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  • 711PODCASTS
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Best podcasts about poor dad

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Latest podcast episodes about poor dad

Business Lunch
Purchasing Social Media Properties with Bjorn Hendricks

Business Lunch

Play Episode Listen Later May 25, 2022 34:28


There are a few billion options out there when you're looking to acquire media, so how do you know which ones will be worth the investment?  On today's episode, host Roland Frasier sits down to chat with Bjorn “Beez” Hendricks, founder of the https://the-business-builders-institute.mykajabi.com/ (Business Builders Institute), to talk about buying social media properties as a way to grow your business. Beez had been acquiring businesses for a while, then took Roland's EPIC Challenge, which he credits for his recent success. How does Beez identify media he'd like to acquire? He acquired a marketing firm first, and they reach out to influencers. They have a proven methodology for evaluating the influencers' engagement, numbers, and the authenticity of their audience, and approach them from there. Beez has acquired 18 properties on his own so far and 20+ with his community.  Listen in for some helpful strategies for finding and acquiring media that will help you build your brand.  IN THIS EPISODE YOU'LL LEARN: Why the iOS 14 privacy updates made social media buying even more important   How Beez and his team work with brokers when acquiring media Why you might want to acquire a Slack or a Discord group How (and why) to focus on TikTok without neglecting YouTube*- LINKS AND RESOURCES MENTIONED IN THIS EPISODE: https://www.linkedin.com/in/bjornhendricks/ (Connect with Beez on LinkedIn) https://www.instagram.com/businessbuilderbeez/ (Follow Beez on IG) https://the-business-builders-institute.mykajabi.com/ (The Business Builders Institute) https://socialblade.com/ (Social Blade) https://phlanx.com/ (Phlanx) http://slack.com (Slack) https://www.mightynetworks.com/ (Mighty Networks) https://web.telegram.org (Telegram) https://www.amazon.com/Rich-Dad-Poor-Teach-Middle/dp/1612680194/ref=sr_1_1?keywords=rich+dad+poor+dad&qid=1652974899&s=books&sprefix=rich+dad%2Cstripbooks%2C95&sr=1-1 (Rich Dad, Poor Dad) https://www.amazon.com/Barbarians-Gate-Fall-RJR-Nabisco/dp/0061655554/ref=sr_1_1?crid=12CAL5RS3214N&keywords=Barbarians+at+the+gate&qid=1652974847&s=books&sprefix=barbarians+at+the+gate%2Cstripbooks%2C162&sr=1-1 (Barbarians at the Gate) OUR PARTNERS: https://scalable.co/7-levels-assessment/?utm_source=business-lunch&utm_medium=podcast&utm_campaign=lead-gen (7 Steps to Scalable workbook) Get a free proposal from https://conversionfanatics.com/ (Conversion Fanatics) Get 3% cash back on your ad spend with https://www.funneldash.com/adcard (AdCard) https://yourzerodownbook.com (Get my book, Zero Down, FREE) Thanks so much for joining us this week. Want to subscribe to Business Lunch? Have some feedback you'd like to share? Connect with us on https://itunes.apple.com/us/podcast/perpetual-traffic-by-digital/id1022441491?mt=2 (iTunes) and leave us a review! Mentioned in this episode: Optimize Your Website with Conversion Fanatics Put A Creative Team Of Fanatical Split-Testers To Work On Your Site! https://business-lunch.captivate.fm/conversion-fanatics (Conversion Fanatics) Get 3% Cash Back on Your Digital Advertising! The Highest Cash Back Card For Your Digital Ad Spend. Made By Advertisers. https://business-lunch.captivate.fm/adcard (Ad Card) Get Roland's Training on Acquiring Businesses! Discover The EXACT Strategy Roland Has Used To Found, Acquire, Scale And Sell Over Two Dozen Businesses With Sales Ranging From $3 Million To Just Under $4 Billion! https://business-lunch.captivate.fm/epic (EPIC Training)

Christian Apologetics Research Ministry
Matt Slick Live 05-23-2022

Christian Apologetics Research Ministry

Play Episode Listen Later May 24, 2022 47:00


Open calls, questions, and discussion with Matt Slick LIVE in the studio. Topics include---1- What is the Amillennialist view of the binding of Satan---2- What are your thoughts on the rapture- Can we know when it will happen---3- Who are the people who receive the first resurrection Revelation 20-4-6---4- What do you think of Rich Dad, Poor Dad---5- If head coverings are only a cultural issue, why not women pastors and elders---6- What is your take on New Covenant theology and how it relates to eschatology-

Black Real Estate Dialogue
How to Build a Million Dollar Real Estate Business | Charlotte Real Estate Market

Black Real Estate Dialogue

Play Episode Listen Later May 23, 2022 61:24


Don't forget to subscribe, leave a rating and a 5-star review. I will be shouting out all 5-star reviews on the show!Today, we sit down with Nasar El Arabi, an investor and wholesaler known as the Real Estate Doru.The success that Nasar enjoys today is something his 24-year-old self could only dream about. It was at that exact age when he did his first deal—a fix-and-flip—right as the crash of 2008 rolled around. He invested $14,000 and lost it all. But being, in his own words, “too stupid to quit”, Nasar decided to pivot into rental properties. This time, he made it a point to invest in himself first by reading Rich Dad, Poor Dad, and joining his local Real Estate Investment Association (REIA) where he was introduced to the concepts of wholesaling and creative financing. Nasar never looked back.In this episode, we discuss how to leverage your brand to become known as an expert in your niche, why it sometimes pays to invest in overlooked areas as long as you're comfortable working there, and why education and networking are the two pillars of success in this space.Highlights1) Before you invest in real estate, you've got to invest in yourself first. Educate yourself by consuming all the material you can about your subject matter (ex. books and courses) and surrounding yourself with individuals who share your goals (ex. joining your REIA).2) Most people consume content. Very few implement what they learn by taking action in the field. Take in as much information as you can to prepare, but don't wait too long to actually get started. This is especially true today when it's so easy to experience info overload from the sheer amount of content available at your fingertips online. Find out what you want to do, then follow that one course until you find success.3) If you're thinking about scaling your business but aren't sure how to go about putting the right systems and processes in place, find a mentor or join a high-level mastermind group and learn from the experiences of others who have done what you want to do.How to find himWebsite - https://realestatedoru.com/Instagram - @realestatedoruLearn how to invest out of state- https://www.outofstatemoney.com/ Access all of our resources on our website- https://www.blackrealestatedialogue.com/linksJoin the B.R.E.D. Investing Community for $1- https://bit.ly/joinbredcommunityDownload my free guide Top 5 Down Payment Assistance Programs- https://bit.ly/dpassistance1Learn how to find your first tenant- https://bit.ly/firsttenantcourseText BRED to 74121 to join our VIP Text List to get a free training and the latest updates! Show Sponsor: Steadily Insurance- https://www.steadily.com/

How to Scale Commercial Real Estate
Retiring in 2 years Through “Aggressive” Rental Property Investing

How to Scale Commercial Real Estate

Play Episode Listen Later May 22, 2022 19:06


Do you want to work only because you want to and not because you have to?   Rachel Richards has built a real estate portfolio of 38 units by the age of 26 and is now passively earning $20,000 per month. In this episode, she tells us how she stopped trading time for money by investing and opening up passive income streams other than real estate. She also shares why she continues to work and find ways to challenge herself even after “retiring” and achieving financial independence.   Rachel Richards is the best-selling author of “Money Honey” and “Passive Income, Aggressive Retirement.” Listen in to know more about her journey!   [00:01 - 07:54] Living off of $20,000 in Passive Income Monthly Rachel on being a finance nerd and on her experience in the industry Why people should look for off-market deals This is how she found their first duplex From self-managing to hiring property managers to self-managing again The biggest mistake they made so far Don't be cheap! Owning real estate out of state   [07:55 - 14:15] Passive Income Strategies You don't have to own a rental property to generate passive income Self-publishing and making $4,000-$10,000 a month  Rachel's goal to make income more and more passive Being a limited partner Setting boundaries and being more intentional  Looking at opportunities in mobile home parks and self-storage Screening syndications and doing due diligence   [14:16 - 17:55] Creating Impact Through Her Work Living freely and having time for things that fulfill them Writing to inspire others, especially women Doing what serves them and the people around them   [17:56 - 19:06] Closing Segment Reach out to Rachel!  Step into the path of financial freedom with Rachel's FREE Passive Income Starter Kit! Links Below Final Words Tweetable Quotes   “Being cheap can cost you a lot more money in the long run. This is not the place to cut corners when you hire people like contractors and property managers.” - Rachel Richards “Don't be afraid to invest out of state. It really forces you to be an efficient property manager and owner of real estate.” - Rachel Richards “I want to make a big impact and help as many people as I can. That's what I'm passionate about, especially helping women.” - Rachel Richards -----------------------------------------------------------------------------   Connect with Rachel! Follow her on Instagram and visit her website, Money Honey Rachel. Get her FREE Passive Income Starter Kit, and check out her books, Money Honey and Passive Retirement, Aggressive Income, to know more about money management, personal finance, and investing!   Resources Mentioned: Rich Dad Poor Dad by Robert Kiyosaki HOLD by Steve Chader The Hands-off Investor by Brian Burke Connect with me:   I love helping others place money outside of traditional investments that both diversify a strategy and provide solid predictable returns.     Facebook   LinkedIn   Like, subscribe, and leave us a review on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on.  Thank you for tuning in!   Email me → sam@brickeninvestmentgroup.com Want to read the full show notes of the episode? Check it out below:   Rachel Richards  00:00 The great thing about moving away is that we've been forced to streamline, and systematize all of our processes and doing that has made self-managing so much easier. I was so afraid to move away. But owning real estate in another state is so freeing and it's a lot easier than I thought. So if that's anyone's hang-ups if you're listening, to don't be afraid to invest out of state, it really forces you to be an efficient property manager and owner of real estate.   Intro  00:27 Welcome to the How to Scale Commercial Real Estate Show. Whether you are an active or passive investor, we'll teach you how to scale your real estate investing business into something big.    Sam Wilson  00:39 Rachel is the best-selling author of Money Honey and Passive Income, Aggressive Retirement. She built a real estate portfolio of 38 units by the age of 26. Rachel, welcome to the show.   Rachel Richards  00:50 Hey, Sam. Thanks for having me.   Sam Wilson  00:52 Hey, pleasure's mine. Three questions I ask every guest that comes on the show: 90 seconds or less, where did you start? Where are you now? How'd you get there?   Rachel Richards  00:58 I started my real estate investing journey in 2017. My husband and I purchased our first duplex that year. And within two years, we scaled our real estate portfolio from zero to 38 units. When people hear that they make some assumptions. So I'll get those out of the way. I'm not a trust fund baby. And I never made six figures from a job or career. So let's see, where am I? Now I am now investing in syndications. I've invested in eight syndications as LP as a passive investor, and I'm now financially independent and living off $20,000 per month in passive income.   Sam Wilson  01:35 Wow, that is really cool. Congratulations and a job well done. Zero to 38 units in over how many months was that?    Rachel Richards  01:43 24.   Sam Wilson  01:44 24 months. Okay, so you're buying a property? We're actually more than one and a half properties a month.   Rachel Richards  01:50 It was six buildings. 38 doors.   Sam Wilson  01:53 Six buildings. 38 doors. That helps. So you're not, one and a half transactions every single month. Got it? Six buildings. 38 doors. That's cool. Absolutely. Love it. Is this tell me? Is this all you're based in Denver, Colorado? Is this all in Denver?    Rachel Richards  02:06 This was all in Kentucky where I lived for 20 years.   Sam Wilson  02:10 Okay, cool. So you had some experience, obviously, in the local market there? What did you do? I mean, to identify that many assets and that short of a time, what were you doing to do that?   Rachel Richards  02:21 So I've always been a finance nerd. And my whole life proud of it. And I read Rich Dad, Poor Dad in high school. I, after college, I was a financial advisor. I also took a couple of jobs, working with a real estate investor and learning from him, and then working under a realtor. So I did have some experience in the industry. And I read every book I could get my hands on. One of my favorite ones is this book called Hold by Steve Chader. That one was really helpful in learning how to analyze properties. One of the important things I think, for people to do right now is look for off-market deals because the market is so intense. The MLS is saturated and competitive. And it's really difficult to find good deals if all you're doing is looking at the MLS. One of the ways we found our first duplex was pretty much an off-market deal. So we looked at the withdrawn and cancelled and expired listings on the MLS. And I was reaching out to those list agents to find out what happened. You know, why did the seller take it off the market? Did they change their mind? Are they is it going to come back up? And I remember feeling like I was pestering this one list agent about this duplex for months. But really, I was just trying to be polite and stay top of mind. And when the seller was going to relist it, she reached out to me first and she said, Hey, this is about to come back on the market. Would you like to make an offer, which was really beneficial because I could make my offer before anyone else did. And that is how we got that first duplex.   Sam Wilson  03:45 Wow, that's cool. Now, did you self-manage these? Or do you self-manage these? Are these be plugged in the property management company? How do you handle that?   Rachel Richards  03:54 We self-managed until we got to about 26 units, I think. And here's the thing, my husband and I were working full time. So we were working 40 to 50 hours a week, I was writing my book in the evening. And we were acquiring and managing our rental properties on our own on the weekends and everything. So once we got to 26 units, we were like we definitely need a property manager. And we've made our share of mistakes, hiring property managers as well. But now to this day, we're back to self-managing.   Sam Wilson  04:20 Okay, that's really Yeah, that's interesting, because you at some point, you're right. You need that outside help. But it sounds like there were some mistakes made along the way where that help wasn't so very helpful.   Rachel Richards  04:30 Absolutely. This is our biggest mistake to date. So my mistake is that I tend to be too cheap and being cheap can cost you a lot more money in the long run. This is not the place to cut corners. When you hire people like contractors and property managers. You don't cut corners here. So what we did is we were looking for a property management company and we you know, they charge you anywhere from 10 to 12%. And we had this couple that was working for us doing things like maintenance lawn care, they were so hard working, some of the hardest working people we've met, and they always went above and beyond. So we figured let's make them employees of our company, and they can be our property managers. We can save some money and be a little more hands-on in the way that we are training them and managing them to manage our properties, felt like a win-win, right? It was not, it was not a win-win. It was a win-lose. So everything started off great. And then about six months in my husband went to pick up rent from the onsite lockbox is one weekend, and he noticed a lot of rent was missing. And it was not just the normal tenant or to paying late, it was a significant amount. So come to find out this couple had stolen $6,000 in rent that weekend. And we found out they had been squatting in vacant rooms and units in our properties for almost a year. Devastating. Yeah, it was one of those occurrences where I was like, we should quit. This is not meant for us. This is awful. And that lasted for a few days. And I got over it, but it was devastating and such a violation of trust. And the moral of the story is that, again, this is not the place to be cheap. You need to hire a licensed, insured, properly-permitted, you know, everything reputable property management company, because if we had done that, and one of their employees had stolen rent from us, they would have been liable for the damages, not us. So it's embarrassing to share. Because in retrospect, it seems so obvious. It's so naive of us to have done that, but I share it in the hopes that others will learn from my mistake.   Sam Wilson  06:24 Yeah, no, thank you for taking the time to share that that is painful. I mean, I'm curious, you said your husband had gone to pick up rent from the on-site lock boxes. Now you live in Denver, and these properties are in Kentucky. So were you flying back to go pick up rent monthly?   Rachel Richards  06:39 No, we were still living there at the time. So we only moved to Denver a couple years ago.   Sam Wilson  06:43 Got it. Okay, cool. Wow, that's really intense.   Rachel Richards  06:46 Yeah. Now, we're not quite that dedicated. But the great thing about moving away is that we've been forced to streamline, and systematize all of our processes. And doing that has made self-managing so much easier. I was so afraid to move away. But owning real estate in another state is so freeing, and it's a lot easier than I thought. So if that's anyone's hang-ups if you're listening, that don't be afraid to invest out of state, it really forces you to be an efficient property manager and owner of real estate.   Sam Wilson  07:16 You know, I've heard that and I, let's see, do I own anything? I own stuff that's four hours away. So it's, you know, I guess that's, I mean, obviously involved as a general partner on deals that are much further away than that. So I get it. Yes, I'm trying to remember what that state where you're mentioning, we're allowed to and maybe hearing this and going, Gosh, I can't quite wrap my head around it. But you does all the things you just mentioned, where it's like, oh, you know what, I've got to find a way to solve this without going to the property. Got a way, to find a way to solve this, we're now taking all electronic payments, there's no checks, there's no cash being dropped off, like this is the way we do business. That's, in fact, a very freeing, freeing thing to get in place. I think once you've done that, tell me about your self-publishing journey. I know you've written the book. And I know I read the title out here and we kick this off, and I can't remember what it was now. But tell me about the title of that book. And then tell me about what's in the book and why you wrote it.   Rachel Richards  08:08 Yeah, so one of the great things about passive income is that you don't have to own rental property to create passive income. And so a lot of the things that I hear from people is like, well, I don't want to be a landlord, Rachel, I want to create passive income, but I don't want to be a landlord. And the great thing is, you don't have to be a landlord to generate passive income. There's a lot of other ways to do it besides investing in real estate. I have found self-publishing to be an amazing way to generate passive income. So in 2017, I self-published my first book Money Honey and it was the thing I did because I used to be a financial advisor. All my family friends came to me for financial advice, which I loved. At the same time, I thought, Well, why aren't they learning on their own? You know, why aren't they reading books, listening to podcasts? And I had this aha moment where I realized, oh, yeah, personal finance is boring, right? It's overwhelming. It's complicated. It's intimidatin for most people. No wonder people don't like to learn about it. So I thought to myself, How can I make this topic sassy and fun and simple? And that's where the idea for Money Honey came from. So I wrote it. I was really excited. Something I felt very compelled to do. I didn't really think I was gonna make money to be honest. I was so hesitant to invest in it. So I spent like $560 on the book launch thinking I would never make that money back. It was just a passion project. But I published it in September 2017. And to my surprise, to this day, it just took off. It resonated with female millennials, it started selling, spread by word of mouth. I was making $1,000 a month in profit for the first year. And I launched another book. And last year, I believe I made about $99,600, or something and profit from my two books. I was like, so close to becoming a six figure author, but it's still really amazing to think you know, these books now bring in anywhere from four to $10,000 a month in passive profit and it's just an example of you know, you don't have to invest in real estate to create passive income streams.   Sam Wilson  10:05 Right. No, that's absolutely true. I mean, it can be books, it can be other businesses. It can be, you know, a variety of things that you do. Tell me on, since we're talking about the money side of things. I know you said you're making about 20,000 bucks a month off your rental property off a 38 units. That's over 500 bucks per month profit per unit.   Rachel Richards  10:26 Yeah, and it's not that's including all my passive income streams. Okay. Yeah. So at one point, when we had 38 units, we were making 10 grand a month from those 38 units. It was about $260 per door.    Sam Wilson  10:26 Got it. Okay. Yeah, I was gonna say that's, it sounds pretty incredible. 500 bucks a door in profit every single month. So that's really, really awesome. Now, you're a limited partner in eight syndications, why are you going this direction, and not buying more active real estate?   Rachel Richards  10:55 So great question, real estate investing for my husband and I was always a means to an end, we never wanted to build this huge empire. And our goal was to get to 10k a month in profit from our rentals. And once we did that we wanted to stop, that was sort of our fat fire number. We could become financially independent and not have to work anymore once we got that number. So in 2018, we achieved that, and we stopped acquiring real estate and it shocked some people, you know, they were like, Well, why not build an empire of 200 doors or 250 doors? And we were like, well, that's not what we want to do. So we stopped. And I'm proud that we were able to do that, because you can really get caught up in you know, enough is never enough. And sort of always moving that goalposts further, but we were able to stop and be intentional about what we wanted to do with real estate. So that was why we stopped acquiring. Now why we've transitioned things is because the goal is to always make the income streams more and more passive. And back then when we were building up this empire, we had a lot more time than money. We started off pretty broke, in my opinion. Again, we didn't have, like I wasn't a trust fund baby. I wasn't making six figures, we were just scraping the money together to get 20% down payments, right? We did have time and we were willing to hustle to make cash flow. Now that we have a lot more money, we would rather invest in syndications, which are a lot more passive. So last year, we sold three of our big multifamily buildings. And we've transitioned that money into syndications. And it's a much more passive way to directly own and invest in real estate. So that's why we sort of change strategies.   Sam Wilson  12:31 Gotcha. Let's talk about what you are investing in right now. Are there certain asset classes you're favoring? Where do you see opportunity as a passive investor?   Rachel Richards  12:42 So I favor multifamily, just because I'm so familiar with it. And I can easily analyze those syndications. So that's my comfort. However, I really want to invest more in self-storage and mobile home parks. Because I think there's a supply-demand thing with self-storage right now. And definitely with mobile home parks, because it's a scarcity thing. It's a limited resource. And there's only so many and you're not allowed to build any more mobile home parks. So I'm really wanting to invest in more mobile home parks.   Sam Wilson  13:07 Right, you obviously talk about mobile home parks, you know, commonly on this show, and you've hit a lot of the highlights that kind of go into why that's still a great asset class, a great asset class to be involved in how have you gone about picking the sponsors that you are working with?   Rachel Richards  13:24 Great question, because picking the sponsor is almost more important than picking which syndication you're investing in. Because really, when you're deciding to invest in a syndication, you're placing your money with the person, you're trusting the person, and you need to find somebody that has enough knowledge, who's done this before successfully, who has the experience, and who's trustworthy. I've heard horror stories of syndicators running off with you know, 50k of somebody's money. And yeah, they'll eventually get caught and get thrown in jail, but someone's not gonna get their money back. So I definitely want to find good trustworthy people. I was making the mistake at first to try to go on Facebook groups and LinkedIn and reaching out to people. But the problem with cold contacting somebody is that no one can speak for them. No one can vouch for them for me. So the best way in my opinion, to find good sponsors or syndicators is to be connected to them through a mutual contact or friend who knows them and trust them and has already invested with them. So that is what I now do. I have a good network. And a book that I really recommend is the Hands-off Investor by Brian Burke. It is so good. It's very dry. It's very technical, even for me, and I'm a finance nerd. But it's something if you read it, like have everything you need to know to screen syndicators and to do due diligence on a syndication.   Sam Wilson  14:43 Righ. Yeah, I think I've read that book before. It's been a while, but I'll put that back on the list. And we'll certainly make sure we reference that. And also the whole book by Steve Chader. Yeah, we'll reference both of those there in the show notes. Questions for you. You said earlier when you guys had hit you or number that you said, Hey, we had units, X number of dollars in passive income. And we don't want to grow any bigger. That's not what we want to do is go bigger. What did you want to do?    Rachel Richards  15:11 We wanted to just live a free lifestyle, we wanted to work when where and if we want, a lot of people get bothered by my use of the word retire, because I still work. I still work on my business, I teach women how to invest in real estate, I have books, I have courses, I have programs. But the thing is, I work now because I want to not because I have to. And we now spend a lot of our time hiking and traveling. And we have free time. And we work again, because we have the choice to work. And that's because we want to do so it's about having the time to do what is fulfilling to us and not have to trade our time for money anymore.   Sam Wilson  15:52 Right. Absolutely. So what does the next five to 10 years look like for you? Because let's presume I mean, at some point, forgive me for my projects, you might be like, I hate this guy. You know, at some point, you know, the book sales may drop off that income stream may dissipate. And then if you're doing courses or some other stuff along the way, do you just keep building some other things that are generating passive income along the way? Is that really the plan? Or is there something there that you guys are shooting big for?   Rachel Richards  16:18 There's I have a lot of ideas, I have a lot of ideas and not enough time to implement them all. But one thing I know about myself is if I'm not building and creating something, I'm bored, so I don't see myself ever stopping or slowing down from that regard, I want to make an impact. And I want to make a big impact and help as many people as I can. That's what I'm passionate about, especially helping women. So I want to write more books, that's for sure. One of my dreams is to write a fiction book, actually, I've thought about becoming a general partner and being a syndicator myself or helping to raise capital. So that's a thought that I have, I definitely want to continue finding ways to invest in real estate, maybe as a silent partner, hard money lender, just continue to find ways to just do more things and challenge myself.   Sam Wilson  17:02 Got it. I love that. I think that's the fun part about it. And I really appreciate how you guys have defined what it is that you want. I think a lot of people, you know, they keep doing like you said they keep adding on to keep moving the goalposts because they see, well, that guy has a billion dollars in assets under management, why shouldn't I? Like, you know, why should I go out and do this or do that. But in the end, it was not what it is that it serves you or the people around you, it's probably not that fulfilling. So you got to do what it is that's in your heart and in your goal list of things to do. So I really admire you and your husband's ability to set limits on it and say, This is what we're building. And then we're done. At least with the real estate, you know, portfolio part. Yeah, obviously, like you said, you're either building or you're bored. You're always gonna be building something.   Rachel Richards  17:47 I think that's my new tagline. I like that I'm either building or I'm bored...   Sam Wilson  17:52 Guys, that's me. I wrote, building or be bored. So yeah. So that's really, really cool. Rachel, I've certainly enjoyed this. Thank you for taking the time, really to come on today and share with us your story of what you have done, are doing in real estate, publishing and everything else. I think it's a really cool story. It's certainly inspiring to the rest of us. If our listeners want to get in touch with you, or learn more about you what is the best way to do that?   Rachel Richards  18:15 Yeah, thank you, Sam, you all can follow me on Instagram @moneyhoneyrachel. And what I'd love to do for your listeners is if anyone wants to download my passive income starter kit, I will give that for free so they can go to moneyhoneyrachel.com/passiveincome to download that.   Sam Wilson  18:33 Awesome. And we'll make sure of course that we put that also in the show notes. Rachel, thank you again. Appreciate it.    Rachel Richards  18:40 Thank you.    Sam Wilson  18:41 Hey, thanks for listening to the How to Scale Commercial Real Estate Podcast. If you can do me a favor and subscribe and leave us a review on Apple Podcasts, Spotify, Google Podcasts, whatever platform it is you use to listen, if you can do that for us, that would be a fantastic help to the show. It helps us both attract new listeners as well as rank higher on those directories so appreciate you listening. Thanks so much and hope to catch you on the next episode.  

Women Investing Network's Podcast
104: Building a Real Estate Empire with Kim Hopkins, Iron Peak Properties

Women Investing Network's Podcast

Play Episode Listen Later May 12, 2022 33:31


Jason Hartman is joined by Kim Hopkins, owner of Iron Peak Properties, who shares her story about building a real estate empire that allows her to live her life by design. Follow her journey from academia to corporate America to real estate! Key Takeaways: 0:00 Welcome Kim Hopkins, owner of Iron Peak Properties, which owns and manage over 350,000 square feet of real estate in Oregon, Washington, Utah, Texas and Arizona with a focus on multi-tenant industrial properties 2:17 Kim's journey from academia to corporate to real estate 4:52 Kim's desire to build something new 6:57 Representing females in mathematics was not enough 7:46 Imposter syndrome 11:13 Tax credits for big companies startup 13:27 Rich Dad, Poor Dad - retiring from W2 corporate America 17:05 Is your job really the most important thing? 19:09 Women in the workforce produce tax revenue for the government and more GDP for the overall economy 21:58 Moving up in the corporate world complicates life even more 23:21 Lifestyle design: five hour workday from home in real estate 24:28 Building a civilization 26:15 Edward Bernays 28:09 Start with your endgame: building a real estate empire   Follow Jason on TWITTER, INSTAGRAM & LINKEDIN https://twitter.com/JasonHartmanROI https://www.instagram.com/jasonhartman1/ https://www.linkedin.com/in/jasonhartmaninvestor/   Learn More: https://www.jasonhartman.com/ Get wholesale real estate deals for investment or build a great business – Free course: JasonHartman.com/Deals   Free Class:  Easily get up to $250,000 in funding for real estate, business or anything else http://JasonHartman.com/Fund Free Report on Pandemic Investing: https://www.PandemicInvesting.com Jason's TV Clips: https://vimeo.com/549444172 Free Class: CYA Protect Your Assets, Save Taxes & Estate Planning: http://JasonHartman.com/Protect Special Offer from Ron LeGrand:  https://JasonHartman.com/Ron What do Jason's clients say?  http://JasonHartmanTestimonials.com Contact our Investment Counselors at: www.JasonHartman.com Watch, subscribe and comment on Jason's videos on his official YouTubechannel: YouTube.com/c/JasonHartmanRealEstate/videos Free white paper on the Hartman Comparison Index™ Guided Visualization for Investors: JasonHartman.com/visualization Jason's videos in his other sites: JasonHartman.com/Rumble JasonHartman.com/Bitchute JasonHartman.com/Odysee   Jason Hartman Extra:  https://www.youtube.com/channel/UC0qQ…   Real Estate News and Technology:  https://www.youtube.com/channel/UCPSy…

The Chris Miles Money Show
What Rich Dad Poor Dad is Missing | 607

The Chris Miles Money Show

Play Episode Listen Later May 11, 2022 22:00


Rich Dad, Poor Dad is a great book. It has inspired a lot of the most successful people today and it's continuing to inspire more, but there's something missing and it's something we work hard to provide to people.  Key Talking Points of the Episode [02:01] Invest with PreREO! [02:55] Rich Dad, Poor Dad [03:45] How did I feel about the book as a financial advisor? [06:15] What is the problem with Rich Dad, Poor Dad? [07:40] What's happening to the Rich Dad, Poor Dad brand? [08:40] What was my favorite time as a stock coach? [10:04] What are the two factors that make active investments work? [13:18] Why do you need to be careful with your investments? [14:33] Who are the people who should come to us for help? [15:09] How can having passive income help you in business? [16:34] What should you do with Rich Dad, Poor Dad? [19:00] How can Money Ripples help you create cash flow sooner? Quotables “The thing is, when you read Rich Dad, Poor Dad, it gets you excited and you always wanna know the how-to.” “What frustrates the people is that they don't get the actual application.” “Here's the shortcoming - it's an active investment. It's an investment you gotta put a lot of time, energy, and money into.” “I can guarantee you that any business you do, there are gonna be some bad times or times that you're not gonna think are very favorable.” “If you own a business, it is so much more fun when you don't need the money.” “Rich Dad, Poor Dad can only get you so far, but at some point, you're gonna need guidance and help.”

Cat 81 Radio
Robert Kiyosaki on Money

Cat 81 Radio

Play Episode Listen Later May 10, 2022 7:04


A great five minute clip from the author that created Rich Dad, Poor Dad--one of the most popular books on money out there! Studio Line: 888-476-3111 Jaggy is standing by for your call!

Anderson Business Advisors Podcast
Next Level Real Estate Investing Tricks - From Single to Multifamily Properties!

Anderson Business Advisors Podcast

Play Episode Listen Later May 10, 2022 42:24


How do you get started in real estate? What is that process? What can you do to scale and grow your own portfolio or take it to the next level? Do you already have a few single-family properties, but want to get involved in multifamily investing? Today, Clint Coons of Anderson Business Advisors talks to Abel Pacheco, President and Principal of 5 Talents Capital, who loves investing in and owning multifamily properties in Texas. Abel is a real estate entrepreneur with a proven track record of repositioning properties and delivering quality renovated housing products to market and consistent returns to investment partners. He has experience in acquiring distressed properties, handling renovations, raising private capital, and managing single and multifamily investment properties. Highlights/Topics: 5 Talents Capital: Abel buys apartment buildings and allows people that don't have much time available to invest in commercial multifamily real estate via syndications. Cash Flow Positive: Don't overlook the amount of time that you have available for side hustles and to make more money. Education and Knowledge: Learn about wholesaling, seller financing, hard money loans, and finding motivated sellers for free from conferences, YouTube, and Google. Knowledge: After educating yourself on different ways to invest, it takes mental and tactical shifting to find properties. Networking: Unlock your mindset. You don't have to do everything yourself. You don't have to know everything. You just have to partner with people that are experts. Create Luck: It's where planning meets opportunity. Then, when that opportunity is there and you plan for it, you better be ready to take action and be willing to move forward. In multifamily, net worth equates to the size of the loan amount, equity enough to buy the deal, general partners need their own money for a deal.You have to have experience. Where to Find Deals: Off- and on-market. In commercial real estate, almost all the deals actually trade through brokers. Resources: Abel Pacheco on LinkedIn https://www.linkedin.com/in/abelpacheco/ Abel Pacheco on Facebook https://www.facebook.com/bullpacheco/ Abel Pacheco on Instagram https://www.instagram.com/abeljpacheco/?hl=en 5 Talents.Capital http://www.5talents.capital/ 5 Talents Podcast https://podcasts.apple.com/us/podcast/5-talents-podcast-passive-investing-cashflow-wealth/id1531901889 Meetup.com https://www.meetup.com/ Rich Dad, Poor Dad by Robert Kiyosaki https://www.amazon.com/Rich-Dad-Poor-Teach-Middle/dp/1543626610 The ABCs of Real Estate Investing https://www.amazon.com/ABCs-Real-Estate-Investing-Investors/dp/1937832031 Clint Coons https://andersonadvisors.com/clint-coons/ Anderson Advisors on YouTube https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ  

How to Scale Commercial Real Estate
Real Estate Investing Made E.A.S.Y.

How to Scale Commercial Real Estate

Play Episode Listen Later May 9, 2022 21:07


Looking for an effective and efficient way to raise capital?   Marcin Drozdz joins us today to talk about the system that secured him 9 figures of private investment capital for several business ventures. An active investor with a several hundred unit real estate portfolio, Marcin developed the E.A.S.Y. system, and he breaks it down for us in this episode. He also shares the inspiring story of his family as immigrants in the United States and the mindset and values that led him to his current success.   [00:01 - 04:54] Getting in the Game Early Jumping into real estate in his mid-20s Transitioning from employee to entrepreneur A lesson he learned early on Find out if you're a finder, a minder, or a grinder   [04:55 - 11:12] E.A.S.Y. System to Raise Capital Building and maintaining rapport with your contacts Make them understand what's exciting and unique about the opportunity Talk to a lot of people Generate scarcity through demand Know the amount they're considering   [11:13 - 19:36] There is No Plan B Bring people along for the journey Have a “This is going to work” mindset Remove self-doubt and believe in your own worth and capabilities Look for the right inspiration and the right next step for you   [19:37 - 21:07] Closing Segment Reach out to Marcin! Check out the free E.A.S.Y. System Mini Course! Final Words Tweetable Quotes “Find your inspiration, the guy that's out there killing it at a level that you're just like, that's godly. That's God-like. Sure. But then bring that back to Earth and find that next peg on the ladder. That's somebody that can help you, you know, actually more directly.” - Marcin Drozdz “Never lie. Always use real numbers. Don't say things that aren't consistent, because it's a small sandbox… If you start making up stories, it's not going to work.” - Marcin Drozdz “If you don't put yourself in a position where you can speak with some authority on what you're doing, if you don't buy into and you don't believe what you're doing, you know, it's a really difficult thing to sell.” - Marcin Drozdz -----------------------------------------------------------------------------   Connect with Marcin! Learn more about him and the E.A.S.Y. System by going to his website and downloading the free E.A.S.Y. System Mini Course!   Connect with me:   I love helping others place money outside of traditional investments that both diversify a strategy and provide solid predictable returns.   Facebook LinkedIn   Like, subscribe, and leave us a review on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on.  Thank you for tuning in! Email me → sam@brickeninvestmentgroup.com   Want to read the full show notes of the episode? Check it out below:   Marcin Drozdz  00:00 Find your inspiration, the guy that's out there killing it at a level that you're just like, that's godly. That's God-like. Sure. But then bring that back to Earth and find that next peg on the ladder. That's somebody that can help you, you know actually more directly.   Intro  00:14 Welcome to the How to Scale Commercial Real Estate Show. Whether you are an active or passive investor, we'll teach you how to scale your real estate investing business into something big.   Sam Wilson  00:26 Marcin Drozdz is the managing partner of M1 Real Capital where he and his team focused on acquiring value add multifamily properties throughout the southeast. Marcin, welcome to the show.   Marcin Drozdz  00:36 Thank you, sir. That's quite an introduction. I appreciate I'm all excited now. Love it.   Sam Wilson  00:41 Great, man. I'm looking forward to it. There's three questions I ask every guest who comes on the show: in 90 seconds or less, can you tell me where did you start? Where are you now? And how did you get there?   Marcin Drozdz  00:49 Sure. I started out reading Rich Dad, Poor Dad, probably like millions of other people, thought it was a good idea that I could figure it out, started buying houses while I was in college, got recruited into private equity on the real estate side. Probably brought me in a little young, but I'm glad they did got to immediately go from you know, looking at single-family homes, to multifamily land assemblies, commercial, recreation, just all kinds of stuff. So seeing that for a couple of years was tremendous. A couple of years after that broke out on my own, sort of putting together my own LPs trusts structures. And fast forward today, we focus on value ad today, primarily in the south and southeast.   Sam Wilson  01:32 But what a great way to get your early education in real estate   Marcin Drozdz  01:37 Drinking from a firehose, literally.   Sam Wilson  01:39 I'm sure it was but it didn't take you long. I mean, a couple of years is not a long time really to spend under somebody else's tutelage and then just go out and do it on your own. What were some of the things that finally pushed you over the edge and said, hey, I can repeat this.   Marcin Drozdz  01:52 Well, you know, what it was, the firm that I worked for was family-owned, good people, well-intentioned, but I knew that I would never be anything more than just a well-paid piece of the puzzle here, a cog in the machine. And you know, being young enough, maybe naive enough in my mid-20s at that point, I was like, You know what, I can do this. So, you know, went out on my own very quickly realized the things that I didn't know, as I left that space, because everything was kind of, in and around what you do, there's a ton of things that happened for you that I didn't really understand at that point. And then, you know, a couple of million dollars later, with my own money, a bunch of mistakes later, I finally realized, maybe I'm not, as you know, well-versed, you know, as I initially thought, but again, you know, you take your bumps along the way, you know, 37 now, so, you know, a lot of experience, a few gray hairs and all things considered, I'm glad I did it when I did,   Sam Wilson  02:43 What were some of the things just, you know, top of your mind that you say, Man, those were some of the early mistakes I made that somebody else could be spared from?   Marcin Drozdz  02:51 You know, the biggest thing is you got to recognize, if you're better, there's three types of people, there's finders, there's minders, and there's grinders. So that's probably the best way I'm able to articulate it. And you know, finders typically the front of the business, whether it's the deal side, the money side, it's the person that goes out and makes things happen. The minders are the operations, the ongoing maintenance, the making sure the buses run on time, so to speak, and everything happens the way it's supposed to. And then the grinders are the people that are typically just happy with the nine to five, or nine, and nine, or whatever it is, and they have a very specific role within an organization. And they're happy just to grind it out. They don't want to have to go outside of their parameters. So for me, I thought everybody thought like me when I left the PE space. And I very quickly realized that was not the case.   Sam Wilson  03:44 Which of those three do you put yourself in?   Marcin Drozdz  03:48 Well, when you start a business, you're all three, my friend, as you very well know. I'm definitely a finder, I love to find opportunity, find talent, find the right people around me and execute on a vision. But you definitely need to be aware of the fact that you need the minders, and you need the grinders to actually execute things. And that was probably for me, that was my biggest lesson in my 20s.    Sam Wilson  04:11 Yeah, that's a tough one. You're absolutely right. And I'm just a slow learner altogether. And so this is something that I've been actually researching quite a bit, because you're right, I've made the same assumption many over the years, like everybody thinks like me, like no, and goes back to the whole like visionary, integrator. And then there's just like you're saying, so like I would put the visionary is the finder or the integrator is the minder, and then kind of the employee person that just wants to be an employee as the grinder. And yeah, the idea of being just an employee, not just, being an employee and just kind of being happy with, you know, the way that things go, like, I don't understand that. And so because I can't relate to that myself. Like, I assume everyone's me that just wants to go, you know, go nuts and go find stuff and take deals. Yeah, that's just not the case. One of the things you're known for is the system you call the E.A.S.Y. System to Raise Capital for real estate deals. Can you break that down for us?   Marcin Drozdz  05:03 Sure, easy stands for Exclusive, Abundant, Scarce and Your allocation. So essentially, the system is part of a much larger process of how to find, nurture, maintain contacts and eventually get the commitment in a way where you don't, you know, you don't come across pushy, don't come across sales-y. It's very consultative, very process-driven. And ultimately, as you very well know, just because somebody isn't a fit for a deal today, doesn't mean that they won't be a fit in three months, or three years for that matter. So how you approach that situation, how you maintain that rapport with that person is, I mean, it's everything it really is, you know, everything I'm at 16 years now, and you end up getting a compounding benefit for all the work you do early on. And if you do it in, you know, if you always approach things from I'm here for a long time, not just a good time perspective, then you'll have that flow. So the E, the exclusive is your deal. So in other words, so many people, when they tie up the deal, they totally undersell it when they're explaining it to somebody else, or they focus on the wrong things that most people don't understand. So I can't tell you how many of our students or some of my partners are like, yeah, like going in cap rate is X, and we're going to come out at Y, and the replacement costs is Zed, and here's why that matters. And I'm just like, dude, honestly, I understand. But the business owner that's trying to give you 250 grand, is just gonna stare at you and go, Oh, okay. And a confused mind doesn't buy, right. So exclusive is, you know, break it down to a level of what would have got you excited about the opportunity. If you didn't understand real estate, for example, is it on Main & Main? Is it one of the last remaining buildings before the codes change? Is it of a certain size, a certain stature? Is there certain finish within the units? Are there certain opportunities for you to do things to add value that is unique in your market, in your city, in your state, whatever it is. Like, focus on the things that the everyday person can understand. Like, if you tell me, hey, the rents in this area are $800. And if we just put new counters down the guy down the streets renting for 1200, I can understand that, you can tell me that the cap rate is going to go from X to Y, but I'm just going to stare at you and go okay. So that's exclusive. Abundant is make sure you have a ton of people to talk to. So in other words, just because you don't have a deal, doesn't mean you shouldn't be talking to investors about past deals, things you're looking at. Because when you do have that deal, and you can call somebody and say, Listen, you know, I have this deal. It's exclusive, because of these reasons, I have X amount of people that I need to talk to. But I know you told me you want to hear about this. So here we are. And then S for scarcity is, so we're only looking for $2 million. Our average investment is you know, let's just say 150,000. So we're probably looking for another eight or so investors in the opportunity. And then the Y. So scarcity got to create, you know, if you're doing a great deal, and it's exclusive, and you've got tons of people to talk to there's natural scarcity, both within the amount of allocation somebody can take, and the amount of room you have for people because of the size of the deal. So then, you know, you'll obviously have a conversation back and forth to that person. And when you think it's appropriate, you can say, Look, I know you still got to do your due diligence, I got to send you the package, you gotta review everything. But if everything does check out, what amount would you potentially consider investing, like, ask for some kind of a soft... So again, I'm oversimplifying all this, Sam. But all of this breaks down to a process that has helped me secure well into nine figures in capital. And whether you're raising 50,000, 500,000, or commitment for $5 million, it really is the same process.   Sam Wilson  08:44 I love that. It's not playing mind games. I don't want to use that word, but it is a process. And it's getting used to even some of your phrasing there, I think is really unique. Just you know, where it's like, hey, you know what, we're only asking for two and a half million dollars. That's all the raise is average investment, would you say? 150 grand is your example.   Marcin Drozdz  09:02 Yeah, I mean, whatever it is for you, right? It's 25. It's 25. It's 50. It's 50. It's 250 or whatever, it makes it real for you. By the way, never lie. Never BS. Always use real numbers. Don't say things that aren't consistent, because it's a small sandbox, as you and I both know, Sam, and, you know, if you start making up stories, it's not going to work.   Sam Wilson  09:22 What was the Y in the E.A.S.Y.?   Marcin Drozdz  09:25 The Y? I'll tell you why I created two, but the Y is your allocation. So in other words, it's asking for some kind of a call to action. So in other words, when you're talking to somebody can say, Look, I know you got to look through the package or lawyer or accountant, whatever it is, but if everything does check out what amount would you potentially be considering? And that's, you know, soft commit, I mean, in PE it's a soft commit. So in other words, you know, because you got to give them the opportunity to do their due diligence, obviously, to make sure they're qualified and make sure they can, you know, comply with the rules with your lawyers and everything else and make sure everything's done clean. But if at all didn't checkout, what amount would they be considering? Because if someone isn't considering it, they would tell you there, you know, but if they're already telling me I love it, if it all checks out, I'd probably do 100-200, then that's a good indicator of at least somebody who's semi-serious.   Sam Wilson  10:14 Right. I really liked that. I mean, that breaks it down into a very easy-to-understand step-by-step process for people who are out there raising capital. It sounds like maybe this was developed for you just because you needed something that was repeatable.    Marcin Drozdz  10:29 So when I left PE, again, I started thinking that I could do things my own way. And there were various forms that encouraged us to incorporate what I've now coined as the E.A.S.Y. system. But I had a property, I personally had three properties that I was closing in a month. And these were smaller properties. I remember my investor in the last week or so decided to pull out. And it was like, you ever see the movie, Jerry Maguire or buddy gets fired in the restaurant, and he just doesn't know what to do next. That was my Jerry Maguire moment. So, you know, I sweated it out, I figured it out. But after that, I swore and we closed on the properties. But after that, I swore to myself, I would never put myself in a position like that again, and at a sheer necessity created this thing.   Sam Wilson  11:11 Yeah, absolutely. I love that. Tell me some other lessons, you know that you would say that you've incorporated? I mean, raising nine figures is no small amount of money. Is there anything else that comes to top of mind? You said, Hey, here's some other things I've learned along the way.   Marcin Drozdz  11:24 Yeah, I think the best way to sum it up is dig your well before you get thirsty. And I forget where I heard that I didn't coin that, I read that in a book somewhere in the author's... The origin of that escaped me. So for that, I apologize. But that saying to me, it was always resonated true on the fundraising side. So many people wait till they have a deal in hand before they start talking to people. My whole thing is bring people along for your journey, because you don't know if it's going to take someone three days, three months, or even three years to finally decide to engage with you. So if you can share your journey, and I mean, you do it well, other people, you know, some people attempt to do it well. You add value, do video walkthroughs. I mean, just the last property we were buying. As we were doing some of the rentals, I literally just FaceTimed with some of the investors, some of the buddies of mine, as guys were working on-site, I was just walking through the site with a hard hat on and just like, hey, so here are the new units. Here's this, here's this, buddy's not available, that's fine, crank out a two, three-minute video. And understand it's not very professional, because they get the professional newsletters and the quarterly updates and things like this as well. But on top of that, they feel like they're part of the journey when you share that type of authentic, you know, here's what's going on with your money in this project. So bring people along for the journey. And again, if you did that, well before you're thirsty, when you do have an opportunity, those people that have responded favorably to past things, it's a much easier transition, because they're already engaged in your world to some extent.   Sam Wilson  12:52 Absolutely. And that's something, taking your advice to heart even, I started a year and a half ago, like I never had a regular newsletter, right? But it's been for a year now we've sent out every single, almost a year, every single Friday 10 am my newsletter goes out. And you know, Marcin, I haven't closed the deal since September of 2021. But we're constantly talking. But now we've got three deals under contract, right? And it's just like, hang on, like it's coming. Here's the things we're working on. And at times, it feels like Gosh, what do I talk about? I mean, really aren't doing a deal, right? Other than the deals we have, you know, in operation, like we're not doing something actively. But yeah, keeping that lead warm, because it's like, Hey, here's all the stuff we're actually still doing out here, even though we're not presenting deals, because there's nothing that made sense for us. But then all of a sudden, you know, out of the blue, and now we got three deals all at once. And so you know, having that prep ahead of time, I think is just really absolutely key. Talk to us a little bit about maybe your mindset. You seem to indicate or at least I hear that there's a mindset. Is that a true statement?    Marcin Drozdz  13:52 It is. You know, it's interesting, because to me, when I started in this business, I knew that it was going to work. I wasn't sure how I, just in my mind, I was already wired that this is happening, this is going to work. And that's probably due to the fact that I mean quick story about me. I was born in communist Poland and my parents, my dad got arrested for selling corn on the black market corn with a C, those of you...   Sam Wilson  14:17 P as in Papa I'm like, okay. Charlie, corn.   Marcin Drozdz  14:21 C as in Charlie. In Polish, it's called kukurydza. So, the point is my dad was selling this stuff. And during communist times, you couldn't run a business. So he got arrested, they were going to send him to jail. He didn't like that too much. So he and my mom and I was a couple of months old at the time, they ran off to East Germany, and eventually migrated to North America. Well, when I finally got out of Poland, it was because my grandpa snuck me out four years later, so I didn't see my parents for four years. They stuck me out, literally drove me across the border, you know, quote, unquote, legally in the trunk. And we came to North America settled down, but my point is when we got here, there was no plan B. There was no safety net. There was no relatives. There was no family, there was no friends. So the language was foreign. I mean, I spoke Polish and German and now learn English, right? So I always grew up with no plan B. And that forced me to whatever I'm doing, this is going to work. And so mindset is so important for people. Because if you don't put yourself in a position where you can speak with some authority on what you're doing, if you don't buy into and you don't believe what you're doing, you know, it's a really difficult thing to sell, especially for fundraising. If you think about it, you're not giving so, like, when somebody invests with you, they're not getting a house, they're not getting a car, they're not getting anything tangible there that says that they own a piece of this apartment building, or warehouse or trailer park, or whatever it is. And that's it. So it's so important to make sure that you have the mindset that you feel like you're worthy, you're capable, you're competent. And that element of self-doubt has to, over a period of time, leave the mind, because I can tell you right now, when I raised that first $5,000, I was more terrified when I was downtown New York, getting a term sheet for 25 or $50. million, like, but the process is the same. So what change? Obviously, my knowledge, my competence created confidence, which is something I say all the time, but it's the mindset to know that you're worthy of that. And consistency is what's going to give you that. If you think that, you know, if you have feelings, like why are people going to invest with me? I can't find any deals. Do I really know what I'm doing? What if I screw up? Like, if you go into conversations with those thoughts, then you're already shooting yourself in the foot. And that mindset piece is a starting point, it is everything. It really is.   Sam Wilson  16:44 That's an incredible story. First of all, and I love the comment there. You said there's no Plan B, it's the burning of the ships. And it's like, Well, guys, no option. This is what you have to do. What do you say to someone that, you know, is struggling with those things, or, you know, maybe, you know, hasn't done enough deals to really be able to say, hey, you know what, this is how I can confidently, you know, lead on this? What do you do for those people? Or how do they develop that?   Marcin Drozdz  17:13 So, Sam, look, we're all struggling with things. We're all in different scenarios where sometimes we feel like we're not equipped or prepared. I mean, I'll give you an example. I was on the phone with a fund manager at in New York right before, actually right when COVID hit. And he's talking to me, I'm walking through where we're at where we're going, and I'm you know, I'm looking for equity, right, large checks. He says to me, he goes, Well, what's your asset size? And I tell him and he goes, Okay, so look, you're a little small. For me, I go really? Like how much? He goes, well, our smallest client is 1 billion. And I just laughed, I go, okay. So I actually said to him, I go, so what you're telling me is I'm trying to get from the kids' table to the grown-up table, and you won't let me yet. He just starts laughing, right. But the point is, look, whether you're at 100,000, a million, 10 million, 100 million, there's always someone that's going to make you feel like you're at the kids' table. And my advice is to get that person or those people just a little bit ahead of you, or maybe a little bit more ahead of you, when you get to know these people, you'll see that they're just like you and me, we're the same. And when you can see that it's attainable. You get past those self-doubting components. Because yeah, if you see guys on Instagram, or YouTube and buddy's buying Lamborghinis, private jets, whatever it is, and he's billion dollars, whatever it is. And you're like, dude, I'm just trying to buy, you know, a 10 Plex, so that I can put my daughter through college, there's a disconnect there. It's such a huge disconnect, that that's not your man. I mean, those are great people for like inspiration. But that's not the next step for you. The next step for you is the guy or girl that's already at 40-50 units, and trying to get to 100, or something along those lines. So find people that are just ahead of you, or maybe slightly ahead of you to actually have some real connection to be able to engage in growth, because otherwise, you know, there's nothing more, you know, okay, I want to play in the NFL. Great. I'm gonna go play with Brady. Yeah, right. Come on, right, like the guys doing, you know, so I have people call me sometimes and they want to play and I go, Look, you know, it sounds like you want to do algebra, but I need you to learn how to count first, like, you got to work your way up. Right? So the best action item is to find people like yeah, find your inspiration, the guy that's out there killing it at a level that you're just like, that's godly. That's God-like, sure. But then bring that back to Earth and find that next peg on the ladder that somebody that can help you, you know, actually more directly, I think.   Sam Wilson  19:37 I love it, Marcin, thanks for taking the time to come on today. I certainly learned a lot. I've loved hearing your story. All the things that you've been involved in, you know, ideas on how to develop a system for raising capital, just, you know, coming from the institutional side than just going out and doing it the idea that we don't need a plan B. We just need a really good plan A and to go execute. So I've certainly enjoyed having you come on today. If our listeners want to get in touch with you or learn more about you, what is the best way to do that?   Marcin Drozdz  20:04 Best way to do that is my website marcindrozdz.com. And then for those of your listeners who want to pick up the E.A.S.Y. System, or at least get introduced to it, because there's a lot more to it than we talked about, I've got a free download there. There's a mini-course there on the website. It's free to anybody so they can go on my website marcindrozdz.com. Hopefully you can spell that in the show notes for them. And they can download the E.A.S.Y. System. It's a 15-20 minutes set of video tutorials that will walk them through the specifics of that.   Sam Wilson  20:31 Yep, absolutely. Yeah, look for marcindrozdz.com. We will put the spelling exactly of that in the show notes. Marcin, thank you again for your time. Certainly enjoyed it.   Marcin Drozdz  20:39 Really appreciate it. Thanks, Sam.   Sam Wilson  20:41 Hey, thanks for listening to the How to Scale Commercial Real Estate Podcast. If you can do me a favor and subscribe and leave us a review on Apple Podcasts, Spotify, Google Podcasts, whatever platform it is you use to listen, if you can do that for us, that would be a fantastic help to the show. It helps us both attract new listeners as well as rank higher on those directories so appreciate you listening. Thanks so much and hope to catch you on the next episode.  

Billionaire mindset
Mr. Amit Kumarr on Money, Goals, & Success | Part 2 | Readers Books Club With Billionaire Mindset

Billionaire mindset

Play Episode Listen Later May 9, 2022 17:28


We hope that you are in Good HealthIn this episode we interviewed Mr. Amit Kumarr founder and speaker of Readers Books Club, we talked about his journey of growth and how he created a Youtube channel and a lot more topics like money, goals, dreams & success and this is 2nd part. So tune in to the episode and enjoy. Books Recommended by Amit SirTHE MAGIC OF THINKING BIG: https://amzn.to/3yjkICHLIMITLESS: https://amzn.to/3LUIHwfTHE SECRET: https://amzn.to/3yiqwfTTHE POWER OF YOUR SUBCONCIOUS MIND: https://amzn.to/3ymVaEHTHE MAGIC: https://amzn.to/3LZcaF2Readers Books Club social handles:-Youtube: https://youtube.com/c/ReadersBooksClubPodcast: https://open.spotify.com/show/18fAfVVGu2T3AHzcUQ02hR?si=ps_Yy_0WThmH8e-TTwMQbQ&utm_source=copy-linkInstagram: https://www.instagram.com/readersbooksclub/Facebook: https://www.facebook.com/ReadersBooksClub/LinkedIn: https://twitter.com/readerbooksclubPLEASE CONSIDER SUBSCRIBING US ON YOUTUBE ALSO: https://www.youtube.com/channel/UCN5y9Kw4Lcm5DmSWyRHKhXQ/featuredRate our Podcast:-Apple Podcast: https://podcasts.apple.com/in/podcast/billionaire-mindset/id1493386466Spotify: https://open.spotify.com/show/5RJvlyPY3wvRwt6L3CzGas?si=2cdecfabb1f14799Email: billionairemindsetpodcast@gmail.comOther platforms: linktr.ee/billionairemindsetBook on Investing:INTELLIGENT INVESTOR: https://amzn.to/3sm390oRICH DAD, POOR DAD: https://amzn.to/3GwjmoTTHE PSYCHOLOGY OF MONEY: https://amzn.to/3uBXsOmTHE WARREN BUFFETT WAY: https://amzn.to/3J9AWjUCOFFEE CAN INVESTING: https://amzn.to/37v15wLSubscribe the Podcast If you haven't already.Lots of love

The Serviced Accommodation Property Podcast
Where There is Adversity There is Opportunity

The Serviced Accommodation Property Podcast

Play Episode Listen Later May 8, 2022 17:50


Energy prices are going up, as we all know, but I believe this is going to create opportunities for SA operators. The other issue currently well on the horizon is the EPC changes for landlords and I also think this is going to create opportunities and here I will explain why.   KEY TAKEAWAYS For new buy to lets and most HMOs you will have to achieve an EPC rating of C. For SA rising energy prices are less of a challenge than they are for HMO owners. Many landlords will be wanting to turn HMOs into SAs, which creates a fantastic business opportunity that Kevin reveals in the podcast. Capital allowances can be used for serviced accommodation to significantly reduce the landlord's tax bill. When things change, there are always opportunities. Adversity pushes you to work out how to do things differently.   BEST MOMENTS ‘I´ve just turned an HMO into serviced accommodation.' ‘More money, less tax and no tenants is an attractive proposition for landlords.'     VALUABLE RESOURCES Discovery Day Sign Up Page - https://progressiveproperty.online/serviced-accommodation-discovery-register/AMB3258 The Serviced Accommodation Property Podcast - https://itunes.apple.com/gb/podcast/the-serviced-accommodation-property-podcast/id1436005279?mt=2 https://propertysoldier.co.uk/ Serviced Accommodation Success by Kevin Poneskis Rich Dad, Poor Dad by Robert T Kiyosaki     ABOUT THE HOST Your host Kevin Poneskis enjoys public speaking, travelling, exercising, and keeping fit. He also enjoys working with a charity called STOLL which provides accommodation and training for homeless veterans.   Kevin was in the British Army serving 24 years, mostly in a Commando unit and retired at the rank of Regimental Sergeant Major. He left the Army in 2011 and became a full-time property investor. During most of his Army career, Kevin was investing in property and has been a property investor now for over 27 years.    CONTACT METHOD https://en-gb.facebook.com/propertysoldier/ kevin@propertysoldier.co.uk See omnystudio.com/listener for privacy information.

Billionaire mindset
AMIT KUMARR ON MONEY, GOALS, DREAMS & SUCCESS | READERS BOOKS CLUB WITH BILLIONAIRE MINDSET

Billionaire mindset

Play Episode Listen Later May 2, 2022 20:32


We hope that you are in Good HealthIn this episode we interviewed Mr. Amit Kumarr founder and speaker of Readers Books Club, we talked about his journey of growth and how he created a Youtube channel and a lot more topics like money, goals, dreams & success. So tune in to the episode and enjoy. Readers Books Club social handles:-Youtube: https://youtube.com/c/ReadersBooksClubPodcast: https://open.spotify.com/show/18fAfVVGu2T3AHzcUQ02hR?si=ps_Yy_0WThmH8e-TTwMQbQ&utm_source=copy-linkInstagram: https://www.instagram.com/readersbooksclub/Facebook: https://www.facebook.com/ReadersBooksClub/LinkedIn: https://twitter.com/readerbooksclubPLEASE CONSIDER SUBSCRIBING US ON YOUTUBE ALSO: https://www.youtube.com/channel/UCN5y9Kw4Lcm5DmSWyRHKhXQ/featuredRate our Podcast:-Apple Podcast: https://podcasts.apple.com/in/podcast/billionaire-mindset/id1493386466Podchaser: https://www.podchaser.com/podcasts/billionaire-mindset-990587/reviewsSpotify: https://open.spotify.com/show/5RJvlyPY3wvRwt6L3CzGas?si=2cdecfabb1f14799Email: billionairemindsetpodcast@gmail.comOther platforms: linktr.ee/billionairemindsetBook on Investing:INTELLIGENT INVESTOR: https://amzn.to/3sm390oRICH DAD, POOR DAD: https://amzn.to/3GwjmoTTHE PSYCHOLOGY OF MONEY: https://amzn.to/3uBXsOmTHE WARREN BUFFETT WAY: https://amzn.to/3J9AWjUCOFFEE CAN INVESTING: https://amzn.to/37v15wLSubscribe the Podcast If you haven't already.Lots of love

Get Invested with Bushy Martin
221. Peter Meek on investment abdication vs education

Get Invested with Bushy Martin

Play Episode Listen Later Apr 29, 2022 53:19


Accomplished CEO Peter Meek has rebuilt his wealth after losing it all in the Global Financial Crisis. He shares critical investment and life lessons. How much do you focus on your work and how much do you understand & actively manage your investments? Many of us start out thinking that if we just invest everything in our work and careers and become successful in this one single area of our lives, then everything else will just fall into place and fortune and fame will follow. Just work hard, become good at what you do and everything else will take care of itself. Blind faith and disinterested trust is a dangerous combination when it comes to securing your future. As I repeatedly say in my book The Freedom Formula, I can't emphasise enough how important it is to invest in your investment knowledge so that you understand where you or others are investing your hard earned coin so you understand the risks as well as the rewards, and then you need to actively manage your managers to keep them accountable, because at the end of the day, the buck stops with you. And someone who understands these lessons intimately is today's special guest Peter Meek. As you're about to hear, Peters a highly accomplished CEO and Company Director who lost all of his wealth during the GFC and has successfully rebuilt it, by becoming an active self accountable international investor across multiple asset classes. Enjoy his incredible story and key lessons learned.   Freedom Formula Flight Program: If you're fired up about investing in your education and taking your property investment to the next level, no matter where you're at, whether you're a beginner or a seasoned investor that's struggling with your portfolio, come and join me on our unique Property Freedom Formula Flight program, where I'll personally guide you through our proven process for property investment success and/or complete a review of your current portfolio to see how you can improve it, how you can reduce your costs and how you can increase your property purchasing power.  To book your free ticket or to find out more, just go to click here. Peter's book recommendation: Rich Dad, Poor Dad by Robert Kiyosaki Join the Get Invested community: And if you want to continue investing in your knowledge, join me and many other like minded investors in our Get Invested community right now. I send a free and exclusive monthly email full of practical ‘Self, Health and Wealth' wisdom that our current Freedom Fighter subscribers can't wait to get each month. It's full of investment and lifestyle tips, my personal book recommendations, apps I use to enhance life and so much more. Just visit bushymartin.com.au and sign up at the bottom of the page … because this is just the beginning! Get Invested is the leading weekly podcast for Australians who want to learn how to unlock their full ‘self, health and wealth' potential. Hosted by Bushy Martin, an award winning property investor, founder, author and media commentator who is recognised as one of Australia's most trusted experts in property, investment and lifestyle, Get Invested reveals the secrets of the high performers who invest for success in every aspect of their lives and the world around them. Remember to subscribe on your favourite podcast player, and if you're enjoying the show please leave us a review. Find out more about Get Invested here https://bushymartin.com.au/get-invested-podcast/  Want to connect with Bushy? Get in touch here https://bushymartin.com.au/contact/  This show is produced by Apiro Media - http://apiropodcasts.com

Get Happy Hour
Living a more abundant life with your host Carla Maree

Get Happy Hour

Play Episode Listen Later Apr 27, 2022 37:00


Carla Solo Episode Money Mindset Carla is delving into the stories and limiting beliefs around money to the abundance and growth of it Carla first tells us about her upcoming trip to Morocco and her latest books she's read from breathwork and the importance of breathing in and out of her nose called Breath and Tony Robbins book Life Force and her dating faux pas. “The moment you get paid, you always pay yourself first” – taking 10% of any income that comes in goes to a savings account that isn't going to be touched that you will use for the future. What is your money story? And what do you wish to do with it? Thank your money and value it from a place of gratitude Money is a circulation of life and give where you can, when you enter into a scarity mindset you have to stop those thoughts and think; is this a viewpoint I am coming from? I want to be coming from the abundance mindset Print out or create a blank cheque with a value that you want and what it is for and put it in your wallet. Affirmations around money can be helpful: “Increasingly I have abundance, above and beyond my needs. I have wealth in all areas of my life as I live and give in abundance. Thank you.” “I love money, Money loves me. I love life, live loves me.” “I am abundant and I can afford to buy whatever I choose.” “I live a life of abundance.” “Today I am so grateful for my abundance of money that I was able to buy…” Opening a second bank account for things that bring you joy to bring you more into a fuller version of yourself – then you can save towards things like holidays, personal development etc   Book recommendations: “Think and Grow Rich” by Napleon Hill “Rich Dad, Poor Dad” by Robert Kiyosaki “Money Master Your Game” by Tony Robbins “I'm a baddass on making money” by Jen Sincero “Get rich, lucky bitch” by Denise Duffield-Thomas “Soul of Money” by Lynne Twist, Cynthia Barrett et al

The Crystal Vision Podcast
The Barrier to Wealth is Lower Than You Think

The Crystal Vision Podcast

Play Episode Listen Later Apr 26, 2022 33:39


In today's solo episode, I give you a peek inside my brain when it comes to my thoughts, attitudes and behaviours toward investing. I cover investing in real estate, stocks and your personal development.*I am not a financial adviser and this is not financial advice. This podcast episode is for entertainment purposes only and to give you insight into my personal mindset toward investing.Books to support you in your journey:Rich Dad, Poor Dad by Robert KiyosakiMoney Master the Game by Tony RobbinsFinancial influencers to support you in your journey:Natasha Etschmann @tashinvestsEmma Edwards @the.brokegeneration Make sure to take advantage of my FREE SPECIAL: 30+ Page PDF Guide on how to get Your First 1000 Followers- https://www.thecrystalvision.net/freepdfguide  Share your takeaways with me by sending me a message on Instagram @thecrystal.vision (I love chatting with you!)Also be sure to take a screenshot of this episode and share it on your Instagram stories and I will be in your inbox with a special surprise ;)

The Real Estate Way to Wealth and Freedom
Scaling Real Estate Investing Thru W2 Job with Ryan Bolduc

The Real Estate Way to Wealth and Freedom

Play Episode Listen Later Apr 25, 2022 41:18


Ryan Bolduc, based in Southern Maine, is an electrical engineer and multifamily investor. Wanting more control of his time, he set out to invest in real estate buying and holding small multifamily properties. Ryan has been documenting his journey to financial & time freedom and beyond. Ryan is a professional engineer, along with being a husband and dad.  KEY POINTS Scaling your real estate portfolio with a day job Keeping your money working - HELOC vs. refinancing Time freedom, Location Freedom, and Financial Freedom How to get started in an expensive market How masterminds and coaching can fuel your growth LIGHTNING QUESTIONS 1. What was your biggest hurdle getting started in real estate investing, and how did you overcome it? ·        Mindset and taking action, therefore started listening to real estate investing podcasts. 2. Do you have a personal habit that contributes to your success? ·        Keep grinding and going after until he accomplished his goal. 3.  Do you have an online resource that you find valuable? http://www.youtube.com/ (YouTube) http://www.instagram.com/ (Instagram) 4. What book would you recommend to the listeners and why? ·       https://www.amazon.com/Rich-Dad-Poor-Teach-Middle/dp/1612680194 ( Rich Dad, Poor Dad) book by Robert Kiyosaki 5. If you'd go back and give advice to your 20-year-old self to get started investing in real estate, what would you tell? ·        Go buy 4 units now! RESOURCES https://www.instagram.com/mainemultifamily/?hl=en (@mainemultifamily) Visithttp://m/gp/product/B00NB86OYE/ref=as_li_tl?ie=UTF8&tag=jacob0ee-20&camp=1789&creative=9325&linkCode=as2&creativeASIN=B00NB86OYE&linkId=100a9d2905599266aa7088bba0a33d55 ( Audible) for a free trial and free audiobook download!  

Billionaire mindset
DO YOU BELIEVE ON YOUR PATH & FOLLOW IT? | क्या आप अपने पथ पर विश्वास करते हैं और उसी पर चलते हैं?

Billionaire mindset

Play Episode Listen Later Apr 24, 2022 4:17


We hope that you are in Good HealthIn this episode we talked about the a poor farmer and his donkey, he wanted to sell his donkey but why he could never do that?PLEASE CONSIDER SUBSCRIBING US ON YOUTUBE ALSO: https://www.youtube.com/channel/UCN5y9Kw4Lcm5DmSWyRHKhXQ/featuredRate our Podcast :-Apple Podcast: https://podcasts.apple.com/in/podcast/billionaire-mindset/id1493386466Podchaser: https://www.podchaser.com/podcasts/billionaire-mindset-990587/reviewsSpotify: https://open.spotify.com/show/5RJvlyPY3wvRwt6L3CzGas?si=2cdecfabb1f14799Email: billionairemindsetpodcast@gmail.comOther platforms: linktr.ee/billionairemindsetBook on Investing:INTELLIGENT INVESTOR: https://amzn.to/3sm390oRICH DAD, POOR DAD: https://amzn.to/3GwjmoTTHE PSYCHOLOGY OF MONEY: https://amzn.to/3uBXsOmTHE WARREN BUFFETT WAY: https://amzn.to/3J9AWjUCOFFEE CAN INVESTING: https://amzn.to/37v15wLSubscribe the Podcast If you haven't already.Lots of love

The Remote Real Estate Investor
Building the life you want through real estate investing with Omni Casey

The Remote Real Estate Investor

Play Episode Listen Later Apr 21, 2022 34:00


Omni Casey has been a real estate investor, broker, and coach for nearly 20 years. His real estate career started in Hawaii where he grew up. Over the last 10+ years, he and his family have lived in Northern Virginia and have been very active in both growing their real estate investment portfolio and growing a top-performing real estate team and office in Loudoun County Virginia. With a passion for building wealth and helping others achieve financial freedom, Omni has coached hundreds of real estate investors, real estate agents and clients alike to create and execute a plan to grow their real estate business, grow their investment portfolio, or both. With a hyper-focus on building wealth and passive income through real estate investing, Omni is committed to helping as many people as possible stop needing to earn money, and start down the path of creating money, and setting up what he calls "PIFL" or Passive Income For Life. Join Omni, as he talks on the subject of passive income and rental properties. He will share his story, and what people need to be aware of going into 2022 with their investment career. Episode Links: https://www.omnitheinvestorguy.com/ https://www.instagram.com/omnitheinvestorguy/?hl=en https://www.roofstockacademy.com/ --- Transcript Before we jump into the episode, here's a quick disclaimer about our content. The Remote Real Estate Investor podcast is for informational purposes only, and is not intended as investment advice. The views, opinions and strategies of both the hosts and the guests are their own and should not be considered as guidance from Roofstock. Make sure to always run your own numbers, make your own independent decisions and seek investment advice from licensed professionals.   Michael: What's going on everyone? Welcome to another episode of the Remote Real Estate Investor. I'm Michael Albaum and today with me, I have a guest Omni Casey, who's an investor, broker, author, coach, and he's gonna be talking to us today about what his story has looked like, and what people need to be aware of going into 2022 with their investment career. So let's get into it.   Before we get to the episode, let me just give a quick shout out to the Roofstock Academy, which is a one stop shop for all real estate investors independent of where you're on your investment journey, whether you're just getting started, or a seasoned investor, our program offerings have access to over 50 hours of on demand lectures, one on one coaching, private slack forums as well as a plethora of other things. So come check us out at roofstockacademy.com and all of this is backed by the way with a full money back guarantee. So there is no risk to you for just coming in trying it out. We hope to see in there.   Omni Casey, what's going on man, thank you so much for taking the time to hang out with me today. I really appreciate you.   Omni: Okay, super excited. Thanks for having me on.   Michael: Oh my God, my pleasure. You've got a really interesting story and we were chatting a bit about it just for hit record here but for all of our listeners, give us the background who are you? Where do you come from? What is it that you do in real estate today?   Omni: I'd love to um, Omni Casey is my name, I am originally from Hawaii born and raised in the islands and I don't live there anymore, migrated out to East Coast just outside of DC Northern Virginia about 10 maybe 11 years ago but started in Hawaii very entrepreneurial family, got into real estate investing fairly young. That wasn't my first business venture but it turns out that you know, real estate's a really cool business I love the business aspect of it I just always knew I wanted to be an entrepreneur business owner and eventually got into real estate investing real estate brokerage as well side of things so just all things real estate for the last 20 years it's been my passion and for the last few years I've been nominated the investor guy I do some coaching we run a meet up to about this site and I just love helping people learn how to invest you know, especially new investors starting out for the first time.   I remember how daunting it was and so we do a lot to you know help them get to their first few transactions and most of what we do is cashflow rental properties I love that's why I love your podcast because it is you know that you know remote investing concept less of the active hands on concept more of the remote concept that that I love and then we teach that as well.   Michael: Awesome. So did you get your teeth cut out on the islands when you're doing real estate investing or has it always been remote talk to us a little bit about that.   Omni: I started on a wall who is which is where I'm from I saw actually started. I was a surface surfboard salesman, you know I was working absolutely and you know I read the book Rich Dad Poor Dad and I'm like alright, so I love business and I was doing a couple of businesses at the time. But then I really wanted to find out more about real estate but no one in my family really was in real estate and especially on the investing side. So I just started talking about it more and more and it was really a couple customers that came into the shop that I was having this conversation with and you know, they they were a real estate investor. So I said, well, you know, tell me about that. What did we do and it traded off, you know, some surf lessons for some education on the investing side and I lucked out by finding some friends and really they became mentors at that point and invested in Waikiki in Honolulu and as slowly as I want to expand and as I wanted to really shift towards the passive income side the cashflow side Hawaii just doesn't cashflow that well great for appreciation rate for equity, but I had to find some outside markets and that's where I started to invest you know in the mainland you know, various markets that that were more affordable that the rent to price ratio was more accurate to my goals there.   Michael: Oh man, that's awesome. I used to work as a surf instructor too, but I didn't get diddly squat from my clients and then you'd lucked out big time.   Omni: Yeah, paid off. Definitely!   Michael: That's awesome, all right. So now let's fast forward you move to the mainland. Now you're out on the East Coast. What are you doing out there as Island guy? I mean, you don't have snow on a wahoo but you do where you live in now?   Omni: Yeah, it's what is it spring well, I'm recording this and I think we just know today so it's crazy weather not quite used to it's still you know, my wife's from the area and one of the beauties of real estate, you know, both on the investing side and as an agent brokerage side. You can take that and do anywhere, you know, once you learn the core skills, it you can do it remotely and, and you know about I don't know, 10,11,12 years ago, having a conversation about if you wanted to move back home and be closer to family, we can do that and we can make that work and she took that and ran with that fairly quickly and we haven't looked back, but I've loved it because by that point, we're already into the remote investing side and the downside, if there's a downside to living in Hawaii, the downside is a time zone difference. And I love being on a, a similar or closer time zone to my property managers, my agency, other investors that I was networking with and so I jumped at the opportunity to be able to do that, and, you know, be a little bit closer to the properties that we owned.   Michael: Yeah, that makes total sense, for about the better part of a year back in 2019-2020. I was traveling internationally, and trying to sync up my calls with clients and people on my team was pretty difficult to do. So I totally get that. Awesome well, I know you just wrote a book and I would love if you could share with our listeners a little bit about what it is where they can find it, what they might expect to see in it.   Omni: Yeah, I'm super excited about this. It's called the cashflow Breakfast Club. I don't know if this will ever be on video, but just got my author copy today. So I'm like super stoked…   Michael: Nice   Omni: because it's been written for a few years, it's been written for a few years, actually never planned to publish this or never thought I'd really published it, it was just kind of my story, I just need to get it on paper and it was the steps have kind of a step by step process that I went through to become financially free through passive income through real estate investing, and really very, very simple steps that anyone can do. And I started coaching my real estate agents and my, my, you know, new investors that came to me for help and this kind of became my instruction manual. So for a time it was a manual and then last year, my wife was kind of pushing me said, we might as well you wrote it, you might as well publish it. So finally got off the ball and this turns out, I'm pretty good at writing a book, I'm terrible at publishing books. So find the right publisher to help me through that creating the website, actually go through the vetting process of the various publishers and finally, as of this week, got my publisher, copy, author copy, and a should be out, probably in about two weeks or so. So we're excited about that.   But really, it's a story, you know, I think in bullet points, and I'm very direct and so I love, you know, you know, just reading like a manual. But I know that makes a terrible book and so I was able to kind of look back at some of the books that really impacted me the most, you know, you got Rich Dad, Poor Dad, you have several others and a lot of them were in this parable format, the story format and so I rewrote this manual in a parable format and it had to be happened to be about this character that grew up in Hawaii that got into real estate investing that started to invest remotely. So it was the same story but it allows kind of the reader to one experience becoming an investor vicariously, you know, ups and downs, and everything in between real estate agent side as well, look gives you a glimpse into that, as well and then the foray of having to trust you know, how do you trust someone overseas to kind of help you invest remotely as well. So it kind of takes you through those emotions, vicariously from the comfort of your, hopefully your couch there while you're reading it and I'm excited to put it out there.   Michael: I love it. Well, I'm very excited to read it, where can people grab a copy of it?   Omni: So my website is https://www.omnitheinvestorguy.com/ , that's probably the best place to get it. I'm assuming at some point, it'll get syndicated out to everywhere you can buy a book. But right now, I'm not the investigator calm, there's a tab that says: book and that'll take you there.   Michael: Awesome and we'll link to that in the show notes here. I want to shift gears here just a little bit and I'm curious, you have a mantra that everyone needs two professions, one for you and one for your money. Talk to us a little bit about what that means and why it is you feel that way.   Omni: Yeah, it's a training and I guess I need to come up with a better name for that. But it's a training that I've done over the years multiple times and I'm a father of three they're the my whole life. You know, my oldest son is 13 year old, my daughter is nine and my youngest son is seven and everything I do is like most parents are involved around them and I kind of keep them involved on the investing side the education side and I would love nothing more than my kids should just be obsessed with real estate investing like I am. But the reality is one of them is and the other two I'm not sure yet right and kind of to figure out from a parent's standpoint, you know, what's the right way to go about that? How much do I actually push? How much do I actually kind of encouraged them to kind of go down the path that I found and I guess you can kind of take that whether it's real estate investing or any sort of profession you're in and realizing that even though they might not be passionate about real estate investing down the road, the reality is real estate investing or that knowledge.   If they get that baseline now and start investing, you know, as soon as possible, they can eventually do anything they want. So you don't actually have to be passionate, you know about real estate investing to make money in real estate investing. So my daughter wants to be a ballerina, she can go be a ballerina, she wanted to go be a barista, somewhere, she can be a barista, that's not going to pay the bills. So hopefully the real estate investing side right making your money work for you. Because for a very long time, like, I'm passionate about real estate investing is the only thing that really makes sense to me and I'm talking to people, I'm like, can't you get it? Why don't you understand this? Why don't you understand? Why don't you and then just the reality is not everyone's as passionate about it as, as I am. That being said, everyone could benefit from that. So understanding how to put your money to work for you, or how do you set up that passive income coming in, so that it can fund whatever you actually want to do with your time and you know, it doesn't always need to be the same thing, I just feel blessed that I happen to do both at the same time.   Michael: I love it, I love it. Any pieces of advice or tips or tricks that you've picked up from being a father and a parent over the years to get your young ones involved.   Omni: So one of the things that I did recently, in the last few years, I started to invest closer to where I am not because it's the best place to invest, I think it's a decent place to invest it. But there's clearly other markets that outperform my market. But I wanted to have something that I could just drive by, take my kids do and keep them involved. So if you are, you know, investing, not everyone invest, you know, somewhere near them, but try to find something where you can kind of take them and keep them involved. Every single weekend we're driving by we're visiting a project, we're checking on a renovation, we're doing something where they just kind of feel like alright, they get to kind of point and we actually assigned the rights, I guess, if you will, to various rental properties to each of our kids. So they know that that's their property, right? Technically, they're not old enough to own the properties yet. But that's their property and so we got to go over the numbers with them. We go over the details when we get it from our property manager, we go over kind of the breakdown and so they can kind of see the numbers on the back end and on the oldest side, my son, he gets it. My daughter's getting there. My youngest is like I don't understand it, any of them but I think just having that knowledge and having those conversations or you know, they're hearing terms at some point. I mean, it took me a whole life to kind of start hearing these terms until I started investing and so they're very involved and then just to kind of spark the conversation. There's a great game, Robert Kiyosaki put out the game, the cashflow a board game and we play that we play that quite often and we have the kids challenge the parents, and we talk about it after and they get to see the correlation with the game, and actual P&I statements that we review together about our properties.   Michael: I love it, I love it, it's probably a good thing that they're too young to own property, because your tenants might take issue with writing rent checks to a seven year old.   Omni: Exactly, sure.   Michael: I love it, I love it. Well, I'm really curious if I'm very curious to get your thoughts on a topic. That's I think, top of so many people's mind around the country and that's inflation. We're recording this mid-April inflation is 7- 8 - 8 and a half percent. So curious to know, I mean, how is that affecting your personal investment philosophy going into 2022?   Omni: That's such a great question. This is probably one of the top questions I get and if someone asked me to come in and teach a class is probably the one that they request over the last two years or so and we've been talking about it for a while, right? Inflation is always a discussion. I would say four years ago, the title of my course was like, what would you do if inflation hit 5% right and talking about this crazy, guys and we ran the numbers and so here's what it would mean to you for your money, here's what you would do on the investing side and then last year, had to update it and like, alright, well, looks like we're edging towards 6% you know what it hit 6% and then, earlier this year, I updated and, and change it to 7% and then I'm doing a class at REI event next week, and I had to update it to eight and a half percent. So reality is what we've been worried about for so long is here, right? And we don't know if it's transitory and how soon is going to go away, but it's already here much longer than most people thought it would be and it's already affecting your money, right? So money in the bank is just kind of deflating in value drastically, by that eight and a half percent level, and it's probably going to go up more so finding assets or asset classes you know, that can hedge against that and it really speaks to kind of what we're in and validates a lot of what we do already, in terms of its less about the nest egg and the money in the bank, your net wealth, all the way to something that people track and it's fun to track that it really is your income, or at least your passive income that is most important because your wealth, and your net worth goes up and down with inflation goes up and down with market values goes up and down with lots of things that you really don't have control over. But ultimately, if you're talking about financial freedom, you're talking about paying the bills or having money to do what you want to do. That comes with from your passive income and when you look at rental properties, especially long term rental properties, that is the closest thing that does scale up with inflation, not exactly, but it does scale up with inflation, as prices rise, people start to make more money, rents start to trend up.   Now, it's not immediate, because of the length of the leases, but typically trailing about six months to a year, you're able to pull it up and if your passive income is tied to long term rental income, that is one of the closest things that actually increases with inflation. I talked about the values of home, you know, equity and appreciation is beautiful. But my portfolio gets cut in half value wise tomorrow. Typically, I'm still okay, because the reality is I bought most of those properties because of the rental cash flow value, and the cash flow value doesn't actually change based on the actual value of the property itself. So understanding, I'm not saying rental properties are the only thing out there, it's the thing that I think makes the most sense. But you know, something that brings in cash flow that does scale up with inflation is something that you'd have to focus because if you're just in the stock market, and you're just in the equity play, even, you know, Bitcoin or anything else, there's lots of things going up and down in value, but it's not pushing off cash flow to you. That's where you're probably losing out because your money is really going to go down in value at some point once it all hits the fan.   Michael: Yeah, makes total sense. So I've got a question for you, Omni. So we talked about inflation going up through the roof and that means that the dollars held in the bank not doing work for us are losing value over time. We're also seeing this kind of unique set of circumstances where interest rates are going up very quickly as our prices, there's got to be an inflection point where interest rates hit a point that causes prices to stagnate or either fall and so for those people that want to have cash in the bank, take advantage of those maybe price fluctuations, but are also losing money by holding cash. I mean, how do you reconcile and square that?   Omni: That's a great question. It is tough and it's I've never seen a market change and evolve as quick as this one is, I was just doing so typically, I buy most of my properties cash and I try to refinance out into the birth strategy. So I buy a portfolio, and then I rehab them, update them and then go to the bank and pull out equity, and I keep recycling the money that way. So mid rent refinance right now and, you know, typically, you know, from a multi small multifamily level, somewhere in the fours to 5% range has been, you know, the happy medium for a very long time, I just got an estimate at seven and a half percent, so…   Michael: I got six and a quarter, yeah   Omni: Like seven and a half and it's a lender that I've used it right, and they're like, you know, it's just that's just where we are at so I'm making a decision, do I leave my money in there for a while, do I cash out, knowing that I'm probably gonna have to refinance out pay a penalty in a couple years, and because I definitely don't want to carry a rate that that bad, but I just don't want to leave money in it, do I, you so you're having these conversations, and it's a little bit of everything, so really depends on your need. You know, when I have money sitting and I don't have enough deals, I usually lend it out. I'm a private money lender as well, because I don't like just hold the money, I want that money working for me. But even some of the rates that I'm getting back is like comparable to what you know, you know, a regular mortgage rate is now it's like, alright, I think private money lending needs to go up in value or cost, you know, to kind of offset that as well. I think it's really having multiple strategies to place your money and it's really, we have to be conscious stewards of our money, because it's just putting the bank I'm gonna go to work and I'm just going to forget about it, right? We stick our head in the sand and we're just whatever it's it is it is what it is. Well, that mentality is really, you know, the people that will get, you know, hurt the most because if you're not recycling your money, or if you're not making moves in terms of how to maximize whatever the market is giving you, you're just going to be stuck with the worst possible option typically.   Michael: Yeah, that makes tons of sense and so curious to get your thoughts on what some short term investments are that people can make to recycle their money, because they anticipate a market correction to be able to use their cash to then purchase properties in cash. Is that would that be hard money lending, would that be some other asset class?   Omni: Yeah, there's a few things you can do on that, it really depends on whether you're already an active investor or not real estate investor, if you're activated real estate investor, that is looking for a few projects, right, I'd rather have my money in a project that I'm personally overseeing and I'm increasing in value or increasing in the net operating income on it and if you can do that, great, that's park your money in, and probably the safest hands up, you know, your own hands. But if one, you don't have the deal, or two, you're not an active investor, then it is figuring out, you know, where can I place my money and that's what I do private money lending. There's something called gap funding, which is more of a partnership. So it's less of an interest rate that you're getting in return. But it's the gap between what the investor needs, what the hard money is wanting to give, and what the investor needs to bring for the down payments on bringing it down payment on a flip, they're getting the majority from a hard money lender. Now, it's not an interest rate that I'm getting, I'm getting a percentage of the actual profits of the deal. So one, I need to be able to vet the deal and to I need to trust that investor, that they have a solid track record and have the ability to like send resources over and help them make sure it's a profitable deal. In the long run it allows me to be a part of more real estate transactions without an active role in it and my money's just not sitting there. For those who just don't have that level or even that ability to have time, then it's looking for some sort of, you know, can I be an LP on a syndication somewhere. I don't love being LPS on syndications, because it usually means I'm leaving my money in there for five to seven years and although there's great syndications out there, right, you can turn that into 10,12, 15 plus percent return with really no interaction. Me personally, I know that I can probably do better than that, if I had that money, and I'm using it over and over again. But if you're just going to let it sit, like worst case scenario, go lend it out, or put it into some sort of, you know, syndication out there, because that is beating inflation at the very least and then coming up a little bit more above and beyond that.   Michael: Love it, love it. You talked about Omni people getting hurt via their investments, curious to get your thoughts on some mistakes that you're anticipating people may make in 2022, or that you've already seen people make because of this really unique environment that we're in.   Omni: I think we've already been seen it, but we're probably going to see it more and more I call it the dumb money effect. You know, there's a lot of dumb money in the market, it's not speaking to people in general, but the money is just dumb, right and…   Michael: …because there's so dumb people as well if I am being honest.   Omni: So there's just so much money out there and then you take, for example, when I'm buying a property, I have some strict criteria of like it needs to pencil out in this box, it needs to hit me this return. Because one, I need to get a certain amount of return for my expectations, my time as well is all factoring into that and then someone comes in and buys that property for, you know, half of a return or a 10th of the return that I need and I'm thinking that was dumb, why. But if we understand who that person probably was, it was probably someone that like, like, sooner than then they thought they would sold the property and they need to turn 31 and they're just stuck with money, which is dumb money, it's a great problem to have, they're not looking for the same return, they're looking to park money, that's a park money and do it right. So that's a big, big factor, right people because everyone's been set, you know, being approached and said, I want to buy your home, and people are just selling their home, it wasn't part of their plan, right, they're planning to sell it at the five year mark or the 10 year mark, and the sort of the two year mark, and now they're stuck with this equity.   That's a great problem for them to have and then you have so much money in institutions and being raised in some of the syndications that we talked about that can't find the right deals and so rather than sitting and not investing and really they haven't to pay interest on that, they just are going to park their money as well. For a much lesser of return than what you were I would typically require out so it's one understanding that there's dumb money out there and don't get caught up in the competition of that dumb money. Because if you just say, alright, I guess a, you know, two cap is what we're expecting in this market, I guess I gotta go do one and a half cap to compete. That just doesn't make sense, right? I think one you'd have to just readjust your strategy, or maybe look in a different market, or try to find some sub market or some niche that just doesn't have the big competition and it might be you know, lowering your price point a little bit because it typically is that larger price point portfolio or building those often attracting the dumb money. So if you kind of take it down a notch, maybe you have to do a few more transactions to spend the same amount of money but you can you can get it done.   Michael: Interesting, okay and what do you say to all the first time investors out there that are coming up? against all this dumb money, and they just can't get a deal and they're like, man, what am I supposed to do like I've done all the things I'm supposed to do, I'm making offers, I have my pre qual letter, I can spend up to x, I've run the numbers, this is my Buy Box. I just can't find anything that fits the buy box. What do you say to folks like that?   Omni: It's tough to be a first time investor right now. But it's always tough to be a first time investor. The reality is, it gets easier and easier as an investment, the more experienced you are and so last year, it was a tough market, I bought 46 properties last year and so that was a big, big year for us, I set a big goal to do that, and didn't actually hit my goal. But the reality is part of it was one, I knew I wanted to buy as many properties as possible, I want to get as much debt as possible and, and I want to just prove that it was done because for several years, we've been hearing about how tough the market was and the reality is, there's deals out there, most of those deals were off market and so it's building those relationships, and it's understanding where you're gonna go to do that. But I tell every new investor, the reality is until you buy your first property, you haven't even started, you start, once you buy your first property, you can take every course, you can listen to every podcast, and it's good to have knowledge.   But so many people get all the knowledge and never actually do anything and until you actually are like in the trenches, making decisions, talking to your property manager solving problems, like pulling your hair out, you're not growing, you're not actually becoming an investor yet. So I say, one, err on the side of just go get your first investment property first, right, just figure out does it come very close to your box, because, in reality, the worst case scenario is like it's if it's a $20,000 property, you're not losing $20,000, if it's a bad investment, you could probably still at least have the value of the property in there. Maybe it's not cash flowing like you had hoped to and if you have the exit that maybe you're losing, you know, breaking even or losing 5%, which I don't advocate losing money for. But I've seen I've had conversations like eight years ago with people, and still today, they haven't bought their first property, they just would have been so much better going in and just getting their first property because that second property, that third property, that fourth property doesn't come to you until you get that confidence and that confidence is overcoming obstacles that you occur that you come up against after you have your first property. So it's just getting in there because of that, most people I talked to end up lowering their price point quite a bit to like dip their toe into the market. So it's almost like, alright, I don't want to, I understand I'm taking a risk, but we're risk instead of $300,000, I'm gonna risk $50,000 worth, and then okay, now that the spread one way or the other, it's a 5% gain or a 5% loss, it's not as bad and so we people looking people have people looking for those types of markets and then once they do that, then they're expanded to either a larger unit counts or other markets that they're more comfortable with.       Michael: It makes total sense that I see the same thing inside of Roofstock Academy and share similar advice with folks that hey, it's once you get your first deal done, the physical act of doing that you're going to learn so much more than I could have ever taught you in this course or any course you take, like, like you mentioned, but it's funny because I hear stories, anecdotes of people going into that kind of $50,000 price point, having a bad experience or having a water heater blow and now they're cashier screwed for the year and like man, real estate investing sucks, it doesn't work and so you kind of have to, you know, frame people's expectations around, okay, well, this is the asset class, these are the types of risks typically associated with these types of properties and that $50,000 property, by the way, doesn't speak for real estate investing as a whole, right?   Omni: You're exactly right and I had to reframe so I used to say, all right, let's how to get your first property. Now it's I don't even help anyone until they're committed to like for like the next five years, like figuring out alright, what is your plan, because the worst thing you could do is own a rental property, like no one in the right mind should own a rental property or even two rental properties. Because guess what, you're not financially free by owning one or two properties and you still have all the headaches of being a landlord under stress and anxiety and you are a terrible landlord, because you only own one or two properties and you probably found subpar investments because you haven't been an investor for a very long time. So it's just getting started, you don't really ramp up and benefit from being successful landlord or a seasoned investor and you just kind of sit there hitting your life. And so I kind of frame that and say, this is what it's going to be like. So really, you got to get 2,3,4,5,6 property, you got to get to your number.   We always come up with like a baseline financial freedom number, not like your dream goal. But like you need this to pay the bills to call yourself financially free. What is that number, is it 3000 a month? Is it 5000 a month is it $100,000 a year, whatever it is, and figuring out the math working, working your way backwards and say alright, that means it's eight properties that means is 20 properties or whatever it is shoot for that goal, because if you don't and you're just saying I need to get an investment property, and you get an investment property, guess what? It's going to suck it's gonna, you're gonna hate you the landlord like why am I doing this for a few 100 bucks a month? What does that even make sense? It does not make sense until you scale your portfolio. Most people just never get there. So you have to like pre warn them and they say, okay, here's the vision. This is just step one of five to 10 steps.   Michael: Yeah. Now it makes total sense and I agree and my last question for you, I'm gonna before I let you go is, for those people that just can't even see path like getting their first deal done is already scary enough. They can't possibly envision getting more properties as part of a portfolio because I was there I was that person for a long time. So how do you kind of coach people or what do you share with folks to just get them to that point that says, hey, I know you might not be able to see properties two through one right. Now, let's focus on one, I mean, how do you how do you reconcile that?       Omni: So it's tough and the reality is, not everyone will get there, no matter what I feel like I convert everyone into a real estate investor, because I believe, would benefit from that I just can't and I've tried, there's people that no matter what their comfort level, my wife's one of them like she's one of the most conservative nervous people there is and if she wasn't married to me, she would oh, no real estate, we own a ton of real estate and if I was gone tomorrow, she would sell it all tomorrow, right? It is the stress involved with just owning real estate, right? There's just things and yet she doesn't really do anything with it, other than you know, just kind of see the income coming in and so for some people, you need to be on that passive side and that is the lending that is a syndication site. So there is a percentage or personality type where that is always going to be the most comfortable. I personally am not that I love the control, some people hate the control, having that responsibility, having that control.   So it depends on the personality type and then, you know, for those that are kind of right in the middle, I take them through that five year plan or 10 year plan and just say, okay, it's one per year, for the next five years, can we focus on setting a goal of one per year for the next five years, you know, $50,000 100,000 down, whatever it is, whatever they are able to save up, you know, from their job, just alright, you already know you can do that instead of doing what you're doing right now, can we supercharge that and just say next year, we're gonna buy a $20,000 property with $50,000 down and the year after that, we're gonna save up all our cash flow, and then buy a slightly higher property with $50,000 down plus the cash flow, and you're just gonna stack it on top of each other, right? You keep stacking and stacking it, and things are gonna go right and things are gonna go wrong, but but you're moving in the right direction and you get them to say, all right, yes, I think I can commit to that plan. Let me just go look for my first property now and then knowing that once I get to that first property, once I go through that learning cycle, I'm going to feel more confident to actually take it to that next step.   Michael: Love it, love it, love it. Well Omni this was so much fun and where can people learn more about you reach out to you if they have further questions touch base with you?   Omni: Yeah, I'm all over all over social media, not all over. I'm on Facebook I'm on…   Michael: Omni present…   Omni: So I do have a Facebook account, I have Instagram its @ omnitheinvestorguy on all those handles I do have a tick tock account have not done anything with it yet but apparently I supposed to be on Tiktok as well. So look for some content on there. But probably my website https://www.omnitheinvestorguy.com/ is the easiest place to find me and I'll reply to any questions or inquiries anyone has.       Michael: Perfect and for everyone listening and not watching this Omni is O M N I,in case you're wondering. Well, Omni this was so much fun. Thank you so much for coming on and dropping so much knowledge and sharing with us. Definitely look forward to staying in touch and seeing how everything continues with your journey.   Omni: This is awesome thank you.   Michael: Hey, you got it, take care. All right, everyone that was our episode with Omni, a big thank you so much for coming on. Super, super fun episode. I learned a ton and we'll definitely be chatting with him going forward. As always, if you liked the episode, feel free to leave us a rating or review wherever you get your podcasts and we look forward to seeing on the next one. Happy investing!

Living Off Rentals
#114 - Most Important Things to Consider When Partnering - JD Modrak and Andrew Dorazio

Living Off Rentals

Play Episode Listen Later Apr 20, 2022 61:47


Partnership in a real estate investing business? No problem!  In this hour-long episode of Living Off Rentals, I am joined by Andrew Dorazio and John (JD) Modrak! They are both US Army Veterans who I happen to meet by chance.  Andrew has been a guest of this show while JC graces us for the first time. This episode will make you learn more about their humble beginnings, their inspiration, their strengths and weaknesses and how they built a partnership based on their newfound passion, real estate investing.  Stop, take a seat and listen. This episode will surely make you want to learn more!  Key Takeaways: [03:35] Andrew introduces himself and he shares how the book, "Rich Dad, Poor Dad" inspired him to build wealth through passive income.  [06:35] JD introduces himself, he emphasizes that you don't need to be a certain age to build wealth, his discovery of a passion for short-term rentals and Kasa.com.  [14:50] Andrew and JD discuss how they found success in their business partnership.  [22:35] Andrew provides valuable insight for individuals who want to leave their 9-5 job and pursue real estate investing.  [30:15] JD discusses how short-term rentals for multi-family work.  [42:46] Navigating through the pandemic, leaning towards the advantages of remote set-up for property management.  [50:10] JD shares the process for booking rentals on Kasa.com and its amazing automation.  [55:07] Andrew and JD share a piece of advice they wished they learned before starting to invest in rental properties.  Resources:Guest Speaker Website (Partnership): https://www.bcgrealestategroup.com/ Guest Speaker Website (JD Modrak): https://kasa.com/ Rich Dad, Poor Dad Book: https://www.amazon.com/Rich-Dad-Poor-Teach-Middle/dp/1612680194

Creative Capital
Creative Capital Podcast 158: Massive Wealth Acceleration Via Syndicated 1031 Exchanges with Zach Haptonstall

Creative Capital

Play Episode Listen Later Apr 19, 2022 73:57


Zach Haptonstall discusses what a 1031 tax-deferred exchange is, and how he implemented this strategy to grow and scale not only his portfolio but also his investor's wealth while reducing tax liability. Josh and Zach also talk about vertical integration, growing and scaling a business, hiring employees, the importance of social media and so much more! You don't want to miss this episode of the Creative Capital Podcast. Zach Haptonstall is the Chief Executive Officer and Co-Founder of Rise48 Equity. Zach's main responsibilities as CEO include overseeing all acquisitions, sourcing capital, and building strategic partnerships. In 2018 he founded ZH Multifamily and grew his portfolio to $35M. ZH Multifamily founded the organization, The Phoenix Multifamily Association “PMA” where Zach hosted 200+ members and held monthly speaking and networking events. In order to scale and add experts to the team, he retired from ZH Multifamily and PMA in 2020 and Co-Founded Rise48 Equity. Zach has been a licensed Real Estate Agent in Arizona since 2016. He is also an official member of the Forbes Real Estate Council, a Directors Council Member of GPEC, and is a #1 Best Selling Co-Author of “Success Habits of Super Achievers.” [00:01 - 15:04] Knowing Nothing About Real Estate to Acquiring 100 Million in Properties How Zach started in real estateZach was burned out while working a job in healthcare marketing. He found out about multifamily and syndication after quitting his salaried job in January 2018 How he acquired 27 properties worth over $100 million in the Phoenix market since Even though he was earning 6 figures, Zach was tired of working long hours at a stressful job. After reading "Rich Dad, Poor Dad", he looked into real estate and, with a partner, completed a 36 unit deal for $2,500,000 How Zach scaled his business by bringing in the right peopleIt can take time to find the right partners, and it is important to find partners with complementary skill sets To be successful, it is important to have a strong financial foundation and complementary skills in addition to business acumen [15:03 - 29:36 ] Incorporating a 1031 Exchange 1031 exchanges are a way to transfer property ownership into another property, with the goal of deferring capital gains taxThis allows investors to grow their money without paying any taxes while using the benefits of leverage and tax breaks Investors can receive a higher preferred ROI and take advantage of depreciation benefits that offset taxable income Understanding a 1031 exchange timelineYou have 45 days to identify three replacement properties after your relinquished property closes The identified properties do not have to be under contract and you can use an intermediary You have 180 days to close on the replacement property Handling the complex paperwork that goes into a 1031 exchange [29:37 - 44:36 ] The Possibilities of Scaling BIG with a 1031 Exchange While investors can do a partial 1031 exchange if they have sold a property and have funds left over, it's also very complex and risky Zach's competitive advantage The surprising majority of positive investor's responses to a 1031 ExchangeA 1031 exchange makes sense for long-term growth and stability The process of creating relationships and vetting potential investors The key to success is providing quality content that drives people to a CTA [44:37 - 1:00:12] Vertical integration and Creating An In-House Property Management Company Learning to adapt or die Third-party property management companies can experience high turnover rates due to the low-profit margins of the industry How Zach and his team decided to take their business in-house, paying high compensation and offering top benefits to their employees The key things to look for in a property manager How to incentivize staff and create robust bonus structures [1:00:13 - 01:13:39] Wrapping Up! Zach tells a crazy eviction story! Pod Decks Segment Core Four Questions Key Quotes “All the content that we're doing – the goal is to provide quality content and to drive people to a calendar link to set up calls with us. And these are qualified leads, these are people who are interested.” - Zach Haptonstall “The benefit of doing a 1031 Exchange is you are deferring the capital gains tax. This doesn't mean that the tax goes away forever, but you're leveraging all those proceeds into the next deal.” - Zach Haptonstall “Property management is a low-profit margin business, it's operationally intensive. It's a high turnover industry in general. But we wanted to pay the highest compensation, the best benefits to the employee so that we can recruit and retain the best staff – That was our philosophy. So that's what we did.” - Zach Haptonstall Connect with Zach Haptonstall LinkedIn: https://www.linkedin.com/in/zach-haptonstall/ Facebook: https://www.facebook.com/rise48equity Instagram: https://www.instagram.com/rise48equity/ Youtube: https://www.youtube.com/channel/UC0MykmVKnoZVU7cVFPwvcjA/videos Connect with me! You can reach and connect with me on Facebook, LinkedIn, Instagram, and Youtube You can also email me at Joshferrari901@gmail.com For more information about Ferrari Capital visit us on our website https://www.ferraricapital.com SUBSCRIBE to this podcast for more episodes on how to create your own future through smart and lucrative investments. LEAVE A 5-STAR REVIEW and share this podcast with someone you know who wants to experience massive growth and success in their business. Listen to our previous episodes here

Homeschooling Entrepreneur Mom – Kid Entrepreneurship, Work From Home, Homeschool Basics, Making Money FUN
77: Top 9 Books for the Entrepreneur-minded mom, who knows they have a bigger purpose in life & is working to Get it!

Homeschooling Entrepreneur Mom – Kid Entrepreneurship, Work From Home, Homeschool Basics, Making Money FUN

Play Episode Listen Later Apr 18, 2022 20:34


How do you feed your mindset? One way you should is through books & if you are already an Entrepreneur or want to dive in, these books are for you to help you live out that bigger purpose in your life! Atomic Habits by James Clear: https://read.amazon.com/kp/embed?asin=B07D23CFGR&preview=newtab&linkCode=kpe&ref_=cm_sw_r_kb_dp_G3AE59P7CY0CVJ6WW9HC   The Go-Giver by Bob Burg & John David Mann: https://read.amazon.com/kp/embed?asin=B00YBBKLKS&preview=newtab&linkCode=kpe&ref_=cm_sw_r_kb_dp_9K24RNMMYN3RAW45XE1P   The Purpose Factor by Brian Bosche & Gabrielle Bosche: https://read.amazon.com/kp/embed?asin=B08F9SKRL1&preview=newtab&linkCode=kpe&ref_=cm_sw_r_kb_dp_H6TQSWFYN35KB7BCJ9Y0   Secrets of the Millionaire Mind by T. Harv Eker: https://read.amazon.com/kp/embed?asin=B000FCJZ3G&preview=newtab&linkCode=kpe&ref_=cm_sw_r_kb_dp_1ACVTH0D9TY41X9E7TM5   You are a Badass at Making Money by Jen Sincero: https://read.amazon.com/kp/embed?asin=B01HPCSD54&preview=newtab&linkCode=kpe&ref_=cm_sw_r_kb_dp_GP85862237SZ1H9M5W6C   Rich Dad, Poor Dad by Robert Kiyosaki: https://read.amazon.com/kp/embed?asin=B07C7M8SX9&preview=newtab&linkCode=kpe&ref_=cm_sw_r_kb_dp_KVD1MMXH3R2C43R45WH5   You are the Girl for the Job by Jess Connolly & Annie F. Downs: https://read.amazon.com/kp/embed?asin=B07KDYQPKT&preview=newtab&linkCode=kpe&ref_=cm_sw_r_kb_dp_51P6WY4XRTCSF0D2EAXJ   The Audacity to be Queen by Gina Devee: https://read.amazon.com/kp/embed?asin=B07V1LQ77W&preview=newtab&linkCode=kpe&ref_=cm_sw_r_kb_dp_7E45F5B4QPFVD730VMBV   The 21 Irrefutable Laws of Leadership by John Maxwell: https://read.amazon.com/kp/embed?asin=B00ETK5N5O&preview=newtab&linkCode=kpe&ref_=cm_sw_r_kb_dp_AD9F8WR8PX710KKXDP8P     -Kawai     Let's be Friends! -> https://www.instagram.com/kawai_ahquin Community -> https://bit.ly/HEMsupportgroup Website -> http://www.homeschoolingentrepreneurmom.com Email -> support@homeschoolingentrepreneurmom.com Homeschooling Basics Bootcamp → http://www.homeschoolingentrepreneurmom.com/hbb.html

Billionaire mindset
HOW FERRARI BECAME WORLD'S MOST POWERFUL BRAND? | फेरारी दुनिया का सबसे शक्तिशाली ब्रांड कैसे बन गया?

Billionaire mindset

Play Episode Listen Later Apr 18, 2022 6:54


RELATED BOOK: https://amzn.to/37W0yDKWe hope that you are in Good HealthIn this episode we talked about the story & history of Ferrari and how it became world's most powerful brand in 2014.PLEASE CONSIDER SUBSCRIBING US ON YOUTUBE ALSO: https://www.youtube.com/channel/UCN5y9Kw4Lcm5DmSWyRHKhXQ/featuredRate our Podcast :-Apple Podcast: https://podcasts.apple.com/in/podcast/billionaire-mindset/id1493386466Podchaser: https://www.podchaser.com/podcasts/billionaire-mindset-990587/reviewsSpotify: https://open.spotify.com/show/5RJvlyPY3wvRwt6L3CzGas?si=2cdecfabb1f14799Email: billionairemindsetpodcast@gmail.comOther platforms: linktr.ee/billionairemindsetBook on Investing:INTELLIGENT INVESTOR: https://amzn.to/3sm390oRICH DAD, POOR DAD: https://amzn.to/3GwjmoTTHE PSYCHOLOGY OF MONEY: https://amzn.to/3uBXsOmTHE WARREN BUFFETT WAY: https://amzn.to/3J9AWjUInformation derived from various articles and videos on youtube.Subscribe the Podcast If you haven't already.Lots of love

The Serviced Accommodation Property Podcast
Running a Tax-Efficient SA Business With Shaz Nawaz of AA Accountants

The Serviced Accommodation Property Podcast

Play Episode Listen Later Apr 17, 2022 53:10


Shaz Nawaz is an accountant who also runs several property businesses of his own. In this episode, he talks about the potential tax benefits of using the serviced accommodation model. He covers the subjects of leveraging capital allowances, legally avoiding section 24, investment allowances, taxable losses, and sideways loss relief. As well as talking through the subject of company structure and ways the SA model can be used to help you to build a decent pension pot. Alongside several other important subjects, as well as briefly talking about furnished holiday lets.   KEY TAKEAWAYS Capital allowances are a powerful tool for reducing tax. How you structure your business makes a big difference to how much tax you pay.  LLPs offer big advantages, in certain circumstances. When capital allowances and other tax advantages have been exhausted, often, SLR can be used to reduce the tax burden. Pension contributions, loan backs, and SASs can all play a role in paying less tax. Husband and wife partnerships have the option to split the income in a more tax-efficient way. Under certain circumstances, the TOMS or Flat Rate scheme can be used to avoid having to charge VAT.   BEST MOMENTS ‘In an LLP, the tax is payable by the partners.' ‘The more property you buy, the more capital allowances you have, the more you can claim.' ‘Serviced accommodation is treated as a trading business, for tax purposes.'   VALUABLE RESOURCES Discovery Day Sign Up Page - https://progressiveproperty.online/serviced-accommodation-discovery-register/AMB3258 The Serviced Accommodation Property Podcast - https://itunes.apple.com/gb/podcast/the-serviced-accommodation-property-podcast/id1436005279?mt=2 https://propertysoldier.co.uk/ Serviced Accommodation Success by Kevin Poneskis Rich Dad, Poor Dad by Robert T Kiyosaki   GUEST RESOURCES Phone: 01733555667 Email: shaz@aa-accountants.co.uk ABOUT THE HOST Your host Kevin Poneskis enjoys public speaking, travelling, exercising, and keeping fit. He also enjoys working with a charity called STOLL which provides accommodation and training for homeless veterans. Kevin was in the British Army serving 24 years, mostly in a Commando unit, and retired at the rank of Regimental Sergeant Major. He left the Army in 2011 and became a full-time property investor. During most of his Army career, Kevin was investing in property and has been a property investor now for over 27 years.    CONTACT METHOD https://en-gb.facebook.com/propertysoldier/ kevin@propertysoldier.co.uk See omnystudio.com/listener for privacy information.

How to Scale Commercial Real Estate
Practicing Law and Investing in Real Estate

How to Scale Commercial Real Estate

Play Episode Listen Later Apr 13, 2022 17:07


How do you invest in real estate while you're still practicing law? Yosef Lee, Managing Principal at Syndicro & Partners Capital, made this possible, and he's here to tell us how. In today's episode, he will walk us through his journey to real estate investing in the United States after he left South Korea. Since stumbling upon Robert Kiyosaki's “Rich Dad, Poor Dad”, Yosef has built an active network of high-net-worth individuals and high-income professionals looking to invest in real estate. He will talk about the benefits of multifamily properties and why we should try short-term rentals to diversify our portfolio.  [00:01 - 03:47] Opening Segment Yosef Lee talks about this book that led him to real estate investing Here's how his law practice applies to real estate [03:48 - 12:02] Speeding Up the Process of Learning Real Estate This is Yosef's secret to expedite his learning process about real estate Yosef believes however that education alone is not enough to learn real estate Here's what he did Yosef talks about this monthly meetup to build and maintain his network How this is important in finding the right partner [12:03 - 15:48] Investing in Different Asset Classes and Knowing Their Risks Yosef gives his outlook on his real estate investing journey Why he views multifamily as his “financial fortress” These are the risks involved in investing in short-term rentals [15:49 - 17:06] Closing Segment Reach out Yosef Links below Final words   Tweetable Quotes “You only can go far if you do [real estate] yourself because this is not a solo practice. You need a team.” - Yosef Lee “As you educate yourself, you got to network because you got to find potential partners and potential investors.” - Yosef Lee “I believe that fear comes from not knowing what you're dealing with.” - Yosef Lee   -----------------------------------------------------------------------------   Email esquire@syndicro.com to connect with Yosef and check out Syndicro & Partners Capital to invest in affordable, modern, and comfortable real estate apartments. Message him on LinkedIn. Connect with me:   I love helping others place money outside of traditional investments that both diversify a strategy and provide solid predictable returns.     Facebook   LinkedIn   Like, subscribe, and leave us a review on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on.  Thank you for tuning in!   Email me → sam@brickeninvestmentgroup.com Want to read the full show notes of the episode? Check it out below: Yosef Lee  00:00 You only can go far if you do it yourself, because this is not a solo practice, right? You need a team because if you're dealing with a single family duplex on a residential site, I think you could be super mad you could do everything yourself, you can have that automation system. But if you want to come to the commercial side of multifamily now, you know the lender sees deals differently. They see different credibility, they will see how as a team you can tackle down and if you could really close so unless you network with people and find a partnership, you can only go so far.   Intro  00:35 Welcome to the How to Scale Commercial Real Estate Show. Whether you are an active or passive investor, we will teach you how to scale your real estate investing business into something big.   Sam Wilson  00:45 Yosef Lee is a full-time attorney and also a multifamily syndicator Welcome to the show.   Yosef Lee  00:55 Thank you very much, Sam, for having me. Very excited to be here.    Sam Wilson  00:58 Hey, man, the pleasure is mine. Same three questions I ask every guest who comes on the show. In 90 seconds or less, can you tell me where do you start? Where are you now and how did you get there?   Yosef Lee  01:05 Sure. I mean, South Korean, immigrant father of two, full-time lawyer in New York City, and real estate investor, more so multifamily. I started my real estate journey about two years ago by stumbling upon the book Robert Kiyosaki's Rich Dad Poor Dad, which changed my mindset totally. And then we coupled with some life experiences where I came to conclusion that I needed to create some sort of passive income stream or sustainable income stream, so that no matter what my kids want to do, no matter what happened to me knock in the wood. I have some sort of financial fortress to protect my kids and family. Right. So that's how everything started. In the beginning, as usual, as everyone analysis paralysis, but I took serious steps by joining real estate investors group, Jake and Gino and MIT mastermind in February 2020. Right before epidemic, and with the goal of closing my first deal in December 2020, which happened in December 2020. Yeah, and through that, it opened the door for the second deal, march 2021. We did our second deal, a syndication, I got a job offer in March of 2021. From one of my mentors with a team together, I became co GP of five more deals thereafter. Now, fast forward, as a GP, I have 560 units, and we're working on the next deal to be closed in about a month or two.   Sam Wilson  02:28 That is amazing. And you're a full time attorney.   Yosef Lee  02:32 Yes, sir.   Sam Wilson  02:33 What type of law do you practice?   Yosef Lee  02:34 It's what, do insurance litigation, mostly personal injuries. So it's, if you don't meet me, that's good, because you're not in an accident. That means right?   Sam Wilson  02:43 Yeah, absolutely. Well, let's, let's take a minute and maybe dig into your expertise on that side of things. I mean, you've had lots of insurance brokers, agents, people on the show talking about insurance, but I've not had an insurance litigation attorney on the show what you see, when you're looking at a property and you're looking to invest in it, or bring capital or whatever part of the deal you're taking, as a general partner, what do you look at from a risk perspective, maybe that other people would miss since you are in the litigation side of this?   Yosef Lee  03:18 You know what, to be honest, I really don't think to look into deeply as to the insurance, ladies, I mean, I need to make sure that there's enough coverage, right, at least 1 million. But since we're dealing with multimillion-dollar properties, I want to have umbrella policy of at least three to 5 million, right? Things like that. Other members might miss it because they don't think umbrella policy is needed. But personally, I think since we're dealing with a big properties, thing, umbrella policy is needed. So that's something that I'll probably look at.   Sam Wilson  03:48 Yeah. And do you see either property specific things that would lend themselves to hey, this could be a future problem? Like when you look at deals, you say, hey, there's either something that can be corrected, there's a structural deficiency, there is a risk hazard on the outside. I mean, I don't know what type I'm not in your field. So I'm trying to try to ask the question in a way that makes sense. But I mean, do you see things inside of the deals that you say, hey, we need to fix this in order to de risk what it is that we're buying?   Yosef Lee  04:15 To be frank, my field has very little to do with real estate. So I had to just start as a zero no experience, so to say, if you tell me like be honest, there's nothing that as a litigation attorney, that I look and then find some you know, deficiencies upfront or something that I can expect something to happen but in general, I was trained to find some flaws and structures or things like that. So I will be very much involved with legal due diligence from the beginning of the acquisition side. How I was being part of the team was, I will be communication channel and between all the attorneys we had SEC lender seller and our two attorneys for attorneys I, myself five, and I'll be in the middle of being the communication channel, collect all the information and deliver that to my team members to make it easy for them to digest. And then if any comments I will collect, and then I'll send it back to all the attorneys to make that process easier. So that's how I contributed to the acquisition side.   Sam Wilson  05:21 Yeah, that's a great contribution, because there's so many of us that that just sounds a lot like work. So that's really cool. You've closed 5, 4, 6 doors, is that right? Yeah. 5, 6, 7. 5, 6 7, . It's a lot of doors in a very short period of time. I know. You said you join Jake and Geno's group, and not really kind of helped accelerate that. What else have you done that you would say hey, I did this right. And other people should emulate your step.   Yosef Lee  05:47 First joining a mentorship group, that definitely expedited my journey, because not only the education component but also the network because I met all my partners through Jake and Gino and MIT mastermind is two different groups. I joined two different groups and taking lots of actions. I call it ENA, always do this education, networking and action. So you got to do this almost at the same time, you got to do A and then B and C to me was like you gotta do education. As you educate yourself, you got to network because you got to find potential partners, and potential investors, right. And then you can't just sit on it. You can't just know how to do it. You got to take actions and actually do it. Talk to the brokers talk to the lenders. So all these basic things I tried to do. And then I started virtual meetups in May of 2020. Because the pandemic happened, I couldn't really go out and meet people, right? Because I used to meet all boring people like attorneys. But now I wanted to meet this exciting group of people, real estate investors, but then pandemic shutdown, right, everything. So I started doing virtual meetups with a co host that I met through Jake and Gino Nico. And yeah, I was just kicking it off. And it was a lot of fun meeting lots of people bringing a guest, including Radcliffe, the third month of starting, it was August 2020, we were able to have Radcliffe as a guest, and he absolutely killed it on fire. So things like that. And being able to meet the people that you looked up to when you started your journey. Like Joe Fairless being able to talk to this guy, the interview with Vinnie Chopra, these people before joining the game. I actually read their books, listen to their podcasts. And I was telling myself someday I'm gonna see this guy's in two years as I take the journey. It's actually happening that I met one by one. And that was just amazing.    Sam Wilson  07:39 Yeah, I can only imagine that. Yes, it is. Tell me how you had the confidence. I mean, because you decided in December 2019. You said I think it was that, hey, I want to get involved in real estate. And then, you know, of course, the pandemic happens. So you've got four or five months of kind of learning about the space under your belt, launching a meetup, how did you do that in a way without having that like, Hey, I don't really know anything about this, but I'm launching a meetup. How did you do that? And attract a following towards that? I guess that's the real question.   Yosef Lee  08:06 Okay, I believe the fear comes from not knowing what you're dealing with. And given my background, I came from South Korea, pretty much as at the age of almost like 18. So to me, I had no time I had to make the decisions as soon as possible to move on to the next chapter. Next goal of mine, right. And I was trying to do that, like, if I think I have good enough amount of information, I gotta make that speedy execution and move on otherwise, because it's always the thing that I have bet on my mind. Like I started late, I had to develop that skill set of making the speedy execution. Because there's no such thing as a perfect plan. Otherwise, you're going to be just waiting for like, years and years not doing anything. Right. Right. So that's something that I pushed myself to do. So yes, it was only a couple of months that I was in the game. But through research, I had enough information that it was enough to convince myself to pull the trigger. Put it that way.   Sam Wilson  09:10 Yeah, I like that. I like the idea that maybe not the idea that you started late, but that you have to implement a speedy execution. Like there's just no time to delay. Is this a meet up? You're still hosting and running?   Yosef Lee  09:21 Yeah, it's a monthly we started as a bi-weekly, that was monthly, actually, it's tomorrow. It's about an hour, what we do is we bring a guest each time, anyone from real estate investor, active or passive, someone who can talk about property management side lenders or CPAs syndication attorneys. And then we have like 10 to 15 minutes of icebreaker networking time with people and then we listen to their stories, the guests stories and we learn. That's basically the format.   Sam Wilson  09:50 Great, I bet that has generated a tremendous amount of traction. Who are the people that typically come to that? Is that an active real estate investor? Is that people who are interested in real estate? Who typically do you find?   Yosef Lee  10:02 I think all sorts of, we've had an active investors, passive investors, someone who never knew about this apartment investing someone I just met on the street. And we happen to talk about real estate investing. I give them the information about the virtual meetup. And he showed up and yeah, just anyone is open to anyone. But the goal is to connect the people in the multifamily sectors, and we have a specific topic. So each time the poll are different, like they can choose to come or not, but we have maybe about 50% of regular attendees, and the 50% gets changed.   Sam Wilson  10:36 That's absolutely awesome. Would you recommend that to other people? Do you recommend that method of I guess self-educating and also building your network?   Yosef Lee  10:45 Oh, definitely. Because you only can go for if you do it yourself, because this is not a solo practice, right? You need a team because yes if you're dealing with a single family duplex or residential side, I think you could be super mad, you could do everything yourself, you can have that automation system. But if you want to come to the commercial side of multifamily now, you know, the lender sees deals differently, they see different credibility, they will see how as a team you can tackle down and if you could really close, so unless you network with people and find a partnership, you can only go so far, I always tell people like you gotta have a team, especially when you start because you don't have that credibility. Your five years of experience as a single family flipper or wholesaler or investor will not get you anywhere when you come to this site.   Sam Wilson  11:39 Right? Yeah, that's absolutely correct. I love that. Have you worked with the same set of partners on every single deal?   Yosef Lee  11:46 Not every single deal, but a couple. So first two, I have a team that I still manage together. And then we're looking to see another property together. And I have another team that would do syndication together as a team. So I have mainly two different teams but consistently work together.   Sam Wilson  12:03 Right. Yeah. And that's not uncommon. I mean, especially gaining traction, that's not an uncommon, you know, way to go about it. What's the future hold for you, you're knocking it out of the park on the co-sponsors slash co-GP side of things, where do you want to go in the future, and then tell us how you intend on getting there.   Yosef Lee  12:22 I would just put my head down, just continue this journey of acquiring more passive income streams, enough to for me to transit into more of a full-time real estate side and reducing my attorney hours. But eventually, I want to create that system of having multifamily as a defense, I call it defense, gets more passive income, financial fortress, but I want to go into the short-term rental side, which I consider to be more offense and like sphere itself, to me, multifamily is a shield, and short term rental will be a sphere or sword, where I could get more often cashflow, with the cushion of having this passive income stream. And I mean, financial freedom and time freedom is what everyone wants. But also, to me, it's more about setting a goal and achieving it and move on to the next. So that's a way of proof who I am to myself. And that's what I said when I came to this foreign country, with meeting old and new people, new cultures, new language, and things like that.    Sam Wilson  13:24 Right, man, that's a lot to absorb in a very short timeframe. Tell me why you define short-term rentals as offense? What do you see about that? That is not a defensive play. And then what risks are involved?   Yosef Lee  13:37 Well, first of all, I'm not doing any short-term rental at this point. So I can't really tell from an expert perspective, because I am not. But to me, Airbnb is, and this corporate rentals looks more promising in terms of higher cash flow, because you charge premiums as opposed to the passive income stream that you get from multifamily, which is extremely hard to grow. I still consider being a GP as an active income, not passive income, I consider the true passive income, if I could call it a true passive income only comes from being an limited partner, a passive investor side, which I try my best to get to, as well. Each time I go to go in as a GP, I try to invest as an LP to as I make money from my active jobs and active GP position, I try to shove that into an LP position so that I could grow that small passive income stream old number and net Oh, one point because I might not be able to do this much of a gap or this much of a job. Right, right. That's why I'm saying this is more defense. But once you have that passive income stream for years down the road, you will be it's like a fortress, it's not going to be easily fallen, right? But Airbnb Incorporated, and again, I do see a lot of premium charge and then good cash flow. So that's why I want to delve into it. So it's just my coin coining that as offense is just the way I see it as a lot more active upfront cash flow.   Sam Wilson  15:05 Do you see any risk? And again, I understand that, you know, you're not actively buying that yet, but it is something you're looking at. What risks do you see when you look at short-term rentals?   Yosef Lee  15:16 I don't want to call it a risk. But you gotta take up a lot more things yourself than the multifamily because I think the team, the pool of team and number of partners will be smaller in Airbnb, unless you probably create, like massive amount of portfolio. Right. Whereas the multifamily you have a good number of partners where you can rely on so far. That's how I see it. But I don't know. I think it's just the term that gets me to act upon offense, more cashflow, defense, more of passive income.   Sam Wilson  15:49 Got it. I love it. Yosef, I love what you're doing. Thanks for breaking down really your story and you know where you've come in the legal world in the multifamily world. And then of course, what you're looking to do, how you differentiate between offense and defense, I love all those things. And then you know, breaking down for us the benefits and how to start a meetup that is absolutely fantastic. If our listeners want to get in touch with you what is the best way to do that?   Yosef Lee  16:14 I try to be very active on social media so you can find me on LinkedIn, Facebook, Insta, TikTok. I've been Yosef, Your Bro Sef. That's my handle Y-O-S-E-F-Y-O-U-R-B-R-O-S-E-F, and shoot me a DM. I'm open to have a zoom call and discuss and I'm very easy to get in touch with.   Sam Wilson  16:35 Fantasti. Yosef, thank you for your time of day. I do appreciate it.   Yosef Lee  16:39 Thank you very much, Sam. I had a great time with you.   Sam Wilson  16:41 Hey, thanks for listening to the How to Scale Commercial Real Estate Podcast. If you can do me a favor and subscribe and leave us a review on Apple Podcasts, Spotify, Google Podcasts, whatever platform it is you use to listen, if you can do that for us, that would be a fantastic help to the show. It helps us both attract new listeners as well as rank higher on those directories so appreciate you listening. Thanks so much and hope to catch you on the next episode.

How to Scale Commercial Real Estate
Investing in your early 20s with the Donis Brothers

How to Scale Commercial Real Estate

Play Episode Listen Later Apr 12, 2022 18:03


Is it possible to invest in real estate even if you're just in your 20s? Donis Brothers, Jeffrey, Kenneth, and Kerwin dropped out of college to start their real estate journey. They're still in their early 20s, but they've already taken down three assets as of this moment. Why they took risks at such a young age and did not follow the safe, traditional path is an important conversation that we have in today's episode.  They will also reveal some of their secrets in building their real estate network, a few mindset shifts to overcome self-doubt, and ultimately, growing a company that gives them sustainable wealth and a legacy for their family.    [00:01 - 02:17] Opening Segment Jeffrey, Kenneth, and Kerwin Donis are brother-entrepreneurs Here's their backstory At the moment, they've taken down three assets This is their key to success [02:18 - 09:59] Investing in Real Estate in Your 20s How they started to build their network in real estate Overcoming self-doubt to start investing in real estate in your 20s? This is how they choose the deals they want to invest in  [10:00 - 17:19] Educating Yourself About Real Estate Listen to their approach on how they divide responsibilities within their company The brothers went to college but decided to drop out This is their mother's response These are the alternative means to educate yourself  [17:20 - 18:02] Closing Segment Reach out to the Donis Brothers Links below Final words Tweetable Quotes “Networking. That's how we were able to get into our first three deals, we got a really good team, and we leverage other people's  experiences.” - Jeffrey Donis  “We tend to make decisions based off where what would get us further or closer to our goals.” - Kenneth Donis  “We're still big believers in education. We're just learning in other like non-traditional settings like conferences, podcasts, [and] books.” - Kerwin Donis   -----------------------------------------------------------------------------   Email the Donis Brothers at jeffrey@donisinvestmentgroup.com, kenneth@donisinvestmentgroup.com, and kerwin@donisinvestmentgroup.com. Check out Donis Investment Group to create a long-lasting generational wealth and build a legacy for your family! You can check them on LinkedIn too: Jeffrey Donis Kenneth Donis Kerwin Donis Connect with me:   I love helping others place money outside of traditional investments that both diversify a strategy and provide solid predictable returns.     Facebook   LinkedIn   Like, subscribe, and leave us a review on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on.  Thank you for tuning in!   Email me → sam@brickeninvestmentgroup.com Want to read the full show notes of the episode? Check it out below: Kenneth Donis  00:00 We tend to make decisions based off where what would get us further or closer to our goals, the money. I mean, it's like we have this like one business account for the three of us. And we don't necessarily, we take trips and we travel and we have great times. But typically those are business expenses. And so we have one bank account, and we share all that we don't really try to pay ourselves just because we're trying to dump everything back into education, meeting new people, and of course Education.   Intro  00:27 Welcome to the How to Scale Commercial Real Estate Show. Whether you are an active or passive investor, we will teach you how to scale your real estate investing business into something big.   Sam Wilson  00:39 Jeffrey, Kenneth, and Kerwin Donis are three entrepreneurial brothers who started their REI, investing careers looking to retire their mothers and themselves. Gentlemen welcome to the show.   Jeffrey Donis   00:50 Hey, thanks for having us   Sam Wilson  00:53 Pleasure's mine. You know, I don't think we ever had three guests on the same time, let alone three brothers, who all look almost exactly alike. So this is going to be kind of hard as I try to address each of you. But you know, there's three questions I asked every guest who come on the show, and maybe one of you can just take this. Where did you guys start? Where are you now? And how did you get there? The caveat is it needs to be in 90 seconds or less.   Kerwin Donis  01:13 Okay, cool. I'll take that one. So we started wearing Durham, North Carolina. We started in wholesaling real estate and single family after reading Rich Dad, Poor Dad and being exposed to the power of wholesaling and real estate. And then we decided to move up into the multifamily space once we decided that we wanted to hold real estate long term. And we got with a mastermind group and have been able to be a part of three apartment syndication deals, and we're hoping to do more this year.   Sam Wilson  01:36 That is fantastic. So tell me this. Are you guys actively taking down deals on your own right now? Or are you guys co-sponsoring or what's your model right now?   Jeffrey Donis  01:44 Yeah, we're co-sponsoring.   Sam Wilson  01:45 Okay, cool. And you guys have taken down three assets up to this point. Tell me what has been one of the things that you have found to be a key to your success? Like, what do you guys do? You have done really well?   Jeffrey Donis  01:57 Networking. That's how we were able to get into our first three deals, we got a really good team, and we leverage other people's, right, and their experiences. So that's what we've done really well.    Kenneth Donis  02:05 Yeah, just going out meeting people that have been doing it for a long time learning through them, and just getting advice and just taking it with us along our journey.   Kerwin Donis  02:12 Yeah, a lot of the money we've made in our business, we've just invested back into meeting people going to events and things like that education.    Sam Wilson  02:18 Yeah, right. That's tremendous. And just I mean, for our listeners who may not know you, I mean, you guys are there's two of you that are twins that are what, 20 years old. That's right. Right. And then which of you and forgive me again? You're the oldest? I'm the older one. Okay. And Kenneth, 23? You're 23? Right? This is pretty amazing. For three guys that are 20 and 23, you know, to have made this amount of progress. What's been one thing you know, outside of networking? I mean, I'm sure you guys are raising capital, you guys are talking to investors? How have you overcome that challenge? At least initially, you know, when people say, Well, hey, you don't have a track record? Or you did single family? How are you going to take down multifamily? What have you told people?    Jeffrey Donis  02:58 Yeah, and like I said, it really came down to us joining the right mastermind groups, networking with the right people, because we leverage the experience, our mentors been in it for in the game for over 20 years. So that's kind of, you know, when we talk to our investors, they understand that we're young, but my team isn't, you know, so the team has been doing it for longer than we have. And another thing we've done really well is your social media content. We have a podcast ourselves. So I, just being really consistent, we position ourselves as a thought leader in the space, just based on the content we're putting out. So that's something we've been really good with.   Sam Wilson  03:28 Man, that's absolutely awesome. I'm telling you, something else you want to add to that?   Kenneth Donis  03:31 I was just gonna say, typically, for these deals, you know, they're larger assets. So you know, to get approved for a loan, you know, you have to actually have the net worth. And so that's kind of how we're positioning it. You know, we're not the ones, of course, signing on these loans, but these loans are getting done with our partners. And so we have people that have been more experienced, they wouldn't be willing to sign on, you know, 10, 20 or plus million dollars worth in loans didn't believe in the deals. So we're pretty much leveraging them as well, as you know, we're also speaking from a place of education. So we try to educate ourselves, just know, kind of what, you know, underwriting kind of what we're talking about when we talk to our investors.   Sam Wilson  04:10 What would you guys say to people who maybe were in your shoes, but maybe not as far as you are? You know, because there's a lot of self-doubts, there's probably a lot of those, hey, you know, we're too young, or we're, I mean, everybody finds excuses. I don't care how old you are, yeah, I'm twice your guys' age. And I can find excuses as to why I couldn't be capable of something. What have you guys done to shift your mindset to say, hey, you know what, I can do this?   Jeffrey Donis  04:35 Yeah, I would say hands down, hanging out with people that are doing it. You're like, I'll be in a room with people that are obviously a lot older than me a lot more experienced than me. And they're doing things that I wanted to do at one point. And they're just by having conversations with these people. And it doesn't have to be about real estate. You kind of just learned about the person. We're starting to realize that these are humans and they obviously are not perfect and they're all killing it in this one area. Right? And if they can do it, then they kind of just like that thing in my head. I can do it too. Why not? That's kind of my personal opinion.   Kerwin Donis  05:01 We're big believers in the saying, fear's a lack of knowledge. And by talking to people or actually doing that thing, before we even met an apartment syndicator is felt like something that was miles and miles away. But once we start meeting these people, they're like the real people, it really demystifies it, it makes it more of a tangible goal we can actually accomplish.   Sam Wilson  05:18 Right, Yeah, I love that word demystifies it because that's exactly right. There's no secrets in this business. There's enough podcasts on how to buy a multifamily asset that there are absolutely no secrets in this business. Talk to me a little bit about your guys's initial why and know that was part of your bio there at the beginning, which said, hey, I want to retire your mother. But what did that mean? Tell us that story?    Kerwin Donis   05:39 Yeah. So my mom came from what the, mother when she was 18. And she's a single mom, we grew up low income. He's cleaned houses ever since she got to America. And so she works really hard. And our goal is to retire her as soon as possible, kind of like our way of giving back to her. And it really motivates us. You know, it's kind of like us taking the torch for her turn. Yeah.   Sam Wilson  05:56 Okay. I bet that's absolutely fantastic. When are you guys going to be the lead sponsor on a deal? I know that's in your playbook. And you probably already tried to pencil out when that will occur. When is that?   Jeffrey Donis  06:06 Yeah, honestly, it's something that for now, we're okay with being co-sponsors on a lot of the deals just because of something that we think it'll help the deal and the business plan be executed a lot more effectively. But in the future, I mean, obviously, one day, we want to be doing our own deals, right, take your home more of the pie. But for now, I don't think we've actually set a goal in regards to when we want to do our own deal. And we're actually pretty happy with the way things are going. So we really liked the partners that were, yeah, I'm a team with and you want to keep doing deals with them for the time being.   Sam Wilson  06:32 Are you continually raising with the same set of partners? Now we are. Okay. Awesome. And then I'm assuming because you know, one of the things that you run into in this business is that deal flow is, you know, paramount, especially when you're raising capital. So you've aligned yourself with a partner that has consistent deal flow.   Jeffrey Donis  06:50 Yes, honestly, it was really the word timing, partner that we're thinking about. He was a lot more experienced than we were. But he was definitely newer than a lot of the other people in the space. And he just kind of took over one market. And now the brokers love him deal flow really isn't an issue for him at the moment.    Kenneth Donis  07:05 Yeah. And so we're seeing deals, we're raising capital on them.    Sam Wilson  07:08 And yeah, have there been any deals that have been presented to you guys that you said, Hey, I'm not in? And if so, why?   Kenneth Donis  07:14 Yeah, I mean, there's always deals that are brought to us. And you know, we're really big on markets. You know, we like to see markets that are growing markets that have larger population, markets that have job growth, we're taking money from our investors, and we want to make sure that it's the best location possible because we tried not to ever compromise location. So I would say we've walked away from a few deals just because of the location, not necessarily because of the asset itself.    Jeffrey Donis  07:41 But also the returns and typically the team, that the first thing I look at is who's on the team who's gonna be doing it? Do I know anyone there? It's not like, we're out here looking for more partners at the moment, we just really have like a good thing set up. So it's gonna have to be something really enticing for us to go and do something different Kerwin Donis  07:54 And we're always networking too. So there's always an opportunity for us to meet new partners for sure. And have to find them organically that way.    Sam Wilson  08:01 Right. Yeah, that's certainly intriguing. You guys have siloed or stayed, you know, solely within multifamily? Is that right?   Kerwin Donis   08:06 Yes. Since we transition from single-family.   Sam Wilson  08:09 Right, was that a tough transition for you? Because, you know, rewinding the tape for me, you know, go back six, seven years wholesaling. I mean, you can make a fair amount of money very fast. Yeah, you know, wholesaling property. And so when you get your syndication business, when you're launching into multifamily, it can be a slow start, if you will. Maybe, especially as a co-sponsor aren't going to be as big as maybe, Hey, man, I can go out and hustle two or three single family wholesale deals and probably make as much money if not more, how have you guys decided to stay the course on multifamily and keep going larger?   Kerwin Donis   08:42 Yeah, so we initially like I said earlier, we transitioned into the multifamily space because it aligned more with our long term goals of generating passive income. And that's really the way we wanted to retire our mom with passive income, because that would be something that's sustainable. And so we just really decided that apartments were was ideal. I mean, it was really just us, like, putting our heads together. We just kept hearing go bigger, faster. And obviously we got into wholesaling didn't not thinking that we we'd never done it before, right? So we were like, Why can't we just apply the same mindset multifamily man, we took the leap of faith, we turn off all the marketing machines that we had going from wholesaling. And we had acquired some rentals through creative financing. So we kind of skipped over that part. But that was also helping us, you know, fuel the business and all that there's still cash flowing, and we were into them for little to no money down. So when it came to the multifamily we were just all in, we started educating ourselves networking, buying courses, and eventually joining a mastermind group eventually took us about seven months to get into our first deal, but it took us about six months to get our first wholesale deal. So it was a hard transition, honestly, from having constant wholesale fees coming into, you know, not having any acquisition fees or anything like that. So that was definitely a adjustment. For all the terminology. It's night and day. Like I say, the people that you're speaking with, typically in single family are very different. And when it comes to the commercial space, they're a lot more sophisticated. Right? So we had a lot of educating to do but definitely took it seriously and that's how we been able to get to this point?   Sam Wilson  10:00 How do you guys split up responsibility? Because when you are out there you say, All right, so we're no longer wholesaling. You know, now we're investing in courses. Now we're joining a mastermind, and that's all an outflow of capital. How do you guys split up the expenses between the three of you? And then how do you guys make decisions, not only as a group, but also as three brothers? I've worked with my own brothers before. And I can tell you sometimes isn't all roses?   Kenneth Donis  10:24 Yeah, I think we tend to make decisions based off where what would get us further or closer to our goals, the money. I mean, it's like, we have this like one business account for the three of us. And we don't necessarily, we take trips, and we travel, and we have great times. But typically, those are business expenses. And so we have one bank account, and we share all of that we don't really try to pay ourselves just because we're trying to dump everything back into education, meeting new people, and of course, education.    Kerwin Donis  10:54 Yeah, the conferences and things like that. We haven't really paid ourselves yet. But that's because we're big believers in investing and things like relationships. And yeah, and honestly, when you go to the events, like that's something that we enjoy doing. So trauma, that's not like a bad thing, either, you know?    Sam Wilson  11:08 Yeah, no, certainly not. If you haven't paid yourselves yet. How are you funding your day-to-day existence?   Kerwin Donis  11:12 We're still living with our mom. So you know, we're really hoping to retire her as soon as possible. Yeah.   Sam Wilson  11:16 That's a great way certainly to cut a lot of expenses.    Kerwin Donis  11:19 We are big believers in living frugally, and living below your means, especially in your 20s because we believe that the money that we're saving now we'll be able to invest in other things that, well, our future selves will thank us for.   Sam Wilson  11:31 100% Tell me about working a W2 job. I mean, most people are taught, go to school, graduate, get a job, things like that. And you guys just skip that step.   Kenneth Donis  11:39 We did. So we were actually in college when we found wholesaling. And then after our first check, we honestly just decided to drop out. And so we just chose real estate as our avenue to get to where we want to go. And although we didn't necessarily know what the future was going to look like, it was enough proof for us that we could do it this way.    Jeffrey Donis  11:59 And we're all got our respective schools. He's a different agent. So yeah, I like I was a freshman as a freshman. It was really just, I love the idea of being an entrepreneur. And that was reading all these books. And I just kept hearing like, I was in school, and I was enjoying it. And I was getting good grades. But for me, it just I was more excited to take the risk of actually leaving and then pursuing my business full time. And I found that I was reading the books that I wanted to read versus books that I felt like I had to read in school. That's just my personal opinion. I know it's good for a lot of people. Now we obviously need people to go and get certain specializations. But for me, it just wasn't the right choice. And that's kind of why we all ended up leaving.    Sam Wilson  12:33 Who was it? Which of you three found real estate first?    Kenneth Donis  12:37 I was sitting on my bed one day and was watching Breakfast Club and a guy came on and started speaking about wholesaling, and just really caught my attention at the time I was studying to become a physician assistant. So I always had like big dreams as far as like, trying to pursue a career in which I could, you know, be very successful. But I think I was thinking a little too small. In that case, it kind of opened my eyes as to what is actually possible, yeah.    Sam Wilson  12:59 Absolutely. And so you come back to your brothers, you're like, “Hey, guys, look, you know lightbulb moment. We're all gonna make a bunch of money in real estate.” I mean, it was yeah, that quick and easy. And you Jeffrey and Kerwin, you're both are just like Sure I'll jump in. Why not? I mean, was it that conversation?   Kerwin Donis  13:16 Yeah, we were in our first semesters of college at the time. And we were very hesitant. We were telling Kenneth, we were going to postpone starting the business until that summer, once we had more time. And in between the first semester and the second semester of our freshman year, we went to Guatemala for the first time. We met our family there for the first time. And it was beautiful country, we had a lot of fun getting to know our family. But the reality of it was that they lived in very impoverished conditions. And although they're very humble and happy with what they have, was like a really shocking moment for us. And we realized how lucky we are to be born here. We have citizenship in this country. And so we just decided that us postponing that business and pursuing financial freedom for ourselves in our family was a privilege that a lot of people in other areas of the world don't have. So that's why we just decided to hit the ground running as soon as we got back.   Sam Wilson  14:00 And what did your mom say about that? You're like, Hey, Ma, out of school.   Kenneth Donis  14:04 She was mad. Yeah, she's very upset.   Jeffrey Donis  14:06 Most immigrant families, I would think if you have any listeners that could really their parents were very big on like, go into higher education. Yeah, maybe I would say more traditional path. And obviously, she cares about us like we were taking a big risk. We were spending a lot of money at first and we weren't getting any return on it. But then when you kind of start making some money, a little bit of a, you know, proof and it's to be not to be too blunt, but it's like a shut-up check is I like to call it so we kind of showed it to her. I was like mom actually not wasting our time here. We're doing seem productive with our time. Obviously, we were helping her with money. So that helped as well.   Sam Wilson  14:36 Yeah, that paves the conversation a little bit. That's really intriguing. Yeah, I wonder. I mean, yes, if your desires to be an entrepreneur, I'm just going to argue that higher education generally, other than contacts probably isn't going to do a lot for you, you know, especially if you've already got that kind of built-in that need and that, that drive to go run your own show, you know, it'll just slow you down, typically.     Kerwin Donis  15:00 We're still big believers in education. We're just learning in other like non traditional settings like conferences, podcast books, things like that. It's honestly even more empowering for us to be in control of our own education because we get to choose it. Whereas when you're in college, you have to take classes that are irrelevant. Just to fill the curriculum requirements. Yeah.   Sam Wilson  15:18 100%. Yeah. Agree. I'm never a proponent for ending your education. Yeah. You every day. But self-educating, driving your own thirst to learn is a very different experience than being handed a book on operations management and say, we're going to talk about operations and fear right over it. You're like, wow, yeah, apartment complex, and then operations on our own. That sounds like yeah, so that's absolutely awesome. I love what you guys have done so far, what is a resource or a tool that you guys find that you have used to really accelerate your growth? Maybe outside of your mastermind?    Jeffrey Donis  15:53 Yeah, I mean, I would say we have our own podcast. That's something that we created, because we read the Best Ever Real Estate Syndication book by Joe Fairless. Kind of talked about being a thought leader in this space. And then it kind of just led to us meeting a lot of people like Bronson Hill, for example. I know you had him on your show. We met him because he was on our podcast. And then he referred some other conferences to us, like the real estate guys event in Belize, the Investor Summit oN.... And that was one of the first events we went to, because Bronson told us and we wouldn't have been able to find out about that event. If he didn't, you know, we didn't have the podcast and we ended up going to the event and meeting like Robert Kiyosaki, Ken McElroy, Tom Wheelwright, and they just opened a whole bunch of other can of worms. So that just led to other, you know, things that we were learning so and as a resource, the podcast, they like to see it as free college course, honestly, I always say that because you get really smart people, you're going to ask them for any questions for about 30 to 45 minutes. And these are really high-value people. So it's awesome to just kind of create that symbiotic relationship. And we get a lot out of it.    Sam Wilson  16:49 Yeah, you bring up an interesting point. And for those of you who are listening to the show, you know, as a listener, I certainly appreciate that. But I'll tell you, to reiterate what you guys are saying I get just as much out of being the host as I do. Listen to other shows. Up the road, I get a front row seat to asking really high level people any question I want for 30 minutes, like, wow, this is amazing. And it's the best education. Yeah, I mean, while it costs money to produce a podcast, it costs money in time. You know, it feels pretty stinking awesome. So I absolutely love it. Gentlemen, if our listeners want to get in touch with you or learn more about you, what is the best way to do that?    Kerwin Donis  17:25 Yeah, they can go to www.donisinvestment.group.com. That's D-O-N-I-S, and we are the Donis Brothers on pretty much every social media platform.   Sam Wilson  17:34 Wonderful. Gentlemen, thank you so much for your time. I do appreciate it. Hey, thanks for listening to the How to Scale Commercial Real Estate Podcast. If you can do me a favor and subscribe and leave us a review on Apple Podcasts, Spotify, Google Podcasts, whatever platform it is you use to listen, if you can do that for us, that would be a fantastic help to the show. It helps us both attract new listeners as well as rank higher on those directories so appreciate you listening. Thanks so much and hope to catch you on the next episode.  

SassafrasCast
SassafrasCast Episode 19: Sacred Money

SassafrasCast

Play Episode Listen Later Apr 12, 2022 76:14


SassafrasCast Episode 19: Sacred Money In which I encourage you to befriend your money and honor your Big Feels about it.   In today's episode I get on a small soapbox about how getting our needs met is a sacred act, and share ways to make our relationship with money more meaningful and spiritual.   This episode was recorded live with a (virtual) studio audience - thanks for tuning in, Sassafras Patrons! Sign up and claim this and other perks at patreon.com/sassafrastarot.   Links to stuff mentioned in this show: Your Money Or Your Life by Vicki Robin & Joe Dominguez: https://www.goodreads.com/en/book/show/78428.Your_Money_or_Your_Life Financial Sorcery by Jason Miller: https://www.goodreads.com/book/show/14349009-financial-sorcery Rich Dad, Poor Dad by Robert T. Kiyosaki https://www.goodreads.com/book/show/69571.Rich_Dad_Poor_Dad   Find Sassafras Tarot online: http://www.patreon.com/sassafrastarot http://www.facebook.com/sassafrastarot http://www.Twitter.com/sassafrastarot http://www.Instagram.com/sassafrastarot http://www.twitch.tv/sassafrastarot   Find Rorie Kelly music online: http://www.roriekelly.com http://www.twitch.tv/roriekelly http://www.youtube.com/roriekelly https://open.spotify.com/artist/0ZebTvtqcaR8g1QEJzvzgd   Official Video for the theme song, Magick Comin': https://www.youtube.com/watch?v=SIluF4mjQS0 Link to the track for download or purchase: https://roriekelly.bandcamp.com/track/magick-comin (You can also find it on your favorite streaming site by searching "Rorie Kelly Magick Comin")

Beyond Alpha Podcast
Good VS Bad Debt

Beyond Alpha Podcast

Play Episode Listen Later Apr 11, 2022 17:41


In our case, we encountered this comparison of debt in Robert Kiyosaki's book, Rich Dad, Poor Dad. It might be similar to you, or probably you've read it from a different source. Since the writers/authors of those sources are usually from western countries, how does this concept apply to us in the Philippines? Beyond Alpha Podcast: Filipino Sensible Conversations about self-development, health and fitness, e-commerce, business and investing, dating and relationship, and men's style Visit our website https://iambeyondalpha.com/ Follow our Instagram https://www.instagram.com/iambeyondalpha/ Facebook https://www.facebook.com/iambeyondalpha/ Twitter https://twitter.com/iambeyondalpha Pinterest https://www.pinterest.ph/iambeyondalpha/ YouTube https://www.youtube.com/channel/UC9SXIbgrqBzuOWMx-P3dAQw Spotify https://open.spotify.com/show/0xs047mAs9IquBeZtdFJJ6 Google Podcast https://bit.ly/3jwvRpl Stitcher https://www.stitcher.com/podcast/beyond-alpha-podcast Anchor https://anchor.fm/iambeyondalpha

Billionaire mindset
Get Rid Of Distraction With These 4 Tips | इन 4 Tips के साथ Distraction से छुटकारा पाएं?

Billionaire mindset

Play Episode Listen Later Apr 11, 2022 9:21


Related Books:- Indistractable: https://amzn.to/3vaRjaGDeep Work: https://amzn.to/362XLYUThe One Thing: https://amzn.to/362XLYUDopamine Detox: https://amzn.to/3jlT27IHyper Focus: https://amzn.to/3O0SEJT We hope that you are in Good HealthIn this episode we talked about how to get rid of distractions, we gave 4 ways to eliminate distractions and train yourself to be indistractable.PLEASE CONSIDER SUBSCRIBING US ON YOUTUBE ALSO: https://www.youtube.com/channel/UCN5y9Kw4Lcm5DmSWyRHKhXQ/featuredRate our Podcast:-Apple Podcast: https://podcasts.apple.com/in/podcast/billionaire-mindset/id1493386466Podchaser: https://www.podchaser.com/podcasts/billionaire-mindset-990587/reviewsSpotify: https://open.spotify.com/show/5RJvlyPY3wvRwt6L3CzGas?si=2cdecfabb1f14799Email: billionairemindsetpodcast@gmail.comOther platforms: linktr.ee/billionairemindsetBook on Investing:INTELLIGENT INVESTOR: https://amzn.to/3sm390oRICH DAD, POOR DAD: https://amzn.to/3GwjmoTTHE PSYCHOLOGY OF MONEY: https://amzn.to/3uBXsOmTHE WARREN BUFFETT WAY: https://amzn.to/3J9AWjUSubscribe to the Podcast If you haven't already.Lots of love

The Loqui Podcast @ Present Influence
Podcasting for Professional Credibility with guest Adam Adams

The Loqui Podcast @ Present Influence

Play Episode Listen Later Apr 8, 2022 60:22


One thing I know from the majority of my coaching clients is that they want to build their profile and become a known voice and go-to figure in their industry. And why would they not? You start getting invited on more stages, you start selling more books and courses and you start generating way more lead flow for whatever business you have. With that in mind, we continue the recent series of shows with professional podcasters by talking with Adam Adams, host of The Podcast on Podcasting and the man behind Grow Your Show where Adam and his team help people successfully start podcasts and build listenership. In this episode: What is the right way to start a podcast? Stop with the ready, fire aim and do ready, aim, fire Launch plans done right How to get earballs on your show (whatever earballs are?) Why more content output can be better Growing with quality and quantity Should you start as a guest or host? The best CTA on a podcast How podcasting can help your business and more. Find out more about Adam and book your free discovery call at https://growyourshow.com/ (https://growyourshow.com/) Take a listen to The Podcast on Podcasting https://podcasts.apple.com/gb/podcast/the-podcast-on-podcasting/id1560389468 (https://podcasts.apple.com/gb/podcast/the-podcast-on-podcasting/id1560389468) A show that is regularly on my playlist. Books Adam mentions on the show are: Rich Dad, Poor Dad by Robert Kiyosaki https://amzn.to/3xlejq2 (https://amzn.to/3xlejq2) The Compound Effect by Darren Hardy https://amzn.to/3O0r4MH (https://amzn.to/3O0r4MH) Beyond Religion by the Dalai Lama https://amzn.to/3DT7NrQ (https://amzn.to/3DT7NrQ) Please note that using these links to purchase may generate a little affiliate commission for the show and will not cost you a penny more, so please do consider using them to help support Speaking Influence. You may remember that I have been trying to set up an interview with Chris Ducker from YouPreneur and that's now booked in and promises to be a very fun episode. Next week, look out for my chat with mentalist and professional speaker Duncan Stevens. Have an amazing week.

Gary's Gulch
Is Putin Attacking Ukraine or the US?

Gary's Gulch

Play Episode Listen Later Apr 8, 2022 41:27


In this episode, Gary shares Chapter 5 of Rich Dad, Poor Dad with Craig Clifford and provides takeaways from Master Key part 7. The goal of Chapter 5 is to give you a complete understanding of how the wealthy create money and why the poor consider investing to be risky. You will discover why having a good financial education reduces the danger of investing. Examine the tactics and practices of successful investors as well. Highlights Strategy behind the Ukraine attacks The accidental superpower A corrupt oligarchy Recession in the next years is going to impact everything Importance of having a dream board and positively brainwashing yourself Actions, methods, and materialization Why investing is not risky Importance of financial education Why is there no such thing as bad investments Five levels of investors Importance of information Links and Resources from this Episode Connect with Gary Pinkerton https://www.paradigmlife.net/ gpinkerton@paradigmlife.net https://garypinkerton.com/ Connect with Craig Clifford Linkedin The Master Key System - Charles Haanel Rich Dad Fundamentals - The CASHFLOW Quadrant

We Build Great Apartment Communities
108: House Hacking and Remote Real Estate with Anthony Pinto

We Build Great Apartment Communities

Play Episode Listen Later Apr 7, 2022 58:38


Stationed in Japan, a submarine officer, and owns about 360 units in the US? Yup. That's our guest in this episode, Anthony Pinto. Like many investors and operators, Anthony started investing in the real estate business without any idea of how to do it. To make up for this, he read books like Robert Kiyosaki's Rich Dad, Poor Dad and Set for Life by Scott Trench while working in a submarine. This opened up doors for him and with the help of an investor-friendly realtor, Anthony began his journey in real estate. Listen in as John and Anthony talk about the tricks of the trade as well as their experiences in multi-family real estate which you might, as a budding investor, find handy in your personal path to success.   Episode Highlights: House Hacking Raising Capital Capital Raising Strategies Military Investor Standpoint Regulation A+ Fund Groundbreaker Remote Real Estate Investment   Connect with Anthony: FaceBook  LinkedIn  Pinto Capital Investments Website  Email    About Our Guest: Owns and manages Pinto Capital Investments (PCI), a real estate investment firm focused on acquiring affordable and workforce multifamily properties and apartment buildings through syndications. Since 2019, we have gone full cycle on 2 large apartment complexes (+100 units) with IRR in excess of 85%. Anthony partners with other like-minded syndicators and focus on apartment communities in desirable markets that show a predictable path of progress. We also offer our capital investors incredible, double-digit returns, equity ownership and tax benefits through our multifamily syndications.   --- Did you enjoy today's episode? Please click here to leave a review for The We Build Great Apartment Communities. Be sure to subscribe on your favorite podcast app to get notified when a new episode comes out! Do you know someone who might enjoy this episode? Share this episode to inspire and empower! Connect with John Brackett and We Build Great Apartment Communities Instagram @webuildgreatcommunities Facebook @buildingreatcommunities LinkedIn @brackettjohn Website www.fidelitybps.com   Subscribe to The We Build Great Apartment Communities Apple Podcasts Spotify   Do you think you would be a great fit for the show? Apply to be a guest by clicking .   Fidelity Business Partners, Inc. 6965 El Camino Real Suite 105-190 Carlsbad, CA 92009 D: 760-301-5311 F: 760-987-6065

TwoBrainRadio
Grow Your Gym by Thinking Outside the Box

TwoBrainRadio

Play Episode Listen Later Apr 7, 2022 13:49


If you're stuck on how to grow your gym, you may be tempted to look at the more successful gym down the street and do what they're doing. Charge what they're charging. Advertise like they're advertising. But the perspective you actually need is that of an outsider—even one as far outside the box as to be outside the fitness industry altogether. There are six key strategies you can use to grow your business, says Chris Cooper, and for each of those strategies, Coop has a recommendation for a great book packed with objective advice from an outside perspective.Links:Profit First for MicrogymsThe E-Myth RevisitedGood to GreatRich Dad, Poor DadNever Lose a Customer AgainHow to Win Friends and Influence PeopleState of the IndustryGym Owners UnitedTimeline:1:05 – CrossFit: founded with an outsider's perspective. 4:47 – Your method isn't your business model. 5:51 – “Profit First for Microgyms”6:29 – “The E-Myth Revisited” 7:07 – “Good to Great”7:34 – “Rich Dad, Poor Dad”8:49 – “Never Lose a Customer Again”10:05 – “How to Win Friends and Influence People”10:51 – “State of the Industry”

Two Smart Assets
How To Use Infinite Banking in Real Estate to Increase Cash Flow and Pay Less in Taxes with Anthony Faso and Cameron Christiansen

Two Smart Assets

Play Episode Listen Later Apr 5, 2022 31:07


Join Daniel Nickles with his guest Anthony Faso and Cameron Christiansen as they talk about what infinite banking proves to be in the face of IRAs and financial planning. After the 2008 crisis, what typical financial advisors tell their clients just began to lose its charm for the two. In this episode, Anthony Faso and Cameron Christiansen summarize what Rich Dad Poor Dad, and Becoming Your Own Banker is all about and why the infinite banking concept is not as complicated as it seems.  In this episode you will learn:  After 2008, the typical financial advice just didn't work  What is financial freedom?   If you can understand a rewards credit card, you can understand IBC  The problem with IRAs  About the course, Infinite Wealth Course  About Anthony Faso and Cameron Christiansen:  Anthony Faso and Cameron Christiansen are founders of Infinite Wealth Consultants and hosts of the Infinite Wealth Podcast. A proud U.S. Army veteran and self-described "recovering" CPA, Anthony has worked at the world's largest accounting firm and served as CFO of a chain of restaurants. However, after the 2008 recession, he realized that the solution to financial freedom would never be found in the latest Wall Street-created financial product.   As he was discovering what his path to financial independence would look like, he was also teaching and coaching individuals and business owners about money and investing. Having been a small business owner for eight years, Cameron was frustrated with investment solutions proposed by traditional financial advisors.   This frustration is what led him to discover infinite banking and real estate investing. After advising others for over a decade, Cameron now brings his expertise in passive income generation and cash flow analysis to his partnership with Anthony. As followers of the principles of Robert Kiyosaki, the author of Rich Dad, Poor Dad, Anthony, and Cameron help their clients to be financially independent.   Not just in dollars, but also in a sense. They educate clients on making sound financial decisions and coach them on investing in assets that have certainty, control, and collateral. Infinite Wealth clients are not subject to the roller coaster of the stock market.  Connect with Anthony Faso and Cameron Christiansen on:  Website: https://infinitewealthconsultants.com/  LinkedIn: https://www.linkedin.com/in/anthonyfaso/  https://www.linkedin.com/in/cameronlchristiansen/  Facebook: https://www.facebook.com/infinitewealthconsultants  Instagram: https://www.instagram.com/infinitewealthconsultants/  YouTube: https://www.youtube.com/channel/UCbtEcy_8F_ad7LPSXXAuBEw  Podcast: https://podcasts.apple.com/us/podcast/the-infinite-wealth-podcast/id1469330460      Get into the Infinite Wealth Course now:  https://infinitewealthcourse.com/sales-page    Connect with Two Smart Assets on:    Website: https://twosmartassets.com/  Facebook: https://www.facebook.com/TwoSmartAssets/  Instagram: https://www.instagram.com/twosmartassets/  YouTube: https://www.youtube.com/channel/UC5b8x2o3ByaPBcz5Lkev7uw   

Billionaire mindset
EDISON'S BURNING FACTORY AND REACTION TO IT | एडिसन की जलती हुई फैक्ट्री और उस पर प्रतिक्रिया

Billionaire mindset

Play Episode Listen Later Apr 3, 2022 9:53


Obstacle is The Way: https://amzn.to/3K44fpdWe hope that you are in Good HealthIn this episode we talked about 3 parts of the book "The Obstacle is The Way"PLEASE CONSIDER SUBSCRIBING US ON YOUTUBE ALSO: https://www.youtube.com/channel/UCN5y9Kw4Lcm5DmSWyRHKhXQ/featuredRate our Podcast :-Apple Podcast: https://podcasts.apple.com/in/podcast/billionaire-mindset/id1493386466Podchaser: https://www.podchaser.com/podcasts/billionaire-mindset-990587/reviewsSpotify: https://open.spotify.com/show/5RJvlyPY3wvRwt6L3CzGas?si=2cdecfabb1f14799Email: billionairemindsetpodcast@gmail.comOther platforms: linktr.ee/billionairemindsetBook on Investing:INTELLIGENT INVESTOR: https://amzn.to/3sm390oRICH DAD, POOR DAD: https://amzn.to/3GwjmoTTHE PSYCHOLOGY OF MONEY: https://amzn.to/3uBXsOmTHE WARREN BUFFETT WAY: https://amzn.to/3J9AWjUSubscribe the Podcast If you haven't already.Lots of love

Le Gratin par Pauline Laigneau
Book Club #Avril2022 – Rich Dad Poor Dad, Robert T. Kiyosaki

Le Gratin par Pauline Laigneau

Play Episode Listen Later Apr 3, 2022 5:16


Le livre du mois d'avril 2022 est le célèbre “Rich Dad Poor Dad », de Robert T. Kiyosaki. Ou en français « Père riche père pauvre ».De quoi parle ce livre ? De liberté.Mais une liberté d'un autre type que celle qu'on imagine traditionnellement.Car dans ce livre l'auteur nous parle de l'état d'esprit nécessaire pour acquérir une vraie liberté financière.Robert Kiyosaki nous explique que nos mentalités de “bons élèves” nous empêchent d'avoir de l'ambition et d'avoir la liberté de vivre nos plus grands rêves. Et cette mentalité de bonne élève croyez-moi je l'ai eu pendant des années…Ce livre va vous donner une philosophie pour penser à ces sujets afin que vous puissiez adapter ces principes à votre propre situation.Même si la finance ne vous intéresse pas. Même si vous n'y comprenez rien. Au contraire même j'ai envie de dire. Vous DEVEZ lire ce livre.Bonne nouvelle le livre est disponible ne français en anglais – si vous en avez la possibilité je vous recommande la lecture en version originale. Vous ne le regretterez pas.Dites-moi sur Instagram @paulinelaigneau si vous vous êtes laissé tenter en me taguant pour que je vois passer tout ça !N'hésitez pas aussi à diffuser ce book club autour de vous à celles et ceux qui aiment la littérature, cela pourrait les inspirer qui sait !Notes et références de l'épisode :– Pour retrouver “Père riche père pauvre” en version française– Pour retrouver “Poor Dad, rich dad” en version originale1. Faites vous coacher par moi !DEMIAN, un concentré de 10 ans d'expérience d'entrepreneur. Les formations DEMIAN vous apportent des outils et méthodes concrètes pour développer votre projet professionnel. Il s'agit d'un concentré maximal de valeur et d'expérience pour qu'en quelques heures vous gagniez l'équivalent d'années de travail. Découvrez DEMIAN !2. La NewsLa News du vendredi est une mini newsletter pour vous nourrir en plus du podcast. C'est une newsletter très courte, à lire en 5mn top chrono de ce qui m'a marqué dans les dernières semaines : livres à lire, réflexions, applis à télécharger, citations, films ou documentaires à voir etc. Pour la recevoir, il n'y a qu'à s'abonner à la newsletter sur mon site !3. Des conseils concrets sur ma chaîne YouTubeEnvie de lancer votre propre podcast ? De bénéficier de conseils sur quel matériel utiliser ? Ma nouvelle chaîne YouTube est faite pour vous !4.Contactez-moi ! Si le podcast vous plaît, le meilleur moyen de me le dire, ou de me faire vos feed-backs (et ce qui m'aide le plus à le faire connaître) c'est simplement de laisser un avis 5 étoiles ou un commentaire sur l'application iTunes. Ça m'aide vraiment, alors n'hésitez pas :)Pour me poser des questions ou suivre mes tribulations c'est par ici :Sur Instagram @paulinelaigneauSur LinkedIn @pauline laigneauSur YouTube Pauline LaigneauSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Diary of an Apartment Investor
Choosing a Sponsor to Partner With with Melanie McDaniel

Diary of an Apartment Investor

Play Episode Listen Later Mar 28, 2022 38:29


Conservative Underwriting and what goes into choosing a deal/sponsor with Melanie McDaniel. Follow us on Instagram, Facebook, and TwitterFor more educational content, join our multifamily educational community at https://www.thetribeoftitans.info/Interested in investing with Four Oaks Capital?  First step is to schedule a call with us. ----Melanie McDanielMelanie is the founder of Freestyle Capital Group, a boutique private equity firm, and Freestyle Fund, a customizable Fund. She partners with passive investors to invest in private equity real estate transactions across a variety of asset classes, operators, geographies, and investment strategies. Melanie offers a Michelin Star experience with curated investment opportunities, and aims to have a personal relationship with each investor. Melanie's real estate journey began in 2015 when she read RIch Dad, Poor Dad by Robert Kiyosaki. It completely shifted her mindset about money and wealth. She was a law enforcement park ranger at the time, and it took until 2017 for her to prepare to leave the W-2 government job to jump into real estate full time. She started as a real estate agent and went full time into real estate syndication in early 2020. Melanie owns a 24-unit property in Norfolk, Virginia with partners, she is a limited partner on a 276 unit apartment in Huntsville, Alabama, she is a private equity fund manager, a Co-Sponsor in luxury residential assisted living portfolio in Dallas, TX, and a Co-GP in an industrial net-lease in Longview, TX. She is a Fund Manager of Freestyle Fund, a customizable fund with a variety of asset classes under management.https://www.freestylecapitalgroup.com/IG: @freestylecapitalgroupTW:@freestyleinvestFB:  https://www.facebook.com/freestylecapitalgroupYT: Your Passport to Financial FreedomLI: https://www.linkedin.com/in/melaniemcdanielinvest/Email: melanie@freestylecapitalgroup.com----Your host, Brian Briscoe, is a co-founder and principal in the real estate investing firm Four Oaks Capital.  He and his team currently have 655 units worth $45 million in assets under management and are continuing to grow.  He retired as a Lieutenant Colonel in the United States Marine Corps in 2021..Connect with on LinkedIn or Facebook.vvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvvv> Check out our multifamily investing community!> The Tribe of Titans> Get exclusive access to the Four Oaks Team!> Find it at https://www.thetribeoftitans.info^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

Billionaire mindset
This is How You Find Your Strengths | इस तरह आप अपनी ताकत को जान सकते हैं

Billionaire mindset

Play Episode Listen Later Mar 28, 2022 8:29


Buy Strength Finder 2.0: https://amzn.to/3iTgzwF We hope that you are in Good Health In this episode we talked about Strength Finder 2.0 by Tom Rath, in this book he talks about Strengths and Weaknesses, how you can find your strengths and what you should focus on?  PLEASE CONSIDER SUBSCRIBING US ON YOUTUBE ALSO: https://www.youtube.com/channel/UCN5y9Kw4Lcm5DmSWyRHKhXQ/featured Rate our Podcast:- Apple Podcast: https://podcasts.apple.com/in/podcast/billionaire-mindset/id1493386466Podchaser: https://www.podchaser.com/podcasts/billionaire-mindset-990587/reviewsSpotify: https://open.spotify.com/show/5RJvlyPY3wvRwt6L3CzGas?si=2cdecfabb1f14799Email: billionairemindsetpodcast@gmail.com Other platforms: linktr.ee/billionairemindset  Book on Investing: INTELLIGENT INVESTOR: https://amzn.to/3sm390oRICH DAD, POOR DAD: https://amzn.to/3GwjmoTTHE PSYCHOLOGY OF MONEY: https://amzn.to/3uBXsOmTHE WARREN BUFFETT WAY: https://amzn.to/3J9AWjU  Summary by Thoughtinhindi.com  Subscribe the Podcast If you haven't already.  Lots of love   tags #strengthfinder2.0 #billionairemindsetpodcast #billionaire #mindset #strenghtfindersummary #strengthfinder2.0summaryinhind #summaryinhindi #strengthfinder #strengths #weaknesses #findyourstrengths #ourstrengthandweakness

How to Scale Commercial Real Estate
Real Estate and Hollywood: Developing and Redeveloping Properties in Los Angeles, California

How to Scale Commercial Real Estate

Play Episode Listen Later Mar 25, 2022 18:04


How can a beginner break into a competitive and tough market like Los Angeles, California, developing and redeveloping multi-unit properties? In this episode Josh Gorokhovsky talks all about how he started small, lessons learned, and advice for people starting out in real estate development.     Since 2015, while still in school and while building up Telos Properties, Josh Gorokhovsky worked under L.A. Properties Inc. principal, Scott Rosenfeld, where he managed acquisitions, development, and redevelopment projects exceeding $10 Million   Josh has placed more than $15 Million in equity for investors and managed over $30 Million worth of real estate transactions since 2017. He intends on leading the company and acquiring, as well as developing, a slew of multifamily properties in the coming decades for the company portfolio through personal funds as well as partnerships with a range of clients: From institutional investment firms, high-net-worth individuals, and family trusts   [00:01 - 04:21] Opening Segment How Josh when from small single-family redevelopment projects to ground-up multifamily projects in Los Angeles  Navigating real estate challenges in Los Angeles Josh breaks down the numbers of developing and redeveloping    [04:22 - 08:35] The Unique Challenges of Los Angeles' Housing Market   How to acquire properties that make financial sense  How California's new affordable housing bill affects development   [08:36 - 14:30] Insider Tips on Developing and Redeveloping Properties  Josh's advice on getting started in development  You don't need to have a construction eye to get started  Stay organized There will be mistakes, so make the most of them  Biggest mistakes and lessons learned - Do your research before bringing on contractors Challenges in going into the larger multifamily space Exit strategies for large projects    [14:31 - 18:04] The Final Four & Connect with Josh Success is financial freedom  One tool Josh can't live without His calendar  Task Management tool: Todoist One mistake listeners can avoid  Don't be afraid of mistakes   How are you investing in the world Being a part of philanthropic groups  How to reach out to Josh  Connect with Josh Gorokhovsky on LinkedIn Visit https://telosproperties.com to know more about how they are building community through the development and management of real estate. Reach out to them at info@telosproperties.com Tweetable Quotes   “Our network is your net worth,” - Josh Gorokhovsky    “You don't need to have a construction eye to get started in development… Be very organized, follow your steps. And there's going to be mistakes along the way, just like any other real estate asset class or product and you learn as you go.” - Josh Gorokhovsky    “Don't be afraid of mistakes… Just realize that going through it is the way you accumulate knowledge, find better deals, improve your network and the way you underwrite. Action is better than inaction.” - Josh Gorokhovsky  Resources Mentioned Legislation to Increase Affordable Housing Supply ----------------------------------------------------------------------------- Connect with Josh Gorokhovsky on LinkedIn and    Visit https://telosproperties.com to know more about how they are building community through the development and management of real estate. Reach out to them at info@telosproperties.com Connect with me:   I love helping others place money outside of traditional investments that both diversify a strategy and provide solid predictable returns.     Facebook   LinkedIn   Like, subscribe, and leave us a review on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on.  Thank you for tuning in!   Email me → sam@brickeninvestmentgroup.com Want to read the full show notes of the episode? Check it out below: Josh Gorokhovsky  00:00 I've learned that you don't need to have a construction eye to get started in development. When I first got started, I, there was a joke that my mentor tossed around that I didn't know the difference between a screwdriver and a hammer. So for me, it was actually more daunting to start flipping houses. Because the budgets had to be a little more precise, you know, you had to walk in, kind of figure out what needed to be replaced, what you could keep, and for me, that was very daunting. So ground up development was something where everything was already on paper on the plans, right, and it was something that you could more easily calculate.   Intro  00:33 Welcome to the How to Scale Commercial Real Estate Show. Whether you are an active or passive investor, we will teach you how to scale your real estate investing business into something big.   Sam Wilson  00:45 Josh Gorokhovsky is a real estate developer based in Los Angeles. And through his vertically integrated development company Telos Properties, he has managed over $25 million of real estate since 2017. Josh, welcome to the show.   Josh Gorokhovsky  00:58 Thank you. Appreciate you having me on.   Sam Wilson  00:59 Hey, man, the pleasure is mine. Three questions I ask every guest who comes on the show in 90 seconds or less? Can you tell us where did you start? Where are you now? And how did you get there?   Josh Gorokhovsky  01:07 Yeah, so I started here in Los Angeles, I'm still here in Los Angeles, I got started by meeting a mentor of mine, when I was in college, senior year of college was playing around with a couple different ideas of what I wanted to do with my life, read the book, Rich Dad, Poor Dad, like 99% of people. And once I met this mentor and and saw the projects, he was working on the portfolio he's accumulated, there was really no turning back for me. So I started working out of his office shortly after that, just kind of learning under him and doing some small single family redevelopment projects in Los Angeles, and then ground up multifamily here in Los Angeles. And that's what I've been doing for the last five years now.   Sam Wilson  01:47 Wow, that's absolutely fantastic. Tell me, you know, Los Angeles, it gets a bad rap for place, it's impossible to get permits to get I mean, just the red tape to get through that. How have you guys found unity with that?   Josh Gorokhovsky  02:01 Well, yeah, I mean, it seems like every year, it's getting harder and harder, not just with the red tape. But obviously, the price is going up inventory being very low. But we had a very specific niche. So we have competition, just like every other asset class, but we really focus on that niche and have become, you know, very consumed by that not doing much else. So, you know, we've just been doing the ground up smaller multifamily to force, we're buying lots that are single family. And then we're usually demolishing and, and doing ground up force.   Sam Wilson  02:37 Wow. Okay, so you'll buy a single family property that has a lot big enough to put four units on it.   Josh Gorokhovsky  02:45 Right. I mean, two to four. So it just depends. I mean, five years ago is more feasible to do the twos. Now it's getting a little more difficult. So last couple years, we've been doing primarily fours, but now with new rules and regulations rolling out that's always ever changing. So we're actually kind of in the middle of trying to figure out what our next step is. But that's what we've been doing for the last couple years. Yeah,   Sam Wilson  03:06 can you walk me through the math on that, because the price of you know, a functioning single family homes got to be pretty high, especially in your market. So walk me through the kind of the numbers behind that, buy a house, demolish it and redevelop it.   Josh Gorokhovsky  03:20 Yeah, so LA is a very large city. So the different areas of La are kind of priced differently. So I'll just pick a random, you know, sub market that we do in LA, which is North Hollywood. So the most recent project that we're finishing up right now, we purchased the land in 2019. For 720,000 was the single family on there, we demolish that I would say the all in construction and soft costs after we purchased the land was about another 1,100,000. So say just for easy math rounding, let's say we're in 1,800,000 And when the project is finished, it should appraise at about 2.4 -2.5. So what we do is we go to our institutional partner, we get a refi, low leverage, nothing too crazy about 65% of the investors on the deal, get most of their capital back end up leaving some as equity in the project. And we just cash flow the sucker.   Sam Wilson  04:22 Right, that's really, really interesting. How do you find you know, in North Hollywood, how do you find the properties that make sense? If it's not vacant land? If it has a house on it? How do you I mean, it's got to be it's from my perspective, knowing nothing about you. It sounds like a needle in a haystack type of thing. Yeah,   Josh Gorokhovsky  04:37 it is. I mean, kind of just like anything else, you know, your network is your net worth, I like to say so just developing relationships over the years doing good business, having good reputation, you know, agents and brokers that I've worked with over the years, bring me deals, and also just being on the job sites getting friendly with the neighbors. You know, I've purchased quite a few properties like that just being around and then not wanting to deal with the hassle of putting on the market or agents, million people walking through their house. We've done some grassroots tech marketing, door knocking and mailers and stuff like that. So just, you know, trying a lot of kind of different things. And being personable being a real person, no high pressure sales tactics. And so far that's worked out for us.   Sam Wilson  05:20 Is there a certain lot size that you say, Hey, this is exactly what the minimum size a lot we have to have in order to do what we want to do?   Josh Gorokhovsky  05:26 Yes, and no, I mean, it kind of depends, like, if there's an alley back there, if it's a corner lot or not, so you can kind of get creative with it. You know, the biggest thing is having the parking requirements based on the bedrooms, and I don't like to do very small bedroom counts just for the turnover, things like that. So usually, when I'm looking on, it's usually 6000 or more, but we've purchased lots that are smaller for those other reasons.   Sam Wilson  05:50 That's really, really interesting. And you had mentioned that, you know, things are constantly in flux, right. And so you are once again, going back to the drawing board thing, okay, things are changing, what are those things that are potentially changing? And then how do you plan on dealing with them?   Josh Gorokhovsky  06:03 Well, specifically, in California, there was a state bill that was passed the end of last year, and it was just rolled out by Los Angeles building and safety, their rules, regulations, along with the housing department and planning, basically stating that if you demolish any units, even if it's one, you must replace those units with affordable units with when you build back. And the only real loophole or way around that is if the homeowner has been living there for five years. And they have to, you know, provide a lot of documentation and proof that that was the case. So pretty much it's very specific to my business model. So the way around that I don't have an answer yet, we're figuring it out. I mean, you know, the simple answer would be that we're going to try to find lots where maybe we don't have to demolish, and we can build some units in the rear of the lot or, you know, the houses in the back in the front of the lot. You know, we still do some single family flips. So we'll be probably ramping that up a little bit. In California, specifically, there's a adu program, accessory dwelling unit program. So, you know, that's another route that we're working on. So there's that. And then, you know, I would say if all else fails, but a long term goal of mine has always been to go into the larger multifamily space at some point, whether it's, you know, nationwide syndication, or if it's ground up development. So not sure if that'll be in the playing cards this year. But it's something that long term I will eventually get into. Yeah,   Sam Wilson  07:29 that's really intriguing. I mean, I get the desire to push for affordable housing. Okay, that's fine. But why specifically, if you tear it down? Do you have to put? I mean, that just seems like they're gonna really hamper new product coming online for people for anyone to live in? I mean, it's already a constrained supply already.   Josh Gorokhovsky  07:49 Right? Yeah, you're gonna see the smaller developers pretty much step out of the market, you know, it's gonna be a lot harder for us to do that. So they'll go to other markets, or they're started developing something else. And I mean, to your point, I think, yeah, economically, it's going to really affect the supply even worse.   Sam Wilson  08:06 Yeah. Which then drives the price of the existing stock even higher, which then further exacerbates the need for affordable housing? Right. Okay. I just want to make sure I understand the, the trail of thinking here, I mean, alright, we're not going to get into political discussion. I just, I fully understood the scope of what is occurring and wonder if anybody, you know, is capable of abstract thought who put these bills together? Obviously, perhaps not.   Josh Gorokhovsky  08:35 Obviously not.    Sam Wilson  08:35 Right. Okay. On to other things. development side in general, what have been some things that you've learned, being a developer? And if someone wanted to follow in your footsteps, what would you recommend?   Josh Gorokhovsky  08:47 Well, I've learned that you don't need to have a construction eye to get started in development. When I first got started, there was a joke that my mentor tossed around that I didn't know the difference between screwdriver and hammer. So for me, it was actually more daunting to start flipping houses. Because the budgets had to be a little more precise, you know, you had to walk in, kind of figure out what needs to be replaced where you can keep. And for me, that was very daunting. So ground up development was something where everything was already on paper on the plans, right. And it was something that you could more easily calculate. So for anybody that is interested in development, I mean, I started small a lot of other people that I've spoken with very successful older developers have told me that you start big don't waste your time with the small because drywall is drywall is drywall and the pain in the butt is still going to be a pain in the butt. Just a couple more zeros. I have no experience with that. So I couldn't say for sand. But I will say that it is more practical than you think you just got to be very organized, you know, follow your steps. And there's going to be mistakes along the way, just like any other, you know, real estate, asset class or product and you learn as you go.   Sam Wilson  09:55 Yeah, absolutely. What have been some mistakes you've made that you would say, Hey, here's an easy one that I'll keep somebody else from making,   Josh Gorokhovsky  10:01 do your homework on the people that you work with, make sure that they you know, have a portfolio of work that you've actually checked out their work, maybe speak with some other clients or people that they've worked with, see what their reputation is. Because you know, just are you eager to just get in it that if somebody is willing to help you, and they got a good price, and you know, they talk a good game, you're most likely just going to start working with them just to get the ball rolling. But that's one another mistake. Let's see. I'll think of one. If I think of another one. I'll come back to it. But that's probably my biggest one.   Sam Wilson  10:33 Yeah, absolutely. Running into fast bringing on contractors, you don't know that? Well. It's a common one. It's certainly not one unique, unfortunately, to you. But that's really, really intriguing. When it comes we've talked a little bit about opportunity. We talked about how you find opportunity, kind of what you've seen the market do and how things are changing on that front. We've talked about mistakes. Well, Josh, tell us, I guess, as you have done these two to four units, you've done, you know, lots of development side of things. And you're looking maybe getting into other bigger assets. What are some things that when you look at that potential to either go into larger multifamily, or, you know, going nationwide? What are some kind of challenges you see on that front? And then how do you intend on overcoming those?   Josh Gorokhovsky  11:11 I've been spoiled by the returns that development can yield. And I think that when you get into the larger multifamily space, you're dealing with more dollars, but usually less yield. So that's something that I have to wrap my head around. I'm always a conservative underwriter. I'm always conservative with my future outlook on things. So I think that when you're underwriting these rallies, percentage wise, marginal deals, even though it's a lot of dollars, you know, and you're banking on a huge upside, a lot of these pro formas and OEMs that I've seen, people are, you know, saying in five years, acid is going to be worth this, because we're going to up the rents are going to do renovations. And, and that's great. And that has worked with, you know, short term single family flips, that's worked for me with these smaller ground up developments, because it's usually a two year process. But when you're talking about five plus years, I have a hard time banking on that's going to be what's actually going to happen,   Sam Wilson  12:10 right? Yeah, that's really, really interesting. We say spoiled by returns in ground up development. Can you elaborate on that?   Josh Gorokhovsky  12:18 Yeah, I mean, with ground up development, I mean, the whole purpose you're taking the risk of doing that is because you're manufacturing a greater yield, then usually, I mean, not always, but usually, if you just go buy something, right, or renovate it. So in my particular world, that's what I'm doing, you know, buying a single family lot. That's the lot is underutilized. I'm building more units. And usually my return is in the mid to high double digits. So, you know, for me and my investors, it's been great. And then if I have to pivot now and go into the multifamily, you know, syndication space, and again, I'm no expert. So maybe just talking here, but I think that most of these deals you're buying, you know, these compressed cap rate deals with single digit returns in the hopes of maybe getting to the low double digit returns. So that's what I mean by I've been spoiled. Yeah,   Sam Wilson  13:11 well, I mean, it makes a heck of a lot of sense. You can almost with clockwork precision, or certainty, say, hey, look, we do this, we do XY and Z. And this is what we're going to get, you know, for our finished product, with a value add product or value add, you know, you're buying something, you know, with a low cap rate already, you've got to execute the value add in that and hope that, you know, the market has continued to appreciate that the cash flow was indeed, they were able to raise rents as projected. And then oh, look, now we can actually sell because let's hope there's a buyer. Right?   Sam Wilson  13:40 I get what you're saying you're definitely spoiled by return, which is great. I mean, that's a great place to be in.    Sam Wilson  13:44 Talk to us about the exit on your projects. I know you alluded to this earlier, where you said hey, you know, we'll buy it, we will cash out maybe 60%-65% loan to value so we can return some equity to our investors is your intention to hold long term on all your projects?   Josh Gorokhovsky  13:59 Going into each project, that has been the case, except for the smaller, you know, single family flips that we do from time to time, but as far as the multifamily Yeah, I try to hold everything, we've sold a couple that we've syndicated or worked with private equity. And those, you know, those were kind of in the air when we started the project, whether we're gonna hold or sell, and we ended up selling because that's what most of the investors wanted to do. But going in Yeah, I have the mindset of I want to try to build this multifamily portfolio and, you know, get a little bit closer to that financial freedom.   Sam Wilson  14:31 Right. And so talk to us about that. What does success mean to you? Success to   Josh Gorokhovsky  14:35 me, it's different to everybody but you know, very cliche but you know, financial freedom to kind of do what you want when you want, right? But you still have responsibilities still a business run, you still have tenants to take care of you still have acids to take care of. So it's not always exactly do what you want when you want but the point is that you're living your life the way that you want to. So that to me is success and and obviously Having my friends and family being healthy and everybody happy and the world not up in in fire, but that's probably the success to me,   Sam Wilson  15:08 Man. That's fantastic, Josh, I've certainly enjoyed this. Thanks for coming on today. Let's jump here into the final four questions. What is one tool or resource you find you can't live without   Josh Gorokhovsky   15:18 my calendar. I'm like a psycho with my organization, and I have my time slots. So if I don't have that, then I forget half the things I got to do.   Sam Wilson  15:27 That's fantastic. Let me ask you this. Because as it pertains to calendars, this is a, there's a personal question, cuz it's something I'm always bouncing back and forth between what do you do for task management when there's always these one-off tasks that come up? Do you keep those in your calendar? Where do you put those?   Josh Gorokhovsky  15:41 So I have a two-part system, I use this application called Todoist. They have web-based platform, they have mobile apps, they got apps on my iPad everywhere. So you can work in teams on there, you can have your own individual projects. And I kind of do that for every property I have, you know, to do a to-do list within each project. And then you know, you can kind of separate it, it's pretty versatile. I also use it for my personal stuff. And I pretty much take those tasks and put it on the, you know, the daily calendar of what I got to do that day.   Sam Wilson  16:11 Got it. Oh, that's really cool Todoist. All right, we'll have to look that up. Second question for you. What is one mistake to help our listeners avoid? We talked about this a little bit earlier. And then how would you avoid it.   Josh Gorokhovsky  16:21  To not be afraid of mistakes to not be, you know, in this analysis, paralysis of finding the perfect deal, or the perfect time to jump in, and just realizing that, you know, going through it is the way you accumulate the knowledge is the way that you can find better deals is the way that you improve your network and the way you underwrite, and so on and so forth. So, obviously, not being reckless being calculated, but, you know, action is better than inaction.   Sam Wilson  16:50 Right? Yeah, absolutely. Question number three, when it comes to investing in the world, what's one thing you're doing right now to make the world a better place?   Josh Gorokhovsky 16:56 Invest in the world. I'm part of some philanthropic groups here in Los Angeles. I'm Jewish. I'm part of the Jewish Federation and another organization called Guardians of the Jewish home which we have events and fundraisers for some retirement homes here in Los Angeles. So I guess that's the small things that I'm doing.   Sam Wilson  17:14 Man, I love it. That's absolutely great. Josh for listeners want to get in touch with you or learn more about you what is the best way to do that?   Josh Gorokhovsky  17:20 I'm on most social media platforms on LinkedIn, Josh Gorokhovsky on Instagram my company, Telos properties, Facebook also Telos properties, our website, Telosproperties.com and yeah, reach out on any of those platforms.   Sam Wilson  17:35 Awesome. Josh, thank you for your time today. I do appreciate it.   Josh Gorokhovsky  17:38 Thanks.    Sam Wilson  17:38 Hey, thanks for listening to the How to Scale Commercial Real Estate podcast if you can do me a favor and subscribe and leave us a review on Apple Podcasts, Spotify, Google podcasts, whatever platform it is you use to listen if you can do that for us. That would be a fantastic help to the show. It helps us both attract new listeners as well as rank higher on those directories. So appreciate you listening. Thanks so much and hope to catch you on the next episode.

The Changed Physician Podcast Episodes
Episode 183 - Review of Rich Dad, Poor Dad (by Richard Kiyosaki), Part 2

The Changed Physician Podcast Episodes

Play Episode Listen Later Mar 24, 2022 58:14


This is Episode 183 of The Changed Physician Podcast where the hosts discuss their takeaways from Richard Kiyosaki's book, Rich Dad, Poor Dad. This is part two of two parts of this discussion. You can listen to part one in episode 182. #richardkiyosaki #cashflow #moneyquadrants #mindset #employee #selfemployed #businessowner #investor #wealth #awareness #change #challenge #thechangedphysician #richdadpoordad Learn More About the Community at:

How to Scale Commercial Real Estate
How to Select the Right Asset Classes For Your Investment Goals

How to Scale Commercial Real Estate

Play Episode Listen Later Mar 23, 2022 20:13


Imagine starting small in real estate, learning the ropes when all of a sudden you've bought into the market during COVID-19, a global pandemic.    Trevor Thompson a passive now turned active investor took small steps in real estate by educating himself, joining mentorship programs, acquiring knowledge. Now he has 17 deals as a limited partner and 1 deal as a General Partner. Listen to this episode to hear how Trevor went from not knowing what he was doing, putting a little bit of money into this and that property, to now, a seasoned investor making smart moves with his portfolio.   [00:01 - 03:51] Opening Segment   Trevor tells us how he began in real estate and where he is in his journey  How Trevor gained capital and made it available for syndications?  Trevor's strategy of joining a local mentoring program and slowly building his portfolio   [04:13 - 12:35] Going from Passive to Active Investing   How Trevor ‘backdoored' his way into being an active member as a limited partner Telltale signs of a bad investment  Is the CAPEX realistic?   What have they done with property taxes? Insurance   [12:36 - 19:18] Creating a Diverse Portfolio    How Trevor invests in different asset classes Lessons learned from Trevor's investment history  Trevor's blended return profile  [19:19 - 20:13] Closing Segment   Reach out to K. Trevor See links below  Final words Tweetable Quotes   “We made no money, but we didn't lose money. And I think if I hadn't been there for that particular period, we could have definitely lost some money because at least we got it up stabilized. You can't ask for better learning.” -  K. Trevor Thompson   “I refer to my investing as earn and learn.” - K. Trevor Thompson   “We all know there are risks in real estate. Let's at least make this a better learning opportunity.” - K. Trevor Thompson ----------------------------------------------------------------------------- Connect with  K. Trevor Thompson on LinkedIn and Facebook. Visit his website at https://www.niagara-investments.com email him at ktt@Niagara-Investments.com     Connect with me:   I love helping others place money outside of traditional investments that both diversify a strategy and provide solid predictable returns.     Facebook   LinkedIn   Like, subscribe, and leave us a review on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on.  Thank you for tuning in!   Email me → sam@brickeninvestmentgroup.com Want to read the full show notes of the episode? Check it out below: Trevor Thompson  00:00 I refer to my investing as earn and learn. So I wanted to learn about different things. So I tried to invest in some different asset classes, some of them fell in my lap. So one of them, you know, I cashed in some stocks, that deal was close to close and literally fell through that day. And basically, it was corporate secured debt to buy a piece of property up in the west of Dallas, and you know, 16% interest, they needed my money for a year and I went, Okay, well, this is a much better use of my money, they needed it for a bit longer now. And then, you know, I always wanted to get into retail. So one of the next investments I did was a retail strip center.    Intro  00:36 Welcome to the How to Scale Commercial Real Estate Show. Whether you are an active or passive investor, we will teach you how to scale your real estate investing business into something big.   Sam Wilson  00:48 Trevor Thompson is a passive investor now turned active investor. Trevor, welcome to the show.   Trevor Thompson  00:54 Thanks for having me. I'm excited to be here.   Sam Wilson  00:56 Hey, man, the pleasure is mine. There are three questions I ask every guest who comes on the show in 90 seconds or less. Can you tell us where did you start? Where are you now? And how did you get there?   Trevor Thompson  01:03 Sure. So I started before and a half years ago, joined the local mentoring program, and wanted to start passively investing in real estate started to learn. So I started passively investing. And then I have 17 deals as a limited partner, my first deal as a GP where I joined the team for a new takeover of an asset in San Antonio. And my goal is to do two more active deals this year in Central Texas.   Sam Wilson  01:29 Wow, hey, that's awesome. I love that. I mean, in 17 deals, that's a lot of progress. Let's start with the idea because most people don't keep enough capital unused or untapped. Right? Usually, it's deployed in stocks, bonds, and a variety of assets. I mean, maybe you did, maybe you had a liquidity event or something like that. But how have you gone out and taken the capital you had and made it available for syndications? Yeah, so   Trevor Thompson  01:51 I was very fortunate, I worked for a company called I fly indoor skydiving, and we got bought out by a private equity company. And so that gave me in theory, the big payday financial event. And I put it all in different asset classes, mostly the stock market. And then I always knew that I wanted to get involved in real estate. So I started out slow joined a local mentoring program. What I liked about them is they were Texans doing deals in Texas. And that's where I was. So I felt like, okay, I can see these guys touch them, feel them. And then I started passively investing. And I just slowly but surely kept creeping up how many investments I did based on opportunities. And then, you know, COVID happened. And I woke up in the morning and what there was a day when my net worth and the stock were going down 30%. And I thought, man, there's got to be a better way to do this. And then as it started to recover, which of course is more than recovered, but I managed to get keep pulling money out. And then to be honest, I was trying to go active earlier. So I would get close to a deal. No, I'm going to need some earnest money, cashing some stuff, only to not invest in the final. And so now I get this money sitting in a bank account going backward, and then a nice deal would pop up in my inbox, I would look at it and say, Okay, so I'm a little out of balance. And eventually, once those passive, you know, come off, then I'll switch most of that cash over to active because you should always invest in your own deal as well.   Sam Wilson  03:21 Right? Yeah, absolutely. I love that is unique. The indoor skydiving, that's one of those big places where they build like the, I don't know, 10 story buildings, or whatever it is,   Trevor Thompson  03:29 yeah, the wind. So I started in Orlando, Florida with the original owner. And the cool thing about that is more than 20 years ago, on our very first team meeting, he gave everybody a copy of Rich Dad, Poor Dad. So talk about like kind of telling the future. And he just said you guys need to set up your lives. So you have some sort of passive income do not be job dependent. And then I put that book on the shelf and spent the boat the next 17 years being job-dependent. I did not start investing. I wish I had my advice to anyone out there. Start early, you know, buy real estate and wait, don't wait to buy real estate. And I definitely would be in a completely different position right now, if I did that. But again, you start where you start. And then it's just you go from there.   Sam Wilson  04:13 Yeah, absolutely. So your hunt, you went, you know, you participate in all these passive deals. And then eventually you became an active member of a general partnership. But for that, from what I understand, you kind of backdoored your way into being an active member as a limited partner.   Trevor Thompson  04:30 Yeah. So what happened was, that was part of my mentorship program. And so that was my first investment. I put some money in a property and I'll be honest, I didn't know what I was investing in, right. I had a little bit of education. I was just like, Okay, I'm going to go along. These are the people I've served that linked myself to, I'm going to go along, and then you know, it's about a year, 14 months into it. I said I'm not learning anything. I thought I would learn a little more as a passive investor, and I have other deals that disclose much more Information and you'll learn a lot more in this one band, they only told you what they had to tell you. But anyway, so I went and saw the mentor and said, Hey, I've got some extra time, because of the way my work schedule was I was doing weekend. So I've got some days off there anything I can do to help out and learn. And so they said, Okay, well, we'll make you the asset manager for one of our properties. Very interestingly, the first time I showed up at the property, I went, oh, boy, what did I invest in here? Um, you know, it was told that it was a c plus property, and it was a D, and it had a lot of issues. But anyway, I saw that as a challenge.   And I was at the beginning, assisting their asset manager. So being a bit detailed orientated, I went in there and started looking at stuff and I started finding all these things that were wrong. And I'm like, Well, this can't be right. So I made this big list, made an appointment with the main sponsor, and said, Listen, we're not at 92% occupancy, there are this many units that people have skipped, they just haven't moved them off of the rent roll. So in reality, you know, we're at 6% occupied, and I know this is a problem because we want to be stabilized and all these things. So then eventually, that asset managers had all they told us to do that. And then everybody, you know, blamed everybody else? Well, at the end of it all, that was the end of that asset manager, oh, there were some other things, two invoices in a drawer. So you'd already done the work, but you didn't want to pay the bills, because you had to stay in budget? Well, you already spent the money. You know, eventually, you got to pay the bills. And we were on hold. And so I became the full-time asset manager for that property. And we still struggled a little bit. So the GP decided, well, I had to be the property management company, let's fire them and self manage, but don't worry, we'll help you. Well, the will help you was few and far between because he had about nine different assets that he did that too at the same time. So now he had no asset manager fired the property management company and basically tried to appoint at one of his investors in each of his locations, but I learned a ton, I mean, just a ton, we started really taking care of the property, we started making the conversion.   So I started in January of 2020. And then we all know what happened a little later in 2020. And you know, when you're on a deep value add a project that most of your people are living paycheck to paycheck, barely met the income requirements to get in there, it starts to hurt that and you know, they stopped paying, they started doing different things and took some of them would refuse to sign the rent Relief Program paperwork. And, you know, it's very interesting. And then I'll go the relief checks, rent check guide. So this will be great, somebody will come in and pay the rent, that Monday morning, there were 27, big screen TV boxes at the dumpster. So they bought a big screen TV, instead of paying the rent with their rent, you know, if their relief checks. And again, it is that type of workforce housing at the D class. Anyways, it was a real struggle. And then I did that for about 10 months. And then we just had some real expense, all those 10 months cleaning up the property. And then they basically wanted to give it all back up to quickly fill the occupancy so they could sell it to the next person, you know, looking better. And I just refused to do that. So it was sold about a year to a bit later, I fell through in that sale. And unfortunately, we made no money, but we didn't lose money. And I think if I hadn't been there for that particular period, we could have definitely lost some money because at least we got it up stabilized. Yeah, man. You can't ask for better learning.   Sam Wilson  08:31 That's one way to look at it. I mean, my gosh, for your first passive investment, that was your first right?   Trevor Thompson  08:37 Yeah, it was my very first passive investment. And I actually kept track of it because I thought at some point at least, might get paid my mileage 12,780 miles driving from Austin to San Antonio for 10 months. And the end of the day, I just got my money back and a small Thank you, but not much. Because after I left when they did their invested, cause they blamed previous management. It wasn't named by name, but they were looking for somebody to blame other than themselves, which I learned a lot about. Right.   Sam Wilson  09:06 Were there any things? Let's talk about that for a minute. Were there anything that now because now you've been in 17 deals are there with their tell-tale signs that would have tipped you off? Or would tip you off now?   Trevor Thompson  09:18 Yeah, definitely. So when I looked at it, and I actually asked, Could we have a learning session that what happened? They did not want to do it? I said, with the investors. You know, we're, we're all part of a mentor program. Let's at least learn one thing, okay. We're all big boys and girls, we didn't make money. We all know there are risks in real estate. Let's at least make this a better learning opportunity. But they weren't up to that. But basically, when I look back at it, they underestimated their CAPEX by a substantial amount of money. Substantial, you know, they ran out. I think they misappropriated some of it not like maliciously, so they wanted to rebrand the property. Okay, this was known as a drug-infested gang deck. I mean, this is what this is. lets you know, and so they decided, Oh, if we use the back entrance and spend a bunch of money and fix the back entrance up and rename that as the new street address, people won't figure it out. But people figured it out. And to be honest, GPS still sent me to the front door. So spending $100,000 fixing up the back entrance versus taking care of plumbing and some of the other issues, it would have been a much better use of resources. They underestimated the increase of property taxes and insurance. So kind of three big things in Texas, you know, so it all those things all added up. And then they were trying to get out of bridge debt. And of course, when you're not stabilized, going from bridge to bridge is very challenging,   Sam Wilson  10:43 Right. But were there things now that you would see before you ever invested your money as a passive investor where you'd say, yeah, that this doesn't smell   Trevor Thompson  10:51 right. Yeah, I think just the underestimation of those things like now, when I look at investment, I look at the CAPEX. Is it realistic? Can they achieve it with their plan? Do they have enough money? I look at what have they done with property taxes, you know, so they're going to buy this property, increase the value, but they don't increase the property taxes. Right, Texas, there's property taxes are huge. And then of course, insurance, Texas insurance has been going crazy. Now, they could say, Okay, we couldn't foresee that. That was a few years ago. And maybe, but they you know, and then they just underestimated everything. You know, like how much of $5,000 to turn a unit, it was seven and a half $1,000. Right? Well, you get out of whack pretty quickly, when you get that kind of disproportionate per unit turn.   Sam Wilson  11:36 Yeah, absolutely. That's a really interesting point. And for those of you who are listening, yeah, taxes are a big deal. And we've certainly walked away from deals just because we've known that if we buy it, then it's going to get reassessed. And depending on the geography get reassessed based upon what we just bought it for. Not every town is that way, but some places are. And then the other thing is the hardening of the insurance market. Yeah, maybe you couldn't have seen that. You know, we've had a lot of guests in the insurance industry come on the show, and they just say, hey, you know, rates may have been the same 16 1718. But worse, the intended 20% increases annually, right now, especially on multifamily insurance. So to your point, if you're not seeing those things underwritten, then I mean, that money's got to come from somewhere. And then also, the third Cardinal mistake that I think you bring up, these are golden mistakes is underestimating CAPEX not raising enough for that. I mean, again, unfortunately, not an uncommon thing I've heard on this show, which is, hey, if we've made a mistake, they fell into those three categories quite times. That's really interesting. You've really done a great job personally, you know, across 17 different assets have diversified. Tell me how you have selected your different asset classes,   Trevor Thompson  12:43 you know, so part of it was I refer to my investing as earning and learning. So I wanted to learn about different things. So I tried to invest in some different asset classes, some of them fell in my lap. So one of them you know, I cashed in some stocks, that deal was close to close and literally fell through that day. And then I got sent an email from somebody I have a non real estate investment with said, Hey, we need to buy some land, they needed a minimum was exactly what I cashed into to make the thing go. And so I said, Okay, well, let me try this. And basically, it was corporate secured debt to buy a piece of property up in west of Dallas, and you know, 16% interest, they needed my money for a year and I went, Okay, well, this is a much better use of my money, they needed it for a bit longer now. And then, you know, I always wanted to get into retail. So one of the next investments I did was a retail strip center, and it's very similar to multifamily. So you basically you buy an old dilapidated retail strip center, you basically try to convert the tenant base, put them on what's called a triple net lease, where the tenants are responsible for all the payments. There was a restaurant that hadn't paid his rent in a while we knew they were going out. So find a new restaurant tenant, basically rebrand the plaza, and then sell to somebody who doesn't need the large return. They're looking for the security of a triple-net lease. Well, great timing, we closed on March 15, 2020. And thank goodness, obviously, Q2 and Q3 and 2020. We didn't get the Q4 We got a 5% cash on cash, and all 21 We got a 5% cash on cash. So all things considered in the retail space, I feel very fortunate. I'd like to do better. And you know, I think retail is starting to recover.    Trevor Thompson  14:25 They did manage to take all of the leases and convert them to triple net. So they basically use the COVID event and said okay, we'll forgive the three months that you were forced to shut down because that was about only shut down in Texas if you resign a new lease. So they got the extended leases, they got the triple net so that was good. Another very interesting one was to buy, again, lots of things happen with COVID, buy an underperforming apartment complex converted to condos, and that's in Austin. There's a big housing shortage a lot of people want to try to buy but they can't necessarily afford it. So they bought this 32 Plex of apartment complexes, fourplex, and eightplexes and started converting them over to condominiums and selling them. And it was a pretty slow start because it was really hard to sell the first four Plex because the rest of the place look pretty ghetto still, but eventually, they started cleaning it up, and they spent some extra money fixing the exterior of the other ones, even though they hadn't turned the tenants. And again, you have an underperforming asset, and the no eviction moratorium comes in. And so you can't get those tenants out. Austin was one of the slowest ones to actually go back and allow you to do evictions. And then, of course, once we did, they were backed up on permits at the city. And then of course, the supply chain issue. But at the end of the day, the beautiful thing is that there's such a housing crisis in Austin, that housing prices have gone insane. And so what was selling for 265,000, they just sold one for 450. Insane, right?   So we're all gonna be made whole, it's gonna be fine. But it could have ended quite badly, because again, who expected anything like that to ever happen. And then I did a medical center. And it's a little different. It's not like a high return, this was just a 10% pref return no upside. But again, you're very interested in you're buying a building, it was missing one payment, they did some bird maintenance, put everybody on a triple net lease. And the crazy thing there is the practice of the doctor and the doctor personally guarantees all the loans. So you want to talk about safe investments, you know, and again, that was a great place for some retirement money, just that 10% return, I was okay with that. And then very interestingly, the group that I joined was mostly the single-family so they did syndication for Single Family Fund. And so they raised about two and a half million dollars in anybody in the single-family business knows your biggest cost is those hard money loans, run out and get a job get a property. Well, now they got two and a half million bucks sitting in a bank so they can move quickly on distress. So hey, I can give you cash today. And their plan was you know, $200,000 ARV three bedroom, two bath, no swimming pools, $200,000, then a bit of a challenge, because obviously, housing's gone crazy in Texas as well. But on the good side, you know, these assets they bought that had an ARV of 200,000, our sitting in the fund it almost $300,000, and they've gone up a third in value. And that also in turn, allows them after the first year to really do something with the rents. And the idea of this fund is quite interesting. They're going to build it up to a critical mass, get a portfolio loan, pay you back your money, build the portfolio a little bigger, and then sell it to somebody bigger, and in theory, double your money on the other side. So I think that one's coming along really well.   Sam Wilson  17:47 That's fantastic. I love the variety that you have invested in. Have you ever figured out the blended kind of return profile across all? So   Trevor Thompson  17:55 it's been challenging to do that, because most of the apartment investments are value add. So you know, even though they have a seven pref you know, everybody was very honest, hey, we're not going to catch up to 18 months. And so most of them are just starting to get close to catch up. But it you know, blended I'm probably still around 14%. And that's because I had to that paid nothing but I can still live with 14% blended.   Sam Wilson  18:18 Right. And I think that's the beauty of it in the beauty of what we do is that you can achieve, you know, above market returns in a fairly predictable obviously, you've got some more stories here that tell us not everything's predictable, but a fairly predictable manner. I mean, tell the average market investor, hey, you can make 14% of your money and retain the balance of your equity position in the deal is pretty incredible.   Trevor Thompson  18:40 Yeah. And of course, the big tax difference, right? My very first deal I did that had a cost StG was at the very end of 20. You know, put $50,000 in the deal, got a $46,000 passive loss and happened to be smart enough that hey, I ran that apartment complex for 10 months. I'm now a professional real estate person, even though I collected severance the whole year. I wasn't working. It was purely severance, I could show the hours. And so even though I didn't get paid, I did get paid because... I didn't go to zero like everybody claims. But you know, I went from, you know, mid 30s to 11% effective tax rate that made life a little easier.   Sam Wilson  19:19 A little bit easier. That's fantastic. Trevor, thank you for taking the time to come on today. If our listeners want to get in touch with you or learn more about you what is the best way to do that?   Trevor Thompson  19:27 Yeah, so I'm very active on LinkedIn and Facebook so you can find me at  K. Trevor Thompson. I have a website, www.niagara-investments.com and then I email ktt@Niagara-Investments.com. So those are the three ways that you can reach me.   Sam Wilson  19:43 Wonderful, Trevor, thank you for your time today. Certainly it was my pleasure.    Trevor Thompson  19:46 It's great to be here.   Sam Wilson  19:47 Hey, thanks for listening to the How to Scale Commercial Real EstatePodcast if you can do me a favor and subscribe and leave us a review on Apple podcasts, Spotify, Google podcasts, whatever platform it is you use to listen If you can do that for us that would be a fantastic help to the show it helps us both attract new listeners as well as rank higher on those directories so appreciate you listening thanks so much and hope to catch you on the next episode.

Billionaire mindset
WHAT'S THE MOST PRECIOUS GIFT PARENTS CAN GIVE? | माता-पिता सबसे कीमती उपहार क्या दे सकते हैं?

Billionaire mindset

Play Episode Listen Later Mar 21, 2022 3:15


Hello EveryoneWe hope that you are in Good HealthIn this episode we narrated a story of 10 years old boy, he wanted love from his father and how he made his father realize the importance of spending time with his kid.tune in and listen to the episode nowPlease consider subscribing to our Youtube channel: https://www.youtube.com/channel/UCN5y9Kw4Lcm5DmSWyRHKhXQ/featuredRate our Podcast :-Apple Podcast: https://podcasts.apple.com/in/podcast/billionaire-mindset/id1493386466Podchaser: https://www.podchaser.com/podcasts/billionaire-mindset-990587/reviewsSpotify: https://open.spotify.com/show/5RJvlyPY3wvRwt6L3CzGas?si=2cdecfabb1f14799Email: billionairemindsetpodcast@gmail.comOther platforms: linktr.ee/billionairemindsetBook on Investing:INTELLIGENT INVESTOR: https://amzn.to/3sm390oRICH DAD, POOR DAD: https://amzn.to/3GwjmoTTHE PSYCHOLOGY OF MONEY: https://amzn.to/3uBXsOmTHE WARREN BUFFETT WAY: https://amzn.to/3J9AWjUSubscribe the Podcast If you haven't already.Lots of love

The Changed Physician Podcast Episodes
Episode 182 - Review of Rich Dad, Poor Dad (by Richard Kiyosaki), Part 1

The Changed Physician Podcast Episodes

Play Episode Listen Later Mar 20, 2022 28:56


This is Episode 182 of The Changed Physician Podcast where the hosts discuss their takeaways from Richard Kiyosaki's book, Rich Dad, Poor Dad. This is part one of two parts of this discussion. You can listen to part two in episode 183. #richardkiyosaki #cashflow #moneyquadrants #mindset #employee #selfemployed #businessowner #investor #wealth #awareness #change #challenge #thechangedphysician #richdadpoordad Learn More About the Community at:

The Laundromat Millionaire Show with Dave Menz
Adjusting Your Mindset To Create Success with Jason Drees

The Laundromat Millionaire Show with Dave Menz

Play Episode Listen Later Mar 16, 2022 59:00


What's the Secret to Success?? Perhaps you just need to get out of your own way and adjust your thinking! Follow along with Dave "Laundromat Millionaire" Menz and his wife, Carla, as they interview performance coach, Jason Drees. Learn how your framework may be what's holding you back from achieving your goals and how to adjust your mindset to achieve whatever success you are looking for in your life! Referenced Links: The Laundromat Millionaire Conference: www.laundromatmillionaire/conference H-M Company Drain Troughs: https://draintroughs.com Link to get Atmosphere TV: https://atmosphere.tv/partner/dave-menz and use code “MILLIONAIRE” Contact Mike directly: Mike.Kelly@Atmosphere.tv Guest's Website: www.jasondreescoaching.com Guest's Book: https://store.biggerpockets.com/products/do-the-impossible Guest's Instagram: @jasondreescoaching Our website: www.laundromatmillionaire.com Our Online Course: https://dave-menz.mykajabi.com/sales-page Our Youtube channel: https://youtube.com/c/LaundromatMillionaire Our Podcast: https://laundromatmillionaire.com/podcast/ Our Facebook: https://www.facebook.com/laundromatmillionaire/ Our Facebook Group: https://www.facebook.com/groups/laundromatmillionaire Our LinkedIn: https://www.linkedin.com/in/dave-laundromat-millionaire-menz/ Our Instagram: https://www.instagram.com/laundromatmillionaire/ Our laundromats: www.queencitylaundry.com Our pick-up and delivery laundry services: www.happynest.com/locations/ohio/cincinnati GoBundance: www.gobundance.com Tony Robbins: www.tonyrobbins.com Cirque du Soleil: www.cirquedusoleil.com Pupperoni: www.pupperoni.com Jason Drees eating dog food: https://www.youtube.com/watch?v=D8GfK3wQ9d4 Recommended Reading: • Rich Dad, Poor Dad by Robert Kiyosaki Timestamps: 00:00 Laundromat Millionaire Show Intro - Quotes 02:55 Jason's Backstory 05:19 Parenting While Financially Successful 07:12 Startups & Tony Robbins 10:45 How We Self-Sabotage 14:33 Finding Your Growth Areas 22:00 How to Shift Frames 23:47 Following Your Gut 25:32 Arrogant or Confident? 28:12 Lonely at the Top 31:31 Keys to Success 36:40 Eating Dog Food 43:09 Following Through on Your Word 45:23 Why Hire a Coach? 50:54 Do the Impossible! 52:22 Jason's Contact Info Learn more about your ad choices. Visit megaphone.fm/adchoices