From 400 Credit Score to Six-Figure Passive Income
Passive income and credit scores. While they don't entirely rely on each other, having good credit does allow you to build passive income streams far faster. Andrew Brazell learned this the hard way, but thankfully profited big time by making some needed changes. Less than a decade or so ago, Andrew was living in a rat-infested apartment, riddled with credit card and student loan debt, spending all of his money every month. He felt financially hopeless until he struck up a conversation with his Rugby teammate, and BiggerPockets CEO, Scott Trench.
Scott personally helped Andrew dig himself out of a debt hole, start house hacking, and get well on his way to financial freedom. From there, Andrew understood the formula-save your money, buy income-producing assets, and repeat until financially free. Andrew took this lesson to heart, and shortly after paying off his debt, began rental arbitraging his apartment, helping him eliminate his cost of living. That’s when he met Haley Ferguson, his future wife, and a soon-to-be top short-term rental host.
The duo saved their money and bought their first house hack property. And, because of smart landlording, they were able to bring in more than double their mortgage payment in rent alone, allowing them to live at a profit. Now, they’re well on their way to buying even more properties, helping them go from financial fiasco to financial freedom, and finally financial abundance.
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Grab Scott’s Book, “Set For Life”:
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Airbnb Rental Arbitrage-The Ultimate Guide:
www.biggerpockets.com/blog/ai...
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A Beginners Guide to Hack Your Housing and Live for Free:
www.biggerpockets.com/blog/20...
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Why Credit Scores Matter & How to Improve Them:
www.biggerpockets.com/blog/wh...
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Is It Profitable to Own a Vacation Rental?
www.biggerpockets.com/blog/va...
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Support Andrew and Scott’s Rugby Team:
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Episode 315
Show notes at: www.biggerpockets.com/blog/mo...
00:00 Intro
04:04 Low Credit Scores and Living Paycheck to Paycheck
12:51 Fixing a Financial Mess
26:02 Living for Free and Investing On The Side
38:07 The "Perfect" Pensacola House Hack
01:02:23 Two More Short-Term Rental Units
01:17:31 Teaching Others How to Be FI
01:18:36 Haley's Money Story and Scaling Together
01:30:04 Famous Four
01:40:48 Change Your Financial Future!
Пікірлер: 27
I'm sending this to my 18 & 14 year old sons. Whether it makes sense to them now--IT WILL LATER. I, too, have increased my credit score & am now preparing to buy my first rental property.
I love how Hailey is so attentive and mesmerized by Andrew. 💕💕
Andrew & Hailey are so resilient, I love their story. Scott & Mindy thanks for having them on. I learn a lot listening to them. Thanks
Hey biggerpockets is there anything yall can do about these bots and their whatapp scams. I try to flag and report every chance I get.
Went though training with Drew. This is awesome, so proud of these guys!
I love Andrew and Hailey🥰🥰. My husband Love the Stock market not quite open to house hack hopefully I will get him on board!
He should have mentioned how strong she was in his story
Wow! Great for these guys! Can’t wait to buy my first investment property!
@TheFirstRealChewy
Жыл бұрын
We did and it went terrible! Left right before the pandemic, which is a bullet we dodged because it would have made things worse. We lost a bunch of money. Learned several lessons from it. Going to try again, but this time after doing more research to go in more prepared. Biggest lesson learned? It's better to not rent your house than to rent to the wrong tenant. Bad can always be worse.
What a great story
This one right here! Congrats to them and Semper Fi!
Many people have switched from short term to midterm since this episode aired. Have you guys done that or does the short term model still work for you?
Do rentals and short term rentals in Pensacola require flood insurance?
@holdencawffle626
5 ай бұрын
Yes. And it's expensive too
Great story. Inspiring. You guys are totally adorable at 30:00. 😊
Much better camera position for the lady.
That rat roomate moment🤣🤣🤣
What was his age when he started?
@holdencawffle626
5 ай бұрын
27
This is amazing! I am interested in hiring Hailey for potentially managing my Airbnb. Hailey will you be interested in doing an Airbnb business? Thank you
@holdencawffle626
5 ай бұрын
Hailey told me to tell you no.
his wife scares me just a little🤣🤣🤣
@oeshins
2 жыл бұрын
i thought i was the only one haha she acts so strange
@digwealth740
2 жыл бұрын
Seemed like a sweet lady to me.
@holdencawffle626
5 ай бұрын
She's a total freak
Great story...but just WISH HE WOULD GET TO THE POINT OF THE REAL QUESTIONS OF REAL ESTATE 🏡 and less of the whole when I wanted to be a pilot 👨✈️ sheesh, this and that...my goodness....when I graduated...my family....OMGGGGG! 😬🙄🙄🙄🙄
Mindy just keeps talking and talking. Just stop.