EP 5: How I Achieved Financial Freedom with Real Estate!
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If any of the following resonates, Go Fish Village is for you:
I want to retire early; not wait till age 65 to retire, only to die 15 years later!
I feel underpaid and/or underworked at my “9 to 5” and could use additional income!
I often worry about being fired or laid off!
I wish I could eliminate my housing expenses, retirement, travel, and dream car!
I want to transfer knowledge and/or leave a legacy for my kids/loved ones!
I’m paying too much in taxes and need a tax shelter!
If I was financially free I'd pursue my passion!
I’m tired of working for money (earned income) vs money working for me (unearned income)!
I want to BUY BACK THE BLOCK!
How I fell in love with real estate… I purchased my first property in 2007, a 3 flat, in Chatham (located in Chicago’s South Side). I lived in the garden unit for approximately 10 years at pretty much no cost because my tenant’s rents covered the mortgage. I was only responsible for minor utility and landscaping costs; this fluctuated from $200 - $600/month depending on the season. The heat bill was always crazy in the winter. This was clutch because I had a modest income as a Chicago Public School teacher, so a penny saved was a penny earned. Upon moving out, I refinanced my mortgage and this same property was now cash flowing $1,100/month! Did I mention that during that 10-year period, my tenants had paid me over $260,000!? I was in love. My second building was a mixed-use property that I rehabbed in Chicago’s Beverly neighborhood. Having recently transitioned into a career as an insurance agency owner, I was looking for a property that I could own, work and live in vs rent. The goal was to find a property that could house my office on the first floor and live on the second floor. This was probably the best purchase that I’ve made to date! I acquired this property for just $173k and three years later it was valued at almost $600k! Again, I was in love. This appreciation was because the property immediately next door to mine underwent a $2 million facelift and the neighborhood mall, just 4 blocks away, was extensively redeveloped. In no order, additional benefits included 1) FREE housing, the insurance agency covered the entire mortgage 2) my wife and I were able to pocket our entire pay checks for retirement, travel, child care, etc 3) both my office and living space was twice as big as our previous space 4) the work life balance was much improved as I could spend more time with my family throughout the day (I was now married with 2 kids) 5) tax write-offs associated with owning the building were tremendous (i.e. depreciation, building upgrades) 6) additional community respect 7) this neighborhood had more resources and was closer to my in-laws, and 8) I owned he place which increased my net worth, this was another asset that I could pass down to my heirs. My third building paid for my dream car. I was randomly bike riding in the neighborhood with my kids when I saw a realtor put up a for sale sign in front of a 2-unit building. After crunching the numbers, the building was cash flowing $700 month. The car I wanted; a fully loaded Jeep Wrangler had a monthly note of $500. You guessed it, I called the realtor ASAP and my offer was accepted. After I bought the building, I headed straight to the dealership to buy the Wrangler. Get this, the building appraised for $20k more than what I paid. Love never felt so good! What you can expect… our goal is to be the premiere resource for people who want to use MULTI FAMILY REAL ESTATE INVESTING to achieve financial freedom and leave legacy for their loved ones!
Members will receive:
Access to weekly newsletters/tips
Access to weekly podcast interviews - hear from the successes and failures of everyday people as well as industry professionals
Access to our exclusive Facebook resource and accountability group - Discounted registration to our 8-week multifamily bootcamp
Exclusive discounts on Go Fish Village merchandise
Complimentary registration to Go Fish Village meetups (restrictions apply)
Access to select Go Fish Village Resources
I’ve said enough for now, welcome to the village!