felipe mejia podcast

I like that. That’s the future of real estate investing. You are not necessarily buying yourself passive income. BiggerPockets Podcast 445: When to Quit Your Job and Pursue Your Dreams with Rapper Manafest. Well, I went about an hour out of Nashville to a city called Cookeville, Tennessee. Think about if you’ve got a cat at home, if you have food in your hand and you’re chasing it for some reason, it still won’t come to you. Felipe: So we had to save up all the money. Can I hear one from Scott? Real estate became Felipe’s main source of income, generating enough that he does not have to work a traditional job any longer. This is a very interesting way to think about reserves that I think makes a lot of sense. I knew that it wasn’t important to have a ton of money in the bank. Scott: This whole episode is kind of an advertisement for your show because you’re going to tell us what you know. With Rentometer, the market rate no longer has to be a mystery. Let’s see what Scott has to think. So we are really excited about that. Why don’t I just bring that money back to Nashville cashflow 13, 1400 on a single family home that if there’s an emergency I can run down the road and manage or I can leverage some of the people that I know here to do that for me and it’s not going to cost me the same as a six unit apartment complex. And so that is a much more conservative position than I have, but it allows him to keep that his reserve invested in a property that’s hopefully appreciating at three, four, maybe a little bit above that percent a year. I feel you asked that on purpose. Awesome. You’re welcome to leave,” end of quote. … Unless I’m in the middle of a flip or something. Facebook: https://www.facebook.com/felipe.mejia.12764874 When properties go down in value, it will be a little harder to access that line of credit in reality than the current situation of that. I would just caution you the listener not to consider a dollar of line of credit, equally conservative to a dollar of cash in the bank. Yep. Come up with it. Stephen King has a son named Joe. If it wasn’t my best… If I wasn’t using my time that helped me with me and my family and how I was going to be interacting with them, it just wasn’t something that I would take. Felipe: Mindy, I’m so excited to be here. Felipe: Felipe: And I think that’s the important thing to understand before you ever go into the tactics about how to actually tap your 401k to invest in real estate. That’s exactly right. Okay. I have tons of books up here from Life on Air to The Wealthy Gardener and everything in between. So I took odd jobs. Scott: Create an account to claim this page ← Back to profile overview. Mindy: That’s a terrible mistake. Thank you guys for the opportunity as well. Mindy: We’ll be right back after a word from today’s show sponsor. Visit Fundrise.com/bpmoney to have your first 3 months of fees waived. I didn’t know why, but I knew I didn’t ever want to feel that water at my throat that I felt when my parents got divorced. I was, that’s how I got to college and back. So I have not heard you mentioned reserves and this is something that I see a lot in the BiggerPockets forums where people will say, “Oh, I don’t have any money, but I scraped together and I bought this property and now something broke.” What do you do about reserves because you said that as soon as you save it up, you want to invest it, but what happens if something breaks? It’s all about reinvesting. I love the thought process there. Felipe: It was great money. Having a line of credit backed by your paid off property is a great way to deploy all your cash while still having reserves in case of an emergency, which is the whole reason that they’re there. Felipe: Absolutely. Mindy: And even when I have these conversations with friends, I always get the comment, “Oh, Felipe life’s not all about money,” and I really want your listeners to hone in on this part right here. Felipe: So I just cashed 1200 bucks and we were able to save again a bunch of money a lot quicker. But this show is not about real estate, this show is about money. And that’s when I had the epiphany of, “Oh, I’m chasing money. So he’s getting a better return on that reserve than I am, but certainly much more conservative overall position I think. The host of the new Real Estate Rookie podcast, Felipe Mejia, joins Paula Pant (Afford Anything) and Len Penzo (Len Penzo dot com) to talk about real estate for newbies. I see. So, I sorrowed for a little while, it completely sucked. So I did that with the mobile home that my mom gave me and that’s how I was able to live for free during college as well. It’s about strategically using your finance to build more finances, to weigh money against more money. So you can find me on Instagram @felipemejiarei, that’s F-E-L-I-P-E-M-E-J-I-A-R-E-I. Felipe: And I said, this is going to be the proof. And at that time we didn’t have any kids, so my wife was working as well and basically we just saved everything we could. I love that background. Traditionally in Latino homes, the mom stays home, the dad goes out and work and that’s kind of how that went. Scott: I would say, hey, don’t tell them what you’re going to do. Awesome. Visit trustandwill.com/biggerpockets to automatically receive 10% off your purchase of a guardianship, will or trust. Sure. Again, advantages that are mitigated to some extent when you go through a 401k. Now we got to start budgeting.” So I was able to feel both sides of money pretty quickly when I was young and then going forward from there once my dad did leave, I ended up stepping up as quickly as possible into the role of bringing money to the home just because I felt I was supposed to do. Felipe: I’m glad it worked out the way it did actually. Felipe: We only met in person yesterday for the very first time as did you, I met you in person for the very first. 00:41:44 - In today’s episode, host Tony J. Robinson interviews Felipe Mejia (host of the BiggerPockets Real Estate Rookie podcast) and an … Well, FHA loan, and that implies to me, doing some quick math here that you’re saving a couple hundred bucks a month throughout that first three year period. Felipe Mejia’s relationship with money started at an early age - when his parents divorced and his world turned upside down. So I would take 21 hours semester to graduate as quick as possible. Anyway, let’s get back to today’s show, which is the episode with Felipe Mejia is the co-host of BiggerPockets’ newest podcast called the Real Estate Rookie podcast. It’s always about investing. I am Mindy Jensen and he is Scott Trench, and what? Listen to 132.The Secret To Confidence Without Arrogance W/ Felipe Mejia and 196 more episodes by Earn & Invest, free! And their new show airs on Wednesdays and it is out, episode one actually aired last Thursday in place of the BiggerPockets, Real Estate Investing podcast. I hadn’t finished my two years of self-employment yet, so I saved up as much money as I could as well as that condo and I sold the condo, put a little bit of cash and bought a six unit apartment complex. I got in three days later, verbatim, quote, “Felipe we have enough Latino police officers. Don’t force anything on her. It’s a reasonable way around this problem. Welcome To The Rat Race To Fi Podcast - Diego Corzo - Felipe Mejia Publicerades 4/1/2021 Rat Race To Fi Podcast Introduction Publicerades 3/22/2021 Guiding people through the Rat Race to financial independence . Evan on Twitter: twitter.com/EvanHolladay, See what Evan is up to: https://www.evanholladay.com, Keep Up with Felipe: And then I started using my time more strategically. And it was after framing, after drywall after dark work, after certain things that went in and these builders were building tons of houses and I just had my pick of the litter. Just saving everything I can. Nick. For those listening be warned ahead of time, there is a little bit of a religious tone to that book. Well, because I can make the same amount of money on a property, on one unit and our closer gives me the same as the six unit an hour away. All of our shows are released on YouTube, but about eight to 10,000 people who usually listen or watch our podcast on YouTube if you like to see us talking. Find the best way to get in touch with Felipe by joining Muck Rack. So, when you had the six unit apartment complex were you’re not able to outsource that to property management for example, is that why you had to sell it to get your time back? Awesome. So was your wife on board from day one? She’s pretty amazing in that, she’s always been really good with money in that she’s always taught us not to hold onto it tightly. Same, same. Perfect. Scott: Did it all go back to the family or did you save it? And we will have links to the new show in our show notes, which can be found at biggerpockets.com/moneyshow115. The difference between wealthy and rich is so important and Felipe tells us why in this weeks episode. The reason for that is when a stock generates dividend income that shows up with my tax return, if I’m not using it through an IRA. Users who liked this track Andrew Garita de la O. Andrew Garita de la O. Noku. Definitely recommend, Kudos! All right, what is your favorite joke to tell at parties? Mindy: And in my mind, I’d be like, “Man, it’d be really nice to buy that house right now.” But no, I’m going to save my money and buy another rental property. So I just use the line of credit from my first rental property. My cash flow is about $1,500 per property just because of the way I structured my investments. So the way he’s handling it is, I have, for example, probably less property than Felipe buy a significant amount, but on my three properties, I’ve got about 30. That’s absolutely right. You tell me a job that pays you… And I would be able to pay my guys 20, $25 an hour and they loved it. Okay, that’s great. Then when my stepdad came in, he really alleviated and helped us with that and that’s where I started working. So my mom paid for my college in cash, but I was responsible for everything else in my life, rent, books, car, insurance, I mean everything in my life I was responsible for except the burden of college because my mom wanted to make sure that I got that higher education. If you are listening to this show, you need to go and watch the intro on YouTube because Scott has a unique background and he is definitely out of this world. Scott: So that’s a really good point. Felipe: So over the course of two or three years, it takes you that long to accumulate the first 15 to $20,000 through what you’re doing-. Okay, Scott, that was Felipe Mejia. Well, we’re not going to have to wait much longer, but I wanted to say that last week we interviewed Ashley Kehr, maybe you’ve met her. I bought a house that was paying me less in cashflow, but I now had all my time back and now I was leveraging my time to buy more properties that even if they paid me a little less in cashflow, they gave me the time with my family. I’m very conservative. Property owners and investors rely on Rentometer because it is the fastest and easiest way to access quality rental data anywhere in the United States, but don’t take our word for it. You’re not factoring that into your your assumption process and that beat you later because you had to sell them when you actually realized, “Hey, I’m buying myself a job managing a commercial property an hour and a half away from home as opposed to passive income.” Is that what’s happening? Great. Felipe: You still have-. … But if you like watching on YouTube, you can watch this on YouTube. Felipe Mejia’s relationship with money started at an early age, when his parents divorced and his world turned upside down. No. And if you kind of approached the problem from that, maybe it’s still a good idea to invest in your 401k and you can go into the details on that and hire a custodian to help you with that, but maybe it will also help you kind of frame the question of how do I generate enough liquidity to buy real estate outside of my 401k so I can take advantage of those tax advantages? I’m going to save my money and buy another rental property. Mindy: Yeah, I think I love the multifamily sector. Real Estate Rookie podcast, let’s go. My mom cleans houses and I asked my mom, I said, “Mom, what happened in 2008, how did we get through that? Together, they share stories of real estate successes - as well as encouragement to get … Felipe: Set up a call with our investor relations team to see if it’s a good fit: https://holladayventures.com/investors/, Subscribe & leave a review for Monumental on iTunes: bit.ly/eholladay, Evan on Instagram: http://www.instagram.com/evanholladay/

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