INVESTTHIS is about getting into the wealth mindset of real estate investors and entrepreneurs who are crushing it. To learn what really fuels their success, listen in on our conversations as they share their business adventures, and how they are building their futures.
This podcast is all about you, the listener. My goal is to provide you with critical real estate investing information, as well as how a successful investor mindset can propel you to the next level. I want you to be able to crush it in your business and life, advancing it forward at lightning speed!
Better Financial Portfolio Management for DIY Investors
No more spreadsheets, and no more financial advisors. Sound good? I’m talking today with the owner of Passiv, who caters to busy high-earning professionals who are DIY Investors. Creating your retirement nest egg shouldn't be so hard, and traditional financial portfolio management can eat up your time and money, but no more!
Today’s guest is Nick McCullum, who is the owner of Passiv, which is a portfolio management tool that makes it easier for DIY investors to maintain a balanced portfolio and build a passive investment strategy at their online broker. It eliminates the need to use spreadsheets, saves investors from logging into their broker to place trades, and helps DIY investors stick to their portfolio’s target allocation. It’s the ultimate wealth manager!
During today’s episode, Nick and I talk about how Passiv can help investors, how the platform works with brokerage houses, understanding target asset allocation, and managing self-directed accounts. If you are looking to get a higher return on your investments, which will allow you a larger retirement nest-egg, then this podcast is for you.
Making DIY investing more accessible for investors who manage their own portfolios
How Passiv does all the work for you
Investing perfectly in your target portfolio
Why they don’t use AI to manage your portfolio
Who benefits from Passiv
Designed for everyday investors who are planning for retirement
What differentiates Pasiv from other one-click trading platforms
Understanding your target asset allocation
Passive replaces the dreaded spreadsheet as well as your financial advisor
How passive works with brokerage houses
What makes passive unique is their trade capabilities
Alternative investments tracking
First-time user tips
How COVID has affected the online trading space
When the markets are volatile, people trade more.
How Passive’s technology determines the right investing moves for customers
Walking through how investments may get off track
What Nick is Reading:
https://www.amazon.com/Elon-Musk-Biography-Billionaire-Entrepreneur/dp/B08N84XBQV/ref=sr_1_4?dchild=1andkeywords=elon+musk+biographyandqid=1611155371andsr=8-4 (Elon Musk:) A Biography of Billionaire Entrepreneur Elon Musk (Robert Hanson)
Get in Touch with Nick:
How to Outsmart Your Competition
Competition is fierce out here in the real estate game! Here in Phoenix, there is zero inventory on the MLS, and the distressed market is slim, and that scenario is playing out all across the county. This battle is pushing every real estate investor to look for a way to outsmart their competition to the next good deal. Unfortunately, most real estate investors use the same lists, driving the competition to be even fiercer. So, how do you differentiate yourself? How do you find and close those deals first? It's all about using good data and smart marketing!
Josh Miller, founder and CEO of Go For Close left his secure engineering position to pursue full-time real estate investing. After achieving his goal of creating $40K in passive income a month, he retired, as he wasn't passionate about real estate, but he did know he wanted to help people.
Josh realized that what investors needed most was an efficient way to create strong leads, using smart marketing to close the deal. Josh had a problem: he didn't want to handle the marketing side of it, nor the sales; he just wanted to run the business. So, he hired experts in their respective fields to help investors. Go For Close empowers real estate investors to focus on sales and closing deals by providing a specialized team and marketing platform at an affordable rate. They assist clients in finding qualified leads and staying competitive regardless of the market landscape. They do the marketing so that clients can focus on closing deals.
Today, Josh shares some phenomenal tips on finding strong data, what data to stay away from, and the key factors to good marketing once you get those leads. As Josh says, "We are in such a competitive market, you have to have multi-channel marketing to scale."
How Josh was able to retire young while making $40K in passive income a month
Understanding early on that he had to hire for the skills he didn't possess
The real estate investor competitive landscape today
The next wave of marketing: predictive analytical data
Utilizing different data sources to create a comprehensive list
Understanding what data is out there and what to stay away from
It's tough for individual investors to be expert marketers; know when to hire/delegate that portion of your business
What the typical investor is getting data today, and why they have to change their game
Data is gold, but if you have hundreds of investors using the same data, it's fool's gold.
How to find good data
Those phone numbers aren't good leads, you say? Are you sure?
Why you should never rely on one list provider
Your initial marketing message is key to your success. If you're not getting a 60% response rate, you're doing something wrong.
If you have bad data, you have bad leads, and all the best marketing in the world won't help.
Why having an omnipresence is key to outsmarting your competition
How to recognize where your weaknesses are and hire experts to fill those jobs
There are no secrets to this game; it's about who can be the most innovative.
What's Josh Reading:
https://www.amazon.com/Who-Not-How-Accelerating-Teamwork/dp/1401960588/ref=sr_1_1?dchild=1andkeywords=who+not+howandqid=1610550553andsr=8-1 (Who Not How: )The Formula to Achieve Bigger Goals Through Accelerating Teamwork (Dan Sullivan)
https://www.goforclose.com/ (Go For Close)
firstname.lastname@example.org (get a free consultation, just say Scott sent you!)
How to Generate Motivated Seller Leads Using Radio Marketing
We all want to generate a ton of motivated seller leads, but using radio? Yes, radio may feel a bit antiquated, but according to Chris Arnold, most real estate owners are over 50 years old and still listen to the radio. According to https://www.radioworld.com/news-and-business/programming-and-sales/radio-listening-audiences-rebound-despite-pandemic-impact (Nielsen), even beyond Chris’ expertise, radio listening is on the rise, and people are tuning in with greater frequency to news/talk formats. Those with greater spending optimism are more likely to be heavy AM/FM radio listeners.
Radio advertising provides high-quality leads, as the people who take action and call you are serious about doing a deal. And since most investors are using the other strategies where they are less qualified or serious about doing a deal, it could be more efficient for you and your team.
Chris is the owner of Wholesaling Inc and the creator of the REI Radio program. He works with clients to get 100 ads per month, per station, for about $1,000 to $2,000 per month. Chris shares tips on leveraging radio to find real estate deals and why radio is the best marketing, yet most overlooked, solution for real estate investors.
Chris’ real estate journey
Why virtual real estate was the way to go, even before COVID
The 3 Freedoms we all want: Freedom of resources, freedom of time, freedom of thought, freedom of location
The solution provider approach to real estate investing
The two categories of lead generation
Why radio is the perfect channel for real estate investors
Reaching the prime audience of people aged 50+
The cost of using radio is one of the most affordable marketing
The mistake most people make when advertising on radio
How to analyze a radio advertising buy
If you buy marketing right, you will net a high ROI
Negotiating radio advertising rates
How you obtain immediate leads advertising on the radio
The two main things you get with radio marketing that you don’t get anywhere else
Radio is a respective form of marketing that provides you instant credibility and celebrity status
Radio marketing is excellent for new real estate investors
Generating motivated seller leads without the headaches
How radio instills recognition and trust for you and your business
Radio is a great way to generate off-market leads
What type of real estate investors should use radio advertising
The process to follow for successful radio marketing
The best way to handle radio live leads
The ROI of radio marketing compared to other channels
The most competitive radio markets and how to differentiate yourself
Transitioning from success to significance
What marketers like about radio
Whenever you find yourself on the side of the majority, it’s time to pause and reflect.
What Chris is Reading:
https://www.amazon.com/Motive-Leaders-Abdicate-Important-Responsibilities/dp/1119600456/ref=sr_1_1?dchild=1andkeywords=the+motiveandqid=1609346659andsr=8-1 (The Motive) (Patrick M. Lencioni)
Get in Touch with Chris:
https://www.wholesalinginc.com/reiradio/ (Wholesaling, Inc. / REI Radio)
If you're not mindful of your money, your money will mind you. The best way to be mindful is to be confident in your financial literacy, and that takes education!
In today's COVID world, research says that over https://www.fool.com/retirement/2020/03/27/nearly-50-of-americans-dont-have-enough-emergency.aspx (50% of American's) don't have enough savings to make it through the pandemic. Society, marketing, advertising, and Amazon have all played a part in the vicious circle of borrowing ourselves into oblivion as we continue to purchase things that we probably don't need.
As my guest, Jonathan DeYoe, says, "once you're financially educated, you no longer stress about your money." Jonathan is focused on helping people become financially literate and writes about Financial Literacy and Behavioral Wealth Management for news outlets like BusinessInsider.com and MindBodyGreen.com. He is also the author of the Amazon Bestseller Mindful Money: Simple Practices for Realizing Your Financial Goals and Increasing Your Happiness Dividend. He also takes his expertise on the road and speaks locally and nationally on the intersection of money and mindfulness.
In today's show, Jonathan and I discuss basic finance, create a financial plan, and how mindset plays a significant role in your financial freedom. As I always say, "You have to get your mindset right, to get your money right." We also discuss fiduciary advisors vs. financial advisors and the path of financial security > financial freedom > wealth.
How Jonathan started with nothing, tried everything, and found his niche
Understanding basic finance and creating a plan
How wealth is created in the real world
Financing today is a vicious circle as the capacity for us to borrow ourselves into oblivion plays into our desire to spend.
The dangerous backend marketing of social media doesn't help our penchant for spending.
Financial literacy today
How Jonathan started building financial courses
Fiduciary advisors vs. financial advisors
Financial advisors are trained to pitch products; fiduciary advisors are required by law to do what is best for their clients.
Get educated and prepare yourself for disaster
How the economy will always bounce back
The path of financial security > financial freedom > wealth
The simple practice of reaching your financial goals and increasing your happiness dividend
How to set financial goals
How to change your mindset for financial literacy success.
Are you increasing your debt, or are you increasing your net worth?
What to do with your excess cash for optimum return
Focus on the things that make a difference, and ignore the things that don’t.
What Jonathan is Reading:
https://www.amazon.com/Buddhist-Psychology-Awakening-Depth-Abhisharma/dp/1559394226/ref=sr_1_1?dchild=1andqid=1608740863andrefinements=p_27%3ASteven+D.+Goodmanands=booksandsr=1-1andtext=Steven+D.+Goodman (The Buddhist Psychology of Awakening) (Steven D. Goodman)
https://mindful.money/ (Mindful Money)
Deep Dive into the $26B+ Note Investing Market
Get out your notepad because we will dive deep into note investing, from the hard numbers to real-world scenarios of the many ways to make money investing in notes. From how to handle a default due to foreclosure and still make money, to a property that doubles in value and your return, as the lender, will be. Nick goes into great detail as he starts with the note's market and goes through all the scenarios and the financials for each one. Basically, this podcast tells you everything you need to know to either up your note investing game or just get started.
Real estate is a cyclical business, property values go up and down, but it doesn't matter what the market is doing when you invest in notes. The other benefit of note investing is there are multiple ways to make money, and you can help people who can't get a traditional loan become homeowners. And, let's not even get started about the #1 benefit of not having to deal with tenant issues.
You are going to learn from the best, as my guest Nick Legamaro, also known as "The Note Guy," has been note investing for almost 20 years. He focuses on providing his clients with high-yield, low-risk, turn-key real estate investment notes, secured with carefully selected residential properties throughout the United States. He is here to help you become a successful note investor.
What's changed since COVID: The foreclosures will be hitting Forbearance (pushed payment back in time) in January 2021 (may change with new administration)
Banks always get paid because they are in the business of control, not owning
You can be the bank and what that means.
Why Scott likes investing in notes
The leverage you have when you are the bank
Today's environment: End of 2020, the market has gone bananas.
As each year goes by, fewer and fewer people fit the pretty buyer box for traditional lenders.
Very few investments allow for predictable returns and cash flow, except for mortgages.
Holding notes vs. holding a property
Amortization on a note
Going through a real-world notes deal.
Two types of financing: traditional and seller carry-back note seller financing
Understanding the $26B seller note market
The properties you can't get traditional mortgages on
Seller finance usage from 2009 to the present
Creating notes buying property, fixing it, finding the buyer, and creating seller financing as the lender on the property.
Understanding how a note deal works when the property doubles in value
Why it doesn't matter if a buyer defaults on a loan
How to keep your asset and resell it if the borrower defaults due to foreclosure
At the end of the day, you can't predict the future, but you can mitigate your risk
Understanding the most significant challenges and risk for note buyers (fraud)
Doing your due diligence on finding and securing a clean note
$26B seller financing notes are made through mom and pop investors
Why you don't have to do traditional underwriting for 3 mortgage notes
What does a mortgage servicer do for you, and why it's important
Answering FAQs on note investing
How to leverage LTV (loan to value) so you and the borrower can succeed
Understanding Investment to value (loan to cost)
Why borrowers will pay a 10% interest rate to a private lender
Why big banks are going to make it tougher to get a traditional loan
Using a mortgage servicer as a third-party verification which validates your word
Notes are tradeable and liquid and how to sell for cash at a maximum value
Understanding the foreclosure process, which is different for different states
The benefits of note investing and the multiple ways you can make money
Using your retirement money to invest in notes and have more when you retire
Scott talks about one of his note deals
How Nick helps people create note deals
Get in Touch with Nick To Learn More About Note Investing
https://usanotepro.com/ (USA Note Pro)
Legal Advice on Asset Protection
The number one concern for all real estate investors is asset protection. We don't work this hard to lose all of our hard-earned money because of a frivolous lawsuit. Yet, obtaining legal advice on asset protection can sometimes seem too expensive. That's exactly what my guest, Scott Smith, thought and built Royal Legal Solutions to help real estate investors protect their assets.
Scott is an attorney and a real estate investor himself and has learned that keeping your wealth is just as important as making it. All of his clients are real estate investors, and everything he and his team do is focused on protecting their hard-earned assets. Currently, the firm is protecting $1.2 billion in assets across all 50 states and looking to help as many investors as possible.
We will talk about how you should never put your assets in your personal name during today's show but use a Series LLC and Child LLC's for ultimate protection. We discuss real-world real estate investing challenges and how to apply legal solutions to avoid litigation. We also discuss land trust, saving time and money on taxes, and how most real estate investors are under covered.
Attorney and real estate investor using the same strategies that the uber-rich do.
Making more on his side hustle in real estate than litigation
The spark that started Royal Legal Solutions
The number one issue Scott solves: What happens if I lose everything
When you should start protecting your assets, especially if you are new in the real estate investing game.
The cost of getting legal strategies in place
You don't have to put everything in place simultaneously; you can continue to add on strategies.
Real-World Scenario Legal Advice: Protecting several different asset classes of real estate (SFR, multifamily, etc.) held in different LLCs
How to use anonymity
How to defeat those lawsuits before they get to litigation
The game of litigation: how much money do you spend on the front end, and compare it to how much money you can make on the lawsuit
Real-World Scenario Legal Advice: Understanding a Series LLC and Child SeriesIsolating assets
The benefits of using a Series LLC
Real-World Scenario Legal Advice: Buying a property subject too, and wrap that note and sell it again
Isolating your assets
How to hold property inside a trust
Using a blind trust for your asset
A land trust is a critical component for getting the anonymity to stop the lawsuits before they start
Transferring personal assets into a Series LLC
How to use Series LLC and a blind trust so that you can mask owner public records
How to disguise the transfer when transferring your assets from your name to land trust within the LLC structure
When you own assets in your personal name is a target on your back
Why having assets in your name is the biggest risk you're taking
98% of lawsuits fail because it's an extortion scheme
What single-family rental investors and note investors need legally
How Royal Legal Solutions facilitates financial freedom for investors
How are real estate investors are under covered legally
The tax savings using a Series LLC
How to migrate a current LLC into a Series LLC
Real-World Scenario: How a Series LLC off of a flip saved investor from being sued
What Scott is Reading:
https://www.amazon.com/Surrender-Experiment-Journey-Lifes-Perfection/dp/080414110X/ref=sr_1_1?crid=3VN8O1730OJ6Ganddchild=1andkeywords=the+surrender+experiment+by+michael+singerandqid=1607700363andsprefix=the+surrend%2Caps%2C327andsr=8-1 (The Surrender Experiment )(Michael Singer)
Get in Contact with Scott
https://royallegalsolutions.com/ (Royal Legal Solutions)
Free Legal Consultation
https://rls.clickfunnels.com/freedom-temple-survey?utm_campaign=Appointment%20Settingandutm_source=Websiteandutm_medium=CTA (Take the Quick Quiz)
Real estate investing advice at its finest!! Great information, wonderful guests, and amazing insight!! Thanks Scott!
Tons of Knowledge
This podcast has it all - an engaging host, a wealth of knowledge, and an incredible range of guests. It's been highly motivating for me to hear the variety of different ways investors have grown their wealth. Would highly recommend to anyone wanting to learn more about how to make investing work for them!
So glad I found this podcast! Scott does such a good job covering a variety of topics. I would recommend this show to anyone!