Meet the Debt Free Guys – Meet the Toledo Housing Hackers

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It is an honor to introduce you to the Debt Free Guys!

How many doors do you have?

We have one (two if you include the one we’re living in as a house hack)

What got you into real estate investing?

We’ve wanted to for a long time. It is part of the 3 pronged approach to financial independence; stock investments, a small business and real estate. All three will produce income so we can live independently.

What market do you operate in?

Toledo, OH

How would you describe your portfolio?

Newbie. We purchased our first property in June 2022. We will be house hacking it to keep our cost of living low so that we can funnel more money into buying the next house. We will hack that as well. We will then go from 1 door to 3, which then should cover all of our housing costs and allow us to put 100% of the money we used to pay for rent/mortgage into buying property #3.

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What are you currently buying?

Duplexes and possibly triplexes if the right one comes along.

Tell us about your biggest mistake in real estate?

Probably not getting started sooner. Besides that we’re so new that we don’t have any big mistakes yet. The one small mistake I have is kinda falling in love with a house and trying to force it.

We got the inspection and everything checked out, but then when we tried to get insurance before getting the loan, the insurance company did a drone flyover of the roof and said they wouldn’t insure until the roof was replaced, which caused us to back out of the deal. In the end we lost out on the $550 for the inspection, but it worked in our favor.

Tell us about your biggest win in real estate?

Again, not many wins since were so new. I would tie the mistake and win together, since the mistake of falling for the house and the issue with the insurance basically saved us having to get a $15k new roof for the house. So, it saved us the headache of negotiating down the price or having to buy it in a hard money deal so that we could get it and then having to redo the roof with our money.

Outside of real estate what else do you invest in?

We have a retirement portfolio that, prior to the 2022 bear market, was over $1.1 million, which means we are Coast FIRE. We don’t have to add any more to it if we don’t want to and will most likely retire with about $2.5 million when we reach full retirement age. We also have our primary source of income our Debt Free Guys website and the Queer Money podcast. Between the two we earn enough to support us and have a team of 5 part-time contractors that help us in various ways from podcast production, virtual assistant, video production, bookkeeping and social media management.

Our goal is to get the business to the point that it’s also funding our ability to buy more real estate.

Books people should read before investing

Retire Early with Real Estate by Chad Carson – it’s full of different examples of how folks are investing in real estate so you can see the variety of ways to earn form real estate.

Investing In Rental Properties For Beginners by Lisa Phillips was a good starter guide for me and has a completely non-traditional way of thinking about buying real estate since she focuses on some of the more emotional and caring ways to be a landlord rather than just the money side.

What advice would you give to a new investor?

We’re brand new, but I would say, hire a real estate investing coach or buy a course, like the one Paula Pant of Afford Anything sells. The value you get is well worth the money and head aches you’ll waste trying to do it 100% solo.

Debt Free Guys (He/Him) ๐Ÿณ๏ธโ€๐ŸŒˆ (@DebtFreeGuys) / Twitter
Debt Free Guys (He/Him) ๐Ÿณ๏ธโ€๐ŸŒˆ (@DebtFreeGuys) / Twittertwitter.com
We teach you how to pay off debt, reach financial independence & grow wealth. Passions: ๐Ÿค‘Personal Finance ๐Ÿ‹๐Ÿฝโ€โ™‚๏ธFitness ๐ŸถFrenchies ๐Ÿ‘ฌHusbands๐Ÿณ๏ธโ€๐ŸŒˆ

This week on the podcast

Flipping in a Recession – Tips From 20 Years of Investing with April Crossley

Listen on:

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Spotify

Google Podcasts

This week on YouTube

Meet the Real Estate Syndicator sentenced to 10 years in prison
Meet the Real Estate Syndicator sentenced to 10 years in prisonwww.youtube.com
Michael Morawski is a good man who made a terrible mistake – shifting funds without telling his investors. During the Financial Crisis Michael’s properties …

Enough Business

Can we just take a moment to appreciate how peaceful princess looks ๐Ÿ˜

Monday’s podcast:

Is BRRRR always the right strategy?

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