S4E7 How to become a Millionaire

In this episode of the Investor Shed Podcast, Nick Beveridge and Jeremy Kitchen break down a straightforward strategy to achieve real estate millionaire status. They emphasize the importance of starting early, being intentional with your finances, and making smart investment decisions. Nick and Jeremy outline a step-by-step approach that includes getting a job, improving your credit, and using an FHA loan to purchase your first home. They advocate buying a new house each year, committing to a 10-year plan, and scaling the strategy with house hacking and VA loans. The conversation also delves into the significance of cash flow, debt-to-income ratios, and building a strong support team of realtors and lenders. With personal insights and practical advice, this episode is a must-listen for anyone looking to build wealth through real estate investment.

🔗 Connect with us:

Official YouTube Podcast Page: https://www.youtube.com/@TheInvestorShed
Nick Beveridge's YouTube Page: https://www.youtube.com/@NickBeveridge
Real Estate Website: northidahorei.com
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Instagram: https://www.instagram.com/theinvestorshed/

Keywords: real estate, millionaire strategy, house hacking, FHA loan, VA loan, cash flow, wealth building, debt-to-income, rental properties, property appreciation, financial planning, mentorship

 

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Chapters:

• 00:00 Introduction and Simplifying the Strategy
• 09:35 The Trades as a Protected Field
• 12:26 Consider Alternative Paths and Keep it Simple
• 14:17 The Importance of Doing the Math
• 17:39 Finding Properties that Cash Flow
• 25:28 Getting Your Money Right and Getting Pre-Approved
• 28:20 Becoming a Real Estate Agent to Save on Commissions
• 32:59 Challenges of Finding Cash-Flowing Properties in North Idaho
• 34:53 The Potential of Rental Properties
• 37:17 Realistic Expectations and Taking Action
• 41:12 The Long-Term Benefits of Real Estate Investment
• 44:30 Overcoming Challenges and Building a Portfolio
• 46:13 Adapting Strategies with Multiple Properties
• 48:04 Exploring Non-QM Loans
• 50:51 Comparing Real Estate Investment to the Stock Market
• 54:06 The Importance of Mindset and Planning
• 58:29 Finding Fulfillment and Paying Bills
• 01:02:22 Being Intentional and Consistent
• 01:04:43 Building a Supportive Network
• 01:06:32 Seeking Guidance from Mentors and Coaches

This episode offers a comprehensive guide to building wealth through real estate, packed with actionable steps and expert advice to help you achieve your financial goals.