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Hosted by rachel richards
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2 episodes with rachel richards
2 episodes with rachel richards
On today's episode: The results of yesterday's municipal election in Aspen are in, and Rachel Richards will be the next mayor of Aspen; four candidates vying for two seats on Aspen City Council are headed for a runoff; and voters have narrowly approved Referendum 2 regarding the entrance to Aspen. Tune in for these stories and more.
We're excited to share the latest episode of the Wealth on the Beach Podcast! This week, Daniel Alonzo hosts the incredible Rachel Richards—bestselling author, real estate investor, and financial mentor who retired at the age of 27 with over $10,000 in monthly passive income. In this inspiring podcast, you'll discover: ✓ Practical strategies for achieving financial independence ✓ Insights into building multiple streams of passive income ✓ Rachel's remarkable journey from budgeting challenges to financial freedom Discover how you can redefine your financial future, start your journey towards independence, and create a life of freedom. Whether you're an aspiring entrepreneur or looking to optimize your finances, this episode is a must-watch! Let's dream bigger and achieve greatness together!
Send us a textIn a recent column in The Times, Caitlin Moran wrote about how five young men in her social circle have taken their lives in the past 18 months. She's not alone. My daughter has experienced this, as has Bernadette's son, the listener who contacted me to suggest I cover it in an episode. In the UK, the leading cause of death for men under the age of 50 is suicide, and the statistics in the US are even worse. Boys are particularly vulnerable, and we know that there's the risk of social contagion if we're not careful about how we discuss it. So how do we talk to kids who've been impacted by this devastating loss? Dr Steven Kariaskos is deeply involved in suicide prevention and support and gives some excellent tips for us parents. RESOURCES:https://www.copingaftersuicide.com/support-groupshttps://afsp.org/https://findahelpline.com/i/iasphttps://samaritanshope.org/blog/suicide-grief-101/Facilities in which Dr Steven Kariaskos is involved:The Kita Center in Maine: https://www.thekitacenter.org/This bereavement and mental health center supports individuals impacted by suicide loss. Camp Kita, a free summer camp for young people ages 8-17 who have experienced a loss. We are also expanding our offerings to include weekend retreats, such as a Family Retreat for families navigating a loss and a retreat for Twentysomethings who have lost a loved one to suicide. “Preventing suicide by building intentional environments to foster connection and a lifelong engagement with mental health.”Coping After Suicide Peer Support Groups: https://www.samaritans.org/how-we-can-help/if-youre-having-difficult-time/support-groups-people-bereaved-suicide/New groups begin in January, and additional specialized groups are available based on specific losses or identities (such as groups for mothers, siblings, and men).Talking OutLOUD - Teens & Suicide Loss, A Conversation: https://www.rethinktheconversation.org/talking-outloudAward-winning documentary featuring a teen-led discussion about suicide loss. Elpis Consulting, Coaching, and Community Building: https://www.elpis-consult.com/Cultivating restorative communities rooted in hope and well-being. I collaborate with schools and organizations globally, supporting programs that foster organizational health, community well-being, and individual thriving. Elpis means “Hope” in Greek, reflecting the core of thiSupport the showThank you so much for your support. Please hit the follow button if you like the podcast, and share it with anyone who might benefit. You can review us on Apple podcasts by going to the show page, scrolling down to the bottom where you can click on a star then you can leave your message. I don't have medical training so please seek the advice of a specialist if you're not coping. My email is teenagersuntangled@gmail.com The website has a blog, searchable episodes, and ways to contact us:www.teenagersuntangled.comInstagram: https://www.instagram.com/teenagersuntangled/Facebook: https://m.facebook.com/teenagersuntangled/Susie is available for a free 15 minute consultation, and has a great blog:www.amindful-life.co.uk
On today's newscast: Rachel Richards is running for mayor of Aspen; Pitkin County Commissioner Kelly McNicholas Kury is set to take over management of the Roaring Fork Community Development Corporation; and the Colorado Department of Transportation is responding to Congressman Greg Lopez's call last week for a federal investigation into the agency. Tune into these stories and more.
Segment 1 with Spencer Carroll starts at 0:00Taxes…there isn't another word that sends shivers up the spine of a small business owner or gives them such a feeling of dread- but it really doesn't have to be that way. There is help to put together sound strategies so you don't dread April 15th and get to keep more of your money.My first guest is Spencer Carroll who is an experienced CPA with a background in public accounting and tech startup sales. He's also an accounting professor and owns a small real estate business. His accounting background and love for entrepreneurship was the perfect combo for Gelt, where he leads the sales team and helps clients optimize their taxes.Segment 2 with Rachel Richards starts at 14:50.How you structure your business – whether it's a C, S or LLC has an impact on the taxes you pay. Also, when you sell your company, the amount of money you keep has to do with how you structure the deal so its tax efficient.Here to help is Rachel Richards who is a seasoned CPA with over a decade of experience in public accounting. Before joining Gelt, she dedicated her career to helping clients navigate complex tax laws and maximize their financial outcomes. Driven by a passion for providing exceptional tax service to a wider audience, Rachel joined Gelt in 2021. At Gelt, Rachel & her team are passionate about developing personalized, efficient, and compliant tax solutions for customers while empowering tax professionals with cutting-edge technology.This episode is sponsored by Gelt a modern tax company designed specifically for business owners and high-income earners. They use expert CPAs and proprietary technology to simplify the complexities of tax planning and filing with a personalized approach. If you're ready to optimize your tax experience, don't wait for “tax season”, schedule a call today, and get 10% off your first year of service, when mentioning Barry Moltz.Become a supporter of this podcast: https://www.spreaker.com/podcast/the-small-business-radio-show--3306444/support.
In today's episode, I'm excited to sit down with one of my incredible former clients, Rachel Richards, a family photographer and filmmaker, to share her amazing transformation story. When Rachel and I first connected at a panel on mompreneurs, she had just gone full-time with her photography business and was searching for guidance. What started as a simple consultation call quickly evolved into a journey that completely shifted how Rachel approached both her work and her life. Rachel opened up about how our coaching sessions helped her identify and overcome deep-seated challenges that were impacting her business. We dive into the hesitations she had when she first started, the hustle culture that had taken over her life, and how, through our work together, she learned to slow down, reclaim her personal power, and tap into her creativity like never before. Rachel's story is one of vulnerability, growth, and finding balance. From breathwork to building awareness around her work habits, Rachel shares how these tools helped her shift from constantly hustling to feeling more in control, balanced, and creative. Her journey is a powerful reminder that sometimes the biggest breakthroughs come when we slow down and look within. If you're feeling stuck in your business or life and are ready for a transformation, Rachel's story will inspire you to make space for growth and find the answers you've been searching for. Join us to: Discover how Rachel uncovered a major issue that had been affecting her client interactions for over a year—in just one consultation. Hear about the mindset shifts that moved her from rigid business strategies to a more intuitive, balanced approach. Learn how she broke free from the hustle culture and embraced a slower, more fulfilling pace in both her business and life. Understand the importance of vulnerability in creative work and how Rachel encourages it in her clients. Explore how breathwork helped unlock her creativity and tap into her full potential. Gain practical tips on setting boundaries, like taking a day off each week and limiting work hours to create a sustainable routine. Connect with Rachel:Instagram: @rachelrichardsphotofilmWebsite: www.rachelrichardsphotofilm.comEmail: hello@rachelrichardsphoto.com Connect with Brittny:Instagram: @brittnyking_Website: www.brittnyking.comEmail: hello@brittnyking.com
In a recent article on CNBC, more than half, or 51%, of Americans have less than three months' emergency savings. However, saving more money is often difficult. What about making more money? In this passive income episode, part of my week of passive income episodes, you'll learn about another idea for creating passive income. Rachel Richards, who has been on this show before for her rental real estate empire, has also built a substantial monthly income from her book sales on Amazon. Even if you don't profess to be a writer, indeed, there is something you have to share - a skill, a talent, an idea, etc. Rachel's here to pull back the curtains and share the behind-the-scenes story of how she built a cash-flowing self-publishing side hustle in just a few years and how you can do the same. LINKS Rachel's Passive Income Starter Kit Money Honey book Passive Income Aggressive Retirement book CNBC article CONNECT WITH SHANNAH Healthy Wealth Program for Women https://etmpod.link/healthywealth Ask Shannah questions - submit your question here https://etmpod.link/askshannah Freebie: 10 Money Questions to Ask Yourself Money Guide https://etmpod.link/10moneyq Follow me on Instagram Leave a 5-star Review here https://ratethispodcast.com/etm Subscribe to our YouTube Channel https://www.youtube.com/@EveryonesTalkinMoney SPONSORS Thanks to ASPCA for sponsoring the show. To explore coverage, visit ASPCApetinsurance.com/ETM. Thanks to Mint Mobile for sponsoring the show. To get your new 3-month premium wireless plan for just 15 bucks a month, go to http://www.mintmobile.com/ETM . Thanks to Notion for sponsoring the show. Notion is my go-to tool for managing notes, to-do lists, and action items. You can try Notion for free at Notion.com/ETM. Thanks to OneSkin for sponsoring the show. Get 15% off OneSkin with the code ETM at https://www.oneskin.co/ Thanks to Quince for sponsoring the show. Go to http://www.quince.com/etm for free shipping on your order and 365-day returns. Thanks to NerdWallet for sponsoring the show. Don't wait to make smart financial decisions. Compare and find smarter credit cards, savings accounts, and more today at www.nerdwallet.com. Thanks to Monarch for sponsoring the show. After trying out Monarch for myself, I understand why it's the top-rated personal finance app. Listeners of this show will get an extended thirty-day free trial when you go to www.monarchmoney.com/ETM. Thanks to EarnIn for sponsoring the show. Just download the EarnIn app in Google Play of the Apple App store and use code Talkin Money under Podcast. Thanks to Noom for sponsoring the show. Start taking control of your weight management and join the millions who have lost weight with Noom. Sign up for your TRIAL today at www.noom.com. Thanks to ButcherBox for sponsoring the show. Sign up today at www.butcherbox.com/etm and use code ETM to get $20 off your first order. Thanks to DelelteMe for sponsoring the show. Today get 20% off your DeleteMe plan when you go to www.JoinDeleteMe.com/ETM and use promo code ETM at checkout. Learn more about your ad choices. Visit megaphone.fm/adchoices
Host: Amber Lia & Rachel Richards, Presidential Directors TOPICS: Health is a Journey, Not a Destination
Inspiration incoming! Hear the stories of three recent UNT graduates as they talk about adversities they've overcome, the successes they've achieved and how UNT helped them along the way. In this episode: The hosts discuss their summer travel plans. Rachel Richards graduated a year early with a degree in hospitality management and talks about all the support she's received from UNT. (2:03-16:51) Marine Corps veteran Mario Pena talks about overcoming extreme poverty and domestic violence to earn a second bachelor's degree and his plans to come back for his master's. (16:52-34:45) Setareh “Star” Dehghani-Moslemi talks about her father dying as her family fled Iran to escape religious persecution and having a child while earning her Ph.D. (34:46-51:12) Q&A: The hosts discuss what their career goals were when they came to UNT and how those goals have evolved. Share your advice by emailing us at podcast@unt.edu or calling 443-684-2779. (51:13-55:33) Helpful links: Follow our Podcast Transcripts Join the Conversation Email us at podcast@unt.edu Call us at 940-565-4341 Connect with us using #HFNT on X @UNTSocial or on Instagram @UNT --- Send in a voice message: https://podcasters.spotify.com/pod/show/happy-friday-north-texas/message
Host: Amber Lia & Rachel Richards, Presidential Directors TOPICS: Women's Health - Setting a New Path
Smart Social Podcast: Learn how to shine online with Josh Ochs
Don't forget to like, share, and subscribe to stay updated with the latest episodes. Thanks for listening!To hear more from Rachel Richards and the Teenagers Untangled podcast: https://www.teenagersuntangled.com/To learn more about the SmartSocial.com Teen Life Coach program, visit our website and book a consultation with Lisa: https://smartsocial.com/coaching#registerJoin our next live event: https://smartsocial.com/#live-events Join our free newsletter for parents and educators: https://smartsocial.com/newsletter/Register for a free online Parent Night to learn the hidden safety features on popular apps: https://smartsocial.com/social-media-webinar/Become a Smart Social VIP (Very Informed Parents) Member and unlock 30+ workshops (learn online safety and how to Shine Online™): https://learn.smartsocial.com/Download the free Smart Social app: https://smartsocial.com/appLearn the top 150 popular teen apps: https://smartsocial.com/app-guide-parents-teachers/View the top parental control software: https://smartsocial.com/parental-control-software/Learn the latest Teen Slang, Emojis & Hashtags: https://smartsocial.com/teen-slang-emojis-hashtags-list/Get ideas for offline activities for your students: https://smartsocial.com/offline-activities-reduce-screentime/Get Educational Online Activity ideas for your students: https://smartsocial.com/online-activitiesUltimate Guide To Child Sex Trafficking
What were the top AHA moments on Financial Freedom with Real Estate Investing in 2023?As the year comes to an end, it's time for a highlight reel of our most inspiring moments on the podcast in the last 12 months.On this Best of 2023 episode, we revisit our conversation with Faisal Ensuan and Dr. Sheri Fluellan on why real estate syndicators need the right coach and reflect on Joseph Kimbrough's advice around building relationships with high-net-worth investors.We look back at Marc Rutzen's insight on using AI for asset management, Chris Pomerleau's guidance on overcoming imposter syndrome and Nicole Gauthier's suggestions for connecting with a real estate investing mentor.We also share wisdom from Rachel Richards on the value of financial independence, Ross Hamilton on successfully pivoting a real estate company, and Jon Jasniak on land flipping with no friction.Listen in for Matt King's advice on choosing a peer group that will help you level up and get free coaching from our top guests on Financial Freedom with Real Estate Investing in 2023!For full episode show notes visit: https://themichaelblank.com/podcasts/session400/
In this episode of "Unlocking Financial Freedom" with Rachel Richards from Honey Money Rachel, we delve into the art of creating passive income streams that can transform your life. Rachel shares her expertise on multiple ways to build sustainable income sources that work for you, allowing you to take control of your financial destiny. Whether you're into print on demand, interested in becoming an author, content creator, online seller and more, Rachel's insights will provide valuable tips to help you achieve your wealth-building goals. Tune in and learn how you can start generating more income.
We all go through challenging life experiences, be it the loss of a loved one, a serious illness, or painful divorce.And the last thing we need in those circumstances is to worry about money.But what is the best way to build the kind of passive income you need to make it through tough times without stressing about finances?Rachel Richards is the creator of Money Honey, a financial education platform that helps young women manage their money effectively and achieve financial freedom.Rachel achieved her own financial independence at the age of 27 with a portfolio of 38 rental units, and she is the bestselling author of Money Honey and Passive Income, Aggressive Retirement.On this episode of Financial Freedom with Real Estate Investing, Rachel explains how she and her then-husband leveraged real estate to reach a passive income goal of $10,000 a month in just three years.Rachel shares her definition of financial independence and describes how it gave her the opportunity to escape to Italy and heal from a painful divorce.Listen in for Rachel's insight on rebuilding after a challenging life experience and learn how real estate can give you the financial independence to pursue what you love!For full episode show notes visit: https://themichaelblank.com/podcasts/session384/
At the age of 27, Rachel Richards quit her job and retired. She is now living off $20,000 per month in passive income. Rachel is the bestselling author of “Money Honey” and “Passive Income, Aggressive Retirement.” She built a real estate portfolio of 38 rental units by the age of 26. She makes the topic of money management fun, entertaining, and simple for her 250,000+ millennial followers. We talk about the advantages of being an out-of-state landlord, her mental health journey during her busiest years, how she's reframed failure, and making sacrifices while scaling up. Rachel also shares some incredible investment hacks, like operating a cash-efficient boarding house and leveraging a real estate license to better survey a market's listings.Rachel helps women feel excited, capable, and confident about their financial futures. And listeners, just wait because Rachel is vulnerable, honest, and is going to help you just keep going right now, especially if you're going through something tough. This is the episode for you.To learn more, and for the complete show notes, visit: http://thanksforvisiting.meResources:• #STRShareSunday: @archhouse_wa• Passive Income: www.moneyhoneyrachel.com/passiveincome • Website: www.moneyhoneyrachel.com• Instagram: www.instagram.com/moneyhoneyrachel• Money Honey: https://amzn.to/3QhLVyH• Passive Investment, Aggressive Retirement: https://amzn.to/43E2OqhThanks for Visiting is produced by Crate Media.Mentioned in this episode:Hostfully | Sign up today and use coupon code THANKSFORVISITING to get 2 Free Guidebooks!Sign up at Hostfully.comMinoan | Minoan helps short-term rentals and boutique hotels enhance their appeal with their customizable, curated retail platform.Visit MinoanExperience.com and tell them TFV sent you!Hosting Business Mastery Method | Join us for our live, free, host masterclass and learn how to OWN your digital real estate!Sign up at hostmasterclass.com.TFVCON | Join us September 24-26 in Columbus, Ohio for TFV CON 2023!Grab your spot now at tfvcon.com.Breezeway | Breezeway is our favorite all-in-one property operations and messaging app. We use Breezeway to standardize our cleaning, maintenance, and inspection processes and automate guest messaging to deliver a quality experience. Their photo checklists make it easy to verify detailed work in real-time and make sure nothing falls through the cracks. Best yet, TFV listeners get free implementation!Sign up today at Breezeway.io/TFV
On this encore episode of the Passive Income Attorney podcast, Seth is joined by Rachel Richards as they talk about educating millennials on how to work their way out of financial despair, given the lack of financial education in the current system. Rachel is a former financial advisor who quit her job and retired at 27 by turning to passive income. She shares her journey, including her books, Money Honey” and “Passive Income, Aggressive Retirement.” Enjoy the episode! “Don't be a control freak; just accept you're gonna make mistakes, and that's a part of it.” HIGHLIGHTS: Here's a breakdown of what to expect in this episode: Motivation to learn financial independence and real estate investing in high school Wrongs of being a financial advisor, as told by Rachel Real estate investing as a plan B after quitting from being a financial advisor Passively investing in syndications versus direct ownership of single-family or duplex properties How to figure out your best investment strategy towards financial freedom What pushed Rachel to write her book And so much more! ABOUT | RACHEL RICHARDS: At the age of 27, Rachel Richards quit her job and retired, living off $15,000 per month in passive income. Rachel is the bestselling author of “Money Honey” and “Passive Income, Aggressive Retirement.” She is a former financial advisor and a real estate investor with almost 40 rental units. By making the topic of money management fun, entertaining, and simple, Rachel has helped thousands of millennials work their way out of financial despair. FIND | RACHEL RICHARDS: Passive Income Starter Kit: www.moneyhoneyrachel.com/bonus Instagram: www.instagram.com/moneyhoneyrachel Website: www.moneyhoneyrachel.com
The Action Academy | Millionaire Mentorship for Your Life & Business
Rachel Richards (Replay Sept 2022) built a real estate portfolio of 38 rental units by the age of 26. She is a 2X bestselling author and has been featured in Forbes, CNBC, and Business Insider. She makes the topic of money management fun, entertaining, and simple for her 450,000+ millennial followers. Rachel helps women feel excited, capable, and confident about their financial futures.Rachel has a Bachelor of Science in Financial Economics from Centre College. She has held roles as a licensed financial advisor, a real estate analyst, and a senior finance analyst.Rachel is based out of Colorado.https://moneyhoneyrachel.com/about/Are you wanting to leave your job within 12 months through buying real estate and businesses? Whew - do we have a group for you...Check Out Our Action Academy CommunityClaim Your Free 15 Minute Freedom Coaching Call :https://calendly.com/brianluebben/action-academy-free-consult-call-15-minLearn How To Buy Real Estate & Businesses In 5 Minutes Per Week:Join Our Weekly Newsletter Follow Me As I Travel & Build:Twitter @theactionpodIG @brianluebbenTiktok @brianluebben
Hi friends! We are so pumped to have you join us this week because in this episode we are joined by Rachel Richards. Rachel is a financial advisor, turned real estate assistant, turned self-published author, and is also a thriving REI boss-babe who makes big moves in the world of syndications! Rachel is a true inspiration of what it looks like to build your business from scratch and we hope you will take away some powerful thoughts to help you also start to make some big moves in your portfolio, even if you are just starting out.Rachel, aka, ‘Money Honey Rachel', started out in the real estate world in fairly low-paying jobs and at one point was also an assistant to a highly toxic realtor. This person made their employees cry on a regular basis and at one point, Rachel remembers looking at herself in the mirror on a particularly bad day with this person and decided…“This is it, I'm going to find a way to buy a rental property this year".”Within six months, Rachel had made an offer on her first property and closed in early 2017. Looking back, she remembers talking about investing and wanting to take action on it, but just hadn't pulled the trigger so this was exciting and highly empowering.“I really do believe that anyone my age, at any income, can achieve financial independence.”Rachel started out with only $10k in savings and purchased a duplex with long-term tenants as her first property. The second was a boarding house, and now Rachel focuses her time and investments primarily on syndications, which has become her absolute favorite way to invest as they truly are the ultimate passive income.Currently, Rachel is invested in 10 syndications as an LP (Limited Partner).To learn more about what Rachel is currently working on, you can find her over on Instagram.Thank you so much for tuning in, we'll see you next week! Resources:Visit Rachel's websiteGet Rachel's Passive Income Starter KitGrab your copy of Money HoneyGrab your copy of Passive Income Aggressive RetirementJoin our Property Management AcademyLeave us a review on Apple PodcastsLeave us a review on SpotifyJoin our private Facebook CommunityConnect with us on Instagram
Hiring a contractor doesn't have to be a guessing game. Most real estate rookies choose the first (or cheapest) contractor that comes their way, but this rarely leads to a home renovation gone right. Instead, you could be looking at tens of thousands in extra costs, poor-quality workmanship, timelines that stretch out months past your projections, and a rental property that almost any tenant will walk away from. So, how do you find the BEST contractors in your area? And what are some signs that a contractor will make your life easier? We've got all the answers in this episode. Rachel Richards is back on the show to talk about her recent renovation done by Zosia Madden's team over at Laurelless. While Rachel was thousands of miles away traveling, Zosia and her team turned Rachel's newest property around, staying on budget, on time, and with as little stress as possible. After some tear-inducing past experiences with other, lower quality contractors, Rachel and Zosia go over EXACTLY what makes a contractor the right one, red flags to look out for, software to use, and lessons learned that EVERY investor should take to heart! Check the full episode here: https://biggerpockets.com/playlist Learn more about your ad choices. Visit megaphone.fm/adchoices
Huge cash flow after selling most of your real estate portfolio!? Many rookies assume that having more doors equates to more profit, but that's not always the case. The truth is, if you start identifying the best investing strategy for your property, you can make more cash flow while owning fewer units. Today's guest has had small and large portfolios alike and has succeeded with both! In this 300th episode of the Real Estate Rookie podcast, we catch up with past BiggerPockets guest, full-time real estate investor, and two-time best-selling author Rachel “Money Honey” Richards. After 2022 threw her several curveballs, Rachel made the tough decision to sell her thirty-eight-door real estate portfolio and start over. A nomad at heart, Rachel turned her attention to house hacking—a strategy that gives her a place to live while allowing her the freedom to travel six months each year. Whether you have one door or one-hundred doors, you won't want to miss out on the important lessons Rachel shares in this episode! She talks about beating analysis paralysis, using a solutions-oriented approach when looking for deals, and when it makes sense to use multiple rental strategies at once. But that's not all, we'll also get into creative financing, choosing a real estate niche, finding the best contractors for rehab projects, and more! In This Episode We Cover How to build (or rebuild!) your real estate portfolio from square one Beating analysis paralysis by finding your real estate niche How to apply a solutions-oriented approach to analyzing deals Using multiple rental strategies to maximize your cash flow Networking to find the best lenders and contractors for your properties Leveraging creative financing to help fund your real estate deals And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Retiring in 2 Years Through “Aggressive” Rental Property Investing with Rachel Richards Early Retirement by 30 with $20K/Month in (Actually) Passive Income Divorce: The Biggest Marriage and Money Mistakes to Avoid Rookie Reply: Creative Financing 101 with No Cash, Credit, or Credentials A Step-by-Step Guide to Estimating Rehab Costs w/ Master Flipper & Investor James Dainard (Part 1) Finding Contractors, Renovation Red Flags, and Estimating Rehab Costs (Part 2) w/ James Dainard How Nancy Rodriguez from ‘Love Is Blind' Hit Financial Freedom BEFORE Fame Books Mentioned in this Episode: The House Hacking Strategy by Craig Curelop Money Honey by Rachel Richards Passive Income, Aggressive Retirement by Rachel Richards Connect with Rachel: Rachel's BiggerPockets Profile Rachel's Instagram Grab Your Free Passive Income Starter Kit Check the full show notes here: https://www.biggerpockets.com/blog/rookie-300 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices
In this rewind episode we chat with Rachel Richards, Ken George, and Jen Smith about Multilevel Marketing. Are they pyramid scams? Are there any honest businesses among them? We hash through these question plus a new bonus closing. Learn more about your ad choices. Visit megaphone.fm/adchoices
Rachel Richards is a notable figure in the personal finance world and her world has completely changed over the course of a year. As a 30 year old, she would've never envisioned experiencing a near financial disaster from a divorce. Now, part of her mission is to equip women with tools & resources to protect themselves from ending up in these situations both financially and relationally.Rachel previously appeared on the podcast on episode #45 and this discussion is completely different, primarily focusing on human connection, how to spot and avoid red flags, and protect yourself.Discussion Markers:(7:32) - What Made Rachel Open Up & Be Vulnerable About Divorce?(12:15) - What To Look For Prior To Entering A Relationship(16:45) - Red Flags Vs Dealbreakers(31:00) - Financial Lessons Learned During Divorce(39:05) - All About Pre-Nups(48:28) - Importance Of Embracing Feminine Energy Over MasculinityConnect with Rachel!InstagramWebsiteMoney Honey FREE Resources Thank you for tuning in! If you feel led, please subscribe & share the show to others who you believe would benefit from it.Keep in touch below! LinkedIn | www.linkedin.com/in/ryanacass/ Instagram | @ryanacass + @wondaytoday Become A Champion Of Life | www.championtribe.win Sign up to receive updates about Won Day, plus leadership and goal-setting tips! Click here Seeking To Become An Author? Check Out Scribe Media - Use My Link!
Rachel Richards is a former financial advisor turned real estate investor and bestselling author of two books! Her passion for financial literacy stems not only from her experience as a financial advisor, but also as a witness to the lifestyle that comes with financial freedom. Rachel has sustained her incredible success as an investor by diversifying her income streams and sticking to the goal-oriented mindset she established from the very beginning of her journey. Her most recent book, Passive Income, Aggressive Retirement, details her secret to freedom, flexibility, and financial independence! Hear Rachel discuss: How she achieved financial freedom at the age of 27! Her early experiences buying rental properties both in and out-of-state How her first book came to fruition and the positive impact it has continued to provide The many lessons she learned as an independent investor and property manager Passive income opportunities that can be leveraged by anyone in today's economy …and so much more! You can learn more about Rachel and her work on her website: https://moneyhoneyrachel.com/. If you are interested in reading any of her books, you can find them online here: https://www.amazon.com/stores/author/B072M1ZD4X. Make sure to follow Rachel on social media as well (@moneyhoneyrachel) to keep up with her latest content! Music: “Higher Up” by Shane Ivers
"Financial independence is so much bigger than quitting your job and traveling the world... Sometimes it's a matter of survival." - Rachel Richards, Author of "Money Honey" and "Passive Income, Aggressive Retirement"Passive income is the ideal wealth-building goal. So how do YOU build it?Tune in for essential, transparent tips from Rachel about real estate investing, syndication and building the life you've dreamed of, especially when the dream crashes.Download her FREE guide to passive income at https://moneyhoneyrachel.ck.page/passiveincomeYou can also find her on Instagram @moneyhoneyrachelReady for more? Learn how to create multiple streams of passive income in my book, Building Indestructible Wealth. You can also access The Indestructible Wealth Builder, (the system I used to go from $300 to $8 million in net worth), and ...
Episode 449 of the HyperFast Agent podcast features an interview with Rachel Richards, otherwise known as “Money Honey Rachel.” She is a former financial advisor and best selling author who grew her portfolio from zero to 38 doors by the age of 26. Rachel believes investing in real estate now, and in any market, is a great idea. She especially tries to find off-market deals. She has also invested in rentals, including duplexes and syndication, but has found that passive income isn't one hundred percent passive. There is a lot of work and attention to detail in the ownership and management of rental properties. In this episode, Rahcel also offers a lot of great advice on learning from mistakes and how to effectively build a team. Join Rachel Richards and Host Dan Lesniak as they discuss… ∙ That one of the keys to investing is finding off-market deals. ∙ Why rental properties are not 100% passive income, but more passive than most 9-to-5 jobs. ∙ Not cutting corners when building your team. ∙ Investing in real estate in any market. QUOTES TO SHARE
Chiropractic care is surrounded by a world of misconceptions. Years ago, I truly thought the only reason to get a chiropractic adjustment was if I had a major injury. So today, i'm chatting with my personal and longtime chiropractor, Dr. Rachel Richards. Dr. Rachel finds her work as a chiropractor to be fulfilling because she really believes in the power her work has to change her patients lives. We're digging in to all things chiropractic care from the origin story of chiropractics to how you can go about finding an aligned chiropractor in your area. Personally, I take my whole family to the chiropractor for a whole host of reasons and some of them might surprise you. Dr. Rachel practices with an applied kinesiology background and specializes in Neural Emotional Techniques that help patients process stored trauma and emotions. She's sharing what you can expect from a chiropractor, when to see a chiropractor as opposed to a regular doctor, and so many helpful tips. Yes, you can come to the chiropractor if your back hurts, but you can also go when you're experiencing a whole host of other issues. My kids literally come to me asking for chiropractic adjustments when they aren't feeling their best. Dr. Rachel explains that this is because chiropractic care focuses on balancing the nervous system. You will walk away feeling confident that you can go find a chiropractor and explore the benefits for yourself! Follow Dr. Rachel at Harmony Health on Instagram or for those in the greater San Diego Area, you check out her website for her services.ShownotesIf you enjoyed this weeks' episode, please: Leave a a positive review or rating wherever you listen Shop toxin free products on my Toxin Free Shopping Guide Download your free Tossing the Toxins Guide Post a screenshot and what you loved and and tag me on instagram @wendy_toxinfreeish Want to ask me a question to get answered on the podcast? Leave me a voice message here.
Rachel Richards retired at age 27 thanks to real estate. Whether you're looking to retire or hit a short-term financial goal, you won't want to miss today's podcast. In this interview, Rachel shares the secret to accomplishing any goal and offers financial tips that will help you achieve that next milestone. Rachel also talks syndication, discusses how to reduce the cost of divorce, and more.
Yo Quiero Dinero: A Personal Finance Podcast For the Modern Latina
Episode 197 talks about navigating divorce as an entrepreneur, featuring Rachel Richards of Money Honey Rachel Inc. Listen now! At the age of 27, Rachel Richards quit her job and retired. She is now living off $20,000 per month in passive income. Rachel is the bestselling author of “Money Honey” and “Passive Income, Aggressive Retirement.” She built a real estate portfolio of 38 rental units by the age of 26.She is a former financial advisor, and has been featured in CNN and Business Insider. By making the topic of money management fun, entertaining, and simple for her 250,000+ millennial followers, Rachel has helped thousands of millennials work their way out of financial despair.You can follow Rachel on Instagram, Facebook and TikTok. Download Rachel's Free Passive Income Starter Kit today!For full episode show notes, visit here. Listen to Rachel's 1st episode "How To Create Passive Income" here.Loving episode 197? Leave us a review if you're listening on Apple podcasts and be sure to follow us on Instagram, Facebook, Twitter and YouTube!Until next time, stay empowered, stay inspired and #staypoderosa ✨Get our exclusive Yo Quiero Dinero® merchandise available now!WANT TO KICKSTART YOUR FINANCIAL JOURNEY?Download our FREE 14-page guide covering all the topics you need to start making your dinero moves. Visit here. Become a member at https://plus.acast.com/s/YoQuieroDinero. Hosted on Acast. See acast.com/privacy for more information.
Rachel Richards was cruising along financially, building a business and social media following, when her life and finances took a sudden turn. We talk about the ups and downs of divorce, valuing a business, and revealing to friends and social media supporters the reality of a marriage that was ready to end. Can you financially plan for this possibly devastating white swan event? Learn more about your ad choices. Visit megaphone.fm/adchoices
Doug and Carl talk to Money Honey Rachel Richards about books, real estate, fitness, and Taylor Swift. Background How Rachel's upbringing motivated her Reading Rich Dad, Poor Dad. In high school. University and first job Fitness The $2,000 bet Rachel's routine Business Making $22,000 in a month from her book Why self-publishing was a great idea Running a boarding house Why you have to charge for a course Public speaking If you enjoy our show (and we know you do), show us some love: Doug Cunnington + Carl Jensen Links Get Your Free Passive Income Starter Kit Book Launch: How to Write, Market & Publish Your First Bestseller in Three Months or Less AND Use it to Start and Grow a Six Figure Business by Chandler Bolt Can't Hurt Me: Master Your Mind and Defy the Odds by David Goggins Check out the Econome Conference - Save money using our coupon code MILEHIGHFI. Carl and Doug will be there, so come and hang out! - Join the Mile High FI Club – It's our email list! Support the show and get exclusive content. We use Buy Me a Coffee which is like Patreon. You can donate each month which helps a ton, or make a one-time donation. Get MHFi Merch – It helps support the show. Get t-shorts & more Disclaimer: The podcast is for informational purposes. Maybe entertainment but we won't even make such a claim. You shouldn't take the info as financial, legal, or tax advice. We aren't certified financial planners or advisors. We're not qualified for much. So get advice from professionals. Brought To You By: The Doug Show, aka Affiliate Marketing & Side Hustles 1500 Days, Carl's Blog about Early Retirement Email us here: doug@milehighfi.com or carl@milehighfi.com
The Action Academy | Millionaire Mentorship for Your Life & Business
Rachel Richards built a real estate portfolio of 38 rental units by the age of 26. She is a 2X bestselling author and has been featured in Forbes, CNBC, and Business Insider. She makes the topic of money management fun, entertaining, and simple for her 450,000+ millennial followers. Rachel helps women feel excited, capable, and confident about their financial futures.Rachel has a Bachelor of Science in Financial Economics from Centre College. She has held roles as a licensed financial advisor, a real estate analyst, and a senior finance analyst.Rachel is based out of Colorado.https://moneyhoneyrachel.com/about/Need Help With Goal Setting, Vision Planning, or Strategy for 2023?Book a 15 Min Free CallFor Frameworks, Freedom Tips, and Millionaire Financial Breakdowns:Join Our Weekly Newsletter Twitter @theactionpodIG @brianluebbenTiktok @brianluebben
Earning passive income is one way to help you build wealth long-term. So how can you do that with real estate investing? What are the things you need to know to start earning? In this #Highlights episode, we feature our conversations again with entrepreneurs Rachel Richards and Alex Breshears who share how they won in life with passive income through real estate investing.Rachel details how creating passive income was her key to reaching financial freedom so early in life and she also sheds light on how real estate played a key role in achieving this. Meanwhile, Alex tells us how to invest passively so we can live actively, tips on how to minimize risks, and the pros and cons of considering private money lending and hard money lending. Listen now and learn how you can earn passive income today!
We're lying to ourselves when we say that money doesn't matter. The truth is, it does and it matters a great deal. This is why financial independence is key to a world of comfort and convenience. Sadly, we are often faced with many false financial misconceptions that halt our road to the pursuit of successful financial gain. In today's episode, Rachel Richards, a financial coach and a bestselling author, shares common financial mistakes, passive incomes, and above all, how she found her way to financial independence that made her fulfilled and ultimately better than rich. Topics Covered 1:41 - What inspired Rachel to kickstart her career and push for an early retirement 4:27 - Rachel shares how and why she decided to leave her job and began the journey of passive income. 8:40 - Her ways & strategies to financial independence. 14:50 - When you should begin to start your passive income. 15:43 - The typical financial mistakes made by people. 20:33 - Where to put your cash to work for you. 23:29 - Rachel talk about syndications and how they work. 29:28 - The great benefits of investing in real estate. 31:56 - How to get started in real estate and the factors to consider. 37:15 - Rachel shares tips on how to get good market deals. 39:10 - What it means to Rachel to be better than rich. Resources Mentioned Rich Dad Poor Dad Money Honey Can't Hurt Me: Master Your Mind and Defy the Odds The Miracle Morning: The Not-So-Obvious Secret Guaranteed to Transform Your Life The Millionaire Fastlane: Crack the Code to Wealth and Live Rich for a Lifetime Passive Income, Aggressive Retirement: The Secret to Freedom, Flexibility, and Financial Independence Instagram/@MoneyHoneyRachel Join us for our upcoming events where the entire crew comes together for a life changing, mind-blowing experience. Discover Your Purpose - July 2022 July Event — Better Than Rich Business Leadership Mastery - September 2022 September Event — Better Than Rich Forest Through the Trees - November 2022 You can also stream our podcast on the following platforms; Google Podcast: https://podcasts.google.com/feed/aHR0cHM6Ly9hbmNob3IuZm0vcy83ODhmZWY5NC9wb2RjYXN0L3Jzcw Apple Podcast: https://podcasts.apple.com/us/podcast/the-better-than-rich-show/id1599880712 Connect with us Website: www.betterthanrich.com Facebook: https://m.facebook.com/betterthanrich/ Instagram: https://www.instagram.com/betterthan_rich/ Twitter: https://mobile.twitter.com/betterthan_rich --- Send in a voice message: https://anchor.fm/betterthanrichshow/message
Today we've got guest Money Honey Rachel on! At the age of 27, Rachel Richards quit her job and retired. She is now living off $20,000 per month in passive income. Rachel is the bestselling author of “Money Honey” and “Passive Income, Aggressive Retirement.” She built a real estate portfolio of 38 rental units by the age of 26. AKA... She's a total baddie. And in this week's money tip, we're talking about my all-time favorite type of investment: index funds.Get the FREE Passive Income Starter Kit here: https://moneyhoneyrachel.ck.page/passiveincomeFollow Rachel @moneyhoneyrachel Find me on social media at @clobaremoneycoachPlease rate and subscribe to support this channel!Grab your free money guide here: https://www.thelazyinvestorscourse.com/guideJoin Clo Bare for a free investing class here: https://www.thelazyinvestorscourse.com/webinarTERMS AND CONDITIONS
From high inflation to increased interest rates, maintaining financial stability in today's economy is harder than ever. In this episode, we get financial advice from 5 experts on how to prepare for a potential looming recession. By joining us now, you will gain economic insight from these professionals: Rachel Richards, a bestselling author and passive income expert from Moneyhoneyrachel.com. (Click here to receive her Passive Income Starter Kit for FREE!) Renee Li, the Founder of Subtle Asian Personal Finance on Facebook. Emmie Marigold, a career and financial consultant from 6 Figure Finances: Budgeting, Saving, and Investing on Facebook. Mike Mark, an expert financial coach from Coachingsales.com. Luke Jacobsma, a men's high-performance entrepreneurial coach from California Small Business Owners on Facebook. Wondering what kind of guidance you'll hear? Here are some examples: Where to keep your money as inflation surges. How to be proactive about your spending habits. The significance of knowing your worth as an employee. Why evaluating market growth trends is critical to your financial stability. The importance of making data-based decisions. Are you prepared for an uncertain future? Whether or not you feel financially secure, refining your understanding of the current economic climate is critical. Protect your future now by joining this informative discussion on monetary wellness! Episode also available on Apple Podcast: http://apple.co/30PvU9C
Our guest today is the best-selling author of two books on financial literacy; Money Honey and Passive Income Aggressive Retirement, Rachel Richards. She's a former financial advisor and a real estate investor with almost 40 units. She quit her job and retired at the age of 27 and now helps thousands of people work their way out of financial despair. Rachel is now living off over $15,000 per month in passive income and is on a mission to empower female millennials to take control of their financial future. In this episode, we discuss how and when Rachel developed her passion for financial independence and garnered the courage to execute her ideas. Rachel shares the major lessons she has learned in her journey from a corporate job to living off passive income. Some Questions Asked: [2:48] Did you purposely seek out real estate for the passive income and what made you think, ‘this is what I want to pursue'? [10:16] When you wrote your first book, what were the carols for writing that first one? [13:07] You pursued it so aggressively and so young, is it that you really just didn't want to have a day job? Is it that you really want to feel secure in your financial future? What gave you the fire in your belly? [27:48] Tell us about the book and the impact that it's made in your reader's lives. [43:14] When you see people that have so much passive income that they really don't need to work, what are the commonalities that you see? In This Episode You Will Learn: [8:13] How she learned to handle rejection and to stay persistent to find those who will say yes. [10:21] How offering financial advice to family and friends led her to write her first book and her passion for passive income led her to write the second one. [13:21] Rachel's fear of being financially unstable and how it has driven her to achieve what she has now. [16:03] Selling knives taught her how to trade her time with better value. [19:47] The pivotal moment when Rachel wanted to give up on writing her first book and how she rose back up. [23:37] The unique voice in you and how to use it to make a difference. [27:52] How Rachel's book teaches people to increase their income and decrease their expenses to increase their expenses. [34:07] The small steps that will help get you closer to your goals. [36:35] Learning from people that are many steps ahead of you by investing in it. [39:36] How to protect your time- why saying no is a much more powerful response than saying yes. [43:35] The power of execution in separating your ideas with the rest of the world. [49:03] Rachel describes some ways you can make passive income even with a day job. Connect with Rachel Richards: Website: https://www.moneyhoneyrachel.com/ What can you do today? To Be Productive. Effective. Perform at your best. Even now. Are you struggling to stay focused? If you have the right framework, it takes the guesswork out of Productivity. Get our FREE mini-series 4 Steps: Doing More in Less Time Visit http://www.pivot-me.com/4Steps/ to get it TODAY!
Yo Quiero Dinero: A Personal Finance Podcast For the Modern Latina
Episode 169 talks about how to create passive income, featuring Rachel Richards of Money Honey Rachel Inc. Listen now!At the age of 27, Rachel Richards quit her job and retired. She is now living off $20,000 per month in passive income. Rachel is the bestselling author of “Money Honey” and “Passive Income, Aggressive Retirement.” She built a real estate portfolio of 38 rental units by the age of 26.She is a former financial advisor, and has been featured in CNN and Business Insider. By making the topic of money management fun, entertaining, and simple for her 250,000+ millennial followers, Rachel has helped thousands of millennials work their way out of financial despair.Download Rachel's Free Passive Income Starter Kit today!For full episode show notes, visit here.Loving this episode? Leave us a review if you're listening on Apple podcasts and be sure to follow us on Instagram, Facebook, Twitter and YouTube!Until next time, stay empowered, stay inspired and #staypoderosa ✨WANT TO KICKSTART YOUR FINANCIAL JOURNEY?Download our FREE 14-page guide covering all the topics you need to start making your dinero moves. Visit here. From money mindset, to budget basics, we've got you covered. Our GDPR privacy policy was updated on August 8, 2022. Visit acast.com/privacy for more information. Become a member at https://plus.acast.com/s/YoQuieroDinero.
Yes, it is possible to invest in real estate and earn passive income on any income. If you're active on social media, you may have heard of Rachel Richards and her brand Money Honey. Rachel has been on the show in the past, however, in this episode she's sharing her story about getting started in real estate investing. The truth is Rachel isn't a trust fund baby and actually never made six figures in a job. She found creative ways to save money and was saving half of her salary to ramp up to her first investment all with less than 20% down. Rachel is a great example of bringing intentionality to your money so you can achieve a money goal. In her 20's she decided rental real estate was her means to generate passive income and essentially retired in less than 2 years. In her story, I hope you find a bit of yourself and motivation so that you can create your own version of Rachel's passive income success. In this vault episode, we talk about what it means to have financial freedom, how to think about passive income, how to get into real estate investing, how much money you need, how to spot a good deal, and so much more.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Episode #229 - Learn how Rachel Richards built a $10k/month recurring income from her investments IN 2 YEARS! This allowed her to retire from full-time work by her 27th birthday, and since then she's built her monthly income up to $20k/month. In this interview you'll hear Rachel's story along with tips to build income streams from real estate, online publishing, and more. Companion Article: https://www.coachcarson.com/moneyhoneyrachel/ IG: https://www.instagram.com/moneyhoneyrachel/ Passive Income Starter Kit - https://moneyhoneyrachel.com/passiveincome Website: https://www.moneyhoneyrachel.com/ Recommended book - The Hands-Off Investor by Brian Burke Recommended book - Published by Chandler Bolt ________________________
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.
Today's episode features Rachel Richards from Money Honey Rachel. At the age of 27, Rachel Richards quit her job as a financial advisor to pursue financial independence and currently generates $20,000 per month in passive income. Rachel is the bestselling author of “Money Honey” and “Passive Income, Aggressive Retirement.” She built a real estate portfolio of 38 rental units by the age of 26. Although she has an impressive portfolio, Rachel is not a "trust fund baby" and never even made 6-figures working in a W2 job. Rachel shares her story with us and mentions some of the ways that everyday folks can get into real estate investing. Surprisingly, it's easier than a lot of people imagine! Connect with Rachel: @moneyhoneyrachel on Instagram @moneyhoneyrachel on TikTok moneyhoneyrachel.com Free Passive Income Starter Kit Referenced in this episode: Rich Dad Poor Dad by Robert Kiyosaki The Hands Off Investor by Brian Burke If you're interested in talking with Haley in further depth about your financial situation, schedule a free consultation here to see if financial coaching is right for you. Schedule free consultation here We want talk with YOU about your highs and your lows so we can normalize conversations about money with normal people. If you are interested in chatting with us and telling your story, or asking us questions, please reach out! Send us an email haley@priceofavocadotoast.com or reach out on Instagram @priceofavocadotoast Do you have a question for us or suggestions for future episodes? Check out our website, linktr.ee/thepriceofavocadotoast, where you can leave us feedback regarding what YOU want to hear more of! You can also email us at haley@priceofavocadotoast.com Follow us on Instagram, Twitter, and Facebook Music and producing done by Bearcatshark. Follow @bearcatshark on Instagram! Music available on all streaming platforms.
If you're wondering, what do I need to do to get my money sh*t together, you are in the right place. This is a very special episode that was recorded live on the Fishbowl app with some of my very favorite guests.In this live conversation, I talk with Amanda Holden, our investing guru, aka Dumpster Doggy and creator of the Invested Development course, Rachel Richards, the queen of passive income and author of Money Honey, Jacqueline Twillie, the master negotiator, Ceo of Zerogap and author of Don't Leave Money on the Table, and Whitney Hansen, money coach extraordinaire and host of the Money Nerds podcast.There is so much to learn and take away. One small disclaimer before we dive in…this was a live recording on an app, there are some occasional mic noises, etc., but we've done our best to smooth those out so you can sit back, grab a fav beverage and listen to these amazing women dispense life-changing money wisdom.LinksInvested Development Course https://amandaholden.podia.com/invested-developmentThe Dumpster Dog Blog https://dumpsterdogblog.comMoney Honey Rachel https://www.moneyhoneyrachel.comZeroGap.co https://www.zerogap.coJacqueline Twillie https://www.jacquelinetwillie.comWhitey Hansen https://whitneyhansen.comThe Money Nerds Podcast https://www.themoneynerds.comFishbowl App https://www.fishbowlapp.comEpisode SponsorsThanks to Chime for sponsoring the show. Get started with Chime today. Applying for a free account takes less than 2 minutes. Get started at chime.com/mymoney.Thanks to Wealthfront for sponsoring the show. To start building your wealth, and get your first $5,000 managed for FREE, for life, go to http://www.wealthfront.com/MyMoney Thanks to Shopify for sponsoring the show. Shopify is more than a store. Connect with your customers. Drive sales. Manage your day-to-day. Go to http://www.shopify.com/mymoney for a FREE fourteen-day trial and get full access to Shopify's entire suite of features.Thanks to Novo for sponsoring the show. Sign up for your FREE business checking account RIGHT NOW at novo.co/mymoney. Plus, podcast listeners get access to over $5,000 in perks and discounts.Thanks to Issuu for sponsoring the show. Get started with Issuu today for FREE or if you sign up for a premium account you will get 50% off when you go to ISSUU.com/mymoney.Thanks to Ladder for sponsoring the show. Go to http://www.Ladderlife.com/mymoney to see if you're instantly approved for Life Insurance to provide for your family if the unthinkable happens.FOLLOW & SHARELeave us an honest rating and review. Head to the podcast player you're listening to this episode in to leave us a review. Reviews help us continue to grow and bring on more amazing guests. Thank you in advance! Love this episode? Share it with a few friends so they can learn these valuable money concepts as well.Be sure to FOLLOW and SUBSCRIBE to never miss an episode!Follow Me Here for More Money TipsShannah on Twitter https://twitter.com/shannahgame Shannah on Instagram https://www.instagram.com/shannahgame/See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
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At the age of 27, Rachel, a former Financial Advisor, quit her job and retired. She is now living off over $15,000 per month in passive income. Rachel has made a name for herself in the personal finance realm. She is the bestselling author of Money Honey and Passive Income, Aggressive Retirement. She has been featured on the Penny Hoarder and the New York Times and contracted to speak at colleges. She is a former financial advisor, and a real estate investor with almost 40 rental units. Her valuable lessons have helped thousands of female millennials work their way out of financial despair. She has successfully done what no one has done before: made the topic of money management fun, entertaining, and simple.
Rachel Richards is a real estate investor, best-selling author, professional speaker, and business owner. She began investing in real estate in 2017 and currently owns 35 rental units. At age 27, Rachel is already retired and living off a five-figure monthly passive income stream. Richards published her first book, “Money Honey: A Simple 7-Step Guide for Getting Your Financial $hit Together,” in 2017. It has been sold and downloaded over 10,000 times and has over 400 five-star reviews on Amazon. Her book “Money Honey” is a sassy and humorous take on personal finance that has resonated with female millennials.In her newest book, "Passive Income, Aggressive Retirement," Rachel dives deep into the topic of passive income and financial independence. She explains why building self-sustaining income streams is so brilliant and doable for anyone and everyone. She outlines 28 different passive income models and how to start creating them.Listen in as they discuss:How Rachel got started in finance at a young ageThe model she currently usesTips and advice to achieve a lifestyle that suits youThe nest egg theoryPractical steps to financial independence Three things people lack when venturing into something newGo from a scarcity mindset to an abundant mindset knowing that you can have the best of both worlds if you increase your income ~ Rachel RichardsRachel also shares some of the worst advice she has heard given to millennials in her area of expertise.TIP OF THE WEEKMark: My tip of the week is to learn more and check out Rachel Richard's books, programs, and blogs at moneyhoneyrachel.com.Scott: Check out playhouse.so, it's a TikTok for Real Estate!Rachel: My tip is one of my all-time favorite books called The Millionaire Fastlane by MJ Demarco, it really helps shift my mindset and to be able to see the world not from the consumer perspective but from a producer perspective, snd how entrepreneurship can help you build massive wealth. So it's an eye-opening book and it also has some income ideas, I highly recommend that one.WANT TO LISTEN MORE?Did you like this episode? If so, tune into another one of our exciting episodes with special guest Kirk Chisholm as we discuss how to be innovative in the world of wealth management.Isn't it time to create passive income so you can work where you want, when you want and with whomever you want?
Rachel Richards, from https://moneyhoneyrachel.com, gives insight into how she was able to accumulate 40 doors over 6 properties while still in her 20s. She talks about how anyone with the right mindset can do it too!Join Ken at his next live event with Robert Kiyosaki on Monday, April 25, 2022, for a Happy Hour and discussions including your questions. Sign up today at: https://kenmcelroy.com/happy-hour/Check out Ken's Inner Circle where you can watch additional videos, webinars, and happy hour discussions and ask your questions to Ken. Follow this link: https://kensinnercircle.com/• • •Visit Ken's Bookstore: https://kenmcelroy.com/books/•ABOUT KEN:Ken is the author of the bestselling books The ABC's of Real Estate Investing, The Advanced Guide to Real Estate Investing, The ABC's of Property Management, and has an upcoming book: "ABCs of Buying Rental Property: How You Can Achieve Financial Freedom in Five Years." Ken is a Rich Dad Advisor. With over two decades of experience in real estate investing, Ken McElroy is passionate about sharing the good life by helping real estate investors grow and prosper. This channel is a place for Ken to discuss numerous topics connected to real estate investing, including finance, budgeting, the entrepreneur mindset, and creating passive income. Ken offers a wealth of personal experiences, practical advice, success stories, and even some informative setbacks, all presented here to educate and inspire. Whether you're a new or seasoned investor, the information and resources on this channel will set you on a path where you and your investments can thrive.Ken's company: https://mccompanies.com/• DISCLAIMERS: Any information or advice available on this channel is intended for educational and general guidance only. Ken McElroy and KenMcElroy.com, LLC shall not be liable for any direct, incidental, consequential, indirect, or punitive damages arising out of access to or use of any of the content available on this channel. Consult a financial advisor or other wealth management professional before you make investments of any kind. Although Ken McElroy and his affiliates take all reasonable care to ensure that the contents of this channel are accurate and up-to-date, all information contained on it is provided ‘as is.'Ken McElroy makes no warranties or representations of any kind concerning the accuracy or suitability of the information contained on this channel. Any links to other websites are provided only as a convenience and KenMcElroy.com, LLC encourages you to read the privacy statements of any third-party websites.All comments will be reviewed by the KenMcElroy.com staff and may be deleted if deemed inappropriate. Comments which are off-topic, offensive or promotional will not be posted. The comments/posts are from members of the public and do not necessarily reflect the views of Ken McElroy and his affiliates. © 2021 KenMcElroy.com, LLC. All Rights Reserved.#kenmcelroy #realestate #realestateinvesting
Don't skip your cup of coffee and instead focus on creating cash flow. Let me tell you a secret. The most important foundational principle you need to know about money is the power of cash flow. Yes, it's really all about the money flow. Stay tuned to hear the seven secrets to free up cash, why you need passive income and how to get your cash flowing with our guest Chris Miles.Chris Miles, the Cash Flow Expert, and Anti-Financial Advisor is a leading authority teaching entrepreneurs and professionals how to get their money working for them TODAY! He's an author, podcast host of the Chris Miles Money Show, has been featured in US News, CNN Money, Entrepreneur on Fire, and has a proven reputation with his company, Money Ripples, getting his clients fast, financial results. In fact, his personal clients have increased their cash flow by over $250 Million in the last 11 years!LinksMoney Ripples https://moneyripples.comThe Chris Miles Money Show https://www.blogtalkradio.com/moneyripplesChris on Facebook www.facebook.com/moneyripplesHow to Build Passive Income with Rachel Richards https://bit.ly/3fKoJVUEpisode SponsorsThanks to Issuu for sponsoring the show. Get started with Issuu today for FREE or if you sign up for a premium account you will get 50% off when you go to ISSUU.com/mymoney.Thanks to Wealthfront for sponsoring the show. To start building your wealth, and get your first $5,000 managed for FREE, for life, go to http://www.wealthfront.com/MyMoney Thanks to OurCrowd for sponsoring the show. Now, you can invest in EduNav, whose patented technology uses machine learning and combinatorial algorithms to guide every student along the optimal path to graduation. Invest in EduNav at http://www.ourcrowd.com/mymoney. Thanks to Ladder for sponsoring the show. Go to http://www.Ladderlife.com/mymoney to see if you're instantly approved for Life Insurance to provide for your family if the unthinkable happens.Thanks to Shopify for sponsoring the show. Shopify is more than a store. Connect with your customers. Drive sales. Manage your day-to-day. Go to http://www.shopify.com/mymoney for a FREE fourteen-day trial and get full access to Shopify's entire suite of features.Thanks to My First Million for sponsoring the show. If you're the type of person who's like me and always thinking about new business ideas and startup ideas, start listening today to the My First Million podcast on any podcast player.FOLLOW & SHARELeave us a 5-star review. Head to this link and let us know why you love the show. Reviews help us continue to grow and bring on more amazing guests. Thank you in advance! http://bit.ly/millennial-money.Love this episode? Share it with a few friends so they can learn these valuable money concepts as well.Be sure to FOLLOW and SUBSCRIBE to never miss an episode!Sign up for my weekly Let's Talk Money email newsletter https://bit.ly/letstalkmoneyemailShannah Shares: Community Q&AHave a Shannah Shares question, submit it here https://www.mmoneypodcast.com Follow Me Here for More Money TipsShannah on Twitter https://twitter.com/shannahgame Shannah on Instagram https://www.instagram.com/shannahgame/See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Have you ever been enticed by a business that sounded too good to be true? Many are convinced that that is exactly what multi-level marketing or MLM's are. We discuss these notorious entities with Jen Smith, Rachel Richards, and Ken George.
At age 27, former financial advisor Rachel Richards quit her job and retired. She now lives off $15,000 per month in passive income. Rachel Richards is the best-selling author of “Money Honey: A Simple 7-Step Guide for Getting Your Financial $h*t Together.” She is an entrepreneur, professional speaker, and investor. In her newest book, "Passive Income, Aggressive Retirement," Rachel dives deep into the topic of passive income and financial independence. She explains why building self-sustaining income streams is so brilliant. She outlines 28 different passive income models and how to start creating them. For most of us, retiring at 27 sounds like a dream, and while it may seem unattainable, it's certainly not impossible, as we learn from Rachel. In today's episode, she sheds light on how real estate played a key role in achieving financial freedom. We learn about her real estate journey so far, the metrics she focuses on, and how she ensures that a property will ultimately be a worthwhile investment. Although the rental income she makes from properties is now passive, Rachel does not sugar coat the effort it took to get her into this position. Episode Links: https://theshorttermshop.com/ https://www.instagram.com/moneyhoneyrachel/ https://www.moneyhoneyrachel.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: Hey everyone, coach Michael here from the Roofstock Academy just wanted to let everyone know we had Avery Carl on our show a while back and she was talking to us about short term rentals and she was actually kind enough to host me on her show as well. Theshorttermshop.com you can find that anywhere you get your podcasts, and I did an episode with her and it's titled dig your well before you're thirsty. We're talking a little bit about my story and some of my coaching background. So definitely go check that out. We want to support her show as well. You'll find the link in the description right below. Let's get back to the episode 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 very special returning guest Rachel Richards of money, honey and today Rachel's talking to us about syndications and also her thoughts, predictions, and where we are in today's market. So let's get into it. Rachel Richards, thanks so much for coming back with me and hanging out. I really appreciate you taking the time. Rachel: Yeah. Thanks for having me again. This is so fun. Michael: Oh, my pleasure. You're one of the really fun one. So we're happy to have you back and so excited to hear and chat with you today, because we're talking about syndications and the current market conditions. So definitely, definitely excited to hear from you. For maybe our listeners that aren't familiar with what syndications are, can you just give us a quick two second definition? What is it, how do they work? Rachel: Absolutely! Real Estate syndications are one of my favorite things to talk about right now. So let's say there is a $10 million apartment complex, and an investor wants to buy it but she can't afford it, she can form something called a syndication. This allows her to raise money from private investors, people like you and me. So we can pool our money together to buy this large piece of real estate that otherwise we all might not be able to buy. So we can pull our money together, buy this piece of real estate, the cool thing is we are not lending our money to this syndication or to the syndicator. So we're not earning interest, we're actually part equity owners in this syndication, which means we are entitled to a share of the profits. So and the other cool thing is we're limited partners, we are very passive investors. Once we do the due diligence, and we find this indication, and we analyze it and we send in our money. That's all we do. We're not managing tenants, we're not overseeing renovations or day to day operations, you just sit back and you collect a monthly or quarterly cash flow distribution and if the property's ever refinanced or sold, you get to share profits at that point as well, in addition to all the tax benefits you would normally get by owning real estate. So I'm super excited about them. It's one of my favorite ways to invest in real estate and one of the most passive ways I have found to own rental property. Michael: Yeah, really sounds like it and so it sounds like you kind of meets all the definition of criteria of true mailbox money. Rachel: Absolutely. It's definitely actual mailbox money. Michael: That's awesome. All right, so let's dive a little bit deeper and talk about, you know, what are the mechanics involved behind actually getting involved in one of these syndications? Because I think a lot of people when they hear the word syndication, or they hear 10 million or $100 million apartment complex, they think, well, not for me only for somebody else. So how does somebody get involved with participating in syndication? Rachel: The first thing to be aware of is, you really need to find a good syndicator and people refer to syndicators as different things, sponsors, operators, general partners, GPS. So all those terms mean the same thing. I've heard way a lot of horror stories about people sending in $50,000, to a syndicator. And then the syndicator running off with that money and it's truly scary. Yeah, it's very easy to get scammed and the thing is the syndicator eventually gets caught and gets thrown in jail, but investors typically can't recoup their money. So it's very scary, I don't know anyone that's personally happened to you, I've just heard about this happening online, and, and whatever. So you really need to find a trustworthy syndicator. This is a lot of money that you're sending to somebody, and you need to find an experienced and qualified professional. So let me put it this way, if you're going to spend five hours doing due diligence, make sure you spend one or two hours analyzing the deal itself, and you spend three or four hours doing the due diligence on the syndicator the person you're sending your money to. Michael: Okay. That's a great way to say it. So really, we're evaluating the person or the operator of the company much more so than the deal itself. Rachel: Absolutely. Because they're the ones who are ultimately in control of this asset. They're going to be overseeing the renovations managing the tenants. They did all the underwriting there anyone who found this deal negotiated this deal and they're going to be managing it the entire way through until you sell the property. You don't have control as a passive investor, you're not making decisions. So you need to trust that they know what they're doing. They're knowledgeable and they're going to get you the returns that they promised you. Michael: Okay and you bring up such a great point that they are the ones kind of steering the ship and they should hopefully be the one ones who are experienced, I think of myself as a semi experienced person on the spectrum definitely on the on the ladder on the lower half of the rung when compared to operators and syndicators. But if I'm evaluating a deal, and I'm seeing numbers that really don't make sense to me, or I would underwrite it differently, I mean, how scrupulous should I be underwriting their deal, if they're the operators, they're the really experienced ones doing a massive deal. Rachel: I would be very scrupulous, especially if it's your first deal that you're doing with that syndicator. So I'm the phrase verify her trust, verify, trust, but verify definitely applies here, I'm always looking at their assumptions, and then double checking. So when you are first looking at investing in a syndication, you will get a deal from a syndicator and they'll send you something called an investor deck, and it's normally a 30 or 50, page PDF presentation and shows you the property and not the pictures, the pictures, the financials and the comps and all this data and that's kind of what you have to review and to make your decision based off of, I'm going through all this data and I am asking myself, do I agree with that? Do I think that's right, do I think that's reasonable? So there's a few, there's a ton of things I look for. But here's an example: A lot of syndicators who are not as experienced might put in a really large year one rent increase, whereas more experienced syndicators will gradually increase the rents over the three or five years of the hold up the investment term. So if you see, all of a sudden they're going from, you know, they acquired it in year zero, and they're increasing the rents up to the full max amount that they are projecting right away in year one. That's not a very reasonable projection, or a reasonable assumption. So that's something to look out for. Another thing is to just double check the comps in the area, they will have their own comps of you know, here are some of the other, for example, apartment complexes in the area. Here's what they're renting for. Based on these, here's what we think ours can rent for, I would just double check those, make sure the data is accurate. Make sure it's up to date, and they're not pulling comps that are from a year ago, or they're not pulling comps that are 20 miles away, you know, just again, trust but verify. Michael: Okay, that's so good. That's so so good and I've seen a lot of the syndication, offering memorandums or pitch decks that that I've personally seen, we'll have like a deal track record, showing some of the other deals that they've done and what the returns have been and compared to what they were projecting. Is that something to expect from a syndicator? Is that something that you should have to go get on your own? Rachel: I think it's something to expect and if it's not shown, I would certainly ask for it. I am very hesitant to invest with a syndicator, who hasn't already exited multiple deals, because then it's really hard to see what has his returns actually been that he's gotten for his investors or for her investors. So what that means if somebody has exited a deal is that they've purchased the asset through the syndication, and then three or five or 10 years later, they've already sold the asset. So all their investors' money have been returned. They know for sure what the actual return was compared to the projected return. The numbers are there, it's it's very black and white and when a syndicator send you those exit deals, it's very clear how the syndicator is doing. Now, here's the thing you want to ask them, though, is hey, are these are you showing all of your exited deals? Or are you just showing the best ones, right? Because they have a good one, they might only just show you the good ones. So one of the best questions I ask any syndicator when I'm sort of interviewing them or screening them is hey, what's the worst deal to date that you've ever done? And how did the returns compared to what you projected? What happened? What did you learn and what are you going to change going forward? Michael: Oh, that's so good. That's so good and when you're interviewing and screening these folks, are you actually getting the main operational team? Are you getting their sales kind of inbound leads person that's going to tell you what you want to hear? I mean, how far up the food chain so to speak can you get with these some of these folks. Rachel: You get the main syndicator you get the head honcho, so I'm not I'm never I'm never delegated or relegated to somebody, that's the sales person or the investor relations person. I'm talking to the main syndicator the main sponsors putting together the deal, and that's always who you should expect to talk to. So basically, I go in anytime that you are introduced to a syndicator or you meet a syndicator, they should always be asking to have a call with you or to have a zoom with you have some type of initial 15 to 20 minute conversation. I feel like it's a red flag if they don't, first of all, a lot of them are required to have some type of preexisting relationship with you before advertising their deals to you. That's an SEC regulation for a lot of not all the time but most of the time, so keep that in mind. If they're not requesting an initial phone consultation, I think it's a red flag and even if they're not required to, it's nice to know that somebody wants to get to know you. They want to get to know your goals and they're giving you an opportunity to get to know them as well and to get to ask them about their experience and their history and what kind of syndications they do. So I think that's a really positive thing when they make the effort to set up a phone consultation with you. Michael: Oh, that sounds so good as well to keep an eye out for all these great like red herrings kind of gotcha. things to look out for, I think is great. Rachel: Yeah, it's lot of them. Michael: It's, it sounds like there's a lot of them. Yeah and so what types of because I've seen that there are syndications for all kinds of different deals multifamily, industrial, self-storage, what kind of syndications are you investing in, it gets you excited. Rachel: There's so many there are multifamily mobile homes, self-storage, industrial, office, you could kind of syndicate anything, I think, I don't think anything's off limits. The ones that I personally invest in or multifamily, because I'm very familiar with him having on so many multiple multifamily rentals myself, I had a portfolio of 38 doors at one point, by the time I was 26. So being able to analyze those and trust but verify those, it comes very naturally to me. Also, mobile home parks, I think are such a great opportunity right now. It's a supply and demand thing. There's a limited amount of mobile home parks in the US and they're not allowing anyone to create more mobile home parks. But affordable housing is very much needed. So I think mobile home parks is a really great opportunity and then self-storage, I think is a great place to be in because it's another supply and demand issue where there is not enough self-storage for people and people just continue to need a place to store their stuff. I have a self-storage unit, so Michael: I do too. Rachel: Yeah, it's like oh, my gosh, we've just been on the road and traveling since May. So it's killing us. They raised our rates by $30 a month and it's like, what what can we do, you know… Michael: You don't really have much of a choice. Rachel: You can literally just raise rates on you. So anyways, I think it's a really awesome investment opportunity. So I'm looking to get into that and one of my more unique syndication investments that I'm in is a laundromat in California, which is totally random. But I love that because when you don't have tenants, same thing with self-storage, there's no evictions that you have to go through. So there's no you know, landlord tenant rights issues and that's probably one of the only ways that I would want to invest in California is knowing that I'm not going to have landlord rights being restricted. So with a laundromat, there's no tenants, and it's actually been one of the best performing syndications I've invested in so far. Michael: Really? Rachel: Yeah. Michael: Yeah, that's wild. So are you participating in like so the syndication owns the land or the physical building and the business are or they're leasing to a business? Rachel: Yeah, they own the property on the business. Michael: Okay. Oh, interesting. Rachel: Yeah, it's super interesting. So my cash on cash return. I just looked actually this morning. My cash on cash return on that one so far has been 22%. Yeah. Michael: Holy smokes! Rachel: I know. Michael: And what about rejecting? Rachel: I think about the same, so. Michael: But wow. I guess I've heard are like big businesses. Rachel: Yeah, it's crazy. That one, I was started in November 2020. So so far, it's been amazing. Michael: Nicely done. That's awesome. Good for you. But yeah, I'm talking back to the self-storage thing. I remember walking in, like, looking around thinking, there's no people here. But there, everyone's paying rent, like all of these units with locks in them are paying rent. It's incredible. No pipes to fix No tenant repair calls to worry about. So I'm like, I think it's a really interesting opportunity. So we were talking about at the beginning of the show how syndications really are the definition and embody so much of what people are searching for in terms of passive income or mailbox money. So it's passive investment, we get a lot of the tax benefits. We get a lot of the upside potential on the exit whenever that happens. But one of the things that we have with direct ownership, as you're very familiar, is loan pay down or leverage and so is there a way to really utilize leverage in a these types of syndication? Can I go to a bank and say, hey, I'm going to go invest in this deal can you give me a loan for it? How does that work? Rachel: You know, that's a good question. I have never tried to do that. So my answer is that I'm not sure. I would have to get back to you on that. Michael: Totally. Rachel: Um, yeah, I don't know. I mean, I think it depends on the bank, you might be able to do with the hard money lender. That's a that's an interesting concept to look at. But, you know, one thing I do want to say about syndications, we've talked about a lot of the positives and I don't want to make it sound like it's this amazing thing. Michael: The silver bullet. Rachel: Yeah, like, oh, everything's perfect. There's a lot of cons as well, there's a lot of drawbacks to syndications and I'll list a couple of them. But just like with any investment, there is risk involved, right? Anytime you invest in something, whether it's the stock market or your own rental property or, or anything, you could lose your money. So it's the same thing with this, you could lose your money. And I also think it's a little riskier to because you're trusting another person, right? It's not like you're relying on yourself, you're relying on another person. So, so there's risk. Also, another con is, I don't really think it's for beginners, this when you invest in a syndication as a limited partner, this isn't something that's for beginners, you really need to have a lot of knowledge and it's better if you have experience to it's better if you've already invested in your own rental properties, because you'll be able to do better due diligence, and you'll be able to do better analysis. Another con that we've already talked about, you have less control, you're not making decisions, which is both a pro and a con, right. You want to be a passive investor, but you have less control over how things are going. If things start to go downhill, there's not much you can do about it. If you notice the management is sliding and people aren't doing a good job, there's not much you can personally do about it. And then the last con for investing in syndications as a limited partner, is that you have to be eligible to do so. So a lot of these syndications require you to be an accredited investor and a lot of them have minimums of 25 or 50, or $100,000, to invest. Now, when I was starting out as an investor, I was not an accredited investor and I by no means had that amount of money I started off basically broke, I had $10,000 that I scraped and scraped together, not an accredited investor. So there's no way I could have done syndication starting out. But later on in my journey, this is something I've been able to enjoy doing now that I have more money. So I think it's a strategy that you can be intentional about and think about when in my journey, can I start implementing this as a really passive stream of income. Michael: Love it, love it, you know, I'm just about getting there myself. I'm, I'm gotten to the point where okay, my portfolio size, I'm kind of done with the whole buying and managing and owning thing. I'm ready to let someone else do it now and it sounds like this is the next logical progression. Rachel: So exciting. Michael: Thrilled. So Rachel, what's been your worst syndication that you've invested in? Rachel: Um, I think I haven't looked at all of the numbers on all of them. But I'm pretty sure it's this one multifamily property in Louisville, Kentucky, which I'm so I'm so upset about I know cuz it's my hometown. It's my hometown and so I felt like I should have done, I should have known and I should have been able to do the due diligence. So here's what I think went wrong is that this was my second syndication I invested in and even though I have background in multifamily, I still wasn't, yeah, in Louisville, Kentucky, right. So embarrassing. That that didn't matter so much, because I still wasn't as well versed in what questions to ask the syndicator you know, what should I be looking for? How do I fact check that they know what they're doing and this was a new syndicator. And I also just wasn't aware of how do I check that they're experienced? How do I check that, you know, I wasn't asking things like I've already talked about in the interview. So I was just kind of going with it. Even though I thought maybe the deal looked good. I wasn't doing the due diligence on the sponsor. So and then it quickly became apparent that things were like the closing, I think was delayed, and I wasn't getting communication from them for a while and I was like, What's going on, and then their reporting was, was not up to par. So when you get reports from your syndicator, it should be detailed financial reports, right? They should be like, here's what we projected, all these different numbers. Here's what you're getting, here's your distribution, here's how it compares. So you should clearly be able to see, are they giving me what they told me that they would get me in terms of a cash flow number. The reports from the sponsor were like, hey, we were able to trim the landscaping back and we repainted the outside, and it was kind of like, I don't need to know the operational stuff you all are doing, I want to know my results as an investor. So it was that kind of stuff and I was like this is kind of weird. But again, it came back to me just being a little bit inexperienced as a investor into syndications and not knowing the right questions to ask. So and I'm not losing money, I haven't lost money. I think so far the cash on cash return has been about 8%. So by no means is it performing badly. I mean, that's that's the worst one return. Yeah, that's that's not including any potential profits for from a refinance or sale. That's just the cash flow. So I'm in good shape. But yeah, I mean, there was definitely some things that I learned from doing that deal. Michael: Okay. Okay. Well, that's great. Thanks for sharing and it sounds like on that one. I mean, if you had had a different operator, I mean, it doesn't sound like it's an asset issue. It sounds like maybe it's a more of an operator issue. Rachel: Yeah. And he is experienced as a real estate investor, just not a syndicator, so… Michael: So one doesn't necessarily translate well into the other. Rachel: Exactly, exactly and I'm not gonna like bad mouth him, I think he's been, you know, really trying to make this work and really trying to do a good job, he just doesn't have the experience as a syndicator and that's not always a red flag. But what he should have probably done is partnered with a much more experienced syndicator that could have really partnered and teamed up with him on this deal and showing them the ropes. That's what I've seen other new syndicators do at least for their first few deals, so… Michael: Okay, okay, awesome. Well, this has been super helpful and informative. But I want to switch gears here and I want to get what's going on inside your brain in terms of market insights. Where do you think we're going? How long it's going to take us to get there and what are you doing in the current market cycle and conditions where we find ourselves today? Rachel: This is my favorite question, Michael. Because everyone's asking me this and, you know, a lot of people are really hesitant and really afraid to buy real estate in this market. So the reason I love getting asked this question is because I love this market. Michael: What? Rachel: Yeah, I love this market. I think it's one of the best markets to invest in real estate and there's a lot of reasons why and I'm personally investing in real estate right now as well and buying property in Denver, Colorado, which I personally think is one of the toughest markets. Everyone's using Colorado, the I mean, I know the housing market is just crazy everywhere. But the appreciation and the competitive. The competition here is just through the roof. So I say that because I'm putting my money where my mouth is, I guess, and I'm doing it. I'm doing it. So yeah, I get the uncertainty though I get the hesitation, I get that times are a little bit volatile. So but I appreciate being asked this question. So I think there's four things that the market has going for it right now that makes it a great time to invest. So first of all, there's a lot of confusion about whether we're in a bubble and I, what I want to say, what I want to preface this with saying is that I'm not an economist, please take this with a grain of salt. I'm not going to just pretend like I know, I have a crystal ball and I know everything because I don't. But I don't think we're in a bubble, I think bubbles are driven by greed and fear and nothing. Bubbles are just driven by a lot of nothingness and they don't make sense, right? And that's why they pop and then prices fall. What we're in right now, I believe to be a supply and demand issue. So there's a lot of graphs out there, if you look at the US housing starts by decade over the past few decades, like the number of construction, the new houses being built. It's shocking. I've done some Instagram posts about it. But the houses being built, like if there were this is a silly number. But if there were 100 house 100,000 houses being built per decade, for the 80s 90s 2000s. Then in 2010, it dropped down to like 50,000, which that number is not right. But it went down to half basically. Michael: Yeah, yeah. Rachel: I have no idea why I don't know why and what happened. But the fact that our housing construction dropped down to half in the last decade is alarming and because of that, that explains the entire housing crisis right now, that explains why the market is so high. There's not enough houses, it's a seller's market, this explains our entire problem and the thing is, that's not going to go away anytime soon. It's going to take years to catch up and to build enough houses where people finally have enough homes again, population is still increasing, maybe like very, very, very slowly. It's almost flatlining now, but it is still increasing and it's just a supply and demand problem. There's not enough houses to meet to meet up with demand. So that's what I think now. Could we have a market correction? Absolutely. But I don't think we're in a bubble. So that's my thoughts on that. I think that 2022 is going to be another year of real a lot of housing growth, maybe not as much as last year, but I just don't think this is going to stop. So, so that's reason number one. Michael: I love that insight in that take. Rachel: Yeah, um, reason number two, that I think it's a great year to invest is because inflation is creeping up. More it was slowly at first and now it's more quickly and erases slightly alarming. Yeah. I think the last report from December was 7%, that's 7%. I don't remember the last time it was that high. Michael: I heard this is the the biggest, the most severe, it's been in over 40 years. Rachel: Well, that explains it. I'm 29. So this is the highest inflation has been in my lifetime. Yeah, but that's a weird thing to say and with inflation, the best place to keep your money is in real assets, things like land and real estate. So that one that's easy to explain, I think, real estate's a great place to put your money right now, certainly not cash, I have too much in cash, I'm trying to figure out where, where to put it. So that's why I want to get more invested in real estate this year. So inflation is another reason. Also interest rates, interest rates were so low for so long, they don't have anywhere to go but up and as we are now seeing interest rates are starting to rise. My husband and I are under contract on an investment property in Denver, Colorado and it was like every week, our lender kept telling us you need to get your loan application in, we need to lock these interest rates because they're literally going up every single week and we'd already missed out on a couple percentage points because we couldn't get stuff in or we couldn't get stuff done, like within a week or two, you're like, oh, my gosh, interest rates are just rising really fast. So you know, it's a really great time to invest. So you can get that little interest rate locked in. It's your we're not in the times of refinancing anymore, like we were in the last few years where you could refinance into a lower rate going forward, now's the time to buy real estate and lock in a low interest rate and get that low mortgage payment. So that's the third thing and then the final reason, I think it's a great time to invest in real estate is because this is my personal strategy. I do not invest for appreciation, I invest for cash flow and if you invest for cash flow, it does not matter if the market goes up or down. If the market goes down, and your property's already cash flowing, it will continue to cash flow. However, if you invest for appreciation, and the market goes down, you are you're going to lose money, you have lost money and I'm scared for a lot of investors who are trying to ride the high of the market going up and they're just investing for appreciation, because that's really risky, I think that. We all saw what happened in 2007 and 2008, investors were doing the exact same thing. And then the market crashed, people lost money. They were foreclosed on landlords lost money. It was a disaster. But if you invest for cash flow, that's never going to happen. So there's that saying, you know, you you buy, you make money when you buy, not when you sell and there's another quote that I'll share, which is don't and this goes for all the reasons why now's a great time to invest. Don't wait to buy real estate, buy real estate and wait. Michael: Ah, that's a good one. Rachel: There we go, mic drop. Michael: Rachel. Oh, that is really good, that is really good. Well, I love so much of what you just shared. But I have a follow up question for you. If you're investing for cash flow, how the hell are you doing that in Denver, Colorado? Rachel: Good question, okay. If you are in a market like Denver, or California or an expensive market or a competitive market, my advice to you is you have to be creative. You have to look at a potential property very creatively, you're likely not going to meet the 1% rule. If you're just going to look at a property and rent it out to a long term tenant, which the 1% rule states that the monthly rent should be 1% of the list price. So a $500,000 property should bring in $5,000 a month in rent. Okay, now that's just a guideline that I use to determine if a property is overpriced or underpriced. It's not a black and white roll, but I post about it sometimes on Instagram or whatever and then people are like, you're kidding, right? I'm not gonna find a 1%... Michael: This doesn't exist. Rachel: Exactly yeah, this doesn't exist in California like that. You're joking and I'm like, well, it does if you do two things if you are creative, and if you look for off market deals. So what I, what I mean when I say… Michael: Another mic drop. Rachel: Yeah, thank you. When I say be creative, I mean look at it through another lens. So can you build an accessory dwelling unit an ADU on the property? Does the zoning allow for that where you could actually build a tiny home or another unit that you could rent out thereby increasing your cash flow would that be allowed? Could you convert a single family into a duplex? Could you convert a duplex into a triplex? Could you add on another unit by just making building another wall or making a very simple switch? So these are ways you can increase your cash flow. One of my favorite methods that I personally have done and I'm doing again, is the rent by the room method. Michael: Yes. Rachel: Yes, if the zoning allows for it, if the city allows for it, if the HOA allows for, you have to check all these different things. But you can make any poor or good property into a cash cow by renting it out by the room. So take a single family house, four bedrooms, two baths, instead of just putting one tenant in there, or one family in there, or whatever, rented out by the room and put four tenants in there and now you've doubled your cash flow and now you meet the 1% rule. This is how people are doing it in Denver and you can house hack and do it this way and you can live in one room and rent out the other rooms and now you have a 5% down payment and now you have a cash on cash ROI, that's 30%. Or you don't have to live there and you rent out by the room. I mean, it's I get so excited because if you think outside the box, you can find a way to buy a cash flowing property in any market, I promise you that, so… Michael: That's so good. Rachel: Thank you that yeah, that's the first tip and then the second tip, and this is something that I specialize in and that I teach is you have to get off the MLS, and get off Zillow, and get off the couch. You have to go, you have to go out there and find off market deals because everyone right now is doing what's easy, right? Everyone who wants to invest in us, in real estate is working with an agent, they're looking at deals on the MLS, they're looking at deals on Zillow and they're sitting on the comfort of their home waiting for something to come up. That's what everyone else is doing and the market is so competitive, and it's so saturated, that you're just not going to find a good deal that way. You have to be willing to do what others are not if you're going to find a good deal right now and that means doing things like getting probate leads, and getting Pre Foreclosure leads and driving for dollars and putting up bandit signs and there's a ton of other methods that you can use to find off market deals. And again, it comes down to being creative and going and spending the extra time and effort and getting off the MLS so that you can find the hidden gems. Michael: I think that's so good for people to hear. Because I think I do think so many people look at the MLS and equate that with the market, what the real estate market is doing and you're so right like competition is fierce. There's a lot of owner occupants out there that are getting lower interest rates that it can afford to pay more with lower down payments and you're competing with them and so you've got to you've got to get creative, I love that. Did you see the SNL skit talking about millennials and Zillow? Rachel: No! Michael: Oh, it's so good. Rachel: What is it? Michael: It is basically like every millennial late at night watch, like getting online going. Looking at Zillow, like gets poured like oh, look at this 320, it's amazing. Like every millennial. Rachel: That's so true. Well, one of my favorite pastimes is going on Zillow and looking at homes I can't afford so. Michael: Yes, I think a lot of us do the same. We're all kind of sick in the head like that. Rachel: Yeah, like, Oh, that $10 million waterfront property in California. Beautiful! Michael: Yeah. Maybe one day maybe? Rachel: My price range, yeah Michael: Awesome. Well, Rachel, thank you so much for chatting with me again today. I really appreciate you coming on. If people want to get in touch with you have more questions have follow ups. Where's the best place for them to reach out? Rachel: Thank you so much. Yeah, my Instagram is always great. So you can follow me @moneyhoneyrachel both of my books money, honey and passive income, aggressive retirement are available on Amazon. And lastly, Michael, 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 yeah… Michael: Amazing, thank you so much. Rachel: Absolutely. So you can go to www.moneyhoneyrachel.com/passiveincome to download that. Michael: Okay and we'll post that definitely in the show notes below as well for anyone listening to this. Awesome, Rachel. Thank you again, always a pleasure to see you and look forward to keeping in touch, I can't wait to hear how this rent by the room goes for you. Rachel: Thank you. Thanks for having me on again. It's so nice to hear to talk to you. Michael: Thanks, take care, talk soon. All right well, that was our episode a big thank you to Rachel again for coming on and spending some time with me. Super interesting perspective on where we are in the markets really great insights on syndications and how to get involved if that's something you're interested in. I definitely can't wait to hear from Rachel going forward on how her rent by the room in Denver is going out in the Midwest out in Denver, Colorado. If you enjoy the episode, feel free to leave us a rating review. Those are super helpful for us. We'd love to hear from you all and as always, we look forward to seeing the next one. Happy investing!
Self Publishing School : Learn How To Write A Book And Grow Your Business
On this episode of the Passive Income Attorney podcast, Seth is joined by Rachel Richards as they talk about educating millennials on how to work their way out of financial despair, given the lack of financial education in the current system. Rachel is a former financial advisor who quit her job and retired at 27 by turning to passive income. She shares her journey, including her books, Money Honey” and “Passive Income, Aggressive Retirement.” Enjoy the episode! “Don't be a control freak; just accept you're gonna make mistakes, and that's a part of it.” HIGHLIGHTS: Here's a breakdown of what to expect in this episode: Motivation to learn financial independence and real estate investing in high school Wrongs of being a financial advisor, as told by Rachel Real estate investing as a plan B after quitting from being a financial advisor Passively investing in syndications versus direct ownership of single-family or duplex properties How to figure out your best investment strategy towards financial freedom What pushed Rachel to write her book And so much more! ABOUT | RACHEL RICHARDS: At the age of 27, Rachel Richards quit her job and retired, living off $15,000 per month in passive income. Rachel is the bestselling author of “Money Honey” and “Passive Income, Aggressive Retirement.” She is a former financial advisor and a real estate investor with almost 40 rental units. By making the topic of money management fun, entertaining, and simple, Rachel has helped thousands of millennials work their way out of financial despair. FIND | RACHEL RICHARDS: Passive Income Starter Kit: www.moneyhoneyrachel.com/bonus Instagram: www.instagram.com/moneyhoneyrachel Website: www.moneyhoneyrachel.com CONNECT | SETH BRADLEY: Get Started | Download The Freedom Blueprint: http://www.attorneybydesign.com Subscribe and Leave a Rating and Review: Apple: https://podcasts.apple.com/us/podcast/the-passive-income-attorney-podcast/id1543049208 Spotify: https://open.spotify.com/show/5a0Qp9G2x337nZCDWoVgoO?si=MKn01_t8Tfu0JBZCnagrCw Join EPIC | The Esquire Passive Investor Club: https://passiveincomeattorney.com/join-the-passive-income/ Join | The Passive Income Attorneys Facebook Group: https://www.facebook.com/groups/passiveincomeattorneys Follow Us: Website: https://passiveincomeattorney.com/ LinkedIn: https://www.linkedin.com/in/sethpaulbradley/ Facebook: https://www.facebook.com/passiveincomeattorney Instagram: https://www.instagram.com/passiveincomeattorney/
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