353: Turning $5k into $5k/Month and Retiring at 40 with Tim Rhode | Bigger Pockets Podcast
“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: [email protected]
Check the full show notes on BiggerPockets: link
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