Find out how freedom chips help you generate passive income with real estate and achieve financial freedom. For decades, Patrick Stracuzzi, recent podcast guest and top RE/MAX agent, has been successfully investing in real estate rentals which increase in value while generating reliable monthly income. He calls the real estate rental properties he owns “freedom chips,” and he’s always looking for more of them.
Start collecting some “freedom chips” of your own using Patrick’s personal method described in this post. To learn more about Patrick’s property investment strategies, listen to the podcast interview below.
How Patrick Started to Generate Passive Income with Real Estate
Patrick’s journey to financial freedom started long before he purchased his first rental property. Early on, while working in construction, Patrick learned to live modestly. In fact, he supported his family on a $2,400-per-month salary.
When he started earning more as an agent, he maintained his modest spending habits and started investing in affordable real estate; this strategy helped him avoid investing mistakes and paid off incredibly well. Not only have the properties he purchased decades ago nearly tripled in value, they’ve generated rental income along the way.
Why Purchasing Rental Property Isn’t All About the Money
Obviously, the decision to purchase real estate rental properties is largely a financial one. But as Patrick explains during the podcast interview, real estate isn’t all about the money. By purchasing rental property, you’ll be in a unique position: you’ll have the freedom to do more good while worrying less about finances.
Patrick uses this position to give back in a number of ways, including doing what he can to make his rental properties nice places to live. Investing additional time, money, and care in the real estate rental properties you purchase goes a long way toward making them excellent places to live.
Not only does this increase the value of your properties, your rental residents will be more likely to care for your rental homes if you show them that you do too. This strategy will also reduce vacancies and keep the rental cash flow flowing month after month.
How to Generate Passive Income with Real Estate
There are a variety of different ways to generate passive income with real estate, but getting started like Patrick is one of the safer, steadier routes you can take to achieve financial freedom. Here are a few takeaways from Patrick’s story that will help you collect a few of your own “freedom chips” down the road:
- Live within your means – Spending less and earning more is the fastest way to retire rich by investing in rental properties. You don’t need to go without, but you shouldn’t be wasting money either.
- Purchase affordable real estate – Before purchasing rental property, you want to ensure it’s a good investment. High-end homes almost never pay off as rentals, so focus on affordable properties in reasonable condition.
- Reinvest your earnings – Once you start generating money with one rental property, consider getting another. Creating multiple revenue streams will help you achieve financial freedom faster.
If you want more information on the ways to generate passive income with real estate and additional advice on collecting some “freedom chips” of your own, be sure to listen to the complete podcast interview with Patrick Stracuzzi.
Audible-Your first book is FREE!!! click here and get a 30 day free trial –Click Here Now
Read the New York Times Best Selling Book with an introduction by Gary Keller – Read Now