Can I Hit Financial Independence by 50 with THIS FI Number? (Finance Friday)

24:49You should intend to live in the property for a year. But I believe that that is one of the circumstances that would allow for early exit. And after that first year, you have the most flexibility in life of anybody because you don't have a lease with yourself. You can leave at any point in time on there if you're a house hacker. So it's way more flexible than even the renting setup, even in a renter's market. Yes, Scott, you are correct. It is your intent at the time of purchase. You are intending to live in this as your primary residence, and you will rent out the other portions. But if your job comes to you and says, hey, we're going to transfer you, as long as you're moving more than 100 miles away, I think it's 100 miles away, but maybe that's an FHA loan.

25:29And also there's other outs like your family member gets sick or whatever. It's not like you're just locked into this place. But you should intend to live in there for a year. Anything else is mortgage fraud. but it is not necessarily like a prison for that period of time if there is a truly reasonable reason to move out that is permitted specifically. Yeah. Case in point, Scott just bought a house. If he were to then go buy a duplex and say he was going to live in there, but actually not have any intention of living in there and getting a mortgage on that, he is committing mortgage fraud. So just intend to live there if that's your intent, which it sounds like it is, and then you're not committing mortgage fraud.

26:09Your circumstances can change. They can't hold you there forever. But I love this assumable mortgage idea because you're in a great position. You've got a big bunch of cash, so you can pay a difference if there is one. And in Austin, there might not be one, a difference between what they owe on their mortgage and what you're going to offer to pay them. But you would have to bring that cash to closing. So in a place like Denver, where prices have continued to go up. Let's say I bought a house three years ago at$500 ,000 and now it's worth$650 ,000. Sure, you can assume my loan. Can you bring$150 ,000 to closing?

26:48A lot of people can't. So you would be able to bring the chunk of difference to closing and then assume their loan. A couple of things about loan assumptions, you can only assume an FHA or a VA loan. If you assume a VA loan and you're not a veteran, then if you default, the veteran themselves loses their entitlement, I think forever. The portion that you default on, I think is lost to them forever. So I wouldn't focus on VA loans, but I wouldn't be opposed to them. The FHA loan, you assume it and now it's your loan and you've got that sweet 2.5, 3, 4 % interest rate, which is really awesome. But assuming a loan is not just, hey, I'll assume your loan.

27:36Great. Here you go. It's a process that can take three to six months. The bank does not have any interest in you assuming that loan. They'd like that loan off the books because they can give you a new loan for 7 % and you don't want that. So you'll need a company to help you with the loan assumption process. I have heard good things about assumptionsolutions.com. I have not used them. I I can't say anything about them. Definitely do your research. But finding a company to help you with this process because it is a big can of worms and it's going to take a long time. But you've got a lease that you can continue with.

28:13If you're in the process of negotiating your new property and just waiting for the assumption to take place, ask your landlord if you can go month to month at the end of your lease. Even if they raise your rent a lot, you're not locked into a big long-term lease and then have to cancel that because canceling a lease is, I've heard two months is one of the most common amounts of rent that you are paying as a lease break fee. So I really like that idea of an assumable loan for you because you're in such a position of power and the market that you're buying into. But like Scott said, having a house hack is absolutely the most powerful position you can be in when it comes time to be transferred someplace else.

28:58No, it's all extremely helpful. Thank you. My dear listeners, I am so excited to announce that we now have a BiggerPockets money newsletter. If you want to subscribe, go to biggerpockets.com slash money newsletter. All right. We'll be right back after this. AutoTrader is powered by auto intelligence, the hyper-personalized way to buy a car. AutoTrader's tools sync with your exact budget and preferences to tailor the online car shopping experience totally to you. Budgeting lets you input your info to see listings in your price range. Search and inventory helps zero in on your dream car. You can choose from new or pre-owned, the style of the car, and features like engine size, color, all the way down to whether you want a trailer hitch.

29:42Go ahead and get picky. Don't worry about scrolling endlessly. AutoTrader, powered by auto intelligence, only shows you vehicles based on what you can afford and what you want. And pricing shows you which listings are the best deals, so you can feel like you're winning the negotiation without negotiating. You can even choose how to close the deal online, at the dealership, or a little bit of both. AutoTrader, powered by auto intelligence, makes the process of buying a car less of a process. Try it today. Visit autotrader.com to buy your perfect ride. When it comes to what your family eats and drinks, you know your choices matter.

30:17You're the expert because you know what fits your life. And getting it right starts with good information. That's why America's beverage companies are sharing more information about our ingredients at GoodToKnowFacts.org. No spin, no judgments, just the facts straight from the experts for more than 140 beverage ingredients. Visit GoodToKnowFacts.org. This episode is brought to you by Marshalls, where you never have to compromise between quality and price. The buyers of Marshalls hustle hard, working to bring you great deals on brand name and designer pieces. Because Marshalls believes everyone deserves access to the good stuff.

30:58Visit a Marshalls store near you or shop online at marshalls.com.

31:06So, you're about to make a trade based on a friend's text. But which you do you listen to? Is it, we could buy a house in Tulum? Get optioning those options. We could lose everything. Or let's do a little research. Get your head in the trade and make the investment decision that's right for you. Learn more at finra.org slash trade smart.

31:38When did making plans get this complicated? It's time to streamline with WhatsApp. The secure messaging app that brings the whole group together. Use polls to settle dinner plans. Send event invites and pin messages so no one forgets mom's 60th. And never miss a meme or milestone. All protected with end-to-end encryption. It's time for WhatsApp. Message privately with everyone. Learn more at whatsapp.com. Thanks for sticking with us. Back to Austin from Austin. I want to go back to that Roth IRA, traditional Roth 401k thing. So if you are single and make up to$146 ,000, you can contribute to your Roth IRA.

32:21Between$146 ,000 and$161 ,000, you can contribute partially to your Roth IRA. And then over$161 ,000, you're unable to contribute. But what if you make, let's say,$150 ,000 this year? Oh, that's$4 ,000 over. Why don't you take$4 ,000 from your Roth 401k instead of contributing to your Roth 401k, contribute to a traditional 401k that reduces your taxable income, allows you to get into the Roth IRA? That's a good idea, actually. And I'm glad you said that because I've done something really interesting this year. And I didn't know that out of the top of my head. I'm glad you said that because I've been using the Roth about the last years.

33:01I received a bonus this month that I actually was going to we'll see what you guys say about this but front load my 401k for the year just to get it out of the way if that makes sense so I actually front load it at the start of the year my company will still extend a match after I front load it as well that's where I thought you were going to go I'd check on that but if I did that it's something I haven't thought about where I transferred it to the 401k I'd be able to lower it by however X amount I have already contributed to. So I was actually going to have a fully loaded, front loaded 401k by the end of this month.

33:34Did you front load that 401k yet? I'm halfway. Okay. But that's a good question there. And when is your next bonus or commission check? Luckily, so that was last year's bonus for like an over quota bonus. So I get paid monthly on the commission, which is also nice. So I use that, basically I use that bonus as to cover my next couple months of expenses. And then I don't see a paycheck for the next few months. Oh, for the 401k contributions. Okay, I got you. Exactly, exactly. But that's something that's interesting. I'm wondering what the math is there. It's like I have a good Vanguard fund in my 401k for my Roth.

34:13I was like, I wondered the difference there for the Roth conversion. You know, it's the end of the Roth 401k conversion and the Roth IRA with a total commitment. But would it make sense to bring that debt – so I'm halfway loaded, bring that down to the 401k so it lowers my taxable income then go to Roth IRA then max out my the rest of my 401k does a map there with the taxes add up is my question actually I am going to try to understand this question okay so you want to maybe contribute to your traditional IRA I'm sorry your traditional 401k so that you could bring yourself down enough I would actually wait until closer to the end of the year, maybe you just crush it this year and you're going to make 200 and it's not going to matter.

35:00Although then you've got some in your pre-tax and you're reducing your taxable income and then some in your Roth that you are contributing to. I still like the Roth for you because of your age. But that is a tax question. Scott, what do you think about that? That's a touchy one. I think I've already kind of made my stance here of I'm on team, max out your HSA, take your 401k match, whether that's in the Roth, if there's a Roth option, put it in the Roth 401k. If you can, if your company offers you the match option in either, if not, put it in your 401k and take the free money and pile up the cash because you're going to, because you're going to just only increase your option.

35:45if it like I would be in your situation, you'd have to take this advice around there. It's obviously going to be your call, but I would be like chomping at the bit of like, this is whatever, whatever the bottom is. I ain't buying at the top here in Austin, Texas. And there's a lot of good reasons to believe in this market over a very long period of time. And a lot of good reasons to believe that it's a deep buyer's market. You're going to have really a ton of options here. The more cash you have, the more power you're going to have, especially if, especially if you're going to go this as a loan route.

36:12So I would just be like, I'm going to take that. I'm going to maximize cash. I'm going to make at least one play in real estate. Once that play is made, then towards the back half of the year, I can make that decision to then max out these retirement accounts with any remaining cash. Um, that's, that's coming in or maybe in October, you're like, you know what? Okay. I've made my real estate play. I have$20 ,000 left over 100 % of my paycheck will now go towards maxing out these retirement accounts. You'll have that option later in the year. So I would just, I would be just stockpiling cash right now.

36:42If you agree with the premise of the house hack, the buyer's market, and the assumable loan. I would encourage you to look at, I just looked up large companies headquartered in Austin, Texas, Dell Technology, Amazon, IBM, Oracle, Tesla, Apple. I don't know if you've ever heard of these companies, but they pay their employees a nice salary. So having something near where you are and near where they are. I don't know anything about the Austin market. I don't know where all these companies are located, but if you could be next to Dell Technologies and you've got a tenant roommate situation or, you know, multiple tenants that are working at these bigger companies, that's, that's just really nice to have, uh, have that kind of optionality and have a, you want a tenant who has the ability to pay you rent.

37:32You don't want somebody giving you excuses on the first of the month. You want the check on the first of the month. Oh, I had one last thing to say about Roth. Oh, I know what I wanted to say. Do not contribute to your Roth IRA right now. And if you have, don't put any more in there in the account right now. I am concerned that you are going to make too much money. What a horrible concern. But if you put too much in, let's say you make$175 ,000 after you've done all this other monkey business, like that's a great position to be in. But if you've contributed to your Roth, you have to go back in and pull it out.

38:05And there's all this, well, you're a math guy. There's all this complicated math that you have to do to figure out exactly how much you put in and how much it grew. And then you have to pull all of that out. So ask me how I know. I did that once and it was kind of tedious to do. So you can still max it out on December 30th. You'll know how much you made for the year and then you can kind of avoid that. Make sure that you can't commit, contribute to the Roth this year. Like you have that, that is within your control and power. Like that is, that has got to be plan A in the event that things go very poorly maxed out at the end of the year.

38:39But I wouldn't, I wouldn't put anything in at the end right now. And you can do that in December. If you, if you find out, Oh, I'm going to have a big loss or things are going to go very poorly, not according to plan. Okay. We might've answered like nine of your questions, but what other questions might you have for us? So right Right now, a decent, not a large part of my salary, but like a decent amount is I every quarter receive vested restricted units. It may be it might be one of the only mistakes I've made so far in my journey, but I've quite a bit of money still sitting in my company, you know, E-Trade account.

39:16I'm sitting when I receive these units. I've done the ESPP before. I didn't sell right after with this income as well. I'm currently sitting at about a$2 ,000 loss. Um, basically what I'm debating is, do I sell for the$2 ,000 loss with that? I believe my company is really undervalued there. Or do I take this money out, take the unrealized loss and either put that in my brokerage, save the house tax from there. Basically I'm debating like, do I sell? Do I risk holding this single stock that I debate holding in? Does this all make sense? Yes. I would reframe this as like, like your goal is to get to$5 million in wealth, right?

39:56And you're starting at$150 ,000. So that decision is really immaterial to the overall thing. So I'm going to frame, and then I'll answer your question specifically in a second here. But what are the leverage points to actually get you there? First, flexibility, right? Something needs to go very right to get you to$5 million, right? That is going to be turbocharging your success in your sales career and or a pivot within the next five to seven years to an entrepreneurial venture, like a small business acquisition or something you start and found on your own, right? I think you know that implicitly coming into the call here.

40:28So if you agree with that premise, right, then the sales career, what I think you want to do is you want to generate so much cash and keep your expenses so low that you can go through the entire stack of tax-advantaged investments next year or at the end of this year, as we discussed earlier, and just max them all up. HSA 401k, Roth 401k, if you prefer that. And then if things go very poorly and you still have cash, the Roth IRA in a traditional sense. You can also think about backdoors and stuff. But go down the whole stack and because you spend$3 ,000 a month, also accumulate$50 ,000 or$60 ,000 a year after tax in your brokerage.

41:08So you can go through both in this situation. But the goal will be to accumulate so much more outside of the 401k and the tax advantaged accounts because you're rocking it so hard on the income front and spending so little that you're still building most of your wealth outside of those. Then you've got to figure out how you want to deploy that. If the sales career goes super well, keep plowing it into real estate is my bias or stocks or whatever. But concentrate for five to seven years and really kind of go big in that area. Make sure you're responsible. There's no leverage that can kill you situation.

41:42Maybe even go a little light, but like plow the cash into something that you can control. That's scalable. Don't buy 10 different properties scattered across the country in random geos on a turnkey perspective so that you have problems in Cleveland, Ohio, distracting you from your$400 ,000 a year future job in here. but if you have six properties in Austin, Texas that are reasonably compacted and one of them is a pain in the rear and the others have created a several million dollar net worth problem. I get that problem a lot from BiggerPocketsMoney listeners, by the way. That's a good problem, right?

42:12Oh, they made a million bucks or two million bucks and they got a couple of pain in the rear as they just want to sell because they're so tired of dealing with that stuff. Give yourself that type of problem rather than the one that's halfway across the country or in at least in several different geos. And then if the sales career is killing it and you're earning so much money that's just a coasting to FI, that's great. But if it's not, then you're going to want to pivot to entrepreneurship based on what I know, the few minutes of talking to you that I know about you. So make sure you accumulate enough cash.

42:41You keep emphasizing the cash accumulation in order to do that. And I think that that will provide tremendous optionality within the next three to five years. It would be a grind, but you'll have to perform really well, sell hard, keep reading, keep communicating, or keep really, really good professional cadence with your clients. But that's the general framework that I'd be thinking about going here. I could see a series of house hacks plus a couple of rental property investments and or a business all being in the cards there. That will have to go better than what you can put into a spreadsheet.

43:15And there's a very good chance that a business, for example, could do better than what's going on in a spreadsheet. So give yourself that option. And as a byproduct of this situation, you'll naturally also be building a stock portfolio that will carry you a big chunk of the way towards 5 million at 50 on its own. Like that's the strategy in a nutshell. Sorry, I went on a rant there, but hope you see you nodding. Do you, does that resonate with you and seem right? Yeah. Yeah, exactly. That's my thought too, is we're lucky in a position where go after my, go after my retirement accounts early. You saw my coast fire question there is like, I'm front loading them for a reason.

43:49Let those build up everything outside, build up for that middle class trap, whether it's business, real estate portfolio. I know I've asked about turnkey properties as well. But no, this is all exactly what I came on here for. Okay. I have a question about your employer. Do you believe in the long-term viability of your company? Oh, sorry. I lost the whole point of the question there. Good point, Mindy. Yes, let's answer a specific question here. I'm so sorry, Austin. yeah yeah no i do yeah i really do um and it's something that where i get paid out a recorder um it's not like a crazy amount of money but yeah keep it in yeah right if you think if you think if they're gonna win like could you like if you think like if i went back a bunch of years ago and i was like oh i'm gonna sell all my positions in bigger pockets oh my gosh i would regret it right you you could still lose it on there but it doesn't sound like it's a huge chunk of your net worth right now and if you believe in the company keep it in you'll be putting so much more cash over the next couple of years into either real estate or stocks that your portfolio will diversify unless this thing does super well, in which case that's why you're leaving it in.

44:54And this is currently a$2 ,000 paper loss. You haven't actually lost the money until you sell it for less than what you bought it for, right? Okay. Does your company have any unfair advantages? And I'm going to go on a little bit of an explanation here. Looking at the large companies headquartered in Austin that I know about. Tesla has the unfair advantage of having a charging network across the country, which makes travel really, really easy. And it's very difficult for other companies to come in and compete with them. That's a huge advantage. Amazon has this whole, we've been doing it since 1999 or whenever they started.

45:35So they have a huge network. They've got all these local distribution companies. That's another unfair advantage because they have so much money, they can do this and they can kind of squash competition. And I'm not saying this as like I'm supporting either of these companies. I am a shareholder in both of these companies. But does your company have any unfair advantages that if you can't think of anything right now, that's a homework assignment because if they're just doing like WeWork, went out of business because all they did was rent properties and then sublet to other people. Well, there's no moat around that.

46:13Anybody could do that. And they went out of business. I think they coincided with COVID, but they didn't have an unfair advantage. Definitely not an unfair advantage. I would say we're not the market dominator in my industry. We're definitely leading, not to go into sales here, but leading in AI integration. and something like that. It's something I believe in and where actually our stock price, it was about 10 times what it used to be. It's 10 times less what it used to be. So it's dropped significantly. The COVID software tech industry hit hard. And I came in at a good time with my bestest docs in my head to where we were actually around like maybe 50, 60,$70 a stock.

46:49And now we're much less. And I bested at a good time in my head. That's where it's like really been like, okay, maybe I should keep this for the longterm. It's a bet. It's really just a bet. I think you make 10 bets like this over the next three years, right? I love one every 90 days is my framework, right? If you think about it, this is one of them. They're in a house hack or whatever it is in the next 90 days. You just keep layering those on. One of them is going to, some of them are going to flop. One of them is going to take off. And as long as your fundamental core strategy of either real estate or stocks, if you can, you might say, I'm not going to, I'm going to avoid that entire house hacking nonsense entirely in a real estate investing and just go straight into stocks on there.

47:26But as long as your core strategy is seeing a huge plowing of most of your dollars. Taking shots like this could absolutely result in one or two out of 10 paying off over the next three years and you having a nice couple of wins that jump that formula that I know is probably buried in the spreadsheet somewhere with you, with your finance background, that propel it forward to some degree. So I'm totally aligned with this and you seem to be interested in it, do it. It's not a core of your strategy, it sounds like. It's just really a side bet. So I think that's great. I would continue to – I wouldn't sell what you've got, and I would probably continue to invest in the company stock because you believe in the long-term viability of the company, and I think it's a fun bet.

48:15And you have other things. You're going to be putting your money in other places. I wouldn't just do that and be like, oh, I'm investing. See and run employees. The way I look at it too is like every quarter I get that payment, I would be selling it in the future, but it's just my current stock right now. Taking that income. That's my way. It's worth savings. Awesome. I had a similar situation 10, 12 years ago. In fact, many of the aspects of your situation are similar to where I was at around 25.

48:44And before I was at BiggerPockets, the company I was at offered an employee stock purchase plan. And I did not believe in the stock price of that company. And so I just took the 15 % discount. They were able to buy shares basically at a 15 % discount and arbitraged that. If I believed in the company, I would have taken the discount and held on to them for a very long period of time. I think that's the only difference. And I think I was generally right in that particular choice. And you should go with your instincts on this particular one. If you were saying I'm going to have 80 % of my net worth in the company over the next five years, maybe I'd have a different – with a base case plan, I might have a different opinion, but that's not going to happen unless things go super well.

49:29It's only maybe 4 % to 6 % right now, maybe. Quick math. And then one thing I brought up is like I've stacked up this money for that down payment. That's$60 ,000,$70 ,000 I have in cash for that, whether a house hack, whatever it may be. after I've been front-loading for the rest of this year, it's going to happen this month. I'm going to stockpile cash. My plan right now is, Austin, besides the assumable loan as a house hack, it's a high-buried entry for someone my age. I've been looking to a more turnkey real estate in the southeast. It's something I've been referred to. I see you shaking your head.

50:06No, I don't like turnkey rentals in your situation. And the reason for that is because your earnings potential is so large and your goal is so big, let's play this out, right? Let's say you buy a turnkey rental in Cleveland, Ohio with$50 ,000 down and$150 ,000 mortgage. The best you can reasonably hope for is$250 a month in cashflow, right? That would be an excellent situation. And now you own a property in a C-class neighborhood in Cleveland, Ohio. You can pick, you can replace Cleveland with any of the cities that you are likely looking at here, right? Now let's decide how do we get to $20 ,000 a month in income, which is your goal, right?

50:49So$20 ,000 a month divided by 250 is 80 units. You're going to do that 80 times. Okay. That is, that is a, that is kind of a truly absurd statement when I pay frame it that way. Um, in order for that to be a position, a part of your portfolio and guess what in, in five to 10 years, if you are successful in your sales career, it is very reasonable possibility in the upper bound that you're earning$500 ,000 a year in income. So now in order to replace$500 ,000 or$45 ,000 a month in income, you need 180 of those units. You're going to build an 180 unit portfolio in Cleveland or insert parallel city external to that.

51:29I don't, I don't, I don't think that's a great, a great move. Now, if you're saying I want to buy 10 paid off rentals in one location, because that's all I want. Okay. We have a different discussion there, but I don't think that's your plan. I think you have an aggressive, I want to drive ROI to get to my$5 million net worth number in parallel with my investment. So I think that's owned and operated real estate or stock market in your situation on this. So I would steer you away from that turnkey strategy. Unless, again, you said, hey, I have a tie to Cleveland or Columbus or whatever city I'm trying to invest in.

52:03I may even raise a family there in the future because that's home. and I'm going to buy 10 paid off properties that are in a tight, tight, tight kind of concentrated area where I will have my pick of the litter with property managers who would love to have 10 properties in the same block. Okay. Now I have a different, different approach to that, but I would, I would be averse to that strategy in your situation. What do you think, Mindy? I agree completely. I have not dived, dove deep into the Austin market, but I know that Scott has, and he doesn't love it for other people, but you live there.

52:41You have the opportunity to A, assume a mortgage, or B, have roommates in your property, or you have the ability to potentially assume a duplex, triplex, quadplex mortgage. And I really like the assumable mortgage option for you. I definitely want you to do some research into that because that could be a great way to get a lower-priced property with a killer interest rate that's going to make the difference between making money and not making money. And that assumable thing that Scott is going to send you is going to be a pretty sweet thing for you to look into. Yeah. You can imagine, let's say best case scenario is the Austin market goes down for the next three years, a couple percentage points a year.

53:26That's a best case scenario for Austin, for you, Austin, not the city, Austin. But that's a best case scenario for you because you buy one property, you'll be like, oh no, it went down. But you buy the second property also with a distributable mortgage potentially a year later and a third one. And then if that situation were to transpire, the next 10 to 20 years almost certainly would see a reversion to the mean of 3 % appreciation. And you'd have a bunch of properties locked in at low interest rates where the people who originally locked in those mortgages actually took all the hit for the last couple of years so that you could get that locked in financing, for example.

54:07So I would be, again, I'm not in Austin right now, but Austin is one of those markets where I may look at the odd syndication or whatever deal in the next year or two because I think the situation there is one of the most extreme in the country and there's an opportunity for someone who's smart and really kind of gets to know it well to make some money in there. Austin is not a bad market. It's just the supply dynamic was so absurd that it's caused the current problem. Anyways, I've harped on that enough here. But Austin, was this helpful? We're coming up on time here. Was this what you were looking for today?

54:45Yeah, this was extremely helpful. I'm just getting the ideas here because it's just bouncing ideas off. But really just need to make my money work, make a couple bets, whether that's a house hack, getting everything into stocks. Everything is really just keep throwing everything out there. That's right. As long as you don't put yourself in a leverage position where things are going to get wonky and force you to abandon the high upside approach that you're taking here. The day you need to generate a$100 ,000 base salary to float your portfolio is the day you're losing this flexibility. right? So as long as you're making bets that do not remove that, like the house hack, for example, that has a super high probability of getting most of the rent in there as conservative or, or stocks or whatever, and you keep those expenses low, you're going to pile up some really good options.

55:32And yeah, you're gonna have to just make bets. They also, the other thing to think about is this is not, none of these are all in for you. And this is really hard framework for, from it, from 20, 25, you spent your entire life accumulating$142 ,000. Your goal is 5 million. you are less than what, like 3 % of the way there. So you need to make big chunk bets as you, as you described it in order to do that. And you'll have another crack at this every two or three years to rebuild the existing position, the way the compounding will likely work in your career. And I think you should go big and bold and aggressive and you can, because your expenses are so low.

56:07No, it's been really great. It's super helpful. Austin. Thank you so much for your time today. And we will talk to you soon. Thank you so much. Both of you, Scott. All right, Scott, That was Austin, and that was awesome. I really love his trajectory, and I love that he's 25 and he's thinking about this stuff. I could have learned a lot from him if I was in his same boat. If he was next to me in my same boat at 25, whatever, I didn't do what he did. And I still got here. I think he's going to get here too. What did you think of the show, Scott? I love Austin from Austin and his situation and all the choices he's made.

56:41This guy has every option in the world. He should keep those options open. He should never put himself in a position where he's locked into an all-in bet that's outside of his work unless he chooses one entrepreneurial venture in the next couple of years. He says to go all-in on, but he has a very high probability of success. Yes, he can lose in any of the paths that we discussed there, but I am super optimistic that Austin has a shot at becoming a millionaire, if not in the next 10 years, within the next seven, maybe even by the time he hits 30 with a little bit of luck. So this is the type of position that you can't really model out and you shouldn't lock yourself into a long-term financial model.

57:16You should stay flexible, chase that income and go after it. And by the time he's, again, hitting his 30s, he's going to have a lot of options and a lot of really good choices that he can make in his life. Yeah, I love that he's in sales because literally the sky is the limit on your income there. You are limited by your own creativity and your own drive. So he has the drive. I think he is going to hit it and hit it hard and hit it early. And I'm super excited for him. I want to check back in with him in like six months or a year. See where he's at then. Absolutely. I'm also very curious. I've been really, really dunking on Austin as the worst place to invest in America for the last several years.

57:57And at some point, you got to start changing your tune and say, well, if it's gone this bad for this long, is it time to start buying? I think it's about time to start buying. And I would be really interested if I was in that 25-year-old house hacking, serial house hacking range there. But I would love to see what you guys think. Tell me about it in the comments and let me know if you think I'm crazy or if I'm spot on and you agree that it's buy time in Austin, especially with that assumable rate mortgage strategy. I'm really surprised that the Austin market is so down because Austin has traditionally been a really great market.

58:32And with all of those giant companies in the area, they're going to be employing people who may or may not want to own properties. It just – it seems like – Scott, I hope you're starting to be wrong. Yes. Well, let me be clear. I get it. I told you so on the market went down the last two years, and I think it's the worst – I think it was the worst place to invest. And now it could be the best place or one of the best places to invest is what I'm saying. So hopefully I'm right for Austin's sake, both the individual and the city. Yeah. So let us know what you think in the comments below. We really appreciate it.

59:10All right, Scott, should we get out of here? Let's do it. That wraps up this episode of the BiggerPocketsMoney podcast. He is Scott Trench. I am Indy Jensen saying see you around the playground. Rinse takes your laundry and hand delivers it to your door, expertly cleaned and folded. So you could take the time once spent folding and sorting and waiting to finally pursue a whole new version of you. Like tea time you Or this tea time you Or even this tea time you So did you hear about Dave? Or even tea time, tea time, tea time you So update on Dave It's up to you We'll take the laundry Rinse, it's time to be great