EP 152: Retiring at 27 with $10k a Month in Passive Income
Jan 01, 2021The beautiful thing about achieving financial independence through real estate is that it frees up time so you can pursue things you are passionate about. On today’s episode, we talk with Rachel Richards, investor and author, about how she was able to quit her job and retire at 27.
Rachel started investing in 2017 and quickly grew her portfolio to almost 40 rental units by the end of 2018. We discuss with Rachel the step by step process it took for her to grow her portfolio, lessons learned as a long-distance investor, how she funded these properties, and what it was like to transition into retirement from full-time work. Rachel also shares the systems and apps she uses to efficiently manage her portfolio.
Rachel Richards owns almost 40 rental units within six properties. She has two single family homes, one duplex, and three buildings that are 10-12 units. She acquired all her properties between 2017-2018 and were purchased with combined funds with her husband. All have conventional mortgages with 20-25% down payments. At the age of 27, Rachel quit her job and retired, living off over $10,000 per month in passive income. She is the bestselling author of two books on financial literacy, and a former financial advisor.
On today’s episode, we discuss a ton with Rachel including:
- How patience found her a great first deal
- The importance of having specific criteria
- Mistakes to avoid when investing long distance
- How to get over the fear of quitting your full-time job.
Books/Resources
Money Honey by Rachel Richards
Passive Income Aggressive Retirement by Rachel Richards
The Miracle Morning by Hal Elrod
The Five Love Languages by Gary Chapman
FREE GIFT - Passive Income Starter Kit www.moneyhoneyrachel.com/bonus
Contact Information
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