The Down Payment You Didn't Know You Already Had

Okay, so let's get into this.

Let's talk about how you might already have money sitting there for your next or first rental without even realizing it.

So the reason why I wanted to do this episode today is I was talking to one of my clients this week, and we are going to call her Sarah.

Now, that's not her real name.

I'm just changing it for privacy.

You know exactly who you are right now listening.

So anyways, Sarah just closed on her very first out-of-state rental property, and this is actually pretty cool.

When she joined my mentorship, she had never done this before, and she was absolutely terrified.

In fact, that's the-- one of the first things that she said to me, she was like, "Oh, my gosh, I'm so nervous, but I'm so excited to do this." So she came in, and she learned how to actually become an investor.

We figured out what she should be looking for, and in, I think it was about 45 days after joining, she had her very first out-of-state rental property under contract, and here's the crazy part.

It's in another state.

She's never seen it.

She never visited it, and never will.

I mean, at least that's what she says.

She bought the entire thing long distance, everything from looking at the property, running the numbers, all the way through closing.

Now, the property had just been newly renovated, so she wasn't buying something that needed a ton of work out of the gate, which is what makes it really easy and passive to do long distance.

There's already a tenant in place, and she's using one of the vetted property management companies that I recommended to her, and they are taking care of everything.

So she closed on the property, and we jumped on a call last week, and she was basically like, "Okay, Melissa, now what do I do?" And I kind of laughed, and I said, "Nothing." That is kind of the whole point of this.

You bought the property.

You have a tenant.

You have local property management.

You're not supposed to suddenly have another job.

And I had to remind her, "You are an investor, not the landlord." But then we started talking about what comes next because Sarah doesn't want just one rental property.

Her goal is to eventually build enough passive income so that she can cut back on work, work fewer hours, and have more time freedom.

So she said something that I hear all the time.