Financially independent millennial shares 2 'golden rules' of real estate that helped him build wealth

Cody Berman, author of 'Retire by 30,' achieved financial independence by age 26 through real estate investing. He started with house hacking—renting out part of his home to eliminate housing costs—then built a portfolio of 13 rental units generating $3,700 monthly cash flow. Berman shares two golden rules: First, use the 1% rule as a starting benchmark, meaning monthly rent should equal at least 1% of the purchase price to ensure positive cash flow. This forced him to look beyond expensive areas like Massachusetts to Connecticut. Second, never buy a property you wouldn't live in yourself. After a problematic duplex with tenant issues, he learned that strong financials alone aren't enough; properties must attract reliable tenants. Berman and his wife now live in a small house on a property where they rent out a separate apartment and office, earning $800 monthly instead of paying rent.