Are you concerned about the length of time it will take to start generating passive income from real estate investing? Today’s guest, Dan Barli, joins us to share how he changed his perspective, and very quickly became a successful real estate investor.
On this episode of Investing in Real Estate, Dan details his entire journey—from purchasing his first property, to creating a snowball effect. We also talk about how he manages investing in real estate and working a time-consuming job!
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Dan is a busy and successful lawyer; it's not uncommon for him to spend 18-hour days in the courtroom. Although law is certainly a profitable career, Dan realized that building up a savings account does not yield a high return on investment. He knew he needed to start developing a plan to earn passive income.
Dan knew that real estate was a lucrative and sustainable mode of income, but wasn’t entirely sure where to begin. He started researching, and discovered the power of the passive income that can be earned through buy and hold real estate.
Initially, Dan planned on building a massive portfolio of properties. He thought that the more properties he acquired, the better. But things changed when he heard The BiggerPockets Podcast.
He learned about calculating his Freedom Number, and was shocked to find that he didn’t need a large number of properties in order to achieve financial freedom. The Freedom Number is an exact measurement that allowed Dan to calculate exactly how many rental properties will cover his monthly expenses.
Dan got inspired and acquired his first property at the end of last year. He has since purchased four more real estate properties, and plans to hit a total of 15 in the near future.
On today’s show, Dan combines his expertise as both a lawyer and a real estate investor to shed light on how you can protect yourself in your business. He also gives insight into why buy and hold real estate makes sense, including the specific dollar amounts from his most recent property.
We’re ready to talk about your goals and want to help you learn more about earning a passive income.
On this episode you’ll learn:
- What are the legal risks of acquiring rental real estate?
- How Dan utilizes his rent payments to leverage more properties.
- The two steps you must take in order to protect yourself in your real estate business.
- How to let go of fear and begin purchasing properties.
- Why it's important to work with an accountant.
- And much more about buy and hold real estate!