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 acreative 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.In This Episode We CoverHow to hit real estate’s “1% rule” with creative, high-cash flow rentalsBorrowing from your 401(k) to fund your first real estate dealMaking real estate cash flow EVEN with eight percent mortgage rates (yes, it’s possible)Why David WON’T quit his job, even though he has already hit his FI numberFinding contractors and vendors when out-of-state real estate investing Using other people’s money to invest in real estate (and why you may want experience before you do)And So Much More!Links from the ShowBiggerPockets Money Facebook GroupNetwork with Other Investors on The Path to FIRE Through the BiggerPockets ForumsFinance Review Guest OnboardingJoin BiggerPockets for FREEMindy on BiggerPocketsScott on BiggerPocketsListen to All Your Favorite BiggerPockets Podcasts in One PlaceApply to Be a Guest on The Money ShowPodcast Talent Search!Find an Investor-Friendly Agent in Your AreaFind Investor-Friendly LendersBiggerPockets Money GroupStanhope CapitalStart Investing with “The Book on Rental Property Investing”See Mindy and Scott at BPCON2024 in Cancun!Socially Conscious Investing: How to Start a Sober Living Home00:00 Intro01:17 Early Financial Education 05:13 Finding a Money Mentor 09:06 Hitting the 1% Rule in...Florida?17:31 Current Cash Flow Numbers20:41 $70K/Month Goal!?24:09 Is Sober Living Investing Stable?29:11 Borrowing Money to Invest32:04 How Much Time Does It Take?34:46 Connect with David and Morgan!Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-562Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoicesSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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