Durham:

Where do you live that you can retire off 10k/month. I want to move there now!

 Where do you live that you can't live off $120K/year, tax deferred? Sure, it might be lower middle class in NYC or SF, but you can still survive. 

Las Vegas, Salt Lake City, and then Northern Michigan in the summers.

[Paul B.]

Originally posted by @Michael Durham:

Originally posted by @Paul B.:

Originally posted by @Michael Durham:

Where do you live that you can retire off 10k/month. I want to move there now!

 Where do you live that you can't live off $120K/year, tax deferred? Sure, it might be lower middle class in NYC or SF, but you can still survive. 

Las Vegas, Salt Lake City, and then Northern Michigan in the summers.

 If you're going to maintain three residences, that's a different story. Anyway, I think if someone is good enough to build up $10K/month in cash flow, they might as well keep going and make sure they are very comfortable. Then they can live in three different places.

[Bill B.]

You can have a very nice lake home in MN and a nice pool house in Vegas off less than $6k a month. So unless SLC is way more expensive, $10k should do all 3 nicely. 

I just made mine rentals first so I could fix them up the way I wanted them at 25% off. Plus you write off all the travel between them then. 

Just got off my brother’s sailboat in MN and let me tell you. I miss Vegas more and more even in the summer. So friggin muggy here. And the FN bugs! But they do have the last Rocky Rocco’s outside of Wisconsin except for a reported Spokane, WA location. So I’ll be in BP,MN tomorrow having some of the best pizza available. 

[Chivas Miho]

So I listened to this podcast again for the third time just tonight and totally missed that first part where @Brandon Turner mentions how difficult refinancing has been for his recent conventional refinance and he had to write an essay on why refinancing is a good thing.  Hahaha, HILARIOUS!!  I couldn't stop laughing!  Brandon - can I borrow your essay in case I have that same problem?!