This episode is part 2 of my conversation with Cindy Byler, the owner of Passive Patriots, LLC. She is a buy-and-hold real estate investor who primarily invests in her hometown-area in Elmira, NY, who currently lives in Central Texas. So all acquisitions, remodeling, and rentals are managed from over 1600 miles away.
Let’s jump right into this episode and learn more about getting out of a scarcity mindset, red-flags on deals, and Living Flip.
[00:01 - 08:39] Getting Out of a Scarcity Mindset
- Cindy shares about her financial struggle in the first few years of her marriage.
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- She followed Dave Ramsey’s plans and paid off 60k debt in less than three years.
- She was stocking money away at retirement.
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- She joins and follows the financial independent retire-early group.
- She moved to Texas and landed a job as a teacher full-time.
- Cindy shares her music and teaching career journey
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- She has a bachelor’s degree in music education.
- At the end of the day, passive income is the way to go.
- Cindy talks about a term in the military called Dependa
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- People who are married to the military so do not have to do much.
- If you are not out working, you are ‘dependa’ because you are dependent on your partner.
[08:40 - 19:49] Red-Flags on Deals
- Cindy shares her vision and goals regarding a constant passive income.
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- Enjoying a decent lifestyle without feeling bad about it.
- Real estate has proven to be the solution for the last 2,5 years.
- Cindy talks about the first few deals she has.
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- She shares her experience when she almost purchases a bad deal.
- Red-flags of the bad deals.
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- She shares her experience in researching new deals.
- She uses whitepages.com and google map to check on the property.
- Taking the opportunity to learn from practical and hands-on experience.
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- Learn and move on from it.
- There are always unexpected expenses too, so also pay attention to the margin.
[19:50 - 22:19] Living Flip
- Cindy talks about the living flip by Nathan Waters.
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- Live in a property and do the project by project slowly.
- Cindy shares a tax strategy.
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- If you live in a property for two years out of the last five years, you do not have to pay any capital gains.
- Nathan Waters shares about how Living Flip Works
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- He rents out rooms in a single-family house with three beds and two baths.
- By having roommates, he can save at a much faster rate for the next project.
Tweetable Quotes:
“At the end of the day, passive income is the way to go.”- Cindy Byler.
“If you take the opportunity to learn from that, it does not have to be an expense.”- Cindy Byler.
“If you live in a property for two years out of the last five years, you do not have to pay any capital gains .”- Cindy Byler.
You can connect with Cindy on Linkedin.
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