Get Rich Education
Real Estate Investing with Keith Weinhold
Podcast
Episodes
Listen, download, subscribe
How to Replace Your Job with Rent Income in Just 3 Years
• 46 minFrom railroad conductor to becoming a successful real estate investor and replacing his day job in just 3 years. On today’s episode, Keith chats with one of our very own GRE listeners, Grant Francke, about what he did to build his portfolio to quit his steady union job. Hear about the importance of having a clear "why" for investing and setting specific goals. We discuss the concept of inflation profiting on debt and how it contributes to wealth building Leveraging cash-out refinances and 1031 exchanges as a strategy to scale up and diversify. Resources: Check out Grant Francke’s book “The Unlikely Investor” here. Show Notes: GetRichEducation.com/531 For access to properties or free help with a GRE Investment Coach, start here: GREmarketplace.com GRE Free Investment Coaching:GREmarketplace.com/Coach Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE or e-mail: info@RidgeLendingGroup.com Invest with Freedom Family Investments. You get paid first: Text FAMILY to 66866 For advertising inquiries, visit: GetRichEducation.com/ad Will you please leave a review for the show? I’d be grateful. Search “how to leave an Apple Podcasts review” Best Financial Education: GetRichEducation.com Get our wealth-building newsletter free— text ‘GRE’ to 66866 Our YouTube Channel: www.youtube.com/c/GetRichEducation Follow us on Instagram: @getricheducation Complete episode transcript: Automatically Transcribed With Otter.ai Keith Weinhold 0:01 welcome to GRE. I'm your host. Keith Weinhold, it's a highly relatable show today because you're going to meet a fellow GRE listener and real estate investor like you that use the principles of this show to build wealth, and he reached real estate financial freedom even faster than I did today on get rich education. Mid south home buyers, I mean, they're total pros, with over two decades as the nation's highest rated turnkey provider, their empathetic property managers use your ROI as their North Star. So it's no wonder that smart investors just keep lining up to get their completely renovated income properties like it's the newest iPhone. They're headquartered in Memphis and have globally attractive cash flows, an A plus rating with a better business bureau and now over 5000 houses renovated. There's zero markup on maintenance. Let that sink in, and they average a 98.9% occupancy rate, while their average renter stays more than three and a half years. Every home they offer has brand new components, a bumper to bumper, one year warranty, new 30 year roofs, and wait for it, a high quality renter. Remember that part and in an astounding price range, 100 to 180k I've personally toured their office and their properties in person in Memphis, get to know Mid South. Enjoy cash flow from day one, start yourself right now at mid south homebuyers.com that's mid south homebuyers.com Keith Weinhold when you want the best real estate and finance info, the modern Internet experience limits your free articles access, and it's a replete with paywalls, and you get pop ups and push notifications and cookies disclaimers, ugh. And no other time in history has it been more vital to place nice, clean, free content in your hands that actually adds no hype value to your life. That's why this is the golden age of quality newsletters, and I write ours myself. It's got a dash of humor, and it is to the point to get it. It couldn't be more simple. Just type up a text message with the letters G, R, E in the body and send it to the phone number, 66866, and when you start the free newsletter, you'll also get my one hour fast real estate course, completely free. Subscribe to my Don't quit your Daydream newsletter, and your mind will be wired for wealth. Text GRE to 66866, text GRE to 66866. Corey Coates 2:57 you're listening to the show that has created more financial freedom than nearly any show in the world. This is get rich education. Keith Weinhold 3:13 Welcome to GRE from Washington Crossing Pennsylvania to cross City Florida and across one area, nations worldwide, you're listening to one of America's longest running and most listened to real estate shows. I'm Keith Weinhold, and you're listening to get rich education here for you every single Monday, every week, without fail. This is the voice of real estate investing Since 2014 you know, being successful in real estate such that you can quit your job when you're young enough to enjoy it is counter cultural, even kind of Bohemian. I mean, just imagine telling yourself this or saying this to somebody else. First, I had a lot of debt, then my situation got even better, because we had a surge of high inflation, and it's all making me rich. To that, most conventional financial wisdom would reply like, Dude, are you nuts? Maybe. But I'll tell you what, I'm not normal. I wouldn't want to be normal. That's a real pejorative, right there. Normalcy is, like, slanderous. Yep, you gotta get iconoclastic. Well, it's all grounded in fundamentals. Yep, inflation dilutes your debt for you, and it's almost perfectly predictable that that's gonna happen too by following principles just like that aligned with GRE 's inflation triple crown, and that real estate pays five ways. The guest that you'll meet today, yeah, he did reach financial freedom faster than I did. You're gonna hear about how he did it. It's like I've said on the show here before. I am divulging to you the information that I wish I had when I started out, because if I had this when I began, I would have reached financial freedom sooner. You know, after I bought my first ever income property, that fourplex, I didn't buy my next investment property for almost five years. Okay, it was not a fast timeline for me, but after about four years from buying that seminal first property, I started analyzing what it was doing for me, and I well, not only wanted to buy more, but I would soon learn that really the lessons I extracted from that property, I ended up articulating that in ways that no one else that I know of has. Today's listener guest is from a Midwestern MSA of 343,000 people that we haven't discussed on the show before, at least in any detail. And that's also the market that he invests in. Let's meet him. Keith Weinhold 6:05 From time to time, we like to have a GRE listener on the show to learn about how the show has changed their life, and also discover you know just what you're out there doing as a real estate investor. And this is because other listeners can find these episodes so relatable. Today's listener guest is from Nebraska, and he listened to GRE in the commute to and from his job for years back when he still had one, because he's a success story. Since he has replaced his day job income with rental properties in just three years, which is a remarkably fast timeline, and now he's got more time freedom for his passions or for his family and kids. So we're gonna learn about how he did that. Hey, welcome to the show. GRE listener GrantFrancke, Thanks, Keith. Honored to be here. Frankie is spelled F, R, a, n, C, K, E, and Grant, this is great that you've been on this fast timeline to produce financial freedom. But before we talk about that, let's back up. Tell us about your beginning like your family situation in your now, I guess former job. Grant Francke 7:09 great question. So I started it out as a conductor for BNSF Railways. So I was a trained conductor. I started out there pretty much right out of high school. It's a great job if you don't have any family or kids because you're gone all the time you work crazy hours. Yeah. So it was great before I was married, but then I got married, I was like, I don't really love this as much. And then once we had our two kids, I was like, I've got to find something else that can get me that time, freedom to spend more time with them. And stumbled on real estate and started going that route. Keith Weinhold 7:40 Some people don't have that mindset. They justify working overtime because, well, I'm away from my kids, but I'm working for them, but with financial freedom, you really can have both a time for your children when you want it and the income that you desire a railroad conductor. So I believe that's different from a railroad engineer, right? The railroad engineer is the person that kind of drives the train and changes the speed in the conductor. They're the one that's sort of making sure that the staff and the cargo and the passengers are taken care of. Is that what a railroad conductor does? Grant Francke 8:12 Yep. So we only did cargo freight, so I was in charge of, like, how fast we could go, what was all in the train, talking to the dispatcher and making sure we're going the right directions and and taking the right sightings, and then if anything broke down on the train, we'd have to go back and take care of it. But yes, the engineer is the one who he physically drives a train, and we're kind of like the co pilot. Keith Weinhold 8:32 You talked about how you were away, and it takes an awful lot of hours. You based there in Nebraska, geographically, what kind of routes Did you run? Grant Francke 8:41 It's 300 miles from Lincoln. So I was based out of Lincoln Nebraska. So it's about 300 miles, yeah, so we did to Kansas City, cook Nebraska, some places out in Iowa, up north, to Sioux City. And those trips ranged from 36 to 48 hours, round trip for us to be gone and back. Keith Weinhold 8:58 making the economy run there, but this was, you know, rather time consuming, obviously pretty disruptive to one schedule there when you're working long shifts or away for these long periods of time. So okay, it sounds like you got the idea that you wanted something where you could control your time better. There are so many
Get Rich Education RSS Feed
