Today, we will learn how to really get started in real estate investing, the reasons to look at investing out-of-state, understanding the areas, how to achieve financial independence in less than ten years, and much more. Discover Lincoln’s biggest dream, becoming a mental health counselor/therapist and providing his family with a higher income than a beginner therapist can.
Lincoln knows for a fact financial freedom is not about leave-it-all and move to a bungalow at the beach, but for you to have freedom of choice. He’s convinced there are two kinds of budget: the basic one and the lifestyle budget. He is aware as well that there are two ways to get cash flow: either you create it or you buy it. Stay with us and discover what exactly is reverse engineering and how to get 6,600 USD of net cash flow every single month, thanks to it.
Lincoln’s background:
- Lincoln grew up just outside of Salt Lake City, Utah.
- His main passion is psychology but he is also drawn to business and entrepreneurship.
- His goal is to become financially independent before he begins a career as a mental health professional.
- Lincoln took a risk and participated in a Kickstarter campaign that unfortunately didn’t result in his financial freedom. Still, he thinks of this as a great learning experience.
- Currently, Lincoln works as an Account Executive at a tech company.
- Lincoln’s WHY? Following his passion, fulfilling his calling in life and helping others without putting his family through financial distress.
- He is currently receiving one rental income by house hacking.
- His goal is to get a property in the next six months.
Podcast summary:
18:07 - How passive income can help health professionals leave the “Rat Race” and even enjoy their practicing more.
20:15 - Lincoln’s current passive income: his very own house hack.
21:17 - Lincoln’s Plan A and Plan B: basic budget versus lifestyle budget.
23:00 - Reverse engineering: a thousand ways to get to your income goal.
26:34 - Lincoln’s 20K investment plan choice: The BRRRR Method path.
29:23 - The BRRRR Method downsides and an alternative strategy: Fix & Flipping to the top.
33:19 - How to get started in real estate and the nine skills you will need to find your way in the market.
36:23 - How equity and motivations will lead you to the perfect property to get started.
41:21 - Deciding on a strategy and doing your marketing to start building your portfolio.
43:26 - Reverse engineering your way: your process is more important than your goal.
48:13 - Lincoln’s takeaways and Ryan’s tips to achieve his goals.
51:55 - Why out-of-state investment may scare you and Ryan’s recommendation on it.
Want to learn more?
Join Ryan on our next webinar to learn how you can start real estate investing with The Investor's Edge.
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