We get in the Wayback Machine and talk through Matthias and Jen’s first real estate investment—a house that had sat in foreclosure for five years. We discuss how they came to find it (mentor), the process to buy it (Matthias had to be convinced), and all the lessons (get that good debt), failures (painting ceilings), and triumphs (starting saving early) from this initial investment that set them on their way to building their real estate portfolio. It wasn’t the plan, but it fit a larger plan they had.
In other news—or what the AI-generated transcript would term “Shaqanery” and “Tom Foolery”—we discuss July 4th plans, dissect the merits of fireworks, and discuss the Stones’ well-thought-out travel plans to Destin during the height of tourist season. It’s an all-new Get Invested.
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KEY TAKEAWAYS
You don’t need a perfect plan to get started. The thing that gets you started might not be a thing you were looking for.
Starting toward your goals gets that good inertia on your side.
The mountains looming in your mind are never as steep as they seem; there will be more hills than anticipated along the way, though.
You need mental preparation to jump at a chance when one comes along, but you also need logistical preparation, such as saving the cash to execute the deal.
You can snowball momentum in paying off debt AND building passive income.
Deciding to pay off long-term personal debt ahead of schedule instead of investing to build passive income, or vice versa, depends on the interest rate math and each person’s discipline and personality.
There is such a thing as over-improving/renovating a house/property you’re hoping to sell or rent.
TOPIC AND TIME
08:58 - The First Investment House
11:53 - Overcoming Inertia in Real Estate Investing
14:42 - The Journey to Buying the First Property
17:41 - Financing the Investment Property
20:23 - Renovations and Repairs on the Property
22:29 - Transforming a Property: The Renovation Journey
28:09 - Lessons Learned in Home Improvement
33:49 - Understanding Market Value and Renovation Standards
36:44 - Financial Strategies for Homeownership
41:28 - The Path to Financial Freedom
42:48 - Debt Management and Financial Strategy
45:20 - Investment vs. Debt Payoff: A Balancing Act
49:25 - The Importance of Discipline in Financial Decisions
51:44 - Refinancing and the BRRRR Strategy
58:32 - Understanding Equity and Investment Risks
01:01:11 - Taking Action: Overcoming Financial Inertia
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