Episode #300

Huge cash flow after selling most of your real estate portfolio!? Many rookies assume that having more doors equates to more profit, but that’s not always the case. The truth is, if you start identifying the best investing strategy for your property, you can make more cash flow while owning FEWER units. Today’s guest has had small and large portfolios alike and has succeeded with both!

In this 300th episode of the "Real Estate Rookie" podcast, we catch up with past BiggerPockets guest, full-time real estate investor, and two-time best-selling author Rachel “Money Honey” Richards. After 2022 threw her several curveballs, Rachel made the tough decision to sell her thirty-eight-door real estate portfolio and start over. A nomad at heart, Rachel turned her attention to house hacking—a strategy that gives her a place to live while allowing her the freedom to travel six months each year.

Whether you have one door or one-hundred doors, you won’t want to miss out on the important lessons Rachel shares in this episode! She talks about beating analysis paralysis, using a solutions-oriented approach when looking for deals, and when it makes sense to use multiple rental strategies at once. But that’s not all, we’ll also get into creative financing, choosing a real estate niche, finding the best contractors for rehab projects, and more!

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Join the Real Estate Rookie Facebook Group:
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Books Mentioned in This Episode:
“The House Hacking Strategy”: https://store.biggerpockets.com/products/the-house-hacking-strategy?utm_source=owned_media
“Money Honey”: https://www.amazon.com/Money-Honey-Getting-Financial-Together/dp/197594996X
“Passive Income, Aggressive Retirement”: https://www.amazon.com/Passive-Income-Aggressive-Retirement-Independence/dp/1706203020
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Retiring in 2 Years Through “Aggressive” Rental Property Investing with Rachel Richards: https://www.biggerpockets.com/blog/biggerpockets-podcast-454-rachel-richards?utm_source=youtube&utm_medium=description&utm_campaign=none
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Early Retirement by 30 with $20K/Month in (Actually) Passive Income: https://www.biggerpockets.com/blog/money-317?utm_source=youtube&utm_medium=description&utm_campaign=none
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Divorce: The Biggest Marriage and Money Mistakes to Avoid: https://www.biggerpockets.com/blog/money-364?utm_source=youtube&utm_medium=description&utm_campaign=none
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Rookie Reply: Creative Financing 101 with No Cash, Credit, or Credentials: https://www.biggerpockets.com/blog/rookie-236?utm_source=youtube&utm_medium=description&utm_campaign=none
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A Step-by-Step Guide to Estimating Rehab Costs w/ Master Flipper & Investor James Dainard (Part 1): https://www.biggerpockets.com/blog/rookie-165?utm_source=youtube&utm_medium=description&utm_campaign=none
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Finding Contractors, Renovation Red Flags, and Estimating Rehab Costs (Part 2) w/ James Dainard: https://www.biggerpockets.com/blog/rookie-166?utm_source=youtube&utm_medium=description&utm_campaign=none
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How Nancy Rodriguez from ‘Love Is Blind’ Hit Financial Freedom BEFORE Fame: https://www.biggerpockets.com/blog/rookie-261?utm_source=youtube&utm_medium=description&utm_campaign=none
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Connect with Rachel:
BiggerPockets: https://www.biggerpockets.com/users/rachelrichards?utm_source=youtube&utm_medium=description&utm_campaign=none
Instagram: @moneyhoneyrachel or https://www.instagram.com/moneyhoneyrachel
Grab Your Free Passive Income Starter Kit: https://moneyhoneyrachel.com/passiveincome
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Connect with Ashley and Tony on BiggerPockets:
Ashley: https://www.biggerpockets.com/users/echopm?utm_source=youtube&utm_medium=description&utm_campaign=none
Tony: https://www.biggerpockets.com/users/tonyr75?utm_source=youtube&utm_medium=description&utm_campaign=none

Show notes at: https://www.biggerpockets.com/blog/rookie-300?utm_source=youtube&utm_medium=description&utm_campaign=none

00:00 Intro

02:02 38 Doors Down to 2!?

14:18 Her First House Hack

22:48 A Solutions-Based Approach

28:25 BIG Cash Flow with Multiple Strategies

40:05 Final Numbers on the House Hack

55:19 Rookie Exam

01:07:03 Rookie Rockstar

01:08:06 Connect with Rachel!