Most real estate investors are on their journey while they’re working a W-2.
But many hesitate to step away from the perceived security of their regular job, even after they’ve replaced their living expenses.
Others achieve financial freedom, leave the rat race, and then feel lost because they don’t have a sense of purpose.
So, what is the best way to transition from a W-2 to full-time entrepreneurship?
In addition to being a distinguished psychiatrist and mother of four, Dr. Elaine Stageberg is the co-founder and CEO of Black Swan Real Estate.
Elaine is a sought-after national presenter and investment thought leader, and she owns and operates a multifamily portfolio of 1,300 units.
On this episode of Financial Freedom with Real Estate Investing, Elaine joins Garrett Lynch to share her transition from psychiatry and healthcare administration to full-time real estate investor.
Elaine offers advice on preparing to leave your W-2, challenging us to simultaneously work toward our objective freedom number and the more subjective inner freedom it takes to make the leap.
Listen in for Elaine’s insight on elevating yourself to the next level of success and learn how to connect with investors who are ahead of you on the journey to financial freedom with real estate!
Key Takeaways
How Elaine got into real estate
- Career in high-burnout profession of psychiatry
- Built portfolio of SFHs with BRRRR model on side
How to transition from W-2 to full-time real estate
- Create lean budget and shore up household income
- Max out conventional mortgages on SFHs first
- Decide how to structure your day + define your WHY
Why financial freedom isn’t about sitting on a beach
- Humans love to work in relationship with others
- Doing something productive gives us meaning
Elaine’s insight on building the lifestyle you want
- Subjective, inner freedom = most valuable
- Work toward objective freedom number and mindset
Elaine’s advice for aspiring real estate investors
- ‘Start by starting’
- Network at local meetups and ask to shadow
What Elaine does to elevate herself to the next level
- Spend 1/3 of time with people ahead of you
- Spend 1/3 of time with peers
- Spend 1/3 of time on teaching and coaching
How to connect with someone who’s ahead of you
- Through local real estate groups and masterminds
- Invest in paid coaching programs
Elaine’s advice on working with a coach
- Consider what value you can glean even if disagree
- Work with several coaches, learn different techniques
Connect with Elaine Stageberg
Real Estate at Scale Facebook Group
Connect with Michael Blank
Apartment Investor Network Facebook Group
Email [email protected]
Resources
Man’s Search for Meaning by Viktor Frankl
Learn More About Deal Maker Live
Explore Michael’s Mentoring Program
Join the Nighthawk Equity Investor Club
Schedule a Call with Michael’s Team
Review the Podcast on Apple Podcasts
Financial Freedom with Real Estate Investing by Michael Blank