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Anthropic’s hotly-anticipated prospectus for its initial public stock offering has been made public, giving investors their first detailed look at the AI company’s finances.
The filing showed the company generated $16.3 billion in revenue for the first six months of 2026, roughly 13.5 times more than the $1.2 billion it made in the same period the year before.
The company also recorded a net loss of $80.7 billion for the six months through June 2026. That figure is one of the largest half-year losses any company has ever recorded. But most of that loss—$72.4 billion—is due to an accounting charge to take into account the increased value of convertible notes Anthropic has issued.
Anthropic plans to list on the Nasdaq under the ticker “ANT,” and is expected to target a Thanksgiving week debut that could see the company valued between $1.5 trillion and $2 trillion.
Various parts of Anthropic’s financial picture have already leaked through draft versions of the filing and pitches to prospective investors.
This is a developing story, check back for updates.
Lindsay Barrientos didn’t start buying rentals after the 2008 crash or ride the low-interest-rate wave in 2021. She started in late 2022, after home prices and interest rates had already spiked. But she knew about the long-term potential of real estate and trusted the process—buying one house at a time and banking the rental income for the next down payment.
Now, just four years later, Lindsay’s 12-property portfolio has given her the flexibility to go back to school, quit her grueling W-2 job, and start her own business. And she didn’t do anything the average investor can’t do today. She lives in a high-cost-of-living area, so she invests in a real estate market where her money goes further. Her properties are 2,000 miles away, so she leans into her investing team.
No “perfect” timing. No big bank account. Just a plan and simple, consistent action.
Whatever’s keeping you on the sidelines—prices, rates, the economy—Lindsay’s story may be the push you need to get started today.
Henry:
Have you ever thought that maybe real estate investing isn’t worth it anymore? Well, Lindsay Barrientos didn’t start buying rentals after the 2008 crash or ride the low interest wave in 2021. She started in late 2022 after home prices and interest rates had already spiked, but she knew about the long-term potential of real estate and trusted the process, buying one house at a time and banking the rental income for the next down payment. Now, just four years later, Lindsay’s 12 property portfolio has given her the flexibility to go back to school, quit her grueling W-2 job and start her own business. Also, she didn’t do anything the average investor can’t do today. She lives in a high cost of living area, so she invests in a market where her money goes further. Her properties are 2,000 miles away, so she leans into her investing team. There’s no perfect timing, no big bank account, just plain and simple, consistent action.
Whatever’s keeping you on the sidelines, prices, rates, the economy, Lindsay’s story may be the push you need to get started today. What’s going on everybody? I am Henry Washington, co-host of the BiggerPockets Podcast. Dave Meyers here too, and our guest today is Lindsay Barrientos from Los Angeles. Dave, let’s get to it.
Dave:
Lindsay Barrientos, welcome to the BiggerPockets Podcast. Thank you for joining us today.
Lindsay:
Thank you for having me. This is an honor.
Dave:
Tell us a little bit about yourself. Where are you joining us from today and what’s your story with real estate so far?
Lindsay:
Yes, so I live in LA. I’m a nurse and I’ve been working as a nurse for 14, 16 years now. And I’ve been investing in Rosto for the last four, and I also invest in a city that’s not popular, out of state investor in Gary, Indiana.
Dave:
As a nurse living in a very expensive market, what influenced you to not just invest, but to invest halfway across the country?
Lindsay:
So I actually was a pretty happy nurse in the beginning. It wasn’t until 2020 during COVID times that I became a front care worker. So I had to deal with a lot of COVID cases, a lot of deaths, a lot of tragedy and a lot of depression actually. A lot of nurses left the workforce during those times and I came with the realization that maybe nursing is not for me. Maybe nursing is not what I want to do for the rest of my life. And I was just 30. I’m like, okay, I’ve been doing nursing for the last 10 years. What else is there? How am I going to be supporting myself and making this income? At the time, I already purchased a single family home in Los Angeles for myself. I had multiple nursing friends and I was renting out rooms to traveling nurses because I was single and I had a four bedroom house and I could just live with my friends, the single girl life.
But when I became extremely distressed and depressed and rich for therapy and medication and got out of that hump, I decided I have to find something else that’s going to be income producing that’s going to either take me away from nursing part-time or take over completely. So I went to Google and I was just like, okay, what do rich people do? How do they make money?
Henry:
I also Googled that when I was looking for extra ways to make money.
Dave:
That’s Henry’s story too. Yeah.
Henry:
Absolutely.
Lindsay:
And Google said, “Well, you can start a business.” And I’m like, “Well, I don’t know how to start a business or you can invest in real estate.” And at the time I was already renting out rooms in my house, so I was just kind of doing real estate. I’m offsetting my mortgage here in LA by renting out rooms. So let me see what else. Can I buy an additional house in LA? And they were like, “Okay, well, if you’re going to buy an additional house and do a conventional loan, you’re going to have to
Henry:
Put
Lindsay:
20% down.” And I’m like, “20% down at a million dollars, that’s $200,000. I don’t have the kind of money. I’m a nurse. So I’m just going to see where else can I invest, maybe out of state, maybe whatever.” And then that came with also another realization that the rest of the country is less expensive than Los Angeles, California.
Henry:
How about that?
Lindsay:
Yeah. So I started doing my market research and then obviously Google told me, “Listen to BiggerPockets, listen to podcasts, read these books.” So I ended up reading a lot of Brandon Turner’s books initially, and then I turned into BiggerPockets and learn about market indicators and what do you want to look at? Cash flow, cash and cash return, reserves, repairs. So for my situation at the time, I decided I need to be in a state that is landlord friendly and a market on lease that has a high cash on cash return. So the first market that ended up investing is in Northwestern Indiana, Hammond. And that’s when I found a network of investors already investor in Northwestern Indiana. And I was introduced to many property managers and realtors and actually a network of investors there.
Dave:
I want to call out that you’re selling yourself a little bit short, Lindsay, because you were an investor and you did start a business. Even buying a single family home and renting it out to your friend is a successful business in itself. I guess you just never even saw yourself as an investor when you were doing that.
Lindsay:
Yeah, I didn’t. And even after I got A properties, I was going to real estate meetups around my area and I was like, “I guess I’m an investor. I’m not sure.”
Dave:
It’s very humble of you and the opposite of what you hear on social media all the time. But investing in Indiana, it could be scary to do that. We’ve never been to the area, but you at least look back on your time renting out rooms in your home and see the potential for it. Did that give you some confidence at least?
Lindsay:
It gave me confidence in terms of like, okay, I have this much income and I have this much expenses by house hacking at the time I didn’t know I was doing that. I was decreasing the expenses that I had. So I had the extra amount of income to deploy it in an investment. So I was like, “I’m saving this much money and I can just funnel it into this investment that’s also going to bring me more money.” So I was just like, “Okay, I can see how that can compound over time.” Even though at the time I wasn’t looking like, “Oh, I’m going to get 10 houses or 12 houses.” I’m just like, “Two or three houses.”
Dave:
Right.
Henry:
So many new investors or even seasoned investors struggle with the idea of where should I invest? Can you give just a little more context as to how you got comfortable with the decision you made?
Lindsay:
Yeah. Initially I was ready to take a traveling nursing job and I was like, okay, I have to go to a city that it’s going to be competitive for me to get a contract so I could possibly house hack. And I’m like, okay, I could go to New York. And I’m like, what am I going to invest in New York? I could go to Chicago, I can maybe house hack a condo there and I can start renting out rooms like I’m doing in Los Angeles. And I was like, but if I’m going to be in Chicago, let me see what’s near there. Driving distance. And Northwestern Indiana is 30 minutes down south from Chicago. So that’s when I started looking at that. And then I was just like, well, who else is investing there? Let me find out. So BiggerPockets, blogs, podcasts, all of those, reaching out to people online that had a small YouTube channels and small followings that were investing, that were putting their numbers, all social media and being very transparent about their journey.
That’s who I connected with, especially two people, Millennial, Mike, and Masky Finance. And because they were smaller creators, they were willing to talk to me or interact with me via comments or emails or even phone calls at times, like voice audio chats on Instagram that were going on for three minutes at a time. I’m just like, I’m just so happy that I was able to tag into this type of a small community starting. And then so when I looked at Hammond, Indiana, Norwest Indiana, there was already a WhatsApp group chat of investors that had 40 investors at the time. They were sharing tips about realtors, property managers, contractors, and stuff like that. So I felt comfortable because there were vetted people, not just by me, not just out of state. Some people were local. So that’s where I felt, okay, if these people are doing it, then maybe I’m okay to start dipping my toes in it.
Henry:
These were gems. I hope people were listening to this and taking notes. I love that you said, look, I knew I’m going to be in Chicago, so what’s in driving distance? Because if it’s not easy to get to your out-of-state market when you need to get there because something’s going to happen, you’re going to need to get there and it’s going to interrupt your life. And the harder it is to get there, the less likely you are to do it. So including some of these real world scenarios in your market selection is a big deal. The second tier of choices you have to make is very personal. The first tier of choices is about the numbers. You want a market that has a good cash on cash return, that has good jobs, that has enough demand. All the numbers make sense. But once you get past that, the rest is vibes and feelings and are you actually going to go?
Dave:
Also, the people you surround yourself with in that market, that is just so incredibly important. I always tell people, get it down to three to five cities that you like. The vibes are good, the numbers are good. And then where do you have the best people? Because that is going to make a much bigger impact on the performance of your investments than macroeconomics. It really is. Macro, you have to just kind of not screw up, is kind of the way I see it. It’s just find something that’s pretty good. But as anyone will tell you, two investors can invest in the same market. One can be incredibly successful and one can completely fail because they’re not good at it. And so investing out of state is so much about finding people who are good at it.
Henry:
I though that was such a brilliant thing. You said you specifically picked smaller creators. That’s a great niche, a great thing to target. Smaller creators investing in a market that you like, you know they have a tracker, or you at least think they do, and you can do enough research, they can probably have the time to answer you. That’s super smart. Great thing to do.
Lindsay:
Nichingin is definitely whatever market you’re looking at, if it’s Columbus, Ohio, Facebook groups, meetups, whatever you can do to reach out to them and then start talking to maybe not the person that’s a host, but everybody that’s submitting comments or liking or doing anything like, “Oh, have you actually checked out the area? Do you live around it?” Just making conversation and people, especially in Facebook, people going through deep, deep conversations in the comments.
Dave:
That’s great. And I think what you’re showing here, Lindsay, is that this common perception that real estate is really competitive is false. People generally want to help each other. People want to tell you about what they’re doing and want to bring you along. I really love that about real estate, that it’s not this zero sum mentality that if you win, I can’t win. It’s kind of this collective approach. So Lindsay, I want to hear about how specifically you leveraged this community to get your first deal, but we got to take a quick break. We’ll be right back. Welcome back to the BiggerPockets Podcast. I’m here with Henry and investor Lindsay Barrientos talking about how she found a community across the country that helped her buy her first conventional rental out of state. So Lindsay, how did you use the community that you found to identify and ultimately buy your first deal and what did it look like?
Lindsay:
Yeah, and the first step was vetting the people. There’s 40 investors, 40 investors are using about three or four property managers, three or four realtors, different realtors. So you start talking to them and trying to see what they know about the market. And every time, because you don’t know much about the market other than what you find on Google, but the more that you talk to somebody, the more the property manager’s going to be like, “I’m not going to go into that pocket.” And the realtor is going to be like, “Well, most of,” because they can’t really say it, “This zip code doesn’t work for you. Most of my transactions happen in this zip code, right? So you get information from different people, not just the “experts” like property managers, realtors, whatever, but the other investors like, “Oh, this is where a new gymnasium was built.
This is where the casino is coming to be built.” The more data that you have, the better it’s going to be for you.
Dave:
And let me just ask, in this group, were there multiple realtors and property managers or was there just one you knew?
Lindsay:
There was multiple.
Dave:
And how did you decide? Because it sounds like a great group of people. How did you pick which person to work with?
Lindsay:
I think that you have an affinity for certain people when you start talking to them. And then I don’t know about you, Dave, but I feel like I’d like to see more action than talking. You can talk to me on the phone.
Dave:
That’s a good way to put it. Yeah.
Lindsay:
You can talk to me on the phone for two hours, but let me see how many transactions you closed in the last month. What actually are you willing to negotiate for myself? Really test your boundaries a little bit.
Henry:
So Lindsay, what I hear you saying is that you’ve got a good bullshitter, and as you started to talk to people, you could tell who was full of crap and who was actually about their business.
Lindsay:
I would like to think so.
Dave:
I like that. All right, so tell us about this deal. What did you buy?
Lindsay:
Yeah, I did buy a three bedroom, two bath, single family home, 25% down conventional loan. And like I mentioned, I rented the next week that I closed the home and it was rented for $1,400 a month.
Dave:
Wow.
Henry:
135, 25% down. So yeah, 25% of 135 is substantially less than 25% of one million in California. So you did the right math there.
Lindsay:
Yeah.
Henry:
No renovation. Sounds like it was turnkey and you got a decent amount of rent for it. That’s pretty awesome. So just a conventional loan, nothing fancy.
Lindsay:
Nothing fancy. And I think the debt service was 880 at that time because the interest rate had gone up. My interest rate on that first property was 6.01.
Dave:
What was the cash flow at the end of the month?
Lindsay:
1,400 minus 880 plus the property manager is like $400 a month.
Dave:
Wow. Okay, great. And did you have any issues or was it as turnkey as you were expecting?
Lindsay:
It was turnkey. I think I talked to the property manager once in six months about something else. Then after one year, I was trying to make that my proof of concept. So I didn’t want to look at even real estate after that. I bought it. I wanted to be like, “Is this going to work out for me? This is a new venture for me. I’ve never done this.” So let it run for one year. I took it like it was an additional bill, so I just pocketed whatever income I had from the property. And after one year I had $16,000 save and I was like, “Okay, maybe I can look at this Gary Indiana market that my investor friends keep telling me about. They keep buying things over there.” So I’m like, “Okay, maybe I can do that now since I am seasoned. I have one year under my belt of having one rental property.” So I took a look at Gary Indiana and the house was priceless in 2023 when I was looking at it were like 50, 70, 80,000 for a single family home.
So I was just like, “Okay, that’s a significantly less down payment that I have.” But I was like, “Let me try this add value things that BiggerPockets keeps talking about. Buy something that needs a little
Henry:
Bit
Lindsay:
Of work.” So I bought a second home for $55,000 that needed a new roof and new floors, small house, 800 square feet, two bedroom, one bath. And I bought it for 55. I think I put maybe 16 into the house and I rented out for $1,100 to a Section eight voucher holder. So I was just like, “Oh wow, that’s like the 2% rule.”
Henry:
Yeah, you got way better numbers on that deal.
Lindsay:
Yeah. And obviously I’m learning this new market because I did move from Hammonton Gary, which is 15 minutes apart probably by driving, but it is a rougher market and it’s actually according to Business Insider in 2019, one of those most miserable cities in the United States.
Dave:
And you were like, “I want that.”
Lindsay:
Yeah, I want that. There is so much upside.
Dave:
Well, I’m curious. That would scare me.
Lindsay:
So I know that coming into this new market was risky, but the potential for cash flow was higher. And a lot of people think when they look at the tenant pool also there, they think that’s going to be a lot of work. But from my investment strategy, I have a property manager. So majority of the things that I do are through property management because I work a full-time. At the time I was also going to school full-time. So I really needed to see what my set of skill was going to be and my risk tolerance. Am I able to risk more, I guess, headaches for the cash flow? But when I closed on that second property and I rented it right away and I was like, okay, well then my debt service is $388 a month and this is rented for 1,100. Even if the house is empty for a couple months, I’m still pretty much very good about this.
And then the potential for add value was there. So I’m like, okay, let’s do what happens with these two properties. Then the next property, I attempted to do the burn. I attempted to do the burn. And this is a story that’s probably going to, people are going to think I’m crazy, but I bought this house for $33,000.
Henry:
33,000?
Lindsay:
Yes. And I needed to be a whole bird, so I had to put another 30,000 into the house, but my ARB was at 85. So I was like, “Well, I can get most of the money out of this.” And then one of the beauty things about scaling, when you are doing burrs, you can recycle that money. So I was like, “Okay, I don’t have to penny pinch every single paycheck that I have if I’m able to do this successfully or even semi-successfully.” So when I did that burr, I finished, I was getting my refinance done, and I think I had my appraisal scheduled on a Tuesday, and my property manager calls me on a Monday and then tells me there’s been a fire on the house.
Dave:
Oh, no.
Lindsay:
Yeah. So I got on the phone with her. She was like, “I don’t have many details. Let me call you back in two hours. I’m dealing with it right now. The fire department is there.” The house was not occupied at the moment, so that was great. So that already was a relief. Okay, there’s nobody inside the house, but I just finished rehabbing this house last week, and I’m waiting for that refinance. So by the time she comes back, she’s like, “There’s been a faulty lighting on the kitchen that basically burned.” And because it burned, most of the damage that came was from the fire department bolting their way into the door and putting the high pressure hose, right?
Henry:
That’s it.
Dave:
That’s what they sell. I know that came.
Lindsay:
Very nice new drywall painted and everything blown by the pressure of the hose. So that came with the second rehab. At the time I was like, “Oh, maybe I shouldn’t invest in real estate anymore. I don’t know what this looks like.”
Henry:
That’s a fair though to have. I have that moment every week, but go ahead.
Lindsay:
I was talking to Jesus and saying, “Oh, let me just get through this. Maybe I try to do more than I can handle.” Anyways, I talked to my lender and my lender said, “Oh, no worries. Let me know when the house is ready.” Because it ended up being a very small fire. So I was just, okay, I guess I’m going to rehab it again and leave the money that I rehab for the second time into the deal. So I put an additional, I want to say $11,000 into the house to rehab it a second time, obviously going over my ARB, and I was just like, “Oh, I’m just going to leave money behind on the deal.” Refinance the appraisal came back at 160,000 for the house that I bought. So I told myself, “You’re just very bad at comping, comping houses.”
Henry:
You comping way too low.
Lindsay:
Yeah, I did comp it way too low. So I was able to get all my money back from the first rehab, from the second rehab. And then so I did a successful burr and I got the money back. At the time, the money came from a HELOC I leveraged on my single primary residence, so it wasn’t even money I had saved. It was leverage money from the HELOC. So I was like, “I can do this again.” So I did many more times. I ended up racking up 12 properties over the last four years.
Dave:
Wow.
Lindsay:
And the last five had been creative seller financing, and the last one was a 0% down deal.
Dave:
That’s unbelievable. Wow.
Henry:
Yeah, I like those.
Dave:
So I want to hear what you bought. You just casually were like, “Oh, I just bought 12 units,” which is a story in itself that we want to hear about. We do have to take one more quick break though. Stick with us. We’ll be right back. Welcome back to the BiggerPocket Podcast. Me and Henry are here with investor Lindsay Barrientos talking about how she has been scaling up long distance in Indiana. You’ve had some good ones, you had a tough one, but you kept going. What have you been buying?
Lindsay:
Yes, so 12 total now. All of them are single family. I only have one duplex. So the more that I learn about real estate, the more that I talk into wholesalers, but direct front seller, learning about creative financing. When I learned about creative financing throughpocket sales, I was like, “I need to get a house that is creative basically. I got the bug.” So I started telling my realtor to put cash offers and creative offers, and obviously make the creative offer more appealing than the cash offer. So everybody will be determined. But anyways, and that same network that I had, for example, Facebook people that I would talk to online and the WhatsApp group that I would also talk to different investors. There were other investors there that were offloading some of the properties, so that’s where we got connected. That’s how I started getting creative.
I also started a personal brand on YouTube. I opened up a YouTube channel after I think the bird that I did. I felt like maybe this information would be better to be put on videos so people can connect with me or even see what I’m doing or see how the cashflow is possible, even though this was 2024, 2025 with the rates being at seven, eight, you guys have seen it. So I started putting a lot of content out there and then people were offering me deals from Gary Indiana after a while, and that’s how I was able to get creative.
Henry:
You said you had your agent mention that you were willing to do a creative offer. So how did you pitch seller financing or how did you get your agent to pitch it to people as an option for you?
Lindsay:
Yeah, so when you’re a realtor, you can just send a regular offer or you can set an addendum offer, like a regular cash offer or conventional offer or an addendum offers, which if the seller is open to seller finances, they will be able to reply or negotiate the price back. But my experience has been the majority of people that do seller finances because they’ve been investors themself at one point. And so they bought the house a few years ago, so they already had some kind of knowledge. I never been able to convince somebody that’s never heard about seller finance to do a seller finance deal.
Dave:
So you were going out looking for these seller finance deals, and you said you were making cash offers at the same time.
Lindsay:
Yes.
Dave:
You had enough cash to go out and buy these deals, whatever your offer was, if you wanted to, but you gave them two offers at the same time. Can you tell us a little bit more about why you did that?
Lindsay:
Yeah, I heard from Michael Subert, this is something that he used as a technique in the past of when he was buying houses in Fresno. He would present two offers to the seller, especially during these last years where transactions have been low. If you find a motivated seller, you present those two offers. Let’s say it’s a house that I’m buying cash at $60,000. My cash value would be I’m going to offer you $50,000 for the house, but my seller finance deal is going to say, “I will pay you $60,000 for this house, but with my terms.” So that could be lowering the interest rate, that could be a lower down payment, whatever is more preferable to me that also works for the seller. So I would submit those two offers to everybody basically.
Dave:
Wow. I love that. It’s so brilliant. And I think this goes to the exact environment we’re in right now in real estate where sellers, you don’t really know what’s motivating them right now. There are more and more things coming on the market and there’s better opportunities to negotiate, but you don’t necessarily know what they want. Some people want cash and to get out as quickly as possible. Other people, as Lindsay, you stated, if they’ve been an investor before, they might say, “Hey, I’ll take a six or 7% payment well into the future. That’s passive income for me.” And by offering two offers, one, you’re showing the seller that you are willing to understand what they’re looking for and to work with them. And two, it sounds like you can kind of steer them in the direction that you want because you say, “Hey, I could pay cash, that’s probably tempting, but I could pay you less.” And you can sort of orchestrate it so that sellers see the mutual benefit in the seller financing offer.
Curious, how effective is it? How often does that work?
Lindsay:
It works when the market is like this and the sellers are motivated. I was able to get out of the 12, five of them are these seller finance.
Dave:
Yeah, I love that. I mean, that’s better than regular offers, that offers so much better. And how are you identifying people? Because if you’re going 50%, you must have really targeted list of people that you’re approaching for seller financing.
Lindsay:
Yeah, my zip codes are very narrow, so I only invest on three zip codes. And then single family, I know a lot of people like to do multifamily, but in my area, because there’s more supply than renters, I feel that people do want to rent a single family more so than a small rental unit. So that is where basically I’m concentrated. And then it might be a small market, but in Gary, there is a turnkey company that sells houses that flips houses. They also have a podcast. They also are currently posting a lot of content about Gary Indiana and possibly even coming, we have the bears coming to Hammond, Indiana. So just having more information about that. That’s
Dave:
Awesome.
Lindsay:
Yeah. Having more information about that just tells you to exactly reinforces what you invest in already or where you want to be investing.
Dave:
So what’s next for you, Lindsay? I mean, you’ve been scaling up, you’ve been doing a lot, you’re getting the Chicago Bears in Indiana, which is hilarious. What comes next for you?
Lindsay:
Yeah, I also built an ADU in my single family residence. Nice.
Dave:
Are you still in LA?
Lindsay:
Yes. So I did that. I put it as a midterm that’s now rented for $2,000 a month, and I have enough space to put an additional ADU that is in the process of permitting three bedroom, two bath. That will be a small house basically. So hopefully to do a midterm or Airbnb, we’ll see what I can do with it.
Henry:
That strategy in California is just called how to live in California. How to be able to afford to live in California.
Dave:
The good thing is that they are allowing these kinds of developments, right? Because obviously not everyone can do it, but if you can, you are providing housing in a community that really needs it and you are able to make your own cost of living go down. It really is a win-win if you can pull it off. So Lindsay, now that you’ve done this, you’ve done a lot of cool stuff, but your original goal was to get out of nursing. Have you done that yet?
Lindsay:
Not fully, but I’m on my way. So I had two plans. One was to invest in real estate and the other one was to go back to school and get my nurse practitioner license and work outside of the hospital setting. So I achieved that. I worked for the last three years as a nurse practitioner. And since I have the income coming from real estate and I’m house hacking, I decided this is the perfect time to leave my W-2 and start my own business, be a nurse practitioner. So now I’m a psychiatric nurse practitioner.
Dave:
Oh, that’s amazing.
Henry:
So cool.
Dave:
Yes, I like it.
Henry:
That’s
Dave:
So
Henry:
Cool.
Dave:
That is unreal. That is so cool. I’m very happy for you. Wow, what a great story.
Lindsay:
Full circle, right? The Google search in the beginning, invest in real estate, open your own business. That’s basically what I ended up –
Henry:
That’s exactly what you did. That’s exactly what you did.
Dave:
I love it because I mean, you must have been working your butt off the last couple of years. Going to school to become a nurse practitioner is no joke, and investing long distance is no joke, but you did it all. And I imagine you’re feeling like this investment in time and effort has been worth it.
Lindsay:
Yes. And this year it was a whole year plan to quit my W-2. So I had to set myself up for being able to have no paycheck technically, and then it’s still 12 houses, and I still have a house in LA, and I just built an ADU and I’m building another EDU. So I had to set myself up financially to be able to take this big step, and finally the time that I put in my mind has reached, so now I’m fully off W2 being my own boss.
Dave:
So you’re just crushing it is what you’re talking about. You’re just absolutely crushing every part of your life.
Lindsay:
It looks like that from the outside, but in the inside it’s a lot of lack of sleep, I feel like.
Dave:
That does come with it, but there are times to grind, there’s times to enjoy the fruits of your labor, and it seems like you’ve grinded really hard for a couple of years, and now you are reaching your goals. It’s incredible, and you’ve done it in a really fast timeline. I should say that doing it in a couple of years is amazing. And hopefully between having your existing homes, having your own practice, having these ADUs, you can continue to grow in multiple ways. You can be a nurse practitioner, you can grow your practice, and you can grow real estate at the same time. It’s super cool.
Lindsay:
Thank you, thank you. And I also, I built a podcast called Real Estate Chisme, and then this is where we have a free school community online. Anybody can come and check it out. Our goal, I have a co-host, Bileta Sandoval, and we are trying to encourage women, people of color to come and check us out and talk about real estate if that’s something that you want to look at, invest in, or even learn about.
Dave:
Awesome. Thank you so much, Lindsay, for sharing your story and these resources with us. We really appreciate it. And we’d love to have you back soon. We would really like to hear how your story progresses from here.
Lindsay:
Thank you so much.
Dave:
And thank you all for listening and watching this episode of the BiggerPockets Podcast. I’m Dave Meyer. He’s Henry Washington, and we’ll see you all next time.
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![[CA, UT, CO In Branch] Columbia Bank $250 Checking Bonus](https://globalinvestmentstrategy.com/wp-content/uploads/2026/10/columbia-bank-250-1024x559-768x419.png "[CA, UT, CO In Branch] Columbia Bank $250 Checking Bonus")
Update 10/24/26: Also available in Colorado at this link.
Update 10/17/26: Available in Utah now as well at this link.
Offer at a glance
Direct link to offer
Embark has a $3 monthly fee, this is waived with eStatements
Account must be open at time of bonus posting. Other than that I don’t think there is any early account termination fee.
Shame it’s only CA branches, there has been a business bonus in the past as well. Will add this to our best checking bonus page.
Hat tip to reader snailrock
Useful posts regarding bank bonuses:
Good morning. PepsiCo CEO Ramon Laguarta knows that he has a cola problem. He said “we’re not competing well in soft drinks” on his third-quarter earnings call. And last week KFC said it will switch to Coca-Cola products at its 3,700 U.S. restaurants, ending a 40-year partnership. As my colleague Phil Wahba writes, “Pepsi has suffered many setbacks in recent years, but perhaps few were as symbolic as being jilted by a long-time partner it used to own, KFC.” (Taco Bell and PepsiCo did renew their U.S. deal for 11 more years.)
Why is PepsiCo’s beverage division struggling? I’d start with the decisions of Steve Reinemund, who ran PepsiCo from 2001 to 2006. Although he broadened the portfolio through the 2001 merger with Quaker Oats, which gave it Gatorade, he also created a less flexible distribution structure and added more complexity to the business. As PepsiCo leaders shifted to talking about crop yields and health trends, Coca-Cola moved in and struck a deal in 2003 to displace Pepsi at Subway, its largest fountain customer, business that Pepsi won back last year.
His successor, Indra Nooyi, continued the trend, dividing the company’s portfolio into “Fun for You” (fatty, sugary foods), “Better for You” (lower-calorie or lower-fat versions), and “Good for You” (nutritious foods like oatmeal and hummus). In an era when cities were trying to ban big sugary drinks or impose a vice tax that put cola in the same camp as tobacco, attention to soda further waned.
Meanwhile, Coca-Cola was shedding its low-margin bottling plants and focusing on building a “total beverage company” that resulted in 32 billion-dollar brands. PepsiCo has fewer billion-dollar brands but a lot more stuff, generating more than twice as much revenue as Coca-Cola with a market cap that’s about half as big.
Are there advantages for PepsiCo in being a diversified conglomerate versus a pure-play beverage brand? No doubt, especially as trends like GLP-1 use increase demand for healthier foods. The brown fizzy drink that spawned these two competitors is a small part of the overall beverage market. And PepsiCo remains a powerhouse of innovation, marketing and talent. What’s slipped since the days of the cola wars is focus.
Contact CEO Daily via Diane Brady at diane.brady@fortune.com
United CEO has another idea: national service
Scott Kirby caused a stir last week when he said the U.S. should have a national wealth tax, but the United Airlines CEO also offered another idea for national service. “I think if everyone had to spend a couple of years as a teacher, as a firefighter, serving in the military—I think that’d be good for our country.”
How True Religion’s CEO is rebuilding the brand
Michael Buckley is courting Gen Z and millennials with more affordable clothing, music partnerships, and in-store experiences, while letting go of something the brand once prided itself on: setting trends. “We like to be first to be second,” he said. The idea is to catch a trend once it’s proven rather than start it, and give customers what they want “at the price they want.”
Democrats have a 78% shot at the Senate
Thomas Miller, a prominent data scientist who’s a professor at Northwestern University, accurately predicted the 2024 presidential race and is using his methodology on the 2026 midterms. Since Oct. 14, the Dems’ odds of taking the majority have jumped from 71.5% to 77.6%. If the current odds in all those contests hold, the Democrats would win 18 of 35 races and shift the majority from 53-47 for the Republicans to 52-48 for the Democrats.
S&P 500 futures are up 0.30% this morning. The last session closed down 0.52%. The STOXX Europe 600 was up 0.31% in early trading. The U.K.’s FTSE 100 was up 0.45% in early trading. Japan’s Nikkei 225 was down 0.80%. South Korea’s KOSPI was down 1.46%. China’s CSI 300 was down 0.04%. Hong Kong’s Hang Seng was up 0.51%. India’s NIFTY 50 was up 0.41%. Bitcoin is down at $80k.
‘There’s nothing temporary about a temporary store’: How Spirit Halloween’s CEO took it from 130 stores to 1,550—and swallowed your mall’s Hot Topic by Catherina Gioino
Boss of $1 billion WNBA team Valkyries says she rejects work-life balance because she loves the grind: ‘I’m not apologizing for what brings me joy’ by Emma Burleigh
France’s latest debt warning describes a country where governance is breaking down — and even doing too little, too late is barely possible by Jason Ma
KFC’s president started washing dishes at 13 but dreamt of being the ‘female Richard Branson’—so she quit jobs that wouldn’t embrace her personality by Preston Fore
The U.S. military and NASA have power problems. Nuclear microreactors might solve both by Jordan Blum
CEO Daily is curated and edited by Joseph Abrams, Jason Ma, Claire Zillman, and Lee Clifford.
Each month, Fannie Mae releases a forecast for home prices, sales, and mortgage rates, among other things.
Between September’s report and October’s, they raised their estimate for the 30-year fixed a staggering 80 basis points (0.80%).
The unusually large move reflects just how bad mortgage rates had it over the past month and change.
But the last week saw a bit of a recovery and raising their forecast so aggressively month-to-month might be unwarranted.
Depending on how things go, mortgage rates could actually move lower in 2027.
In Fannie Mae’s October 2026 Housing Forecast, they increased the expected 30-year fixed average to 7.5% for all four quarters next year.
Previously, these estimates were 6.7% for each quarter, representing a massive 80-bp increase.
The reason is pretty straightforward. There was a global bond rout over the past month that led to the highest bond yields in decades.
And it seemed like it was just going to keep getting worse, with no relief in sight.
But then we got a reversal last week, which is not reflected in Fannie Mae’s latest report, dated on October 12th.
So there is some matter of timing here, with Fannie capturing the absolute worst of the mortgage rate increase (and none of the recovery).
Of course, mortgage rates are still pretty elevated, around 7.40% at last glance, per Mortgage News Daily.
In other words, they remain very much near the top of their recent range, even if they enjoyed a little pullback last week.
That means Fannie’s estimate doesn’t sound crazy here, but it does feel a little like they’re overshooting.
To raise your forecast nearly one full percentage point from one month to the next seems excessive.
However, they could turn out to be right if the economic data keeps coming in hot and bond yields stay elevated.
Ultimately, Fannie Mae and other forecasters just look at the data in front of them when drawing up their reports.
So if the 10-year bond yield was 5.25% when they drafted the report and they saw an implied spread of say 230 bps, it wouldn’t be much of a surprise to say mortgage rates will average 7.6% next year.
But yields have since come down to around 5.15%, and it’s possible they could keep falling if the story of last week (tech selloff) continues.
There are some who feel the bond rout was overdone and yields could be attractive at current levels.
The logic is tech stocks are risky now and might yield negative returns going forward, while a government bond is guaranteed and paying more than 5%.
All of a sudden there’s a shift from equities to bonds, especially if investors also sour on AI-related bonds, which are getting labeled high-risk nowadays too.
Long story short, if we see the recent flight to safety hold, mortgage rates could actually move lower in 2027.
[Compare mortgage payments side by side with my mortgage rate calculator.]
Right now we’ve got basically everything working against low mortgage rates.
We have a war in the Middle East (and elsewhere), all of which is putting pressure on energy prices and thus inflation.
We have (had) a global bond rout where investors were balking at buying bonds, even with the highest yields in decades.
And we’ve had economic data continue to come in hotter-than-expected, whether it was a healthy jobs report, CPI, or retail sales.
So on the one hand, you could argue that mortgage rates are priced for the absolute worst.
That means you get one or several of the above issues to reverse course and mortgage rates can come down as well.
In that sense, there are a lot of possible levers to pull to get mortgage rate relief, but none are guaranteed to materialize.
But if they do, it wouldn’t be improbable to get the 30-year fixed back below 6% in 2027 and beyond.
Read on: How to track mortgage rates.
Before creating this site, I worked as an account executive for a wholesale mortgage lender in Los Angeles. My hands-on experience in the early 2000s inspired me to begin writing about mortgages 20 years ago to help prospective (and existing) home buyers better navigate the home loan process. Follow me on X for hot takes.
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When Elon Musk and Space Exploration Technologies (SPCX +1.89%) announced the company’s third-quarter earnings results on Oct. 20, there was incredible news for Nvidia (NVDA -0.59%) and its shareholders. On the Q3 earnings call, Musk said the space and artificial intelligence (AI) company plans to aggressively ramp up its AI infrastructure spending to deliver annual recurring revenue (ARR) between $500 billion and $1 trillion by the end of 2027.
Musk had already announced in August, during the company’s first earnings conference call, that SpaceX would use Nvidia chips exclusively moving forward. At that time, he said Nvidia’s Vera Rubin architecture was the best on the market and that SpaceX greatly valued its partnership with Nvidia. The two companies are also working together to develop chips that can withstand cosmic radiation and work in orbital data centers.
$210.96-$1.25 (-0.59%)
NASDAQ · As of 4:00 PM ET 10/23/26
During that August conference call, Musk anticipated that SpaceX would end the year with 2 gigawatts of compute power. Meanwhile, he expected the company’s end-of-2027 cumulative computing capacity to be closer to 10 gigawatts than 5 gigawatts. That was a strong indication that SpaceX could triple its AI spending in 2027.
However, Musk shocked investors during the company’s recent Q3 conference call when he projected that SpaceX would have up to 3 gigawatts of computing capacity by the end of 2026 and is expecting to add an incremental 10 gigawatts of compute power in 2027. However, he said the goal was to add 20 additional gigawatts and that there was a “non-zero possibility” of this happening.
Musk and SpaceX standardizing on Nvidia’s Vera Rubin architecture is huge news for the chipmaker. With Vera Rubin, Nvidia is getting an estimated $40 billion in revenue per gigawatt. This comes not just from its graphics processing units (GPUs) but also from its entire ecosystem, which includes its Arm-based central processing units (CPUs) and networking components.
On top of that, with Vera Rubin, Nvidia has added language processing units (LPUs) that it acquired as part of its “acquisition” of Groq, which are designed to handle the memory-intensive decode phase of inference. It’s also expanded its software layer, which now includes its Nemotron open-weight models. As a result, semiconductor research outlet SemiAnalysis estimates that Nvidia is getting 39% more revenue and 42% more profit per gigawatt with Vera Rubin NVL72 configurations than with its older Grace Blackwell setup.
Image source: Nvidia.
For Nvidia, SpaceX’s projected 10 gigawatts of additional computing power would equate to around $400 billion in revenue. If SpaceX were somehow able to add 20 gigawatts, which is still a long shot given it is dealing with power cooling and electrical equipment infrastructure constraints, that would be an additional $800 billion in revenue next year.
Nvidia is currently projected to generate just under $412 billion in revenue this fiscal year, ending in January 2027. It has projected that its revenue will grow by 70% in fiscal 2028, and the current analyst consensus is for revenue of around $692 billion. Based on SpaceX’s new estimate of AI infrastructure spending, it will add at least 4 more gigawatts of compute capacity in 2027 than previously projected. Assuming Nvidia can sell more Vera Rubin systems to SpaceX without having to pull capacity from other customers, its fiscal 2028 revenue would be closer to $850 billion.
Based on my model below and that revenue number, Nvidia would produce around $20.72 in adjusted earnings per share (EPS) in fiscal 2028, well above the current $15.91 consensus. Assuming another 50% revenue growth in fiscal 2029, its adjusted EPS would be $30.59.
Below are my projections:
|
Metric |
Fiscal 2027 |
Fiscal 2028 |
Fiscal 2029 |
|---|---|---|---|
|
Revenue |
$412 billion |
$850 billion |
$1.28 trillion |
|
Revenue growth |
90% |
106% |
50% |
|
Gross profit |
$309 billion |
$629 billion |
$931 billion |
|
Adjusted operating expense |
$35 billion |
$53 billion |
$81 billion |
|
Operating income |
$274 billion |
$576 billion |
$850 billion |
|
Net income |
$233 billion |
$489 billion |
$722 billion |
|
EPS |
$9.66 |
$20.72 |
$30.59 |
Calculations by author.
Even if Nvidia stock were to just maintain its current forward P/E of 13.5 times, it would be valued at around $415, nearly double its current price. However, an argument could certainly be made that the semiconductor stock should trade at a market multiple of 19, which would value the stock at around $580. This also only assumes that SpaceX doesn’t come close to hitting its more ambitious computing capacity target.
Any way you slice it, SpaceX’s spending plans are great news for Nvidia and are a great reason to buy the semiconductor stock.
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Key Points
Syracuse University is turning its cost review from the classroom to the administration building. The private New York university spent the spring trimming its degree list after missing its fall enrollment target and posting its first budget deficit in years. Now the chancellor wants a hard look at the offices that run the place.
If you haven’t followed the Syracuse saga, this comes after several years of missing enrollment targets and now facing budget issues, driven both by economic headwinds and the school’s own unforced errors.
Syracuse will launch an “administrative portfolio review” later this fall, Haynie said in remarks to the University Senate on October 22, 2026. He described it as “somewhat akin to last year’s academic portfolio review,” the process that ended with Syracuse closing or pausing 93 programs.
That earlier review is one of several moves putting Syracuse alongside other schools cutting jobs and degrees as international graduate students disappear.
The new review will assess “the executive and administrative offices, units and functions” across the university. Haynie said the goal is an administration “sized and organized and resourced for the university we’re building.”
He did not say which offices are in scope or whether positions will be cut. He also gave no savings target. The process design is still being finalized, and Syracuse says more details will follow. That staged rollout mirrors the University of Oregon, which closed a dorm as it cut $65 million from its budget.
Syracuse leans heavily on tuition revenue, and the price is steep. The university lists 2026-27 undergraduate tuition at $69,180, with a total estimated cost of attendance of $95,676 before aid. That puts Syracuse in the same price tier as the most expensive colleges in the country.
Administrative spending is one of the forces behind rising tuition, so a leaner administration could ease pressure on future price increases. A review could also reach the offices students use every day, from financial aid to advising. Haynie hasn’t said which way it will lean. Families comparing what a private college really charges should wait for that detail before reading too much into the news.
The workforce at stake is large. In the same remarks, Haynie said the search for a new chief people officer will “impact all 7,000 of our employees.” Both the search and the review land as Syracuse works through the enrollment shortfall behind its deficit.
Syracuse’s trouble started with enrollment. In September 2025, then-Chancellor Kent Syverud told the Senate that traditional enrollment was falling by about 3.5%. Most of the drop came from international and master’s students. He also warned against complacency. “It would be hubris to say that we’re doing better than them because we’re smarter or better,” Syverud said of peers facing layoffs and steep budget cuts.
In April 2026, Provost Lois Agnew announced the closure or pause of 93 programs affecting 258 students, about 1.2% of the student body. Every enrolled student will get the chance to finish, and Agnew said the goal was “a portfolio that is more focused, more distinctive and more aligned with student demand.” Students in a closing program should still know their options, including how college refunds work if they leave early.
Syracuse then rolled out a 2026 voluntary retirement incentive for faculty with 35 or more years of service or in departments with closing or shrinking programs. It paid two weeks of salary per year of service, capped at 100% of base pay. Eligible faculty could also collect up to $15,000 in supplemental pay. About 175 faculty were offered the packages as the university braced for a shortfall.
By August, Haynie put a number on the issue. His August 31 message to campus described a 1.5% annual operating deficit. He called it “far from a crisis” because the university is “financially and structurally strong.” That framing separates Syracuse from the schools on our list of colleges closing in 2026.
| When | What Happened | The Number |
|---|---|---|
| Fall 2025 | Enrollment falls, driven by international and master’s students | About 3.5% |
| April 2026 | Academic portfolio review closes or pauses programs | 93 programs, 258 students |
| Spring 2026 | Voluntary retirement incentive offered to eligible faculty | Up to 100% of base salary |
| Summer 2026 | University says it will miss its fall undergraduate target | First deficit in years |
| August 2026 | Chancellor discloses the size of the shortfall | 1.5% operating deficit |
| October 2026 | Administrative portfolio review announced | Starts later this fall |
Federal policy is adding a second strain. At the same Senate meeting, Agnew walked faculty through the new federal earnings accountability standards. Under that law, the Education Department will cut federal loans to programs whose graduates don’t out-earn high school graduates. Haynie said that “for some programs, the implication of this new law could be prohibitive.”
That warning matters for a school that just finished pruning its degree list. Programs that survived the academic review could still face a second test based on graduate earnings. Families comparing schools can track which low-earning degrees could lose federal loan access as the rules phase in.
Syracuse is following a path many colleges have embarked on. Penn State targeted 47 programs for closure, mostly at its Commonwealth campuses. Fitch downgraded Xavier University to BBB+ as enrollment fell to 4,358. Program cuts and layoffs appear on our list of warning signs that a college could close. That list pairs them with low enrollment and thin endowments, which don’t fit a school of Syracuse’s size.
While academic bloat has been on the radar of higher education observers for over a decade, it’s rarely been something that’s been discussed or addressed by university administrators. This is likely a good step forward to help schools like Syracuse get back on track with academic excellence.
Several deadlines will shape the review. A faculty committee on the university’s identity, structure and financial model is due to report to Haynie by November 15.
The chief people officer search targets a pick by January 1, and Agnew will stay on as provost through June 2027 while Syracuse finds a successor. Current students and admitted families should ask the financial aid office how any changes could affect their package, and our steps to appeal a financial aid award still apply.
Editor: Colin Graves
The post Syracuse University Will Review Its Administrative Offices After Cutting 93 Programs appeared first on The College Investor.
