Most people buy rental properties on purpose, but most people aren’t Rick Morin. Rick is what we would call an “accidental investor.” He has been able to build a home-run housing portfolio by slowly, steadily investing whenever he had the chance. The best part? In the beginning, Rick had no idea that what he was doing was real estate investing. He was stunned when he bought his first home, which ended up paying for itself entirely. Fast forward a couple of decades, and Rick is sitting pretty with $285,000/year in passive income, a $3,000,000 portfolio, and the financial freedom most Americans won’t achieve until their 60s.
So how did a barber, growing up in an impoverished household, go from making $12 a haircut to pulling in over $200,000 per year in pure cash flow? It’s simple: buy right, buy consistently, and trust your gut. Rick has done flips with car-sized holes in the roof, gone over budget and timeline, and made up his own comps, but at the end of the day, all the deals he’s done have led to him holding this massive real estate portfolio. And while he’s nothing short of an investing genius, his process for evaluating and doing deals is NOT complex. You don’t need a degree, a large inheritance, or any experience to repeat Rick’s system.
If you’re trying to build wealth in the background, leave a legacy for your kids, grandkids, great-grandkids, and everyone else down the line while focusing on doing what you love, tune into this episode. Rick has wealth-building advice that ANY investor can benefit from hearing.
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Note By BiggerPockets: These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.