If you’re like most people, you’ve got a long-term career with a great company, but the truth is—none of us are guaranteed lifetime employment. Today’s guest, Sylvia Grugett, is here to share how she uses real estate investing as her plan b!
Sylvia works in the corporate world, within the pharmaceutical industry. Although she’s had a sustainable career thus far, she is cognizant of the fact that she could lose her job at any time. She decided she needed to have a backup plan. On episode 20 of Investing in Real Estate, Sylvia is sharing how she purchased her first property, her strategy going forward, and more about her experience getting started in buy and hold real estate.
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Through research, listening to podcasts, and watching her friends succeed in investing, Sylvia decided that real estate was the right path for her. She was motivated by the tax advantages that come with owning rental properties, and realized the value of earning a passive income.
As a passionate learner, Sylvia decided to calculate her Freedom Number. She got excited about her future in real estate investing, and financed her first property by taking a loan from her 401k.
She posits that using this strategy was simple and rewarding. It was easy to request the loan, the check came within five business days, and Sylvia loves the idea of being her own bank.
Going forward, Sylvia is excited about acquiring more buy and hold properties. Her goal is to acquire ten to 15 more properties in the future, and to build a comfortable lifestyle for her family.
On today’s show, Sylvia explains the strategy of using simple interest to buy real estate, her investing goals, and gives advice for potential investors who are ready to take the leap into passive income!
We also talk about the importance of education, asset protection, and how to use a line of credit to your advantage. Sylvia is well informed on these topics—you won’t want to miss episode 20 of Investing in Real Estate!
We can show you how to build a passive income through real estate, just as Sylvia has demonstrated.
We’re ready to talk about your goals and want to help you learn more about earning legacy wealth for you and your family.
On this episode you’ll learn:
- Why Sylvia doesn’t purchase properties in her home state of Hawaii.
- The difference between simple and amortized interest.
- The importance of networking in real estate investing.
- Why Sylvia considers herself the opposite of Dave Ramsey.
- Creative ways to purchase your first property.
- Plus, much more about buy and hold real estate!