Rental properties can be a phenomenal second source of income for the majority of us who work at regular jobs. One or two rental property purchases every year or so can slowly, but surely, build a strong foundation for financial independence, sometimes within only a few years. Today’s guest Connor has taken this approach to wealth building and now sits on six rental units, splitting some of the profits with his partners.
Connor runs a lot of the operation for these rental properties. He has a background in construction management, making him an integral piece of any future BRRRR, flip, or rehab project he and his partners decide to take on. But, could these real estate partnerships be slowing down his personal wealth growth? And if so, how does he mitigate the risk of being an independent investor in a cash-intensive business?
Aside from his real estate portfolio, Connor also wants to simplify his personal portfolio, plan for future baby expenses, maximize his retirement, and get a better handle on his financial situation in total. Scott and Mindy leave Connor with some clear action items that may help him achieve financial freedom in his five to seven-year time horizon!
Mindy:
Welcome to the BiggerPockets Money podcast show number 274, Finance Friday edition, where we interview Connor and talk about investing in real estate, structuring partnerships, and babies.
Connor:
Essentially, I want to have the opportunity to quit my W2 job after five to seven years from now. It seems super aggressive. I just don’t want to set it at 10 years because I know it’ll probably end up taking 10 years. So essentially, I want to scale as much as I can with real estate and passive income and try to have the ability to retire in five to seven years. Well, I’ll actually quit my W2 job, probably not. But that’s kind of the goal.
Mindy:
Hello, hello. My name is Mindy Jensen and with me as always, is my healthy eating co-host Scott Trench.
Scott:
I just don’t know how you keep…