In the latest episode of the Raising Private Money podcast, renowned private money authority Jay Conner sits down with Eric Vogel, a high school teacher turned real estate investor, who shares his incredible journey to financial independence and freedom. This episode is an eye-opener for anyone looking to achieve their own FIRE (Financial Independence, Retire Early) through real estate.
The Journey Begins: From High School to High Profits
Eric Vogel and his wife were high school teachers who decided to pivot their careers toward real estate investment. Within just four years, they grew their business to seven figures—a testament to their dedication, strategic planning, and unwavering intention. Their story is a powerful example of how setting actionable goals and focusing on intention can accelerate your path to financial success.
The Accidental Landlords: Discovering the BRRRR Strategy
What started as an accidental rental property quickly evolved into a sophisticated real estate investment strategy. Eric and his wife capitalized on the BRRRR method—Buy, Rent, Rehab, Refinance, Repeat—to rapidly grow their portfolio and achieve financial freedom. This strategy not only helped them accumulate multiple properties but also offered them a steady cash flow, contributing to their financial independence.
Defining Your Financial Goals: From LeanFIRE to FatFIRE
One of the key takeaways from Eric’s journey is the importance of setting specific financial goals. Eric and his wife determined their “LeanFIRE” number, which is the minimal amount needed to retire. They then set progressive goals to achieve “Midsize FIRE” and eventually “FatFIRE,” which would allow them an even more comfortable and abundant retirement. This goal-setting framework serves as a roadmap for anyone looking to attain financial independence through real estate.
Pillars of Financial Independence: Eric’s Blueprint
Eric shares his five crucial pillars for achieving financial independence:
- Understanding Your Why:
Knowing why you want to achieve financial independence gives you a strong foundation and keeps you motivated.
- Dreaming Big:
Think beyond what you believe is possible. Big dreams fuel big actions.
- Setting Actionable Goals:
Break down your large goals into smaller, manageable tasks that keep you on track.
- Taking Imperfect Action:
Waiting for everything to be perfect leads to inaction. Start now, refine later.
- Knowing What is Enough:
Understand your financial needs to avoid constantly chasing more money, which can lead to burnout.
The Mindset of Giving: A Key to Receiving
Both Eric and Jay emphasize the importance of a giving mindset to open pathways for receiving. Eric advises transitioning from a scarcity mindset by giving more, suggesting that people should donate 10% of their income. This act of generosity not only helps others but also fosters an abundance mindset, which is crucial for attracting wealth.
Common Mistakes New Investors Make: Lessons from the Trenches
Eric and Jay discuss common pitfalls many new real estate investors face. These include a scarcity mindset, chasing shiny objects, and failing to follow proper steps, ethics, and legalities. By staying focused and following proven methods, new investors can avoid these costly mistakes.
Overcoming Fear: The Roadblock to Financial Success
Fear is a significant barrier for many aspiring investors. Eric advises overcoming this by realizing that the perceived risks are often exaggerated. Building confidence and trust in oneself is fundamental to overcoming these fears.
To help with this, he offers an exercise to boost self-esteem:
- Write down five things you are grateful for every morning.
- List five things you never thought you could achieve but have already accomplished.
This practice helps in recognizing past successes, thereby strengthening confidence in future endeavors.
Scared Money Doesn’t Make Money: The Power of Letting Go
Eric highlights the concept that “scared money doesn’t make money,” stressing the importance of putting money to work rather than hoarding it out of fear. This mindset shift is crucial for achieving financial growth and independence.
In conclusion, this episode is packed with invaluable insights for anyone looking to achieve financial independence through real estate. By setting clear goals, maintaining an abundance mindset, and overcoming fear, you too can reach your financial dreams.
“Dream Big! If Your Dreams Don’t Scare You, They Are Too Small” – Eric Vogel
10 Lessons Discussed in this Episode:
- Goal Setting for Success
Identify, create, and pursue clear, actionable goals to achieve significant milestones in your real estate journey faster than anticipated through focused and consistent effort.
- Career Transition to Real Estate
Learn how to successfully transition from traditional careers, such as teaching, to full-time real estate investing by understanding key market dynamics and implementing effective investment strategies.
- Mastering the BRRRR Strategy
Leverage the BRRRR method (Buy, Rent, Rehab, Refinance, Repeat) to rapidly grow your rental property portfolio, increase your cash flow, and achieve financial independence.
- Calculating Your FIRE Numbers
Determine your financial independence numbers, such as LeanFire, Midsize FIRE, and Fat Fire, to plan and guide your path toward a secure and prosperous retirement.
- Embracing a Giving Mindset
Adopt a mindset of giving to create an open pathway for receiving. This energetic reciprocity is crucial for fostering compound growth and personal fulfillment in your real estate ventures.
- Overcoming Investment Fears
Learn to overcome the common fears associated with real estate investing by recognizing that the perceived risks are often smaller than they seem, and by building trust in your capabilities.
- Prioritizing Cash Flow
Understand the importance of prioritizing cash flow over the number of properties. Sustainable and profitable real estate investments are built on a strong foundation of consistent cash flow.
- Avoiding Shiny Object Syndrome
Stay focused on your real estate goals by avoiding the distractions of Shiny Object Syndrome. Remain steadfast in your strategy and resist the temptation to chase every new opportunity.
- Boosting Self-Confidence
Enhance your self-esteem by reflecting on your past accomplishments and expressing daily gratitude. This practice builds a resilient mindset, crucial for overcoming obstacles in real estate.
- Understanding Scared Money Dynamics
Recognize that scared money doesn’t make money. Overcome fear and allow your capital to work efficiently, enabling better returns and fostering financial growth in your real estate investments.
Fun facts that were revealed in the episode:
- Career Transformation:
Eric Vogel and his wife made a remarkable transition from being high school teachers to full-time real estate investors, hitting over 7 figures in business growth in just four years—an impressive feat by any standard.
- Power of Giving:
Vogel believes strongly in the power of giving and suggests that to overcome a scarcity mindset, people should donate 10% of their income. This approach not only helps others but opens the door to receiving more in life.
- Boosting Self-Confidence:
Eric shared a unique daily exercise to improve self-confidence: each morning, write down five things you’re grateful for and five significant achievements you never thought you could attain. This practice helps reinforce a positive mindset and builds self-esteem.
Timestamps:
00:01 – Raising Private Money Without Asking For It
04:40 – Achieved financial freedom after 3 years of renovating.
07:49 – Be cautious of vanity metrics in real estate.
11:49 – Focus on ethical, legal, and mindset change.
15:57 – Cultivate a spirit of giving for financial independence.
20:16 – Recommend reading “Making It Big on Little Deals.”
24:13 – Focus on gratitude, reflection, and personal growth.
27:53 – Visit https://onpurposeinvestor.com/privatemoney
for materials and webinars. 50% discount available with code RPM24.
28:39 – The Program provides extensive support and community resources.
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