Eventually, the couple realized they wanted to achieve financial independence and have the freedom to pursue whatever dreams they wanted, whenever they wanted. They continued to live frugally, saving around 75% of their teaching incomes, and in 2008, they bought their first rental property in Vegas.
In the following couple of years, the couple scooped up 14 more rentals. Though they lost money on these during the financial crisis, the market eventually turned and their properties starting bringing in steady profits, eventually pushing their net worth over $1 million.
They ended up with 15 properties in total. A third are concentrated in the Las Vegas area, but they own places in other markets as well, including Michigan, Vermont, and North Carolina. “A bunch of hedge funds came and started purchasing up rental properties and prices rose quite a bit,” Joe said. “And so I started looking at other markets and investing in other areas.”
How were they able to keep up with so many mortgages?
Joe explains: “Eventually we ended up with 15 properties, but only four with mortgages. $13,000-plus in gross rents each month, less $2,000 per month in mortgages.”