Rental properties can be a phenomenal second source of income for the majority of us who work at regular jobs. One or two rental property purchases every year or so can slowly, but surely, build a strong foundation for financial independence, sometimes within only a few years. Today’s guest Connor has taken this approach to wealth building and now sits on six rental units, splitting some of the profits with his partners.

Connor runs a lot of the operation for these rental properties. He has a background in construction management, making him an integral piece of any future BRRRR, flip, or rehab project he and his partners decide to take on. But, could these real estate partnerships be slowing down his personal wealth growth? And if so, how does he mitigate the risk of being an independent investor in a cash-intensive business?

Aside from his real estate portfolio, Connor also wants to simplify his personal portfolio, plan for future baby expenses, maximize his retirement, and get a better handle on his financial situation in total. Scott and Mindy leave Connor with some clear action items that may help him achieve financial freedom in his five to seven-year time horizon!

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Episodes Mentioned in Today’s Show:
Syndications: https://www.biggerpockets.com/blog/biggerpockets-money-podcast-219-j-scott?utm_source=youtube&utm_medium=description&utm_campaign=none
Student Loans: https://www.biggerpockets.com/blog/biggerpockets-money-podcast-267-robert?utm_source=youtube&utm_medium=description&utm_campaign=none
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Got a Real Estate Question? Ask it In The BiggerPockets Forums:
https://www.biggerpockets.com/forums?utm_source=youtube&utm_medium=description&utm_campaign=none
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How to Structure Partnerships as a New Investor:
https://www.biggerpockets.com/blog/real-estate-new-investor-structure-partnership?utm_source=youtube&utm_medium=description&utm_campaign=none
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The Perfect Blueprint for Scaling Quickly in Real Estate:
https://www.biggerpockets.com/blog/stack-blueprint-scaling-quickly-real-estate?utm_source=youtube&utm_medium=description&utm_campaign=none
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Want to Be a Guest on the BiggerPockets Money Show? Apply Here:
Guests: www.biggerpockets.com/guest?utm_source=youtube&utm_medium=description&utm_campaign=none
Finance Friday: www.biggerpockets.com/financereview?utm_source=youtube&utm_medium=description&utm_campaign=none
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Connect with Scott and Mindy on BiggerPockets:
Scott: https://www.biggerpockets.com/users/scotttrench?utm_source=youtube&utm_medium=description&utm_campaign=none
Mindy: https://www.biggerpockets.com/users/mindyjensen?utm_source=youtube&utm_medium=description&utm_campaign=none
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Follow the REAL Scott and Mindy on Instagram:
@scott_trench or https://www.instagram.com/scott_trench/
@mindyatbp or https://www.instagram.com/mindyatbp/


Episode 274

Show notes at: https://www.biggerpockets.com/moneyshow274?utm_source=youtube&utm_medium=description&utm_campaign=none

0:00 Intro
3:19 Income and Expenses
8:23 Assets and Liabilities
11:38 Financial Goals
12:27 Scaling Real Estate and Partnerships
31:17 Earning More Income
34:49 Simplifying His Personal Portfolio
40:24 Land Contracts and Seller Financing
46:32 Student Loans
51:53 Babies!
1:00:35 Roths and Retirement Accounts
1:02:25 Scaling, Building, and Getting to FI
1:12:12 Wrapping Up Some Real Estate Action Items