BiggerPockets Money23 Des 2022

365: Finance Friday: How to Become Real Estate Ready in 2023

Don’t know how to become a millionaire? There’s a pretty simple formula for seven-figure wealth that the average American doesn’t know about. It isn’t complicated, but it does take a fair amount of time to come to fruition. If you follow the same strategy, regardless of where you’re starting right now, you too could become a millionaire in under ten years. This wealth-building formula is exactly what today’s guest, Remy, is looking for.

Remy is doing his mid-twenties the right way. He’s got a great income, contributes heavily to investing, and already has six figures in equity thanks to buying his home two years ago. He’s made moves that many young investors would envy, but he wants to go even further over the next ten years. Remy is looking to become “real estate ready” in 2023, meaning he needs to be in a favorable position to start building his rental property portfolio so he can have a million dollars of real estate by the time he turns thirty-five.

The plan is simple for Remy, but he’ll need to make some serious tradeoffs. Is more real estate worth forsaking his growing retirement accounts? Should he slash his emergency fund to pile more fuel onto the FIRE? And where can he cut his budget so he’s saving as much cash as possible, ready to invest in the next great deal that comes his way? If you want to get real estate ready like Remy, stick around!

In This Episode We Cover

How to invest more when you’re financially treading water every month

Why requoting your car insurance after a certain age could save you thousands

Real estate vs. retirement investing and which one is worth a bigger contribution

Renting vs. selling your primary residence and when freeing up cash is the right move to make

Emergency reserves and the certain situation when Scott and Mindy are against them

Why retirement accounts can be a “trap” for the investor who wants to retire early

And So Much More!

Links from the Show

Find an Investor-Friendly Real Estate Agent

BiggerPockets Money Facebook Group

BiggerPockets Forums

Finance Review Guest Onboarding

Mindy's Twitter

Scott's Instagram

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Apply to Be a Guest on The Money Show

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Check Out Mindy’s 2022 Live Spending Tracker and Budget

Click here to check the full show notes: https://www.biggerpockets.com/blog/money-365

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