The Cash-Flowing Car Wash and Early Retirement Through Creative Real Estate
The beautiful thing about building wealth is there’s not just one way to reach your financial goals. This is where your creativity and ambition come into play. Today’s guest, Daniel Schiermeyer, built his residential portfolio and then leveraged that to buy businesses, with more ways to cash flow than we can count!
Daniel started getting into real estate after college when he read The Automatic Millionaire. He prioritized living cheaper, and in Charlotte, it was cheaper to buy a house than to rent, so he bought his first house at twenty-nine. With a thirty-year mortgage on his first house, Daniel realized if he bought a house every year or two, by the time he was sixty, he could pay off all the houses and have a strong retirement plan. His real estate portfolio consists of two townhomes, a duplex, a self-storage facility, and businesses to boot!
Sticking to residential real estate was the plan until Daniel drove by a car wash for sale with his brother. His brother encouraged him to pursue it, so they called the number on the “For Sale” sign. Once they talked to the broker, ran the numbers, and walked the property, they realized the numbers made sense. Now, he’s got a cash-flowing car wash and residential and commercial real estate all while chasing financial freedom!
In This Episode We Cover
Using real estate to build a retirement plan and why real estate is the ultimate payday
Analyzing commercial real estate deals and how to determine potential growth
Purchasing land vs. purchasing a business and why it’s beneficial to buy both
How to run a business and why self-education is essential
Self-storage investing 101 and how to create value in the self-storage space
Building a real estate investing business plan and the key things you need to succeed
And So Much More!
Links from the Show
Connect with Daniel:
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-237
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