238: Becoming a Real Estate Millionaire on a Teacher’s Salary with Michael “Swanny” Swan

Is it possible to invest in real estate if you live in an expensive market—and earn a teacher’s salary? According to today’s guest, it’s not only possible, but it can be incredibly profitable! Today’s guest, Michael Swan, is a P.E. teacher who lives in San Diego but has used the valuable real estate concept known as “trading up” to acquire millions of dollars in real estate. You’ll learn why Michael liquidated his entire retirement plan to buy his first few deals, the truth about “luck” and real estate, and some fantastic tips for buying and managing properties—even from a distance. (And if you work a full-time job or make less than $100,000 per year, this show might just change your life!) In This Episode We Cover:Why Michael’s nickname is SwannyHow he realized his financial ladder was leaning on the wrong buildingTips for utilizing IRAs and penaltiesWhether purchasing 11 condos is a good idea or notThe story of the 15-unit apartment complexHow he went from $5k in cash flow to $24kWhether luck had to do with his great dealsTips for buying areas in with both cash flow and appreciationHis formula for financial freedom (using multifamilies)A discussion on single families versus multifamiliesHow to find deals in your marketTips for seeking out the perfect property managerHow many units he has nowHow to tackle big projectsHow he manages his work with his time as a teacherAnd SO much more!Links from the ShowBiggerPockets ForumsZillowCraigslistBooks Mentioned in this ShowRich Dad Poor Dad by Robert KiyosakiMulti-Family Millions by David LindahlLoopholes of Real Estate by Garrett SuttonThe 7 Habits of Highly Effective by Stephen CoveyThink and Grow Rich by Napoleon HillThe 10X Rule by Grant CardoneFire Round QuestionsWhat strategies do you use to find the “right” property manager?Is a skunk in the yard my responsibility?Apartment bedrooms 2, 1 or studiosInvesting in San DiegoInvesting in rental income properties out of stateTweetable Topics:“Living in San Diego, if I am able to do it, anybody can do it.” (Tweet This!)“Luck is when preparation meets opportunity.” (Tweet This!)“Make sure you make connections with everybody.” (Tweet This!)“I don’t take advice from someone that has less than me.” (Tweet This!)Connect with MichaelMichael’s BiggerPockets Profile