238: Becoming a Real Estate Millionaire on a Teacher’s Salary with Michael “Swanny” Swan | Bigger Pockets Podcast
Is it possible to invest in real estate if you live in an expensive market—and earn a teacher’s salary? According to today’s guest, it’s not only possible, but it can be incredibly profitable!
Today’s guest, Michael Swan, is a P.E. teacher who lives in San Diego but has used the valuable real estate concept known as “trading up” to acquire millions of dollars in real estate. You’ll learn why Michael liquidated his entire retirement plan to buy his first few deals, the truth about “luck” and real estate, and some fantastic tips for buying and managing properties—even from a distance. (And if you work a full-time job or make less than $100,000 per year, this show might just change your life!)
In This Episode We Cover:
Why Michael’s nickname is Swanny
How he realized his financial ladder was leaning on the wrong building
Tips for utilizing IRAs and penalties
Whether purchasing 11 condos is a good idea or not
The story of the 15-unit apartment complex
How he went from $5k in cash flow to $24k
Whether luck had to do with his great deals
Tips for buying areas in with both cash flow and appreciation
His formula for financial freedom (using multifamilies)
A discussion on single families versus multifamilies
How to find deals in your market
Tips for seeking out the perfect property manager
How many units he has now
How to tackle big projects
How he manages his work with his time as a teacher
And SO much more!
Links from the Show
BiggerPockets Forums
Zillow
Craigslist
Books Mentioned in this Show
Rich Dad Poor Dad by Robert Kiyosaki
Multi-Family Millions by David Lindahl
Loopholes of Real Estate by Garrett Sutton
The 7 Habits of Highly Effective by Stephen Covey
Think and Grow Rich by Napoleon Hill
The 10X Rule by Grant Cardone
Fire Round Questions
What strategies do you use to find the “right” property manager?
Is a skunk in the yard my responsibility?
Apartment bedrooms 2, 1 or studios
Investing in San Diego
Investing in rental income properties out of state
Tweetable Topics:
“Living in San Diego, if I am able to do it, anybody can do it.” (Tweet This!)
“Luck is when preparation meets opportunity.” (Tweet This!)
“Make sure you make connections with everybody.” (Tweet This!)
“I don’t take advice from someone that has less than me.” (Tweet This!)
Connect with Michael
Michael’s BiggerPockets Profile
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