We are doing a podcastathon here on the Real Wealth Show. Every day this week we’ll be posting excerpts from our recent live event where we have 4 panelists share their wisdom.
On today’s episode, we’re featuring Ben Smith, Real Wealth Network’s Director of Investor Relations.
Ben started investing in Phoenix, Arizona when inventory levels were high and prices were low. He did fix and flips there until the market got saturated with investors.
He then moved his buying activity to the San Francisco Bay Area where he bought a condo in Oakland, and a house in Walnut Creek that he converted to a rental.
Ben found Real Wealth Network when Kathy Fettke hosted the Real Wealth Show on KSFO radio. He quickly became a Real Wealth member, and bought 3 rental properties in Cincinnatti through his self-directed IRA. He then purchased 1 house in Cleveland and 1 in Pittsburgh.
Ben did not have a strategy when he first started. Now his strategy is to purchase $100K homes with just 20% down, and an 80K loan. He shoots for $1000 rents and $350 in cash flow. He plans to use the cash flow to pay down the investment properties in 11-12 years.
Once paid off, that $350 cash flow becomes $650 a month approximately. 10 houses x $650 cash flow per month = $6,500 a month. His goal is to earn $135K a year passively, through his rental properties.