BiggerPockets Real Estate Podcast 353: Turning $5k into $5k/Month and Retiring at 40 with Tim Rhode
“Trading up” to successfully retire financially free at 40!
On today’s show, Brandon and David interview retired real estate broker Tim Rhode, who explains how he was able to buy great deals and 1031 exchange them into financial freedom!
Tim shares some fantastic advice on playing great financial defense to achieve an early retirement, crushing it in real estate sales, and locking up deals during his first conversation with sellers.
Tim also shares how knowing his market led to him making hundreds of thousands buying land in the path of progress, how to build a “fulfillment triangle," and how he recognized the market turning in 2006 and cashed out before losing money.
Tim has a huge heart, is committed to helping others get out of the rat race, and shares some incredible advice on how to do so. Make sure you listen for his description of the several levels of financial freedom and his belief that those who make it to the top of the mountain should throw down the rope for the rest still climbing. Download this one today!
In This Episode We Cover:
- Levels of risk tolerance
- Delegating things you're not good at
- How he got into real estate sales
- Playing great "defense"
- Not caring about what others think
- How he invested everything left over that he didn’t spend
- How he bought his first property—a triple wide mobile home—for 50 cents on the dollar
- Using his influence as a broker to get great deals before they hit the market
- How he bought land in the path of progress
- How he exchanged several good deals by “trading up” into a triple net lease commercial property out of state
- His philosophy on timing markets
- His “fulfillment triangle”
- The power of the 1031 exchange
- Which houses he flipped and which he kept
- How he retired at 40 years old
- The multiple levels of financial freedom
- The financial freedom principles he teaches in his non-profit
- Where he believes we are in the current market cycle
- And SO much more!
Links from the Show
- BiggerPockets Forums
- BiggerPockets Podcast 326: Health, (Big) Wealth, and Total Accountability With David Osborn, Pat Hiban, Tim Rhode (and Josh!)
- Firestarter BiggerPockets
- Wayne Dyer
- Tom Hopkins
- Zig Ziglar
- BiggerPockets Bookstore
- GoBundance
- BiggerPockets Pro
- Email Us: podcast@biggerpockets.com
Check the full show notes on BiggerPockets: http://biggerpockets.com/show353
Learn more about your ad choices. Visit megaphone.fm/adchoices