How to Replace Your Job Salary With Passive Income From Rental Properties

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Күн бұрын

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Episode 32 - Replacing your job salary with passive income from investments like rental properties is usually the goal of financial independence. But it's also scary to actually take the leap and leave your job!
In this episode of Ask Coach, Chad shares three key steps he's taken to feel more financially confident without the security of a regular job salary.
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Пікірлер: 30

@josephhogue 5 жыл бұрын

Love the way you break down the math in a simple way but still detailed enough to be realistic.

@paulargueta 5 жыл бұрын

Great information. The key is executing and taking action. Too many people watch and do little to nothing with the information.

@seanmckay9194 5 жыл бұрын

Fantastic info Chad! Im glad you used a 50% expense ratio on the free and clear rental example as that has been our experience as well. I also think it is much more palatable to think about creating a baseline of income from your rentals and having additional income streams as it can be challenging to think about getting to that optimal cash flow number purely from rentals alone.

@silverpod 3 жыл бұрын

This is great advice, coach. Each of your videos I watch feels like you’re talking directly to me! Creating a passive income base and then trusting yourself to use your skills to participate in a side hustle or entrepreneurial effort that you can dial up or down makes perfect sense. The passive income becomes your self “insurance” and skills you are good at and / or enjoy doing can become the “job,” but one you have a lot more control over. Thanks for this video!

@CoachChadCarson 3 жыл бұрын

Wow, you said it even better JJ! Thanks for watching and for commenting. It's definitely like an insurance strategy to get wealth/passive income. I like defining it that way because the main thing is how you spend your TIME after. That's why we do this!

@elan3studio765 5 жыл бұрын

Great Topic... Thanks

@mappedoutmoney 5 жыл бұрын

Love this Chad! Hanna and I are starting to learn more about rental properties and looking to purchase something in 2020. Looking forward to more videos man!

@CoachChadCarson 5 жыл бұрын

Nick True - MappedOutMoney thanks Nick! You know, RV trailers in parks count as rentals too! You've totally got that!

@mappedoutmoney 5 жыл бұрын

@@CoachChadCarson oh trust me, that's on my mind! :)

@smartmoneycafe1057 4 жыл бұрын

Hi Coach it’s Smart Money Sean. I’m checking out your videos. Your topics and analysis are 💯. I hope to watch them all. Cheers to you from the Smart Money Cafe community

@CoachChadCarson 4 жыл бұрын

Smart Money Cafe thank you Sean! Good to hear from you.

@simoc24 5 жыл бұрын

Thank you for the video. “What if we don’t have enough...” is always at the back of my head on our way to FI. But I never thought of from the side hustle angle. Now thinking about it I have skills to easily start several income streams that current I have no time for. But once I hit FI target and quit my day job, I shall have the time. Thanks :)

@CoachChadCarson 5 жыл бұрын

You're not alone in that "What is we don't have enough" recording in our heads! And it's a lot of fun AND encouraging financially to start building those side hustle skills. It has the potential to fill that "what's next" gap once you reach FI. It certainly has for me!

@HappyPenguin75034 Жыл бұрын

Nice video.

@EstebanOquendoJr1955 4 жыл бұрын

Great advise!

@CoachChadCarson 4 жыл бұрын

Thanks for watching, Esteban!

@TheLovely990 2 жыл бұрын

The key is no debt on your properties, which is carry no mortgages on them, in order to make passive income.

@CoachChadCarson 2 жыл бұрын

That's certainly a nice, simple approach that works for a lot of people! I agree.

@chrisz7083 5 жыл бұрын

Chad, do you know of a lawyer and a MLO that works with seller financing in the Greenville SC area? People who are experienced with Dodd-Frank, and closing Sub2, to contract for deed and anything in between?

@CoachChadCarson 5 жыл бұрын

For MLO for seller financing deals, the only one I know of in Greenville is www.carolinachoicemortgage.com/. You'll have a tougher time on the attorney part. I'd attend the Upstate CREIA meeting and ask there. You could also ask the MLO who they recommend for an attorney since they will have done closings with someone locally.

@chrisz7083 5 жыл бұрын

@@CoachChadCarson Thanks! I think I found a lawyer actually. Its not easy to find the people needed to do these deals. I'll call the MLO tomorrow and see what they have to say too, appreciate it.

@brianmiller5074 5 жыл бұрын

Need a reality check LOL How do you buy and grow your properties when you have less than $10,000 in savings. Is it possible? Would you recommend flipping, rentals, or the best option far a late career person looking to make additional passive income. Maybe a video for a real newbie. Thanks for you great info and time in putting it together.

@CoachChadCarson 5 жыл бұрын

Great question, Brian. I will plan to make a video on that. For now - let me ask you a question. What is average price of properties in your area?

@brianmiller5074 5 жыл бұрын

@@CoachChadCarson I will be honest when I say newbie LOL I really mean newbie. I want to learn the process and move past my 9-5 slavery LOL. Being new when you ask me this my first thought is google and I searched and it shows average pricce in my area around $149,700. It does show that the area is very hot which I have known with all the business opening up and everyone wanting to move in this area. The issue is for a 20% on my first investment I am about $9,000 short how should I deal with getting this other than wasting time in savings? Thanks again for responding and helping all the new investors start a mid life additional passive income career.

@CoachChadCarson 4 жыл бұрын

@@brianmiller5074 Between the time you asked this question and now I wrote a blog post to try to address how to invest with little money down. Hope you find it helpful. Here it is: www.coachcarson.com/little-or-no-money/

@brynmawr9929 2 жыл бұрын

We feel like we are halfway there Coach and would like to achieve not so lean FI with $40k a year, have the ability to start some side hustle and geo arbitrage. Currently our rental generates $1,800 cash flow but need to get equity back with a refi to purchase the next rental.

@CoachChadCarson 2 жыл бұрын

I like that plan, Bryn! Get to a nice cash flow plateau, also work a side hustle, reduce expenses abroad, and enjoy life! I have done a similar strategy in the past.

@HappyPenguin75034 Жыл бұрын

Is it paid off?