When most people hear the words “real estate investor,” they imagine tailored suits, private jets, and weekend trips to exotic, faraway places. While the reality is that most investors’ lives involve less Dom Perignon than the stereotypes might suggest, these two investors really are using the promise of world travel to fuel their real estate journey.
In our latest interview, we sit down with Fort Walton Beach, FL investors Arianne and Chris Lemire to talk about how real estate has changed their lives and what day-to-day activities they’re performing to help build their portfolio. Relatively new to the scene, Arianne and Chris started investing last year when they realized that their 9 to 5 jobs wouldn’t be able to provide them with the lifestyle they sought. They began buying rentals using the BRRRR method and have now branched out to flipping homes as well.
How to Purchase Real Estate With No (or Low) Money!
One of the biggest struggles that many new investors have is in coming up with the money to purchase their first real estate properties. Well, BiggerPockets can help with that too. The Book on Investing in Real Estate with No (and Low) Money Down can give you the tools you need to get started in real estate, even if you don’t have tons of cash lying around.
How Real Estate Can Empower the Freedom to Travel
Arianne and Chris knew real estate could be a great way to build wealth — but the idea never really stuck until they developed their “why” — to earn the freedom passive income provides and to have the ability to travel to see family located as far away as New Zealand, Australia, and the Philippines. While they’re still on their journey to full financial independence, they’ve come a long way, and their everyday lives have already changed dramatically.
If your goal is to stop relying on a W2 income, to travel the world, or simply to have the freedom to choose what your workday looks like, then hit PLAY and listen to this interview. We hope you pick up a few tips and get motivated to take action!
The Deals: Pictures & Numbers
“We started out in our real estate investing adventure at the end of 2015, thinking that we would just keep buying rentals. If you told us last year that we would be flipping houses, we would have said you were crazy! We bought a couple of rentals using the BRRRR method. Then, a good deal came up that could be a rental or flip, but really a better flip. We thought that we would try to rehab and flip it and see how we liked that part of RE investing. Here are some before and after pictures of the property. Definitely a lot of first time mistakes here. But we learned A LOT and should make a decent profit.”
The property is currently under contract at $179,900
- Purchase price: $77,500
- Repairs: $48,600
- Closing costs: $6,000
- Commissions: $4,850 (waived listing commission)
- Holding costs: $5,470
- Sale price (under contract): $179,900
Projected profit: $37,480
“This is a much bigger project than our first and includes opening up the floor plan, changing the wiring to copper and a complete kitchen and bath remodels. We’ve learned a lot already, and we’re only 25% in. We’re pretty excited about it and will definitely post about it on BP when it’s done.”
In Their Free Time
Investors: What’s your “why”? What do you plan on doing with the freedom real estate investing provides?
Let us know what you think with a comment!