The beautiful thing about building wealth is there’s not just one way to reach your financial goals. This is where your creativity and ambition come into play. Today’s guest, Daniel Schiermeyer, built his residential portfolio and then leveraged that to buy businesses, with more ways to cash flow than we can count!
Daniel started getting into real estate after college when he read The Automatic Millionaire. He prioritized living cheaper, and in Charlotte, it was cheaper to buy a house than to rent, so he bought his first house at twenty-nine. With a thirty-year mortgage on his first house, Daniel realized if he bought a house every year or two, by the time he was sixty, he could pay off all the houses and have a strong retirement plan. His real estate portfolio consists of two townhomes, a duplex, a self-storage facility, and businesses to boot!
Sticking to residential real estate was the plan until Daniel drove by a car wash for sale with his brother. His brother encouraged him to pursue it, so they called the number on the “For Sale” sign. Once they talked to the broker, ran the numbers, and walked the property, they realized the numbers made sense. Now, he’s got a cash-flowing car wash and residential and commercial real estate all while chasing financial freedom!
Ashley:
This is Real Estate Rookie episode 237.
Daniel:
I think I like going the residential way, getting a house or two, a duplex, some small. It builds you a little bit of portfolio, it gives you a little bit of experience. And then like I said, I wouldn’t have been able to buy a commercial business if I didn’t have rentals because I need to use it as collateral. So it’s a great way to buy a property and if you can make it cash flow and somebody else is paying down your mortgage and building you equity, that’s just going to help you when you want to try to buy something bigger in the future.
Ashley:
My name is Ashley Kehr and I’m here with my co-host, Tony…
