Business:Management & Marketing
How to Buy Your First Investment Property w/Diego Corzo
For millennials living in this day and age, it seems as if climbing up the corporate ladder is the ultimate goal. Is there a way out of it? How can you get started in property investment? And can renting a property out actually cover all your living expenses, and even a bit extra? These and many more questions will be answered by property investment guru Diego Corzo, who will prove that his inspiring success with real estate investment is something anyone can aspire to.
I realized that no matter how long I worked, pay was going to be the same, so I decided to focus on getting a job where your time and your effort determines your success. - Diego Corzo
Takeaways + Tactics
- Getting started on schemes like House Hacking as early as possible can help you generate enough income to quit your job and still have your expenses covered.
- There are three key aspects to increasing cash flow when renting by the room: regular house cleaning service, professional property management and renting to young professionals.
- To break out of corporate America, you have to be prepared to make lifestyle sacrifices.
To start off the episode, Diego talked about his background and his life as part of the corporate world and his journey to self-sufficiency. He also explained why he buys properties in Jacksonville rather than Texasm and we discussed how different the two markets are. We also did some number crunching, talking about Diego's income from his properties and where he's planning to take them. Diego also talked about his goals for the future and gave good advice to anyone, planning to quit their corporate job and investing in real estate
We also discussed:
The one place where you spend the most time during your whole life is at work - so if you hate your job, this has a chance of making your life miserable. Once you escape the constraints of a 9-5 job, the wide world of real estate investment can help you live a comfortable, fulfilling life with some extra income to spare. Starting any new venture requires sacrifice, so if you're determined to get a head start in investment, you may have to consider some lifestyle changes. However, these will only be temporary; as soon as you start building a portfolio of properties and you get the cash flow going, then you will see your income grow steadily. All your efforts will be rewarded with the sustainable income that property investment can bring you - you just need the courage to get started and the determination to succeed.
Diego Corzo is a real estate investor and agent based in Austin, TX. A graduate from Florida State University, Diego's graduate job was as a software developer for an IT company. Soon enough, Diego felt that climbing up the corporate ladder wasn't the future he envisioned for himself, so he became interested in real estate. He bought his first property when he was 23 and only three years later, he owns eight properties and generates passive income from them every month. Diego's goal is to achieve financial freedom by the time he's 27. Additionally, DIego also works as a realtor in the Austin area. Follow DIego's journey to financial freedom on http://freeby26.com
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