Granted, the house was fairly disgusting in my opinion, but it was never boring. Despite the hellish commute, living this way meant he was able to paid off his student loans in their entirety within 2 years of graduation.īrad spent the majority of his years in DC renting a room in a group house in Adams Morgan for only $500 a month. For a year after college he lived rent-free with his grandfather in northern New Jersey and commuted into New York City for work. He spent the entirety of his twenties living on the cheap, which is what made everything we’ve done in our thirties possible. Although he’s never earned more than $50k a year in salary, this man is an absolute savings whiz. When it came to saving up for our first down payment, I’ll be honest: #BradTheBoo really came through in this department. Granted, there are some first-time homebuyer programs out there that allow you to put less of a payment down on your first home purchase, but when buying real estate with the explicit intent to immediately rent them out as landlords, you often need to finance those deals with an even larger down payment. You can learn more about the 3-step process to financial freedom that I ascribe to (slaying debt, upping your earnings, and stacking your cash) on the live Bossed Up podcast show I hosted in DC about women and wealth here. For a $400,000 home, you’re looking at $40,000 to $60,000.įinding a way to not only dig out of debt but actually start stacking cash like that is that hardest part, just as getting started on any daunting goal often is. Here’s the full epic tale, step by step:īuying a home typically requires a 10% to 20% down payment.
On today’s podcast episode, I mentioned that I’d written down the full story behind how Brad and I ventured into the real estate business. This episode was sponsored by Audible and Babbel.
Here’s the rad Do-It-Herself book my mother-in-law gave me!.Here’s the BiggerPockets real estate investing book I read.Learn more about how FHA loans can you help you buy a home here.Learn more about Mindy Jensen & Bigger Pockets.Mindy is the co-host of the BiggerPockets Money podcast and the Community Manager at BiggerPockets, one of the most respected online real estate platforms, which has been instrumental in my own foray into real estate investing. In today’s episode above and the complete post below, I’m sharing how we made that happen with the help of real estate investor Mindy Jensen. At the end of last year, #BradtheBoo and I purchased our second home and began renting out the first home we bought and renovated the year prior.
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