Andrew Freed turned one condo into a rental property portfolio that makes him $10,000 per month! Just four years ago, Andrew had little to his name—around $50,000 and a $200,000 condo. That’s what a decade of working had gotten him, but to Andrew, it was a sign he wasn’t doing enough. Like most real estate investors, Andrew stumbled upon Rich Dad Poor Dad and made an immediate change that would propel him to financial freedom. Four years later, he’s there—quitting his job and going full-time into real estate.
How did he do it? Simple. “Recycling” his money is what allowed Andrew to scale so quickly. A HELOC (home equity line of credit) on his condo gave him the money for his first small multifamily—a house hack that would help him live for free. With each new property, he’d get a new HELOC and use it to grow his portfolio even faster.
Now, Andrew has a sizable real estate portfolio, personally paying him six figures a year, while he focuses on the next property. If you want to quit your job and give real estate your all, you can do what Andrew did, recycling your money to build your wealth—and you can start with just a condo!
Dave:
This investor grew his portfolio to 25 properties and was able to quit his job in less than four years by repeating the same real estate strategy over and over. You do need to identify the right type of real estate investing for your goals and your market, and it’s totally okay if that takes some time and some trial and error. But once you do that, once you have it, you can basically execute that one deal, type to perfection, rinse and repeat, all the way to game changing wealth. Today’s guests proved that this is possible in the Boston area, and he did it in the current market, not during that crazy pandemic era. So let’s find out how.
Hey everyone, I’m Dave Meyer, head of real Estate investing here at BiggerPockets. Today on the show we’re bringing you an investor story with Andrew Freed who invested…
