Continued from Episode 16 of The Side Business Show
In the first part of Ike’s interview with Danny Randazzo, he shares thoughts on how everyone can cover their living costs and start building equity by house-hacking.
Danny Randazzo began his consulting career with Accenture’s U.S. consulting practice. After moving to Abu Dhabi, United Arab Emirates to pursue an international project opportunity, he returned to the United States a year later. He then joined Deloitte where he currently works full-time providing financial consulting services.
In 2013, Danny purchased a 3 bedroom 3 bath residence in the San Francisco Bay Area. He house-hacked his way to covering his living expenses and cost of the home itself. Please listen to Episode 16 to learn Danny’s experience – “Own Your House But Don’t Pay the Mortgage!”
Danny sold his house in 2016, and moved to Charleston, SC with his fiancé. His goal was to build a real estate portfolio that would generate multiple streams of income and provide financial security for their future. He began by purchasing 2 office buildings and has since gone on to purchase a variety of commercial and residential properties controlling over $4.5M in assets.
- Why Danny chose commercial real estate as a second stream of income [0:55]
- Three things Danny evaluates when considering a property [ [3:30]
- Determining your annual cash flow [5:22]
- Property management expenses [9:00]
- Three high level economic indicators to review and where to find them [11:23]
- What Danny learned while renting his first office space [16:20]
- Grow your side business to break the paycheck to paycheck cycle [18:45]
- At what point do you achieve financial independence [22:33]
- Important life lesson Danny learned from his time in Abu Dhabi [24:00]
- Reduce time spent in management oversight with triple net leases [2:15]
- Invest in your general area to make first hand observations and validate information [11:23]
- Continue to build your income stream to prepare for the lifestyle you want to achieve [22:33]
- Identify your goal and why you doing it to keep you focused [27:50]
Contacts and Links
- Full-time Manager with Deloitte Consulting
- House-hacked while living in San Francisco and covering his entire living expenses – Listen to this story
- Built a side business called Randazzo Capital through which he now controls over $4.5M in commercial and residential real estate.
Coming Up in the Next Episode of The Side Business Show
Tune in to listen to top performing mortgage specialist AV Vaghela talk about building Loving Profitable Relationships!
Questions about the show, the guests, or about Side Business in general are welcome. Please write to us at Ike AT TheSideBusiness.Show.