From Toxic Divorce to Rental-Fueled Financial Freedom in 2 Years
ฝัง
- เผยแพร่เมื่อ 21 ก.ค. 2024
- Finding financial freedom is hard enough, but doing so right after going through a toxic divorce can seem almost impossible. All of a sudden, you’ve gone from a two-income household to just one, your children are now your sole responsibility, and you’ve got to almost financially start over. Finding financial independence after events like this would be awe-inspiring-so imagine you did it all in just two years. Sarah King did just that, with thirteen units under her belt since buying her house hack property in 2020.
Sarah worked hard to put herself in a strong financial position. She was a debt-free disciple who paid off six figures in debt. Then, she focused on her savings, minimizing her expenses and increasing her income as much as she possibly could. But then, when everything started to feel stable, she uncovered something that would unravel her marriage. She went from financially stable to undoubtedly anxious in a matter of days. But it’s what she did next that was incredible.
Knowing she had to do whatever she could to take care of her daughter, Sarah went on rental property shopping spree. She built the portfolio she knew her family needed, and now just two years later, she’s enjoying the fruits of her non-stop labor. But how did she get the money for the deals? What strategy allowed her to cash flow so much in such a short amount of time? If you want to do what Sarah did, you’ll have to tune into this episode.
00:00 Intro
02:39 Quick Tip
04:11 13 Units in 2 Years!
11:54 The Real Estate Rebirth
21:58 Pivoting Her Goals
28:52 The Art of Hiring
39:35 The Funnel Secret
50:37 Pay Off Properties or Keep Building?
01:01:12 Famous Four
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Divorced and $250K in Debt to Financially Free in 10 Years:
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Episode 698
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WOAH…. I am literally headed to a divorce attorney’s office now. I am getting me and my 2 year old out of a toxic and abusive marriage. We have NOTHING but debt, he makes almost $300,000yr.
I am DETERMINED to provide a beautiful life for my daughter! I NEVER want to worry about being able to afford rent again!
I joined BP online community the other day.
I’m not sure how I am going to make it happen but damnit, IM GOING TO MAKE IT HAPPEN!
It’s crazy that this video popped up in the suggestions feed at this time.
You all are amazing and such an inspiration!
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You guys are inspiring me in so many levels!! Every episode is just amazing!! I have been doing real estate 2 years now and every time at the property doing rehab I just keep listening your shows. Please keep doing it!!
Loved this episode! I can relate to Sarah in so many ways... the part I liked the most is to feel I am not alone in the quest of "how much more do you want" "how much leverage is OK to take to have a peaceful live" "do I pay off or not"... I love this episode because it showed the real feelings and day to day decisions that make us better as investors. For me it is difficult to manage the feeling of "not doing anything" when I am not buying a house! And I have bought 4 this year!! so I have to manage that better. That peace of mind is important to me, not necessarily to other people. ALL MY PROPERTIES ARE PAID IN FULL!! I want to use some leverage for the first time and buy 4 instead of 1... this seems easy for many people but to me is having 4 instead of one for only 50% more of the cash flow (difference from 1 house to 4) and it is NOT that I need that extra 50% cash flow... DECISIONS, DECISIONS, DECISIONS!!
Also, so important to hear that you improve your life by also spending your hard earned money... I usually want to SAVE MORE every time, instead of spending in something for me (well deserved though), so it is so nice to hear that it is OK to spend too...
Thank you!! I learn from all episodes, Loved this one.
I’m glad she kept it together, shared her story and personal set backs. Honestly I hate to hear anyone turning to drugs. I hope someday her ex gets it together, turns it around and makes it to tell his success story. Respect to your success, you sound like a great mom!
agreed its important to establish a strong financial foundation before getting into drugs.
Thank you for sharing your personal struggles. This helps so many people.
Listen to every podcast. Got more out of this interview than most. Thank you
“Fall in love with the suck!” Great advice! 🙌🏼
It’s also a Marine slogan.
This is a blessing hearing from somebody from my own state doin this
This was a very inspiring interview! Thanks for having Sarah on the Podcast.
Dealt with a divorce unfortunately last year. It's horrible! I'm working on getting focused and moving forward now which is interesting after 18 years of focusing on a wife and kids. Kids are grown and I feel like I'm getting to know myself. I'm get excited about real estate again... so it begins.
❤ this is so motivating! My sister-in-law was in the same boat. Nasty divorce. Husband left her with practically nothing and she had two kids to raise. She then went full force in real estate, and created quite a nice living for her self and her family. As women, we have to be independent. But we also need to connect with others and have a role models. Thank you for sharing your story!❤
Rob I love both versions of the Quick Tips. Very enjoyable to hear.
Thank you Sarah for sharing your story 🙏
She is so smart and beautiful! So amazing to hear this inspiring lady’s story.
Thank you for sharing your story! Very inspirational!
Thank you for validating that in order to get everything done as a single mom, then you do have to hire people out for Landry, cooking, landscaping and cleaning.
There’s actually four parts to managing well and effectively: vision, systems, accountability structure, continuous improvement.
Thanks for sharing your story! After leaving a very toxic relationship you inspire me to step out of my fear and doubt. Kudos for you on doing it on your own!
So proud of her to not only survive what she’s been thru but also thrive. Best of luck for her and her daughter. Love her story and positive energy!
Great story. Thanks for sharing. I have the opposite problem. I’ve noticed this over every podcast and video I see. I have money. I have great credit. I just don’t know how to start. How do you know it’s a good buy? Who manages it? So many questions. I don’t know anyone who does this stuff.
Sarah, thats great that you are doing so well, I too have been looking at ft wayne, in perhaps you can help me with that in terms of what area is best.
her story is very inspiring as she did a lot in just two years, im happy for her
There’s videos of the podcast!? This is awesome I’ve barely discovered this haha. It’s cool to put faces to the voices.
This was such a great interview. Extremely inspiring and as a single mom this is very motivating.
Great podcast! I can relate on many of these issues when it comes to growing a portfolio.
Great life change. Valuable insights Sara. David please make a goal setting book.
Yeah, I have to say when I read Rent-O-Meter, it's pretty clear to me that it's pronounced the way Sarah said it. They broke out the O to emphasize it. If they wanted you to say it like speedometer, they would have made the name Rentometer. I rest my case.
Great video. Big fan (of you guys and leverage). Dave Ramsey is mentioned as a guy who broke the norm making a fortune without leverage. I don’t see his story that way. I think Financial Peace University is what made his fortune, and it was a luxury that he had extra income to buy rentals in cash. Real-estate was a way to turn active income wealth into passive income.
david greene rocking his chair left and right reminds me of a puppy wagging his tail. DG is happy when hes rocking his chair!
Omg that is exactly my story except I don’t have the investment properties. You give me so much hope that if u can do it so can I. ❤️ my husband is the same as ur ex… u have me in tears that I’m not the only one going through that situation.
She’s a warrior! Awesome.
Private money ? Need details of the terms ? How do I pay it back , nice story
how does refiancing a property work? is there different steps/terms with different people?
Great story!
Great story! Loved her coffee shop dream
Way to go!! Her story has so many similarities to my own! Keep it going!!
What is the software to build the funnels. Also, what is the property management software please. Thanks
Wow, way to go girl....
I'm working on my credit right now. And saving money in the mean time for down pymt. You mentioned about hard money.... how 🤔 would I look that up. No one in my family would be able to help me out. They all live on ssi
I think she said private money. Hard money is more short term. If you can’t get a regular loan y try for FHA only 3.5 down. Best of luck 🤞
10:59 Rent o Meter don’t work in my area either lol same kind of market in rural Ohio.
How can I know the exact funnel process she uses?
New favorite DG analogy: The world is your oyster, but not all oysters are good. (Paraphrasing, but that was awesome!)
😂
Wow. What a great, young lady.
Awesome session. Thanks
Thank you sharing ❤
Buying our first Quadplex next year!
Love this story......
David Green you should write a book on hiring and firing staff management including va's.
13 rentals on 6 properties with $13,000 positive cashflow. That's about $180 adv each on maybe $900-$12,000, She's not knocking it out of the park. Needs to pay off the loans to make this work. The up is the approaching rate holding in Fort Wayne.
Good show but they didn’t real cover how the guest was able to quickly scale and reach her financial independence number so quickly.
The only thing that was really said about that was “consistency” and “funnels” which is pretty vague.
Great video guys!
The thing that worries me about rents is what it we have a full on recession and the government says tenants don’t need to pay if they’re not working? I’d of better to go with government funded tenants?
Great podcast! This is motivating!
Very inspiring story. Congrats, Sarah.
Don’t lose your properties, gentlemen!
Love this lady 🤩
41:15 Is my favorite part 🙂🙂
What absolutely beautiful children 😍 ❤️
seems like David and Sarah might need to spend some more time together....... very good together
Her dream\vision was everything!! I think that is my new dream too❣️
So I'm listening closely and still don't know what she said she did for a living! What career field did she decide on? What was her job title?
Genetic counselor
Everything is a skill. 💡
I just want to say this thumbnail is actually good. Keep doing better on these!
The title takes away from her awesome success story.
Thank you. I needed this.
How do I funnel facebook marketplace messages for my rental business?
New Level Unlocked😂 Perfectly Explained!
Rob, it’s the Mexican in us! It’s hard to hire out what you know you can do for yourself! Just know that you are creating jobs for other people to free you up to create more content for me! Jefa moves!
Nice to see some Mexican last names in here haha, well have you started the journey yet? And how is it going?
@@ezequielarce8079
Yes it’s good to see Rob and other Latinos online educating others. I’m 50 years old, going through a divorce. Sold the marital home and put some of the money into the purchase of my primary home. Reserved money to build a 700 ft adu conversion with addition in my garage-breaking ground end of January. I’m currently renting my master bedroom/ bathroom on Furnished Finders and once my adu is completed I will rent it as a mid term. I’m in the process of getting my real estate license so I can use it to find properties to purchase once I am a little better financially and working full time. I still have two young adult daughters living with me that need to go through college! Mama has to do what mama needs to do! Wish me luck hermano!
Hey guys, first time home buyer here in Lincoln, Nebraska. I'm just trying to figure out if I'm getting screwed on my closing costs. The contract says that closing costs will be 14k+ on a 215k fha loan not including the 3.5% down. That's 6.5%! From what I've heard that's a lot higher than normal. Is this typical? Do you think that my RE agent should have mentioned that when we discussed the offer? I told her we wanted to be close to 10k in total down & closing costs when we first started and she never said that would be a problem.
I would ask for kickbacks from agent. Get agent whos willing to do that. Dont know how agents in your market work but i had my closing cost covered on my first hold bc we get half of the agent commission
Closing costs are charges from your lender and escrow not your agent . Typically they include loan fees but also can include pre paid taxes and interest as well as HOA fees if there is a HOA. Ask for a estimated HUD1 settlement statement and it should give you exact details of what all the costs are that total that 14k. And then ask the lender if they are over charging on the origination fee . I don’t know why everyone assumes the agent is the one who should pay for these costs . The buyers loan /closing costs have nothing to do with the buyer agent . Buyer agent CAN negotiate for seller to pay those costs for buyer at initial negotiation stage but not after contract is already accepted .
Sounds like the lender is charging a higher origination fee. Possibly bought down interest rate which is discount points and happening more frequently nowadays. It's not the REALTOR who is on the loan side. Often the lender will not share and/or discuss the loan details w the REALTOR
where get all the credit and loans???????? where find deals?
Amazing
Does Sarah have a channel?
Question … the loans are on your name or LLC ?
Thank you
Commercial loans for multi family the bank preferred us to put into our LLC. Single family homes I have purchased are just in my name
@@jeremyleatherwood4220 the problem I’m running into with commercial loans for a LLC is the my LLC is new and I don’t have any history yet.
Example… I have a LLC with one property (no loans ) I went to a bank to apply for a loan they gave a hart time, offer me very heigh interest rate !! Because is a new LLC
, although I have a very good credit score !
Any ideas ?
Thank you
@@horaciopineda8609 yes the banker did make a comment about my LLC being relatively new, however once I informed him I had a duplex owned outright he then just used duplex for a cash out refi which allowed us to purchase 6 unit apartment complex with essentially no money down. Try multiple smaller banks. Develope a relationship with the banker, let them know your goals, and if it's easier just buy in your name and transfer to your LLC later.
"I was sponging what you were spitting!"
Nobody is talking about the exit strategy. Having all the debts id not always cool imagine Covid hit hard again n no one paying rent your investments will crumble
I agree with Teri.
FYI - you cannot get a HELCO if you don’t have a first mortgage….UNLESS, you are borrowing as a business and it is not your personal residence. If you are borrowing as a business your borrowing power is an average 60%.
Depends on the bank. I just took a Heloc out on a property that had no mortgage on it.
@@TheSteveWilliamsShow which bank?
I say rent/ohm/etter
House hacked?
That’s an awesome dream that’s my vision!
Man is it that easy to buy cash positive properties in the US or are they all just taking out 30 year mortgages instead of 25 year?
The personal assistant watching this video be like, "😮😮😮"
I love the story, but how are you going to bad mouth clipping coupons and still be a house hack maniac! Like, you can do both
Hiring people that make your life easier is exactly what the money is made for. So, it's not really making less money, because you are not making less, it is retaining less, but it's all good ....
In regard to COO do you always have something for them to do? is it a full-time job?
He did all of the work then she took the homes and child in the divorce....Super brave. Wanna bet she doesn't consider wine a drug?
Has anyone heard of a henpecked husband? Look it up.
she talked about how she is still in a partnership with him trying to figure that all out. I bet you don't live in a glass house because you throw stones.
Dude, I see what you’re getting at, and I wouldn’t go with the brave talk either, but she’s clearly a focused individual who gets shit done. A man with a newborn and young marriage can’t fuck up like that.
White knights simps in the house much?
Good for her. Just saying: if this were a guy talking about succeeding after a troubled divorce no one would be congratulating him.
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Great, now I really want Chick-Fil-A
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how much fre cash from husband per day? did having kids make loans ez? some womaens program to help singel moms get real esate? I wonder? did relatievs giev money or loans?
I want to take my money and build a big dorms with 40 small rooms put fast net central bathroom and maybe even shared chroes or maid serivce.
What happened to her boyfriend HALF OF THE PROPERTIES 😮😮❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤❤
There has to be as many done with following Dave Ramsey as there is following him. 😂😂
She’s a mid-level what? I like totally couldn’t catch like whatever she’s saying? She said it so fast and dismissive, did anyone catch what she said? It was a mid-level something…
Too much sucking in the video. haha! Jokes aside, great video!
Rob stop rambling, get to the point and it might be the first time you are talking to a guest but its the 7th time we heard you talk about the same thing you are trying to fix about yourself.
He was a drunk but i didnt do anything wrong🤣 it take two to dance women lol
How do you funnel Facebook Messenger(from marketplace) to a Google Spreadsheet?
Shout out to her ex husband hope he’s doin ok
Sweeeeettt
king now 100 free rooms per citizen and cancel most jobs such as sales marketing project anager landlord banker ban trade corp bank landlord lawyer