MB298: The 4 Levels of Financial Freedom – With Mandy McAllister

<p>The more truth you put to any problem, the easier it is to solve. So, if you want to quit your W-2 job, start by doing the math. Because once you know how much you need to cover your living expenses, it’s just a matter of building your multifamily portfolio step by step until you achieve financial freedom.</p> <p><a href="https://www.mandymcallister.com/" target="_blank" rel= "noopener">Mandy McAllister</a> is Managing Member of <a href= "http://goodfortuneprop.com/" target="_blank" rel="noopener">Good Fortune Capital</a> and Cofounder of the <a href= "https://www.aspiringwomenachievingmore.com/" target="_blank" rel= "noopener">Aspiring Women Achieving More</a> community. After years of chasing a commission, Mandy retired from her 9-to-5 in medical device sales to pursue multifamily investing full time. Today, she’s on a mission to help others define their own path to financial freedom.</p> <p>On this episode of Financial Freedom with Real Estate Investing, Mandy joins cohost Garrett Lynch and me to share her take on the different levels of financial freedom, describing how she calculated her freedom number—and achieved it 12 months later. She explains why she started small, working her way up to large multifamily properties acquired in joint venture partnerships. Listen in for Mandy's insight on securing debt to match your business plan and learn how to leverage multifamily investing to break free of YOUR golden handcuffs and live a life by design!</p> <h3>Key Takeaways</h3> <p>When Mandy started thinking about quitting her job</p> <ul> <li>Bought fourplex when son was born as college fund</li> <li>Saw potential to retire on cashflow with more deals</li> </ul> <p>Mandy’s take on the different levels of financial freedom</p> <ol> <li>Cover minimum living expenses</li> <li>Cover current living expenses</li> <li>Replace income</li> <li>Replace income plus buffer</li> </ol> <p>How Mandy financed her multifamily deals</p> <ul> <li>Use equity in other properties for deals < 20 units</li> <li>Took on partners in JV