29-year-old early retiree nets $19,000 a month: Here's how she achieved her passive income goals. (via Grow_mag)
had already surpassed her goal of generating $10,000 in passive income per month. She and her husband Andrew spent years investing aggressively in real estate that, along with other projects, netted the couple $16,000 a month.Richards acknowledges that "" as a phrase is a bit slippery. "We either call ourselves retired or financially independent — we use the terms interchangeably," she says. "It's really that I work when, where, and if I want.
The truth is, Richards loves to work: She spent much of her 20s building up a real estate portfolio, writing two books, andIn the past year, she and her husband decided to scale things back — a bit. "We had gotten to $16,000 a month in income, which was more than enough to cover our expenses, and we got to this point where we could take our foot off the gas," she says.
That meant selling the bulk of the real estate holdings and finding a different, less hands-on way to invest. It didn't mean sacrificing cash flow. In fact, these days, the couple's passive income projects net them $19,000 a month.Richards and her husband first began buying rental properties in 2017, each contributing $10,000 in savings to buy their first property, a $100,000 duplex in Louisville, Kentucky.
"We charged rent of $130 to $150 a week, which included furnished rooms, Wi-Fi, and utilities," she says. "It's considered house hacking in a way, and there's huge demand for it — we could fill units within 24 hours. On one $375,000 house with 11 tenants, our monthly rental revenue was $6,850."
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