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?
Mindy:
Welcome to the BiggerPockets Money Podcast Show Number 282, Finance Friday Edition, where we interview Nicole and talk about investing in real estate even if you’re getting started a little bit late.
Nicole:
That’s when I thought about that goal that was kind of for me to live comfortably and be able to take vacations and do whatever I want to do with my daughter. That 4,000 would be comfortable for me. Even though I’m living below that now, it’s for a reason, but I don’t want to continue to live that low.
Mindy:
Hello, hello, hello. My name is Mindy Jensen and with me as always is my solves the Wordle on his first try co-host, Scott Trench.
Scott:
I don’t know about that Mindy, but I did get … I’d only done one…