Houston Southard
a name that looks so fake you'll care just as little to learn it's not
Brandon Turner - The Book on rental property investing
Everyone wants out of the rat race. Salaries incentivize slacking. Sustaining normal living conditions has never been harder. 60% of Americans have no savings because staying afloat necessitates a tunnel vision that prevents being able to see past the next bill. Public education has become a mill that nurtures time-clock critical thinking to meet standardized testing thresholds that guaranty future accreditation and little else. The 21st century seeks to bleed us dry, but there are instructions to help us bleed it back.
I was always a bad learner, bleeding money in the shirtsleeves-to-shirtsleeves way the offspring of bootstrapping parents do. I'm still those things, but being impulsive imbreeds scheming up ways to work the system, and there's no better scheme than the one detailed in this financial freedom framework.
The core people you need around you. Figuring out what you're willing to do yourself and what you're going to outsource. Finding the right type of rental property that fits your strategy and risk tolerance. Financing without capital. Using management portals to automate lease structuring, posting units, tenant screening, applications, rent payments, maintenance requests, etc. It's all in here.
No money? No problem. Get gifted a loan and season it for the three months. Pick a multifamily realtor to find you off-market deals from owners they've previously sold to. Choose a lender and get pre-approved so you can submit offers. Analyze deals to see which make sense for you. Get an accepted offer and pay 3.5% down for a 2-4 family building. Live in a vacant unit to satisfy owner-occupancy requirements. Rent remaining units at market value. Make some cosmetic repairs and wait a few months to refinance into a conventional loan. Find another building, pay 3.5% down and repeat, leapfrogging into a second building's vacant unit while filling the one you just left.
It took me 3 years to go from cashless in six-figure debt to financial freedom with 20 rental units. I started with others' money to grow mine. I'm definitely not done working because W2s are still the best way to qualify for loans.
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