I recently went undercover as an old man for 7 days. The mission was to attain financial freedom in that time. I believe with the right training and effort, anyone can become financially free through property regardless of age, race or educational background. I have gone undercover and proven this thesis numerous times as part of my various financial freedom challenges. The video is now up on my YouTube channel, and you can watch it above. I highly recommend watching the video to the end, as it contains important information for anyone who wants to become financially free.
There is a simple formula that has helped many of my students to gain their financial freedom via property. This formula is explained in detail in the video (above). In this article, I will give you a brief summary of the 3 steps to financial freedom. If you find this article helpful, please share it on social media to help others on their financial freedom journey.
1. Set Your Financial Freedom Number
Many people confuse financial freedom with being rich. The reality is, financial freedom is simply about giving you time freedom. Once you have time freedom you can then focus on becoming rich, if that is a path you want to take. I define financial freedom as when your passive income covers your living expenses. If you have a low cost of living, that number will be quite low. If you have a high cost of living, that number will be much higher. If you are able to cut costs, you can bring that number down.
In this financial freedom challenge, I decided on the number of £24,000 per year. That’s £2,000 per month. This could cover the salary of many people on the lower end of the economic scale. What is your financial freedom number?
2. Build Capital Via Deal Sourcing
If you are starting out on a low income, it is likely that you don’t have starting capital. You will therefore need to build a small pot of money to get going. One of the best ways to do this is deal sourcing. Deal sourcing is where you find property deals and pass them on to investors for a fee. This is a great way to make money as you can charge a few thousand pounds per deal.
As part of the financial freedom challenge, I went to every property networking event in the area and offered my deal sourcing services. I then found the type of properties' investors were looking for, negotiated prices, and sold two deals. This gave me the money I needed for step three!
3. Financial Freedom From Rent-To-Rent
Rent-to-rent is a great way to turn a small amount of money into a passive income. Rent-to-rent is where you get a property from a landlord and pay them a guaranteed rent. With the landlords permission and the correct contracts in place, you then rent the property out for more money.
There are two main ways to do this. The two methods are: a) rent a whole property from a landlord and then rent the rooms out individually (rent-to-HMO) or; b) to rent a property from a landlord and then offer it for short-stay lets on websites like Airbnb and Booking.com (rent-to-SA). In this financial freedom challenge, I opted for the rent-to-SA method. By the end of the challenge, I had two rent-to-rent properties. Watch the video to see if that was enough to meet my goal!
If you would like some help attaining financial freedom for you and your family, why not come and meet me at my next training event?
On the course, you will learn how to:
Become a property investor using other people’s money so that you can get started straight away
Utilise the 5 different types of raised finance so that you know exactly what to offer and when
Find the perfect properties for the BRR strategy
Recycle your money so that you can ‘rinse and repeat’
Build a power team you can trust, so that you can save time and money
And much more!
Tickets are only £1, and you can get yours here. If you are an action taker, I hope to see you very soon!