The Late-Starter’s Guide to Plentiful Passive Income

Рет қаралды 46,925

Күн бұрын

Passive income is the name of the game when it comes to real estate investing. While equity can help you build wealth, passive income is what can get you on the road to financial independence. But what if you got a late start in your investing career? With so many millionaire twenty-or-something-year-olds on the internet, it seems like you have to start investing at age eighteen to hit financial freedom.
This couldn’t be more wrong. Even if you feel like you’re a late bloomer when it comes to investing, you’re probably only a few years away from hitting FI-if you make the right decisions. This is the quandary that today’s guest, Nicole, finds herself in. Nicole has recently gone through a divorce and lost a good chunk of her net worth thanks to it. But, she’s poised on investing in real estate so she can hit financial independence sooner rather than later.
Thanks to her service in the military, Nicole has access to the ever-so-helpful VA loan, allowing her to purchase homes with little (or no) down payment. She also has a military pension that will kick in soon, allowing her to mitigate her cost of living even more. So, does Nicole have enough time to build her rental empire and enjoy the Floridian beaches on her time off?
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Episode 282
Show notes at: www.biggerpockets.com/moneysh...
0:00 Intro
3:18 Recovering from Financial Loss and Starting "Late"
7:35 Income and Expenses
9:03 Assets and Liabilities
10:58 VA Loans, House Hacking, and Rental Requirements
29:37 Why It's Never Too Late to Start Investing
36:31 Side Income Opportunities
41:25 Calculating Your FI Number
47:27 What to Know Before You Use a VA Loan
50:54 Is Now The Right Time to Buy Real Estate?
58:55 Recapping Nicole's Real Estate Roundup

Пікірлер: 49

@williamsmith3331 2 жыл бұрын

Finally someone who is really going to benefit from the advice. Someone with a normal income. Normally it's folks who's already killing it.

@fernandoenrile5904 2 жыл бұрын

This lady is a fighter not just from a military perspective but also in life. You can hear in her voice she got hurt but kept fighting. Thanks Scott and Mindy for supporting her. Best money podcast in the planet!

@cpbeauvoir 2 жыл бұрын

I thought the same from the moment she started to speak. I wish her the very best in the future.

@ivonnepinedo 2 жыл бұрын

Love how you picked up on the guests hesitations and stepped in so generously to give her support and education! Wonderful Scott and Mindy!!!

@StardustMonkey 2 жыл бұрын

Great show talking to an average person. But me sitting here in Nor Cal listening to this ladies living expenses just sobbing…. I pay this woman’s entire income in just rent 😂

@Mysticaltyger Жыл бұрын

Make plans to get out of NorCal and follow through. It's hard, but worth it. It's not going to get better there. I know because I lived there.

@lifewithmargot 2 жыл бұрын

I just bought your book Scott! It looks like you have a unique perspective so I’m excited to get it tomorrow and dig in! 😍

@sbyogamix8579 Жыл бұрын

35 is late? Please bring on someone who’s lost it all, is nearing 60s. Are they screwed?

@Mysticaltyger Жыл бұрын

It's hard to say, but most people your age don't come back because of limited time, ingrained bad habits, and health issues. But 8f you still earn a decent income and are in decent health and live a very modest lifestyle, you can at least build a solid safety net underneath yourself.

@holdencawffle626 4 ай бұрын

They pretty much are

@Mysticaltyger Жыл бұрын

Now that real estate prices are falling in Florida, I'd love to hear an update.

@kennetheugene6402 Жыл бұрын

Can you start putting episode number in title and description to make easy to find .

@lilibethvilella 2 ай бұрын

This has pushed me to look for a rental property like her single mom rebuilding after 50 🙋🏻‍♀️ love this podcast so much

@janitoronfire 10 ай бұрын

Just finished set for life! Amazing.

@tomhenry9485 9 ай бұрын

Did she say groceries and insurance and property taxes with expenses?

@johnsoncarl1812 Жыл бұрын

*Awesome!!! your potential seems limitless.* I have always been fascinated by investing, but without any knowledge on what’s best to invest in, I find it difficult to begin. *I ask politely, what’s the best sector to invest in?*

@MariaDeigo8 Жыл бұрын

I will suggest you get a financial advisor who will help you build strategic plans that will meet your financial goals in a short period of time. I got help and also built a passive income working with a Financial Planner (Hamilton Phoebe zoe). I’m happy with this decision, as it was the best for my finances.

@michellemhughes Жыл бұрын

I was working on Wordle when I started watching this video. 😊

@toddmaek5436 Жыл бұрын

Lol

@presennababu6507 2 жыл бұрын

We all need a pre nup before marriage ……..

@toddmaek5436 Жыл бұрын

Period

@Mysticaltyger Жыл бұрын

I think we need to learn how to pick the right person, as well as BE the right person. Most people in their 20s suck at picking long term partners. I now understand why they invented arranged marriage.

@thriftsndreams6809 2 жыл бұрын

Great episode. Whats wrong with a goal of 10k a month in passive income by the end of the year though?

@murrayent1able 2 жыл бұрын

Nothing, awesome goal 👏🏾

@jtowensbyiii6018 Жыл бұрын

10k passive income a month takes decade+ for most people to reach, just an unrealistic first year goal

@shermainecraigwell2492 2 жыл бұрын

Purchase duplex for rental in Smyrna, live in the VA house another year. She can't loose.

@jtowensbyiii6018 Жыл бұрын

Imaginary homes don't help people, that duplex you mention DOESNT EXIST lol

@shermainecraigwell2492 Жыл бұрын

@@jtowensbyiii6018 that's just your lonesome opinion. 😂

@jtowensbyiii6018 Жыл бұрын

@@shermainecraigwell2492 not a fan of facts are you? I dont debate trolls

@jeannej19 2 жыл бұрын

About is always my 1st Wordle

@Musicandartlover2332 Жыл бұрын

My partner and I use youth and aisle as first two words 😅

@brandonpartee8277 Жыл бұрын

My most solid advice is she needs to start her VA claims. Depending on her rating, she will pull an extra $160 - $4000 a month. At 18 years, start now! Tax free! Just saying!

@KittKattBarr222 4 ай бұрын

100%. My husband is 100% and the longer you wait, the harder it is to prove that your knee, back and shoulder problems are due to service. To and vet reading this, DON'T WAIT.

@paddy1580 2 жыл бұрын

I’m just wondering if it really is too late for me I am in my late 40s and if 35 is late 48 is so much closer to retirement age. I’ve been putting everything into my own business for a few years but have yet to make a profit now I’m looking into stocks and I don’t have enough money to get into real estate and make a low income what can I do?

@marinawong9662 2 жыл бұрын

My first investment is definitely after I turned 35 and my husband turned 40. It was his office building (ie his office needed a place). We didn’t buy another again until he was almost 55. By that time I was doing real estate and bought a few within 5 years. We were also lucky that was during the real estate down turn. If you have a business, it is your largest investment and usually the one with the best return. The truth is real estate is tangible so there’s intrinsic value that normal people can understand. Stock might have intrinsic value too (the value of a company) but most people don’t understand and have no control on the company. If you think your business has great potential, then current income should not be the focus (though when you sell your business, current and potential future income is what people use to evaluate it). You can try looking into syndications where you can invest in as little as 25k. Current preferred return is 6-7%. Usually the first year return is around 4%. You can also look into dividend stocks. What I like about syndication is it’s more passive than being a landlord.

@marinawong9662 2 жыл бұрын

I think if you are watching Biggerpockets, that’s a good start. I have heard people doing rental arbitrage (you rent a long term property and use it for short term). That might work for someone who doesn’t have money for purchasing a property now. But there’s always risk to any investment. Just look up people who did that in BP.

@Mosh-f5b 2 жыл бұрын

As long as you are alive it's never too late Wake up everyday, do what you love and have no fear

@tonyl6385 2 жыл бұрын

I'm 57, own my own apt and will be investing short in real estate. Worse case I drop dead and it all goes to the church and or I sell by the time I'm 70 and enjoy it for a bit.

@CookingwithMsvee Жыл бұрын

With credit and income Real Estate with 3% down payment plus 2% closing cost and 100% control is a affordable. Now check Bank of America or mortgage brokers.

@lilibethvilella 2 ай бұрын

Divorce is like a death however it is an option. There’s a book “THE SUN ALWAYS PIERCES THROUGH” will help u find wholeness again after divorce. ☀️

@geraldine6379 2 жыл бұрын

*It requires money to make money. this is the best secret I have ever discovered we don’t make money, we EARN and MULTIPLY money......*

@ethandouglas414 2 жыл бұрын

Access to a good information is what the investors needs to progress financially and in life. Here is a good one and I'm grateful.

@timothyorcutt7493 Жыл бұрын

@Erica Williams scammers

@blacbutterfly Жыл бұрын

You all should turn down Mindy's volume because her voice is already high and very annoying. Or maybe she could back away from her mic a little. No I meant alot.

@tommyyguunn6984 2 жыл бұрын

I cannot listen to her voice any longer I'm sorry

@caleberwin65 2 жыл бұрын

Lol. She was just nervous.

@LuG8911 2 жыл бұрын

I thought she was gonna break down crying at any second it kept me on the edge of my seat. Hopefully she comes out of her shell soon because its nice to hear from an average investor vs all these folks who have a shit ton of money to start