I've recently listened to all of his podcasts. In fairness he has been grinding away. Self-employed software developer with 3 kids.
He's tried a few things along the way like reducing his hours to spend more time with his family, coaching hockey clubs (still does that as a hobby), Peer-to-Peer lending (got burned there by a few investments). Then started working a lot of hours to get his income up.
He's very honest in what he's trying to do, calls himself out for his mistakes and adapts to set backs.
He's a saver; his wife is a spender. Balance works for them and she helps him be frugal as opposed to cheap.
He was maxing out his pension contrubutions each year for many years to drop his taxable pay into the 20% income tax bracket and was anti rental properties.
Then started moving into rentals in 2020 when they moved to a new home and rented out their PPR. He has since been using the equity in these properties - from rental income paying down the mortgages and capital appreciation - to buy new rentals around Limerick. He was 4 rentals (3 have a mortgage).
He always had a company set up as self-employed. This also let him pay as much as he wanted into his pension each year. The decision to buy these BTLs via the company was
-the cash was already there and he'd pay a lot of tax to take it out and thus have less equity to buy a BTL;
-reckoned it would take him 30% longer to save up for each BTL deposit in his own name.
I think he said ICS are the only lender who would allow BTL purchases via a company. He manages the properties himself.
FIRE means something different to everyone. He's definetly not retired but tipping away towards financial independence.
I'd say there must be some stress having multiple BTLs, with managing them and the mortgages. But in the long run the income from these esp once the mortgages are gone and if he starts using a management company for the day-to-day running, he'll have a nice passive income rolling in for his retirement.
He's tried a few things along the way like reducing his hours to spend more time with his family, coaching hockey clubs (still does that as a hobby), Peer-to-Peer lending (got burned there by a few investments). Then started working a lot of hours to get his income up.
He's very honest in what he's trying to do, calls himself out for his mistakes and adapts to set backs.
He's a saver; his wife is a spender. Balance works for them and she helps him be frugal as opposed to cheap.
He was maxing out his pension contrubutions each year for many years to drop his taxable pay into the 20% income tax bracket and was anti rental properties.
Then started moving into rentals in 2020 when they moved to a new home and rented out their PPR. He has since been using the equity in these properties - from rental income paying down the mortgages and capital appreciation - to buy new rentals around Limerick. He was 4 rentals (3 have a mortgage).
He always had a company set up as self-employed. This also let him pay as much as he wanted into his pension each year. The decision to buy these BTLs via the company was
-the cash was already there and he'd pay a lot of tax to take it out and thus have less equity to buy a BTL;
-reckoned it would take him 30% longer to save up for each BTL deposit in his own name.
I think he said ICS are the only lender who would allow BTL purchases via a company. He manages the properties himself.
FIRE means something different to everyone. He's definetly not retired but tipping away towards financial independence.
I'd say there must be some stress having multiple BTLs, with managing them and the mortgages. But in the long run the income from these esp once the mortgages are gone and if he starts using a management company for the day-to-day running, he'll have a nice passive income rolling in for his retirement.