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E005: Turning Liabilities into Opportunities with Dan and Carrie Vice
Living in Pennsylvania, Dan and Carrie Vice’s journey into investing was accidental. Dan's grandparents had owned one floor of a duplex down in Long Beach Island, a family shore house acquired way back in 1977. After his grandfather passed in 2010, he had to grow up quickly and learn how to manage a house.
Initially, the property was a liability when Hurricane Sandy wiped out their entire first floor. They started to do a renovation project to put everything back together. After which, they decided to launch it and turn it into an investment property because they needed to do it to afford it. They were just determined to make it work and keep the legacy alive.
Here’s what we talked about:
Episode Highlights:
Liability Turned Opportunity
Dan and Carrie ended up acquiring the second floor of the duplex they’ve renovated in Long Beach Island. Then they remortgaged their house so they can buy out the third floor and turn it into a year-round rental for consistent cash flow. They have rented out the first floor on a weekly and seasonal basis. Later on, they acquired a condo for another year-round rental. After being introduced to the world of private investing, they decided to pour fuel on that fire for that journey.
Thoughts on Retirement
Dan and Carrie's goal is to retire as early as they can. But that being said, their view of retirement has changed since they've gotten involved in investing. Nevertheless, they have a vision of financial freedom.
Within the next five years, their investments will be able to hit that level where it's taking care of the majority, if not all, of their expenses. Ultimately, their goal is to have that breakeven point and then continue on from there.
What Planted the Seed for Pursuing Passive Income and How They Grew It
That moment they started getting the “mailbox money” was what planted the seed to pursue investing in real estate. By the end of 2018, they found the book Rich Dad, Poor Dad, read it as well as the subsequent book, Rich Dad's CASHFLOW Quadrant, and they saw the light. They also met M.C. Laubscher of The Cashflow Ninja and learned a ton about investing in the future and building long-term wealth.
Links:
Rich Dad Poor Dad by Robert Kiyosaki
Rich Dad's CASHFLOW Quadrant by Robert Kiyosaki
Cashflow Ninja
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By Bob & Usha with Melanie & Josh McCallen
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Living in Pennsylvania, Dan and Carrie Vice’s journey into investing was accidental. Dan's grandparents had owned one floor of a duplex down in Long Beach Island, a family shore house acquired way back in 1977. After his grandfather passed in 2010, he had to grow up quickly and learn how to manage a house.
Initially, the property was a liability when Hurricane Sandy wiped out their entire first floor. They started to do a renovation project to put everything back together. After which, they decided to launch it and turn it into an investment property because they needed to do it to afford it. They were just determined to make it work and keep the legacy alive.
Here’s what we talked about:
Episode Highlights:
Liability Turned Opportunity
Dan and Carrie ended up acquiring the second floor of the duplex they’ve renovated in Long Beach Island. Then they remortgaged their house so they can buy out the third floor and turn it into a year-round rental for consistent cash flow. They have rented out the first floor on a weekly and seasonal basis. Later on, they acquired a condo for another year-round rental. After being introduced to the world of private investing, they decided to pour fuel on that fire for that journey.
Thoughts on Retirement
Dan and Carrie's goal is to retire as early as they can. But that being said, their view of retirement has changed since they've gotten involved in investing. Nevertheless, they have a vision of financial freedom.
Within the next five years, their investments will be able to hit that level where it's taking care of the majority, if not all, of their expenses. Ultimately, their goal is to have that breakeven point and then continue on from there.
What Planted the Seed for Pursuing Passive Income and How They Grew It
That moment they started getting the “mailbox money” was what planted the seed to pursue investing in real estate. By the end of 2018, they found the book Rich Dad, Poor Dad, read it as well as the subsequent book, Rich Dad's CASHFLOW Quadrant, and they saw the light. They also met M.C. Laubscher of The Cashflow Ninja and learned a ton about investing in the future and building long-term wealth.
Links:
Rich Dad Poor Dad by Robert Kiyosaki
Rich Dad's CASHFLOW Quadrant by Robert Kiyosaki
Cashflow Ninja