Get Rich Education 137: GRE Listener Eric Pratt Tells How He Built $3,600 Passive Monthly Income with Turnkey Property
#137: GRE listener Eric Pratt is today’s guest. His passive monthly RE income is $3,600, soon to be $4,600.
He bought turnkey income properties: 6 in Memphis, 1 in Atlanta, and soon expects to close 1 in Birmingham. He carries 7 mortgages.
Eric is in his 40s, married, and is a police officer in Anchorage, Alaska. Learn about how GRE has changed his life, and learn about one speed bump that he hit on the way.
This show has been on the air every week for more than 2 ½ years and it’s changing lives. It’s time to hear your story. Keith tells you how you can be on the show with him.
Keith brings you today’s show from Anchorage, Alaska.
Want more wealth? Visit: 1) www.GetRichEducation.com to grab our free newsletter. 2) www.GREturnkey.com for actionable turnkey real estate investing opportunities.
Listen to this week’s show and learn:
04:23 Today’s guest, Eric, had never heard of a podcast before learning about GRE.
06:04 Growing up in a financial family: Dad - banker; Stepmom - accountant.
09:34 Eric’s first investment property was bought in Las Vegas in 2001.
14:20 Eric used to invest out-of-state without knowing about turnkey RE investing. He previously tried to put the “team ingredients” together himself.
15:25 His first turnkey investment property was bought in Memphis in 2015 through Mid South Home Buyers.
16:45 Some think turnkey real estate investing is too good to be true.
19:01 Guest’s former mission to be debt-free changed to becoming financially-free.
24:40 Paid 6 ways at the same time?
26:26 Eric self-manages one property. Lesson learned: buy from a provider with in-house management rather than third-party management.
29:17 Paying $61,000 cash to own a Memphis property free-and-clear.
31:12 Carrying 7 mortgages.
32:06 Offering full asking price on turnkey properties?
33:21 Eric’s passive monthly RE income is $3,600, expects it will soon be $4,600.
38:23 He has an employer pension.
39:27 The Abundant Mindset.
41:32 Birmingham, Alabama’s surprising revitalization.
43:50 Eric leaves his personal e-mail address for you: pratts@ak.net
Resources Mentioned:
Guest E-mail: pratts@ak.net