The Real Estate Way to Wealth and Freedom Podcast
Success doesn’t just happen. There is rarely such thing as an overnight success. More often than not, success is the result of many many small habits over a long period of time.
The saying goes “How do you eat an elephant? One bite at a time.”.
There’s a lot of noise out there today about flip this, flop that, crypto this, etc. Many online marketers would have you believe buying their system will guarantee you immediate success. You know the type of people I’m talking about, those who come across your news feed with luxury cars, beautiful people, and high rise penthouses. They make it seem like it’s just one little step you must take in order to achieve success like they have. And let me spoil something for you – they all have some little secret they would love to share with you… in exchange for your credit card number.
This is not the path to success. In fact, I’ll prove it to you. Think of someone who you consider successful and look up to. I bet this person has a skill they are very good at. Perhaps that person is a great computer programmer and built a business that solves peoples problems. Or maybe this person is a brilliant networker and connects people with solutions. Maybe this person is a mechanical engineer and has hundreds of patents on alternative energy devices. Whoever this successful person looks like to you, chances are they have worked hard over a long period of time to get where they are. Think of some of the richest business men and women here in the U.S. – Warren Buffet, Bill Gates, Jeff Bezos, Sam Zell, and Abigail Johnson, just to name a few. These people have all created, built, and grown businesses from an early age. They didn’t just magically fall into success overnight.
So what will success look like for you? Whether you recognize it or not, your actions every single day will determine your success years down the line. What you do now, has a huge impact on what you do tomorrow, and the next day, and the next, and so on and so on.
This is just one of the many reasons it’s important to have goals. Your goals will keep you on track and make sure you’re progressing in the direction you want. But, a goal without action is just a dream. The action is the most important part of the recipe. You must take massive action to achieve massive results. There are many people who advocate for daily habits, morning routines, and daily goal setting, from Grant Cardone to Hal Elrod, these people have habits they have developed over their lifetime that have led them to where they are today.
So how can you start making success a habit? Follow these four steps:
Identify your reasons why. What drives you? What motivates you? What gets you out of bed?
Set goals that you think you can’t reach. Huge goals. Your goals should be so big that they scare you. Write them down every single day. Yes, every day. You want these to be at the front of you mind at all times. Not just every January for your new year resolution.
Develop a plan to reach those goals. Do something every single day that gets you closer to your goals.
Have fun. Don’t forget, life is a journey. Half the fun of it is the chase. Live for today, but don’t forget tomorrow.
I hope with this, you’re on your way to success as you define it!
Joseph is a multifamily investments specialist, leading group acquisitions of over $15MM in real estate and providing asset management services to a portfolio of 253 units and growing. Joseph is a former lieutenant in the Israeli Defense Forces (IDF) and over 17 years of leadership experience in the software industry, 12 of which working for…
Determining value of real estate is both a science and an art. From the initial analysis through more in depth due diligence, real estate investors are constantly determining the value of properties and searching for properties that are undervalued.
Dr. Matt Motil is a real estate investor and agent. He’s had the pleasure of working with hundreds of investors from all over the world and helped them to grow massive wealth and passive income through remote real estate investments. Dr. Matt leads a retail real estate team working with buyers and sellers servicing all 50 states. When he has the spare time, he teaches college courses as an adjunct professor at a handful of colleges and universities.
Before real estate, Dr. Matt spent 17 years as a project manager and licensed engineer in the construction industry building bridges, highways and industrial plants throughout the United States. Through research and firsthand experiences, he’s leveraged his passions to become an author, mentor, and teacher, and he helps people all over the world unlock their passions to achieve their highest potential.
From getting fired, to teaching others how to fire their boss, Dr. Matt brings a high level of energy and raw personality with his approach to financial freedom.
From getting fired, to teaching people fire their boss
Transitioning from an engineering career to a full-time real estate investor
An overnight success, years in the making
A formal degree in business, with no idea how to start a business
How to break out of the middle class
Holding onto mistakes, because you spent a lot of time making them
What was your biggest hurdle getting started in real estate investing, and how did you overcome it?
Matt’s biggest hurdle was himself. By being consistent, that voice eventually quiets down.
Do you have a personal habit that contributes to your success?
Do you have an online resource that you find valuable?
BiggerPockets and podcasts, both real estate and business
What book would you recommend to the listeners and why?
Rich Dad Poor Dad by Robert Kiyosaki
Man on Fire by Matt Motil
If you were to give advice to your 20 year old self to get started in real estate investing, what would it be?
Start now. It’s going to work out. Fail faster.
Man on Fire by Matt Motil
People go their whole lives deferring income, experiences, and happiness, in hopes of cashing in on those things “one day”. They forego living a quality life in hope of one day living that life they dream of. But why? Why do people put all of their eggs in a basket 30 years into the future? Is it just because this is “normal”?
Here are some common life deferral mindsets and actions:
Invest only for appreciation far into the future
Save, save, save only to build a nest egg for retirement
Forego life experiences – travelling, learning new things, picking up new hobbies, & spending time with family, – in hopes of doing those things some day.
Spend all of your energy shrinking, rather than growing
The Dalai Lama was asked what surprises him the most in a recent interview, he offered this insightful response:
“Man. Because he sacrifices his health in order to make money. Then he sacrifices money to recuperate his health. And then he is so anxious about the future that he does not enjoy the present; the result being that he does not live in the present or the future; he lives as if he is never going to die, and then dies having never really lived.”
Another common example of life deferral is investing in a government qualified retirement account, like a 401(k), Roth IRA, or 403(b) retirement plan. One restriction with these types of plans is you are not able to access your money until age 59 1/2 or later. You are deferring income now, in hopes of reaping the benefits in the future. But why defer income now? What if there was a way to invest now, realize the benefits now, and still build wealth in the future?
Investing in income producing real estate is a great way to both build wealth and achieve financial freedom long before your retirement years. The income producing part of this is vital. It’s a huge differentiator between investing in real estate and government qualified retirement plans.
The two key pieces here are wealth building and financial freedom. Let’s break these down and understand why each is equally important.
Building wealth for the future is what people who invest in retirement accounts are doing. This wealth will be part of your legacy you leave behind to the things, people, and causes you value. Building wealth will allow you to impact the world in the ways you want.
Achieving financial freedom is equally important, but much less common. Simply put, financial freedom gives you the ability to do what you want, when you want, where you want. Achieving financial freedom from passive income, will allow you to retire from an earned income, and now do whatever it is you want.
When you combine financial freedom and wealth building, you won’t have to defer experiences into your retirement years when you are not as able to do the things you want.
Now just because tomorrow isn’t guaranteed, I don’t recommend putting your life savings on black at the roulette table. By understanding that your time is precious, you’ll instead carefully and prudently invest your time and money. You’ll treat your time as your most precious resource.
These are the best years of your life. Don’t waste them blindly following what society says you should do. Blaze your own path. Create your own story.
Financial freedom, passive income, abundance mentality, Cap Rates, ROI, and Rent/Value ratios are all terms we have discussed. They’re terms that are thrown around in different real estate investing circles. But how often do we, as real estate investors, step back and ask ourselves why? Why do we concern ourselves with these terms and metrics?
Real estate investing is a vehicle that can help you achieve many different goals. It’s versatile, works across many different markets, and is easy to replicate. However, it’s not the physical real estate that’s so great. Rather, it’s what real estate does for you. By now, we all now real estate investing can provide passive income, tax benefits, appreciation, and a hedge against inflation. Ultimately your investment is backed by a physical asset, which everyone on this planet needs – shelter!
No matter what your goals are, I believe that real estate investing is one of the best vehicles to build a life you want. Everyone has the ability to use real estate to their advantage. The passive income can allow you to live a life where you want and how you want.
This journey of real estate investing is one that everyone can start. There are just a few simple steps.
Step 1: Educate yourself. I know, this isn’t what you want to hear. It’s not quick. But in today’s age, it’s quite easy. Read books, jump in some online forums, go to real estate meetups. There are so many great free resources available – books, podcasts, online communities, meetups, just to name a few.
Step 2: Get around people who are doing what you want to do. Want to flip houses? Look up J. Scott, buy his books, and read his blogs. Want to own turnkey single family homes for passive income? Look up Keith Weinhold, listen to his podcast, subscribe to his newsletter, and read his articles. Want to buy apartments with other people’s money? Look up Vinney Chopra, Michael Blank, Joe Fairless, or Reed Goossens. Watch what they’re doing. Get around people who are doing what you want.
Motivational speaker Jim Rohn famously said that we are the average of the five people we spend the most time with. Evaluate who you spend time with. It’s ok if your circle isn’t exactly involved with what you’re interested in. But it’s a good sign they’re at least interested in improving themselves, growing, and pushing you too.
Step 3: Find your niche. Identify what you’re good at. Maybe you’re great with numbers and love analyzing deals. Or maybe you’re a great networker and can raise money from other people. Maybe you love creating systems and procedures to build businesses. Whatever it is, figure out what you’re good at and what you like. Then focus on that.
Once you find your strengths, you can then look for ways to work on your weaknesses. You could partner with someone who compliments you well. Or you can develop the skills you are lacking. Understanding your strengths and weaknesses will only help you know where and how to best spend your efforts.
Step 4: Do your first deal – whether that’s buying a small single family, wholesaling a deal to another investor, flipping a property, or investing with a syndication on a larger deal. Your first may not be the most impactful, but it will be the most important. It likely won’t move the needle for you, but it will get you started. That’s the biggest challenge for most people.
Doing your first deal can be scary. There are countless limiting beliefs that will come into your mind. Don’t worry, those are normal. If you’re not doing something that makes your uncomfortable, then you’re not doing enough.
Step 5: Use your strengths in step 3 to do another deal. This one will be smoother than the last. Then do another deal. And another. And another. Each deal will get easier with experience. You’ll hit different speed bumps and learn new things along the way. Make sure to continue to push yourself. Remember, people underestimate what they can do in a decade, and overestimate what they can do in a year. Take a long approach with real estate investing. It’s not a get rich quick game, no matter what anyone tells you. Be in this for the long haul.
If you follow these 5 steps, you’ll be well on your way to being a successful real estate investor, which is a great feat in it’s own. But this is just the beginning for you!
As a successful real estate investor, you have the ability to change the world for the better. You’ll have the time, and as much passive income as you are willing to build to design a lifestyle you deserve.
So what will you do with this freedom? This freedom is the ultimate goal. The freedom to whatever in this life you want. This freedom should feed into your reasons why.
If you don’t quit, you can never fail.
Have you ever thought about the word extraordinary? By definition “ordinary – with no special or distinctive features; normal.” Then what does extraordinary mean – extra normal? Doesn’t really make sense, does it? But nothing about being extraordinary is normal. In fact, to become extraordinary, one must be not normal. But enough on that tangent. Let’s…
Kwame Christian Esq., M.A. is a business lawyer and he’s passionate about teaching business professionals like you how to negotiate and be more persuasive. Kwame works with people to improve their persuasive communication skills and conflict resolution abilities. Improving these skills will lead to financial gain, career advancement, and increased confidence in difficult conversations. Kwame has…
Many people go their entire lives without even considering the possibility of building passive income, or much less achieving financial freedom. Lots of those people just assume they don’t have the resources necessary to get started, whether that’s time, money, experience, or some magic touch they think they need. In fact, time, money, nor experience are limiting factors.
The truth is, none of these resources are more valuable than the one your already have – your mind!
Yes, your mind is the most valuable resource you have and ever will have. The beauty is everyone has one. Some just use their minds to their fullest potential. These are the people who succeed in whatever they do.
“Life has no limits except the ones you make.” – Less Brown
We’re only bound by the limits of our mind. Solving problems, creating solutions, building systems, growing businesses, and designing a lifestyle are only accomplished in the confinements of your mind.
The larger your mindset, the more you can accomplish. If your mindset is to just be comfortable with a steady paycheck and retire with a conservative lifestyle at 65, then that’s what you’ll accomplish.
If you instead, expand your mind to achieve massive levels of success, you’ll grow into that mindset and will achieve your wildest imaginations.
People have a tendency to overestimate what they can accomplish in a year, and underestimate what they can accomplish in 10 years. Challenge yourself by always expanding your mindset. If you can imagine it, you can do it.
Kirk Chisholm is a Wealth Manager and Principal at Innovative Advisory Group. His roles at IAG are co-chair of the Investment Committee and Head of the Traditional Investment Risk Management Group. His background and areas of focus are portfolio management and investment analysis in both the traditional and alternative investment markets.
Kirk has been providing wealth management services to individuals, executives, entrepreneurs, and their families, as well as businesses and organizations since 1999. Kirk is dedicated to developing lasting relationships with all of his clients. One of the benefits of working with Kirk is his patience and his ability to provide clear, easy to understand explanations of all financial options.
Prior to integrating with Innovative Advisory Group in 2008, Kirk founded Stirling Global Advisors, LLC in 2005, a full-service private wealth management firm. Kirk has also held wealth management roles at both UBS PaineWebber and Smith Barney.
Investing outside Wall Street
Investing through your IRA
Alternative asset classes – real estate, tax liens, raw land, and even livestock!
How to unlock tax free income from retirement accounts
"This podcast offers a great perspective for people who are just getting started in real estate investing. I HIGHLY recommend it!"
- Nathan B.
"Don't pass this podcast up! I was unsure about adding another podcast to my library, but this one has proven to be invaluable in my investing journey!"
- Ernest D.
La Porte, Texas
"I've tried my hand at stocks, and let's just say it didn't go as well as I planned. This podcast has helped me realize the multiple benefits of real estate investing. I just wish I would have started sooner!"
- Jonathan C.