James has 2 deaf parents, and he thought other families talked about money (which probably wasn’t true). So, he started researching money and found the FIRE movement. He grew up in near poverty (my word, not his), and decided he wanted his financial future to be different than his past. James knew the best way was real estate. He and his wife, Emily, were able to retire with 10 doors. It only took them 3 years to do it! They’ve converted a handful to short-term rentals (and mid-term). The two split responsibilities, with James doing the day-to-day and Emily handling the bookkeeping. James goes into more detail about what their process looks like. He talks about the systems they have in place for the long-term rentals. Get this, he doesn’t handle turns. He only handles the full renovations, of all things. What real estate? You get to FIRE more than a decade quicker than you do with the stock market. How do you get around the late-night toilet calls? Only buy places with 2 toilets! Tenants should only contact you overnight for fire, flood, or blood. James and Emily are still trading up and doing deals, even in retirement. Short-term rentals are not as hard as you think. Basically, it’s the furniture at risk. So, don’t be afraid to take the risk!
About James:
James and his wife, Emily, were just two regular people, working regular jobs, living in a regular town when they found the financial independence movement. They went all in and focused on real estate buying their first property in 2017. Within two years they had 10 units and enough cash-flow to leave their jobs. Now, they’re still two regular people, but they live an extraordinary life of travel and adventure while self-managing their small portfolio.
If you liked this episode, you will also like episode 103: FIRE Using Real Estate and 148: New Investor Buys 1 LTR and 2 STRs in First Year.
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