Ep 229 - The Freedom Through Passive Income Lifestyle - Buying a Million Dollar House "As Is"

Hey, everybody. Flip and Danny here, founders of the Freedom Real Estate Group family of companies. And welcome to another episode of our.

Podcast, which is called Freedom through Passive Income.

That's right. Welcome to another episode of our podcast. And this one is entitled. Well, this is a series. And this series is the Freedom through Passive Income Lifestyle. And this is part dose. This is buying a million dollar house as is.

Yeah. So I wrote this series because it is very timely for us. We had talked about yesterday about how surreal everything is that we're actually even at this stage of life. We've been working at it for so long and have had crazy long days, thoughts at times that we were never, ever going to make it to this stage and we're not even where we want to be, but at least we're at a stage of life where we were able to find a property in Florida. Well, we were looking, but you found one. It checked almost all the boxes we were able to move just like that, even though we weren't even planning for another three or four months. And quite frankly, the move to Florida was a freedom through income lifestyle decision anyway. Right. We wouldn't have been able to leave Ohio if we had not put in place all of the things needed and had leadership and, you know, the income pieces that gave us the peace of mind that we could actually step away from the business. Perhaps even. I've been kind of hinting and joking about launching something here in Florida, but we couldn't do it without being at this stage. And so I wanted us to be talking about it. So we started yesterday and today really talks about the house, which we haven't talked a whole lot about. We've said a few things here and there. So I'm gonna kind of give this episode to you because you're the one that found the house. You know all the details. But it was a pretty. Not only did it check all of the boxes or nearly all of them, it was a perfect house for Flip and Danny.

Right.

And because it was a discounted house, we were buying it as is. And I think our realtor was like, man, if this was in peak condition, it's over a million dollar house. And we were like, yeah, yeah. And me, I'm not the visual person. I'm like, oh, my gosh, there's so much work to do. You, on the other hand, you were the one that really kind of took this one home for us, so why don't you share that story?

Yeah, so when it came in, we were actually watching a podcast. We were watching A webinar in my office.

Yeah, we were actually. Was it the self storage? Yep, yep. It's a two day class or something.

Yeah. And so we were a part of a class. And. And so I've got all these notifications come in and this one came in and I'm. Well, I checked, you know, I. We've got a little checkbox of. Of like the things that we want or things we need and then. Then there's the things we want. Yeah, we would like.

Yeah.

You know, and. And it checked all the needs and. And it checked almost all of the wants. It even checked the alligator in the pond behind the house.

That was not on our list.

Bear in the woods across the street.

Not on our list.

Poisonous snakes, all the house. So, yeah, so I checked all the boxes. You know, welcome to Florida. And. But, but the price was what was throwing me off because, you know, we. We needed a room for you to have an office. We needed a room for me to have an office. We needed a, you know, a room, you know, for our gym equipment. And, and beyond that. And then our bedroom, obviously. And then beyond that it was. Anything else was, you know, was gravy. And this house was so huge, but it was way below the price of everything else that we were looking at. And so I was like, wow, you know, take a look at this. Yeah, I don't know. You know, this is too. Almost too good to be true. And I do have to commend the realtor who was listing this property because. Wow. He did a whiz bang job with these photos because this house looked amazing. And so then we put it under contract and we flew down here and we saw what the house really looked like. I think the exterior photos were from six years ago.

Yeah, they were.

That was some well done work.

Yeah.

On those photos. But it was nothing that I was afraid of, you know, I mean, why walk into houses that are trashed? You know, granted those are $100,000 houses or $30,000 houses in Ohio. So I wasn't, I wasn't scared by it at all. And I knew that we could, you know, it was, it was, it was a lot of little work. There wasn't anything major.

Right.

I mean, There's a couple ACs, but it wasn't anything huge. And so that's why it didn't scare me. And so I'm like, let's do this.

Yeah.

You know, and. And then we got to play the game of the contractors, which is still. I'm still playing that game. It's so much fun. Sarcastically. Sarcastically slow, you know, and we had one contractor come out and quote us $26,000 for all of our landscaping. And then another guy come out and says, I can do it. 25. I'm like, okay, you're my guy. You know, and so it's been very interesting, you know, to go through all of that, but just the fact that we know. And this is the. This is a private community in between Orlando and Lakeland, and the community itself is enormous. And I was talking to the neighbors, and they. They actually were one of the first people that moved here for the community 15 years ago.

Right.

And they actually wanted to buy house, but when they got here, they liked the house next door better, so they bought that house. And so they've been living here since these houses were built. And he said that this house is the largest lot in the community. Their house is the second largest lot in the community. And it's got the best view of the golf course. We saw the sunset last night. You know, it's just this. This house is. It's beyond amazing. And I can't believe that. Yeah, we're still going through a lot of stuff on the proper. On the house, and we've got the kitchen and the master bedroom done. So. Yeah, I think we're pretty exc. Well, the living room, too, that we're sitting in right now. So. But.

But there's like 10 boxes way right.

Over there that we still have to unpack or the living room. Yeah, but now we have the other nine rooms to work on. Yeah. Yeah. So it's. It's still a work in progress, and it's going to be a work in progress for many, many months.

Yes.

But. But we couldn't have done this without this, you know, this lifestyle.

Yeah.

Because last week we took almost the entire week. Like, there would be like a couple hours in the morning. We worked, but we didn't work all day. You know, so it was work a little bit and then work in the house for the rest of the day, and we couldn't have done that. You know, it's. I don't. I don't remember the last time that we've taken this much time off, just randomly.

Yeah.

You know, without it being planned.

We found a house. We're flying Florida. See you guys.

Yeah.

And we flew to Florida, did the due diligence, you know, flew back home, started packing, took a whole week at home just going, hey, we had a plan scheduled for packing, but now we really got it back. So we just Took off and said, hey, we're still here if you need us. Pack, pack, pack, pack, pack, pack, pack, pack, pack. And then the drive here and then the unpacking here. And this. We were trying to race to get it done in a week.

Sorry. Yeah. Dani's pointing at herself. She said, I want to get done in a week. And I'm like, okay, that's nice. So that week has passed and we're about halfway done, I think.

Yeah. I don't even know if half's good and fair. I think maybe a third, a quarter is probably more realistic. But, yeah, we couldn't have done any of this and quite frankly, made such a quick decision on an as is house, knowing that we had cash to be able to do all the fixing. Right. Because it's not like we could finance the fix, the repairs and everything that we wanted to do while we got here. So.

Yeah. And it's funny, in Florida, they come at thousand dollar increments, too. Nothing's like $100 except for the landscaping guy or $200. It's like, we can do that at a thousand. Well, that's gonna add another thousand. This one's 4,000 and this one's 3,000. I'm like, where'd the hundreds go?

But it's been incredible, and as we said yesterday, it's been surreal. So we just wanted to share the journey of getting to this stage, when you don't even realize you're at the stage, but then you suddenly say, let's do it. And you can you go, whoa. We just. What did we just do? And how much time did we just take off? And everything's running and things are moving and we're watching, you know, when we play catch up and just look at the computer to see, we're like, wow, look. Look at this team. Like, it's just. And look at the bank account. The passive income is still hitting the bank account. It's just. It's amazing. And it's what you work so hard to do. It's what we all work so hard to do. And if you don't give up, then you eventually get there. And sometimes it takes a couple years, sometimes it takes 10 years. Just depends, you know, your strategy and your lifestyle and what's going on, how aggressive you are. But it happens.

And you're always looking for another business. You know, with this many bedrooms in this house, you could do an Airbnb while we live in.

I actually said that when we did our inspection, I was like, well, at the very least, we can do an Airbnb here while we're living here. Yeah, that's true.

I think that's just called a bed and breakfast. Anyway, we hope that you enjoyed this episode. Make sure you're heading on over to our website, freedomcapitalinvestments.com to join the investor club. And oh, we got the swag on there too. I haven't said anything about this guy, but make sure you check that out. And we're also on all the social medias, but we like to end all of our episodes with Invest Smart, Live Happy. Bye everybody. Nothing on the show should be considered specific personal or professional advice. Please consult an appropriate tax, legal, real estate, financial or business owner professional for individualized advice. Opinions and information on the show are not guaranteed. All investment strategies have the potential for profit and loss.