Looking for, passive income streams, for retirement? Jack Gibson, President of High Return Real Estate, shares how to use real estate to build passive income.
Today’s episode in the 3rd in our series on building wealth with Real Estate investments. My intention is to sow seeds into your subconscious that 2019 is the year to build your net worth. The power of intention is an invisible force of energy in the Universe. It is activated when we become inspired and will propel us towards our goals.
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Jack Gibson began his entrepreneurial journey at 19, and founded his first company at the ripe old age of 21. Operating a successful nutrition consulting and distribution company. He had built a multi-million dollar venture before he was old enough to rent a car. Soon thereafter, he bought his first home as an investment. One home quickly became five, and then the bug hit. He became obsessed with learning everything about Real Estate Investing and soon had over 50 investment properties generating Massive amounts of passive income. Today, Jack spends his time mentoring other entrepreneurs, building his real estate investment portfolio, and helping other investors to build a brighter future through the power of turnkey real estate income.
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My very first business that I started at age 19 was a multi-level marketing nutrition distribution business. The whole goal of that business was to build up a sales team and create ongoing, passive streams of income, so I got that concept right away. I built that business up over the years and we currently have annual revenues over ten million dollars. The last couple years it's been a little bit more part-time or quite a bit more part-time as I pursued building my real estate company. But I mean I still love it, I still love the people and I love the, passive streams of income,. Two years into my network marketing company, I read the book Rich Dad Poor Dad, that was the book that really transformed my mind to start thinking about utilizing real estate as a way to deploy the cash that I was making in my primary business and add additional, passive streams of income,. I was still investing in stocks until about 4 years ago. I was in stocks for most of the last 14 years, so about four years ago two events happened that were critical and really pushed me over into investing into real estate as another, passive streams of income,
There were two negative events, but you know most negative events if we look back we can find the good in them. One of them was I had some insider information, not anything illegal by any stretch, I mean I knew that our company had a good earnings quarter. I mean it wasn't that hard to figure out based on what I heard from all my colleagues, so that's kind of my insider information.
I bought into the stock about a week before the earnings report was to be released expecting things to be great. Well the earnings report was phenomenal and typically, not always but typically stocks go up when the earnings report is great. Well this billionaire Hedge Fund investor was very well known as an activist in terms of shorting stocks. He gets on our company earnings call,
How to Create a Freedom Lifestyle with Investment Property
Mike Wolf has made millions from, investment property, and created, freedom lifestyles, for many of his investors. Mike has helped investors in the Atlanta area build wealth and passive income from, investment property, by offering them turnkey services.
I'm your host coach Myrna Young, as we start 2019 I wanted to spend some time on how to build wealth through the vehicle of, investment property,. As you know I am a Realtor, an Investor, Property Manager and a, Life Coach, so I have a very high-level overview of how to build wealth through home ownership or with, investment property,.
So this month I will be interviewing experts in the field of, real estate investments, investment property, as I help you to get into the space of building wealth in 2019.
Wealth is the vehicle that you need for any successful venture in your life, whether it's to give your kids a better life, whether it's to have financial freedom, whether it is to retire wealthy, whatever you need to do, you need money unfortunately to do it with. So building wealth through, real estate investments, investment property, is what we're going to be focusing on for the next three remaining episodes in our four part series.
So what I will be doing is bringing you experts who have made millions through, real estate investments, investment property, and who will share the details and how they did it so you can do it too! Be sure to subscribe to your iTunes, Google play, Stitcher, iHeart Radio, or TuneIn Radio, so you're not missing any episodes.
In today’s episode I have a re-purposed an interview with Mike Wolfe from back in 2017. I thought it would be a great resource for this series. Mike made his wealth from offering turnkey,
Investment property, services to in the Atlanta area. His system allows his investors to sit back
and collect, passive income, while living a, freedom lifestyle,
Mike Wolfe has been a real estate investor for over 28 years. Over the years he's gone from being a workaholic who would put in 15 hour days, seven days a week to someone who works smarter, not harder. He regularly travels the globe doing humanitarian projects and seeking Sun and sand while living off the, passive income, that he's created through his, investment properties,. Mike's company sells, turn-key real estate, and, investment property, in and around Atlanta to investors around the globe. He helps his investors create truly, passive income, where they get all the benefits of owning a real estate, investment property,.
How did you Start your, investment property, business?
I started, investment property, in Calgary Canada. I was only investing in Canada back then at the beginning of my, passive income real estate, career but I had a friend of mine move to Las Vegas and when I went to Vegas to visit him, I got into this addiction. It's not what most people have when they go to Vegas. It's was not gambling or drinking. It was actually this addiction to go look at real estate. I noticed that back in those days the prices of, investment property, kept going up and up.
I had no intention of investing in Las Vegas originally but I ended up doing it and it was kind of at that point I was forced to start building a team, because I couldn't be in two places at the same time. I couldn't go collect my rent from my, investment property, in Calgary and my rent from my, investment property, in Las Vegas. So I reluctantly hired a property manager.
Three phases of, investment property, business cycle.
At first you know what would I find most entrepreneur's do is we go through three phases if we survive long enough.
The first phase is where we do everything ourselves, usually because we don't think anybody else can do what we do as well, and we don’t have the funds to hire help. It’s kind of like for an entrepreneur our business is like a birthing a baby and you don't trust just anybody with your baby.
How to Build Wealth with Turnkey Real Estate Investment
Jeff Schechter, CEO and co-founder of High Return Real Estate teaches how to build wealth through, turnkey real estate investment, Jeff has been helping his clients build wealth through, turnkey real estate investment, for close to 40 years.
As a Realtor, real estate investor, as well as Life coach. I myself have been in the real estate business for some time 19 years. So I can lend a lot to this conversation. In fact if you google, Realtor Life coach, I am at the top of the list! .
CEO & CO-FOUNDER Jeff Schechter, aka “Shecky” has had the entrepreneurial bug his entire life. He started his first business right out of college, and over the years been involved in numerous businesses ventures. His love for real estate investing began in the 1980’s, when he rehabbed 5 of his own residences, before the term “house-hacking” even existed. Since those early days of torn up kitchens and bathrooms, he’s bought and sold many properties, and is an active investor to this day. In addition to investing, he operate a private consulting practice. He thrives on helping people realize their full potential…not just in business and investing, but in all aspects of life.
What was the fire starter that got you into, turnkey real estate investment,?
I kind of sucked at school. I was not very focused. I came from an incredibly traditional Background, where I just reversed a lot of expectations placed on me. As a result it was very difficult for me to follow through with stuff in college. So entrepreneurialism and starting my own businesses were really a form of necessity, because I didn't really have any terrific formal training. It was also a form of establishing my own freedom.
What made you choose real estate as that business?
I just always kind of have this entrepreneurial bend and would look for ways to increase my income. Eventually I started seeing that high ticket items like homes, had lots more opportunity for profit. I figured out back in the 80’s, I could buy them in not as good a condition and be able to buy them for a whole lot cheaper than what the pretty ones were, and I could fix them up and add a whole lot of value to them, because people were willing to pay a premium for the really nice homes. So what I would do is, I would just live in them for a year or two while I was fixing them up and then I would sell them and move on to the next one. It was a way to make some really nice extra profits and live for free for many years.
That was kind of the initial seeds of my real estate investing career before I started, turnkey real estate investment,
That's also a good model as well, because you know the government helps you with the capital gains tax breaks. If you live in a house that’s your primary residence for two years and sell that home, then you can earn up to $250,000 in tax free income if single and $500,000 if married.
I actually didn't know that at the beginning, but learned it very early on. I would figure out that I wanted to live in most places exactly two years and one day!
I was listening to the audio book “The Automatic Millionaire Homeowner” and the author was interviewing a lot of homeowners who started off with purchasing small homes, like buying a $30,000 home and then selling it to buy a bigger home and so on and so on. One homeowner couple who started off with like $3,000 or something like that to buy their first home ended up making $500,000 on a $750,000 property. All tax free!
What is your advice for someone who is starting out today, investing in Real Estate in 2019?
Someone starting with a small house or a condo or something and trying to build wealth?
There is a bit of a downturn going on in the current Real Estate market, but you know Real Estate is cyclical and there's a natural cycle. When we look back at what happened in 2009, the banks were doing some really stupid stuff. Anybody could get a loan, even if they didn't have a job.
Transform your Business Life: Dress for Success
How to, dress for success, we have all heard the saying don't dress for the position you have now; but the position you want to get.
Since I was a little girl I could pick out the women who had money. They would be dressed in suits or what I believed to be expensive clothing, with their hair and make up perfectly done. When they passed me, they smelled like heaven. But looking back, I realized that to, dress for success, did not mean that you had to be wealthy and have a closet full of expensive clothing. For all I knew these women that I admired, could have had only one suit in their closet or one, dress for success, frock. It is not the quantity of your wardrobe, but the quality.
In my personal experience as well as reading business books and looking at movies like 50 Shades of Grey and the Proposal with Sandra Bullock,
Here is the formula for, dressing for success Men,
Men if you have not seen 50 Shades of Grey, you should rent in on Netflix. Not only does it show you how to pleasure your woman; but at the beginning of the movie, it shows you what the closet of a rich successful business man looks like. Dozens of dark color suits, dozens of white shirts and dozens of ties. Steve Jobs, Mark Zuckerberg and Google have all tried to change the dress code to tea shirt and jeans; but take a look at the Senate or President Trump or Wall Street. The business suit is still the, dress of success,
I have always seen movies with the men being fitted for a suit; but I have always bought my man a suit from off the rack! Apparently that is bad!
A carefully fitted suit is worth it's weight in gold.
Even if it is off the rack it shouldn't fit like a sack!
Get it altered to fit. It does not matter how much the suit cost; but it must fit!
That is the secret to looking successful. That is the way to, dress for success,
The consensus is that a business suit should be single breasted and either dark blue or dark grey.
Heading back to Christian Grey in 50 shades of Grey. Notice that all his shirts were white. I have never seen President Barack Obama, in nothing other than a white shirt. Your white shirt should be one hundred percent cotton with button down collars and always long sleeves. Short sleeves are out! Complete the look with a pair of black loafers, well shined and with a new looking heel. If your heal wears down to one side, get it replaced at the shoe maker.
Here is the formula for, dressing for success Women,
As from my intro I have been trying to copy Sandra Bullock's look in the proposal for some time now. That is my, dress for success, look. If you haven't seen the movie, she rocked the black pencil skirt with a white shirt and pumps with elegant heels.
Find a look that flatters your figure. As women we come in all sizes. I don't have time to get into the best look if you are busty, hippy or made to wear clothes like a super model. The formula to, dress for success, for women is to invest in a few classic, simple suits in dark colors. The same as the men, grey or blue. I still have the suit jacket I purchased from my first big pay check as a salesperson, 20 years ago. It was a grey wool blend double breasted skirt suit. I paid $700 for it from my $30,000 pay check. I felt successful so I went out and started, dressing for success,
Nice simple fitted dresses also work wonders, especially if paired with a blazer and some fashionable jewelry. The great thing is that you can loose the blazer for the after work parties and still be, dressed for success,.
As women we like to flaunt our sexually, but avoid wearing bright colors, tight pants, mini skirts, plunging necklines or blue jeans. It may get you in the door short term; but it be paid for with long term loss, because men will hit on you, since they will feel that is what you are selling.
Growth Hacks, to Win the Internet Game
If you have a business whether it's online or in-store you need to press play to hear some, growth hacks, from the expert. Vin Clancy. In today's episode of the Transform you mind with coach Myrna, I'm speaking to, growth hacker, Vin Clancy. Our topic today is “ Growth hacks, to win the internet game." Vin is going to share with us today his secret sauce to winning the internet game. I myself want this recipe!
Here is some background info on Vin.
• Infamous growth hacker Vin Clancy went from being on social welfare in the UK to launching 2 online magazines that got over 20 million page views in their first two years with zero ad spend.•• He’s since then won best speaker at SXSW V2V for his, growth hacks, talk finished a 100-date world tour, made six figures on his debut growth hacking book, created one of the biggest marketing communities on Facebook, and moved to L.A., where he teaches companies how to rapidly grow their audiences and businesses.• Vin’s new book “Ace The Game” was released this November.
I never really had what you would call a real job. Like many people my age and I didn't quite know what to do with my life. Luckily for me, I came through in the era of the internet. One day my ex-girlfriend said you got to do something with your life because I was sitting all day on the couch collecting welfare for over a year.
That night I had a dream. I dreamt I was the editor of a magazine where the writers would be stars not musicians. The very next day after that dream, I met a seventeen-year-old kid who built websites. He showed me how to buy a website domain and we decided to buy the domain, Planet IV. We chose the name planet because we intended to be a global site delivering world news and IV because our intention was for the site to grow virally!
The next day after our site was live, I hustled every college and university in the country, saying hey we're building the coolest magazine in the UK. We need writers who wants writing experience. Colleges and universities always want their kids to get writing experience.
The second week we were live with our college writers we had 25,000 visitors. The next six months we did 300,000 visitors, within a year we had a million visitors per month. I learned how to make our content go viral. One of my first, growth hacks, Around the time we had 300,000 visitors a month, we raised a quarter of a million dollars and I was immediately out of debt.
We then launched a second site, screen robot. That site got two million visitors per month in a hundred days.
We then started a, growth hacking, and marketing agency and I started public speaking in order to get clients. I completed a hundred city world tour speaking about, growth hacks, and getting clients. The tour helped me sell my first book “Secret Sauce” which did over a hundred thousand dollars in pre-orders on Kickstarter and IndieGoGo. I then moved to California and I've had my biggest year ever. My second book “Ace the Game” just came out and did ten thousand dollars in sales in the first hour of being released.
What is this secret sauce?
I only knew one person in the magazine industry my friend Miche. She said, look you only have to get traffic to a website. If you get traffic you will have a brand and then you will get investors. So just focus on that one thing, getting traffic to your site.
Our traffic was always great. It started great and it just carried on. The secret sauce, was we understood what type of content to put on our site for it to go viral. Today they are random social news sites for gaming and film watch. You could get traffic from these sites fairly easily.
The secret sauce, is also your competitive edge.
I had 300 people writing for free and We're getting three hundred thousand visitors a month to our site. The internet gives you advantages. Before the internet you had to have money; but now it’s the Wild Wild West, everyone can get into the action.