BiggerPockets Money Podcast

$200K/Year & Early Retirement in 10 Years by Being a "Lazy" Investor

17 snips
Dec 6, 2024
Guest
Dion McNeeley
Dion McNeeley, a retired real estate investor who achieved financial freedom from $89,000 in debt in just ten years, shares his inspiring journey. He emphasizes the power of a 'lazy' investing method, using house hacking to build passive income streams. Dion debunks myths about the housing market, urging listeners to seize current investing opportunities. Learn from his $1,000,000 mistake and uncover strategies for early retirement, such as reverse budgeting and effective property management. If he can do it, so can you!
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ANECDOTE

Dion's Motivation

  • Dion McNeely's initial financial goal wasn't early retirement, but to avoid burdening his children.
  • He began investing at 40, driven by this goal after facing job loss, debt, and single parenthood.
ADVICE

Debt Management

  • Categorize debt as bad (consumer debt), worse (adjustable rates, high interest), and good (mortgages).
  • Prioritize saving for a house hack and aggressively pay down "worse" debt.
ANECDOTE

Rental Strategy

  • Dion rented out his house for two years to generate rental income and improve his credit.
  • This allowed him to qualify for a mortgage on his first duplex despite low income and debt.
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