Unscription achieved in 6 years

[alikl]

First things first,

* I read The Millionaire Fastlane and loved it!
* I read Unscripted (and keep re-listening on Audible periodically while driving), love the principles, love the style even more.

In January 2022 I turned my corporate badge in and said goodbye to my W2, bi-weekly paycheck, and cheap medical insurance.

I have achieved the Unscription via rental properties. Now I earn more than money, I earn time (Chapter 36).

The high level process was as the following:

1. Read Rich Dad Poor Dad. MJ kind of mocked Robert yet principles both authors preach are 100% in sync, so I focus on what's important - the principles vs. mockery. Grant Cardon mocked Robert too yet what Grant preaches is 100% same what Robert did 20 years back. Love Grant's books and style as much as MJ's though.
2. Anger as in "it cannot be true!" followed by "why no one told me this before?!"
3. Running numbers and further research that supported everything I read.
4. 2016 - Purchasing my first rental to test full cycle, following few more purchases the same year after gaining confidence.
5. Going into equity growth mode - getting my hands on every possible financing to buy more rentals as long as they cash flow positively.
6. Inflection point - generating enough passive income to sustain my life style.
7. 2022 - Saying goodbye to my day job.
8. Going into value mode - focusing on cash flow growth vs. equity growth.
9. Unscription.


Yes, passive income is possible.
Yes, it requires time and effort to get to it.

 

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[wyattnorton]

So... what was your process to acquire these properties? What type of properties are there? How many units? What was your first size property? How did you purchase it (financed?)? Where did you begin looking at these properties? Is your process still the same 6 months later?

Pictures of properties?

 

[alikl]

So... what was your process to acquire these properties? What type of properties are there? How many units? What was your first size property? How did you purchase it (financed?)? Where did you begin looking at these properties? Is your process still the same 6 months later?

Pictures of properties?

To answer your questions:
* what was your process to acquire these properties? - nothing special. Find properties online based on specific criteria, use realtor to manage the process of acquisition, list for rent on Zillow. Repeat.
* What type of properties are there? How many units? - I focus on single family homes.
* What was your first size property? - not sure I follow this one.
* How did you purchase it (financed?)? - yes, pretty standard, 20% down, rest financed.
* Where did you begin looking at these properties? - online, nothing special. Redfin, Zillow, etc.
* Is your process still the same 6 months later? - the process 100% the same as in principles, techniques vary. For example, I no longer qualify for conventional loans so I switched to DSCR (commercial) loans. But main the principles how I manage risk remain the same.

Full disclosure: I am licensed REALTOR.