Income Replacement Case Study: Peeling Back The Layers Of Actual Income Replacement

income replacement

We bring you one of our favorite clients – the one and only Erik Schaumann! Eric started investing in real estate with us a little over 10 years ago. Today, he is completely retired from his passive real estate income! Tune in to find out how we achieved that outcome.

“At the end of the day, replacing your income depends on the standard of living you want to have.” Steve Earl

Erik relied on simple and conservative single-family residential real estate to replace his income. And if you listened to this podcast before, you know this is our formula for real estate success. Erik started his real estate journey ten years ago with just one single-family property. Today he has nine properties in his portfolio and he’s completely replaced his income. 

The best part? He’s been traveling the world and living his life while we did the work. We’re super excited to talk with him and to have you hear what a successful real estate journey looks like! 

Key Takeaways

  • Intro to this episode and Erik (01:10)
  • Why Erik decided to start investing in real estate (05:52)
  • What did the process of acquiring properties look like (09:57)
  • How long has it taken Erik to replace his income (14:19)
  • Avoiding the emotional attachment and looking at numbers (21:10)
  • Is there something Erik would have done differently? (27:58)
  • Erik’s advice for anyone thinking to jump in the game (30:40)
  • Success tips and tricks based on 10 years of experience (32:23)
  • How to figure out your investment goals (37:22)
  • Final thoughts and comments (44:59)

Top Quotes

“It’s an investment property, not your personal residence. Its goal is to make you money!” – Erik Schaumann

“At the end of the day, replacing your income depends on the standard of living you want to have.” – Steve Earl

“Let your real estate pay for everything.” – Steve Earl 

Additional Resources

  • Learn more about Done For You Real Estate: VISIT HERE
  • Get a FREE Income Replacement Estimate (IRE): APPLY HERE
  • Register for our FREE Monthly Webinar Series: SIGN UP HERE

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If you enjoyed this episode, please rate and review our podcast. Thank you for your support!

And remember…

Income replacement for you and your family may only be one property away!

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