Ep20: Sustaining an Ideal FIRE Lifestyle Through Property Conversion with Brady McDonald

41:56
 
Share
 

Manage episode 341686906 series 3357191
By Cody Yeh and Aileen Prak, Cody Yeh, and Aileen Prak. Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio is streamed directly from their servers. Hit the Subscribe button to track updates in Player FM, or paste the feed URL into other podcast apps.

In this week's episode, Brady Mcdonald recalls the strategy that made him a multi-national real estate investor. You’ll also learn a unique approach toward building wealth and freedom to live your ideal lifestyle and be able to sustain it. Make the most out of this show and start exploring this niche now!

Key takeaways to listen for

  • How’s duplex conversion as a mainstream strategy?
  • Keys to making a real estate deal works
  • Loan-to-value vs. loan-to-cost
  • Resale vs. newly-built property in terms of financing
  • How location and certain markets affect the end value of a property
  • Back-up plans for the possibility of holding a property

Resources mentioned in this episode

About Brady McDonald

Brady and Kristy Allison McDonald started investing in real estate in 2015 while working full-time jobs. Brady had a comfy 6 figure job as a Utility Arborist Instructor, and Kristy was a Real Estate Appraiser, but they knew they wanted more. They wanted the wealth and freedom to live their ideal lifestyle so they could do what they want, with who they want and where they want! After learning about the opportunity real estate investing could provide, they quickly took action and started BK Real Estate Investing.

They started acquiring property and implementing the BRRR strategy, where they would buy single-family homes and renovate them into legal duplexes. Once complete, they would refinance them to their new and high value, which would then return the initial purchase capital and the renovation funds. As you will read shortly- This is a version of the exact same strategy they utilize for their State-Of-The-Art Self Storage Facility Developments.

Once they proved the strategy, they quickly started to build their team and scale the business. From 2015-2019 they purchased well over 100 of these types of properties/projects while building their in-house construction and property management company to 20 staff! They were both able to quit their jobs in 2017 to focus on Real Estate Investing Full Time!

Connect with Brady

To sign up for our monthly newsletter, visit our website at www.hiefire.com and connect with us through the social media accounts below!

Sponsors

Bonavest Capital

To learn more about building passive income through real estate syndications, visit www.bonavestcapital.com.

Say YEH Stock Options

Looking for ways to generate consistent cash flow and accelerate your journey to financial freedom? Visit www.codyyeh.com for more information!

31 episodes