Feb 12, 2021
This episode is part 2 of my
conversation with Cindy Byler, the owner of Passive Patriots, LLC.
She is a buy-and-hold real
estate investor who primarily invests in her hometown-area in
Elmira, NY, who currently lives in Central Texas. So all
acquisitions, remodeling, and rentals are managed from over 1600
miles away.
Let’s jump right into this
episode and learn more about getting out of a scarcity mindset,
red-flags on deals, and Living Flip.
[00:01 - 08:39] Getting Out of a Scarcity
Mindset
- Cindy shares about her financial struggle in
the first few years of her marriage.
-
- She followed Dave Ramsey’s plans and paid off
60k debt in less than three years.
- She was stocking money away at
retirement.
-
- She joins and follows the financial independent
retire-early group.
- She moved to Texas and landed a job as a
teacher full-time.
- Cindy shares her music and teaching career
journey
-
- She has a bachelor’s degree in music
education.
- At the end of the day, passive income is the
way to go.
- Cindy talks about a term in the military called
Dependa
-
- People who are married to the military so do
not have to do much.
- If you are not out working, you are ‘dependa’
because you are dependent on your partner.
[08:40 - 19:49] Red-Flags on Deals
- Cindy shares her vision and goals regarding a
constant passive income.
-
- Enjoying a decent lifestyle without feeling bad
about it.
- Real estate has proven to be the solution for
the last 2,5 years.
- Cindy talks about the first few deals she
has.
-
- She shares her experience when she almost
purchases a bad deal.
- Red-flags of the bad deals.
-
- She shares her experience in researching new
deals.
- She uses whitepages.com and google map to check
on the property.
- Taking the opportunity to learn from practical
and hands-on experience.
-
- Learn and move on from it.
- There are always unexpected expenses too, so
also pay attention to the margin.
[19:50 - 22:19] Living Flip
- Cindy talks about the living flip by Nathan
Waters.
-
- Live in a property and do the project by
project slowly.
- Cindy shares a tax strategy.
-
- If you live in a property for two years out of
the last five years, you do not have to pay any capital
gains.
- Nathan Waters shares about how Living Flip
Works
-
- He rents out rooms in a single-family house
with three beds and two baths.
- By having roommates, he can save at a much
faster rate for the next project.
Tweetable Quotes:
“At the end of the day, passive
income is the way to go.”- Cindy Byler.
“If you take the opportunity to
learn from that, it does not have to be an expense.”- Cindy
Byler.
“If you live in a property for
two years out of the last five years, you do not have to pay any
capital gains .”- Cindy Byler.
You can connect with Cindy
on
Linkedin.
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