On a recent episode of the podcast “The Side Hustle Show,” hosted by Nick Loper, real estate investor Dustin Heiner explained how he was able to retire at the age of 37 by investing in rental properties.
Heiner breaks down the steps investors should take before buying a new property, and how those rental properties can make them money. He stressed picking the right city and state, assembling the right team, and the importance of the $250 monthly passive income benchmark.
Related: How to start a real estate business by investing of only 500$
Dustin Heiner is a seasoned real estate investor who retired at the age of 37 and makes roughly $15,ooo a month in passive income from his rental properties.
On a recent episode of the podcast “The Side Hustle Show,” hosted by Nick Loper, Heiner revealed how he went from working in a local government office to working for himself, and laid out the steps investors should take before deciding where to buy property.
Back in 2006, Heiner bought his first rental property in Ohio for $17,000 in cash. He explained on the podcast that in his first month of renting out a home, he made around $350 after expenses. That number would prove significant as Heiner began investing more and more.
In order to turn the side hustle into a full-time gig, he explained, he had to invest in more properties that gave him the same type of monthly cash flow.
“If I were to multiply that out, one property is $300, 10 properties, oh my goodness, that’s $3,000 a month. That is $36,000 a year.”
In 2016, he had around 26 properties, so he quit his day job and focused full-time on rental property investments. He said that today, he owns over 30 properties.
Heiner admitted he was lucky with that first deal he found in Ohio. “I did everything wrong,” he explained. However, over 10 years and many properties later, he said he had developed a system of steps he suggests everyone takes before making a new purchase.
First, pick the state you want to invest in
Once the state is decided, Heiner uses Zillow to do research on the cities within that state. He looks at highly populated cities with a lot of available properties, he explained. Then, once the city is narrowed down, he looks at all the properties within that city to see if they meet his criteria. This means looking for a property that matches up with the amount of money set aside for the investment and high rental income rates.
“Here’s a principle for everybody listening, you want to buy for $250 or more in passive income [a month] after every single expense,” he said on the podcast……
Read more:Business Insider
