Achieving your FI number in just four years? If you want to do it too, you must try something different. This couple found a niche within a niche, allowing them to hit the coveted “1% rule” in real estate, skyrocketing their cash flow and passive income and allowing them to make more than almost any other landlord in their area. So, how did they do it, and what was the investment that got them there?
David and Morgan Stanhope weren’t real estate investors five years ago. They didn’t come from investor families and had zero real estate investing experience. One day, at his job as a New York State Police Investigator, David met a mentor who would change how he thought about money, financial freedom, and passive income. This was perfect because David and Morgan were already in a great place to invest—Upstate New York. But David chose NOT to invest in his home market, and for good reason.
They went south to a state known for higher home prices and crushingly high insurance costs. There, they found a creative rental property investing strategy, allowing them to make much more cash flow than regular rentals. Four years later, they’ve surpassed their $10,000/month FI goal. Now, they’re on track to hit an even bigger achievement: $70,000 per MONTH. Today, we’re talking to them about exactly how they’re getting there with investment properties you’ve probably never heard (or thought) about.
Mindy:
Have you thought to yourself, it’s just too hard to invest in this market, or it’s too late. I’ve missed all the good deals. On today’s episode, we are going to hear a story that will make you believe that investing in real estate and reaching financial independence is still possible even in 2024. Hello, hello, hello, and welcome to the BiggerPockets Money podcast. My name is Mindy Jensen, and with me as always is my real estate believer, co-host Scott Treach.
Scott:
Thanks, Mindy. I really appreciate all of these wonderful creative intros that you come…