Semi-Retirement at 30 with $1.5M in Real Estate (in Under a Year!)
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- Опубліковано 27 чер 2024
- If early retirement seems out of reach right now, try semi-retirement. Once you get there, you’ll only be halfway to early retirement, just like today’s guest, Jessie Dillion. At only thirty years old, she is semi-retired and has scaled her real estate portfolio to almost two million dollars in nine months, with five properties total!
When people think about high returns, they often think about a high unit count-but why have a lot when you can do the same with a few? Jessie is strategic about each property purchase she makes and has made a goal to make one smart investment each quarter. She currently has a single-family home and two duplexes. One of her duplexes is a house hack, and her portfolio sports a mix of long-term, short-term, and mid-term tenants.
Jessie’s success is due to how responsible she is with her finances. To finance her first property, she built up her savings to ensure she had enough to cover any surprises. As Jessie continues to scale, she has gotten more creative with her financing. She has formed great relationships with her lenders because of her ability to ask questions and carefully choose where and how she gets her funding. Now she is semi-retired at thirty years old and pays a measly fifty dollars a month towards her mortgage!
00:00 Intro
04:23 Using Transferable Skills to Scale Quickly
10:42 Joining the Early Retirement Movement
13:07 Getting Spouse Involvement
14:23 Her Initial Funding & Current Portfolio
20:22 Using Her House Hack to Save Money
21:52 Tips & Advice on How to Save
28:47 Creative Financing and Navigating the Loan Process
36:46 Rookie Deal Review
47:33 Rookie Request Line
50:00 Rookie Exam
53:40 Rookie Rockstar
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Join the Real Estate Rookie Facebook Group:
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How to Retire Early (From Someone Who Did at Age 27):
www.biggerpockets.com/blog/re...
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House Hacking-A Beginner's Guide to Living for Free:
www.biggerpockets.com/blog/20...
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The Ultimate Beginner’s Guide to Saving Money:
www.biggerpockets.com/blog/sa...
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Connect with Jessie:
BiggerPockets: www.biggerpockets.com/users/j...
Instagram: @jessiedillon_ or / jessiedillon_
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Connect with Ashley and Tony on BiggerPockets:
Ashley: www.biggerpockets.com/users/e...
Tony: www.biggerpockets.com/users/t...
Episode 231
Show notes at: www.biggerpockets.com/blog/ro...
#biggerpockets #realestaterookie #realestaterookie231
I scaled from 0 to 90 units in less than 5 years while working a full time W-2 without any partners. I have around 12 million in assets, but still work full time as I just finished renovating 20 of my apartment units. Once those are rented out, I will increase my cashflow by 10k/month and will be financially free. Despite that, I will continue to work as I want to continue buying value add apartment complexes. You can exponentially grow your wealth during a recession so keep all streams of income alive!
Do you have 12 million in equity if not you have liabilities not assets don't fool yourself
@@sonicsoftly seems like he knows lol
How
WOW!!!!
Congratulations! Amazing accomplishment!!
TRUST ME. I would NOT recommend anyone to acquire a property until you legitimately have 10k in savings per property to be able to handle renovations/vacancies. You can make up about 7k to 10k from a tenant buyer if you do a lease option. So you should definitely have the other amount set aside. You will thank me later. This is the very best advice I can give you.
This was an inspiring interview with Jessie learned a lot. Thanks Ashley & Tony for having Jessie on.
Very inspirational story. Beautiful to hear about a young married couple. Being 29, turning 30 in 2 months I feel like she is a good role model for me. Also, I loved Ashley's rant and laughed out loud when you asked us to ask ourselves whether money is being squandered on "Monsters at the gas station". ha ha.
Where can we get Tony's mixtapes? I would LOVE to hear them.
learned a lot, thanks for sharing
Having 1.5m in leveraged bank loans is not the same as having 1.5m in equity. In a recessionary environment, this could prove disastrous for the borrower or "owner" as some people seem to call them.
Civic Financial is a not a small bank; they are a hard money lender. If you're breathing, they'll fund it
How do you keep track of all the lenders and qualifications when looking for the best funding?
I call around to a lot of banks and lenders and sometimes lose notes.
Great episode btw 🙏🏾
So I’ve been in a crossroads of what to do for the next property. A little over a year ago I got my first 2 family and once I buy the next & house hack I’ll be cash flowing close to 600-700. However I am an avid investor
(Maxing out my retirement funds) but I’m torn between reducing my Roth, IRA,& HSA contributions. The other option is to increase my income which I am redirecting my career path from nursing to being in tech but that requires some time working towards being a self taught front end dev for a better life & work balance. I am in NJ and houses are costly & the first was a FHA which I need to refinance.
I relate to this. I bought my first (and only) 2 family 3 years ago which I house hack. After maxing out my Roth IRA I don’t have any discretionary income left to save up for properties. I have built around $180k in equity over the last 3 years and put a $95k HELOC on it this year. I want to BRRRR but it seems the consensus is that it’s too risky of a strategy at the moment. I feel stuck and am not sure how to proceed. My area (Concord, NH) got pretty expensive, so even house hacking doesn’t pencil out unless you can score a 3+ unit which is rare. Best of luck to you!
did she say how much in equity she has out of the 1.5 million?
1.5m in liabilities or cash flow because there is a huge difference
Mid term roommate = midtermate
Never mind it sounds dumb