This 32-year-old grosses $431,000 a year from his real estate investments—while traveling and living in a converted van. (via CNBCMakeIt)
Michael Albaum started investing in real estate in 2014. Now, he owns 61 rental units and lives in a converted van.I always tell people that real estate has the potential to be a great investment. But getting started can be daunting.
Thanks to his flexible streams of income, Michael Albaum and his wife spend part of the year living and traveling across the U.S. in their converted van.After paying my mortgages, property taxes, property management and maintenance fees, I earn about $6,000 per month in passive income from my real estate portfolio.
The home sat vacant for two months before I rented it out, but it didn't need any renovations. The $1,810 per month rent from my tenant allowed me to cover monthly loan payments on the home plus the operational expenses of managing it.By 2016, I was the owner of three houses. I financed my second purchase through a traditional bank loan, and I bought the third with a $250,000 loan from a family member at a 4%, 30-year fixed rate.
When I learned about how much further each dollar could go in opportune markets — where cash flow was high and buying prices were low — I started looking outside of California. I bought the cheapest multi-unit properties I could find in the Midwest, mainly Ohio and Kentucky, and fixed them up.
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