Dustin Heiner, founder of MasterPassiveIncome.com, started investing in rental properties was in 2007 where he and his wife took all of their life savings and bought their first rental property for cash. It was very scary because the property was in Ohio and he lived in California. Even though he was scared, he jumped in and spent $17,000 and bought a rental property that rented for $550. He still owns the property today and is a great rental.
Six months after that first property, he refinanced it and pulled out 80% of the value to purchase another rental property. Four months after buying that property, he refinanced it and pulled out 80% to buy two more properties. Now, after a little over a year, he had four properties that rented for $500-$550 a month.
It was a sacrifice but he tried to save every penny of profit from those properties to buy more and more. After 6 years, he had enough properties and enough passive income to replace his income from his job. Even though he had enough, it took him another 3 years to get up enough courage to actually quit his job. Which, by the way, is the best decision he ever made!
After investing for 9 years, at the age of 37, Dustin quit his job and will NEVER work another job again. All of my properties make him enough money to live on AND increase his business at the same time. Recently, he purchased four properties with $25,000 down and the rest with seller financing. After the note, he’ll be making $1,200 a month in passive income. Once the note is paid off in 3 years, he’ll be making $2,000 a month!
In the past few years, Dustin started writing books about business and real estate. His book “How to Quit Your Job with Rental Properties” quickly became an Amazon best-seller and is helping so many people begin their investing career in real estate.
- How and why to replace your earned income with passive income
- How Dustin bought his first rental property for $17,000
- Treating your real estate business like a convenience store.
- How to vet out of state markets and properties
- Processes and systems for building an out-of-state rental portfolio
- What was your biggest hurdle getting started in real estate investing, and how did you overcome it?
- Fear of the unknown. Dustin invested in himself first and spent time learning.
- Do you have a personal habit that contributes to your success?
- Being completely focused and driven to his goal.
- Do you have an online resource that you find valuable?
- What book would you recommend to the listeners and why?
- Richest Man in Babylon by George Clasen
- If you were to give advice to your 20-year-old self to get started in real estate investing, what would it be?
- Work for knowledge, don’t work for money.
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