A couple have become "financially free" in their 20s thanks to their Airbnb empire.
Michael Elefate, 20, and his wife, Jill, 29, became financially free in November 2020 and quit their full-time jobs six months later. Financial freedom means having enough passive income to do all the things you want - without having to worry about where the money is coming from.
The couple cashed in their retirement funds and sold their truck before buying their first property in December 2019. The rented the home in Nashville, Tennessee, US to hen parties and touring country musicians, netting a $7,000 (€6,500) profit in the first three months, reports Wales Online.
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They now make $6,000 (€5,500) per month from the property and became "financially free" in just six months. They have bought six more homes over the last three years and quit their more than $100,000 (€92,000)-a-year roles working in tech sales in April 2021. Now, they only have to work three hours per week with their $7.5 million (€6.9 million) property empire netting them $360,000 (€330,000) a year.
Michael, from Greenville, South Carolina, US, said he and Jill weren't passionate about their jobs and wanted to take control of their time. He said: "A lot of people think financial freedom is about money, but it really comes down to time freedom."
The couple bought one home in 2019, two homes in 2020, two homes in 2021, and one more in 2022 in Florida, US. The purchases were funded solely liquidating their retirement funds and profit from their first couple of properties.
The pair concentrate their time on short-term rentals and creating an "experience" for the people who are renting.
Michael said: "We chose short-term rentals because of their cash potential. Hospitality gives you the opportunity to create an experience for people.
"The earning potential and earnings are much higher. We saw an opportunity to create experiences in a home that people would pay for.
"It has been a wild ride for sure, we were all in, we were so motivated to get out of our current roles and be free. For the first property, I sold my truck to be able to afford it and do alterations.
"The second property, we liquidated our retirement account - it was nerve-racking, but we were all in. It is important for people to get a coach or a mentor if they want to do this kind of thing.
"I wish I signed up for a programme as it would have helped me earn money faster."
The pair bought their $2million (€1.8 million) dream house on a lake in the mountains of Greenville, South Carolina last year and plan to by two more properties in 2023, creating a total revenue of around $1.25million (€1.15 million), with a profit of around $475,000 (€438,000).
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