Truly Passive Income

Truly Passive LLC
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Are you ready to build true wealth and financial independence for your family and live life exactly as you've always wanted? Each week, tune in to Truly Passive Income, as Neil Henderson and Clint Harris interview guests who are experts in using passive investing to achieve financial and location independence, design more meaningful and intentional lives, and make a positive impact on the world. If you're seeking freedom from the grind of trading your time for money and want to prioritize what truly matters in life, this podcast is for you.

  1. How a Podcast Built a 95-Unit Real Estate Empire

    MAY 18

    How a Podcast Built a 95-Unit Real Estate Empire

    Cory Jacobson grew a 95-unit real estate portfolio by turning a podcast into a deal-sourcing and capital-raising engine, without cold-calling a single investor. Cory Jacobson and his partner Ryan launched the Wealth Juice Podcast during COVID to share their early investing mistakes publicly. By year six, that real estate podcast had become their primary capital-raising tool: limited partners found them through the show, general partnership deals formed through podcast relationships, and the show opened rooms they had no business being in. Their current focus is value add multifamily in the Upper Valley, a micropolitan market on the Vermont and New Hampshire border near Dartmouth Health. With a 0.4% vacancy rate and a projected shortage of 10,000 housing units through 2030, the market sits below institutional radar and above retail competition. They target mismanaged A-minus and B-plus properties, bring rents to market, and in some cases furnish units for traveling nurses, capturing midterm rental premiums of 25 to 40% above long-term rents. The GP-LP structure is laid out plainly: preferred return goes to limited partners first, GP windfalls come at refinance or sale, and cash-on-cash distributions during the hold period are secondary. The episode also covers the 1033 casualty exchange, a tax deferral mechanism triggered by total property loss from a fire, hurricane, or natural disaster. It functions like a 1031 but is almost unknown, even among CPAs. Cory explains the two-year replacement window, the IRS extension process, and why adequate insurance is non-negotiable for any real estate investor. The conversation rounds out with seller financing, a 10-year compounding ground-up development fund in the Phoenix-Scottsdale market, the distressed debt wall coming due before 2027, and the case for staying focused in one micropolitan market rather than chasing equity multiple across too many geographies. In This Episode You Will LearnHow the Wealth Juice Podcast replaced cold calls as Cory and Ryan's primary deal-sourcing and LP capital-raising toolWhy general partners get paid last in a syndication and what that means for limited partner preferred returns and timingHow to target value add multifamily in micropolitan markets that sit below institutional and above retail competitionHow furnishing units for traveling nurses and medical professionals produces midterm rental premiums of 25 to 40% above marketWhat a 1033 casualty exchange is, how it differs from a 1031, and why almost no CPAs have ever processed oneHow Cory structures GP-LP acquisitions: LP capital covers the down payment and renovation costs, commercial financing covers the restWhy staying focused in one market protects against over-leverage as you scale toward 500 units Chapters[0:00] Intro[3:56] How It Started[9:19] STR Mistakes[13:09] Raising Capital[16:59] LP Structure[20:17] Micro Market Advantage[25:11] Passive Real Estate[31:33] The 1033 Exchange[36:37] Value Add Execution[41:16] Growth and Goals[43:18] Arizona Development Fund[45:23] Book Recommendations About Ryan Bevilacqua and Cory JacobsonRyan Bevilacqua and Cory Jacobson are real estate investors, entrepreneurs, and co-hosts of the Wealth Juice Podcast, ranked in the top 1% of podcasts globally. With over 12 years of experience in business, sales, and hospitality, they have built a portfolio spanning long-term rentals, short-term rentals, multifamily apartments, and a 43-unit multipurpose resort, and actively raise LP capital for value-add multifamily acquisitions in Vermont and New Hampshire. Resources MentionedDisclosure: Some links below are affiliate links. We may earn a commission at no cost to you. As an Amazon Associate we earn from qualifying purchases. Rich Dad Poor Dad by Robert KiyosakiSet for Life by Scott TrenchWealth Juice Podcast: Apple Podcasts, Spotify, YouTube Connect with Cory JacobsonInstagram: @wealthjuiceofficialYouTube: youtube.com/@wealthjuiceofficialPodcast: Wealth Juice on Apple Podcasts, Spotify, and YouTube Truly Passive Income is hosted by Neil Henderson and Clint Harris. New episodes drop weekly. Download our free Passive Investor Toolkit Follow the show: YouTube @trulypassiveincomepod, Instagram @truly_passive_income, Facebook Truly Passive, Twitter @trulypassive #PassiveIncome #RealEstateInvesting #RealEstateSyndication

    51 min
  2. Your CPA Is Trained to Work for the IRS, Not You

    MAY 11

    Your CPA Is Trained to Work for the IRS, Not You

    Your CPA may be costing you $50,000 or more every year without even knowing it. Tax strategist Chris Miller reveals why. Chris Miller, founder of One Atlanta Tax Solutions with over 15 years bridging the financial and tax worlds, explains why most CPAs are trained to be reactive rather than proactive and how that gap costs high earners tens of thousands annually. You will learn about leveraged charitable deductions with 5X multiples, aviation leasing strategies that wipe out W-2 income, tiny house depreciation plays that turn $17,000 into $170,000 in deductions, and why qualified retirement accounts may actually be "money jail" for your wealth. Chris also breaks down how the tax code is designed as an economic incentive, not a punishment, and how high-income professionals can build what he calls an "untaxable lifestyle" through proper entity structuring and trust planning. TIMESTAMPS[00:00] - Introduction to Chris Miller[01:12] - Bridging the financial and tax worlds[04:45] - Why CPAs leave money on the table[08:20] - When to engage a tax strategist[10:33] - Leveraged charitable deductions explained[11:45] - Aviation leasing for W-2 earners[15:02] - Tiny house bonus depreciation strategy[19:30] - Building an untaxable lifestyle[24:15] - Self-made millionaire wealth patterns[28:40] - Avoiding the tail wagging the dog[32:10] - Recession-proof business investing[34:50] - AI tax analysis tool coming soon[36:30] - Special offer for TPI listeners RESOURCES & LINKS MENTIONEDOne Atlanta Tax Solutions (Chris Miller's firm) - https://oneatlantataxsolutions.comTruly Passive Income Passive Investor Toolkit - https://trulypassiveincome.com/toolkit/TPI Episode 098 with Dr. Tyson Cobb on tax strategy for physiciansTPI Episode 049 with Shannon Robnett on CPAs vs. tax strategistsTPI Episode 088 with Eric Gordon on renewable energy tax creditsThe One Big Beautiful Bill (2025 federal tax legislation restoring 100% bonus depreciation)1031 Exchange (tax-deferred real estate exchange strategy)Qualified Opportunity ZonesCost Segregation StudiesRoth Conversion Strategies

    41 min
  3. Don't Buy SpaceX Stock Before You Understand This

    MAY 4

    Don't Buy SpaceX Stock Before You Understand This

    Pre-IPO investing lets you buy into proven companies before the public stock market ever gets a chance - and the returns can dwarf traditional assets. Neil Kayal, founder of Grain Ventures and senior M&A executive at a Fortune 10 healthcare company, breaks down how late-stage private market investing works and why it belongs in a diversified portfolio alongside real estate and public equities. You will learn how special purpose vehicles let you invest deal by deal without blind pool commitments, how institutional due diligence filters separate real opportunities from hype, and why the biggest mistake private market investors make is simply waiting too long. Neil brings 15-plus years of evaluating acquisition targets at the highest level, and he has built Grain Ventures to democratize that same institutional rigor for accredited investors. If you have been looking for a growth allocation beyond syndications and index funds, hit play and discover a new asset class you may have been missing. oi35qc1jIG8OrnK7f24o What You'll LearnHow late-stage private market investing differs from early venture capital and why it carries a fundamentally different risk profileWhy 90% of the world's companies are privately held and what that means for investors who only access public exchangesThe exact due diligence framework Neil uses to evaluate competitive moats, revenue flywheels, and exit probability for pre-IPO companiesHow special purpose vehicles (SPVs) let you invest deal by deal without blind pool fund commitments or multi-million-dollar minimumsWhy the biggest mistake new private market investors make is simply waiting for the next opportunity instead of acting when windows are openHow to think about sizing a pre-IPO allocation using a barbell investing strategy alongside real estate and public equitiesThe real fee structure and alignment model behind deal-by-deal pre-IPO investing, including carry, minimums, and SPV costsWhy real estate investors already think in the frameworks that make private market investing intuitive - location timing equals market timing Time Stamps[00:00] - Introduction [01:12] - How late stage private investing works [04:48] - Barbell investing and wealth creation [07:22] - Accredited investor misconceptions [10:15] - The institutional due diligence process [13:30] - Evaluating competitive moats in defense tech [18:05] - Reading fundraising signals and exit thesis [21:40] - Public vs. private market analogy for real estate investors [25:10] - How SPVs work and why deal-by-deal matters [30:45] - Fee structure, minimums, and alignment [34:20] - Biggest mistakes new private market investors make [37:50] - Sizing a pre-IPO allocation in your portfolio [40:30] - Book recommendations and how to connect About the GuestNeil Kayal is the founder of Grain Ventures, a curated investor network providing accredited investors with access to late-stage pre-IPO companies in sectors including AI infrastructure, energy, aerospace, and defense technology. By day, he serves as a senior mergers and acquisitions executive at a Fortune 10 healthcare company, where he has spent more than 15 years evaluating hundreds of acquisition targets with institutional-grade diligence. He built Grain Ventures to democratize the same deal access and underwriting rigor that was previously available only to billion-dollar pension funds and endowments. Website: https://grain-ventures.com LinkedIn: https://www.linkedin.com/in/neilkayal Books & Resources MentionedDisclosure: Some links below may be affiliate links. We may earn a commission at no cost to you. As an Amazon Associate I earn from qualifying purchases. Sidecar (SPV administration platform)Canopy (SPV administration platform)EQ Applied: The Real-World Guide to Emotional Intelligence by Justin BarisoBlue Ocean Strategy by W. Chan Kim and Renee MauborgneAnti-Fragile by Nassim Nicholas Taleb (referenced by Neil Henderson)Follow Us On Social MediaYouTube: Truly Passive Income TikTok: @trulypassiveincome Instagram: @truly_passive_income Facebook: Truly Passive Twitter: @trulypassive Download Our FREE Passive Investor ToolkitEverything you need to get started in passive investing - Download Here

    48 min
  4. Why Being the Bank Beats Owning Rentals Right Now

    APR 27

    Why Being the Bank Beats Owning Rentals Right Now

    Eddie Speed has purchased over 50,000 mortgage notes in a 45-year career, and he believes today's market is uniquely primed for seller-financed note investing. In this episode, Eddie breaks down how landlords can convert rental portfolios into performing notes, dramatically boosting cash flow while shedding maintenance headaches. He explains his mortgage-bank-style underwriting system, how he creates liquidity for note sellers, and why 40% of qualified buyers are locked out of conventional lending. Whether you are an accredited investor exploring a new asset class or a burned-out landlord hunting for better NOI, this conversation reframes what truly passive income can look like in 2025. Time Stamps[00:00:00] - Introduction [00:01:07] - How Eddie Got His Start Buying Notes in 1980 [00:03:30] - Why Rental Expenses Are Crushing Landlord Cash Flow [00:05:45] - Notes as the Middle Ground Between Syndications and Rentals [00:08:15] - What Is a Note? A Simple Explanation for Beginners [00:10:00] - How Seller Financing Differs from Subject-To and Wraps [00:13:30] - Eddie's Mortgage Bank Approach to Underwriting Notes [00:17:00] - The Math: Rent vs. Note Income on the Same Property [00:20:30] - Who Qualifies as a Seller-Finance Buyer Today [00:24:00] - How Mortgage Banking's Tightening Index Creates Opportunity [00:27:30] - Return Profiles and What a Grade-A Note Looks Like [00:30:00] - How Eddie Scales: Secondary Markets, Hedge Funds, and Investors [00:33:45] - The Rental Conversion Program for Landlords with 25-500 Units [00:37:00] - Why Land Contracts Destroy Note Value [00:39:30] - What Sophisticated Investors Still Underestimate About Notes [00:42:00] - Book Recommendation and Final Advice References and SourcesDisclosure: Some links below may be affiliate links. We may earn a commission at no cost to you. As an Amazon Associate I earn from qualifying purchases. Book: "Never Split the Difference" by Chris Voss Resource: Note School Resource: Note School Rental Conversion Program Company: HomeVestors (founded by Ken D'Angelo) Mastermind Groups Mentioned: Collective Genius, Boardroom, Investor Fuel Index Referenced: Mortgage Bankers Association Credit Availability Index Guest LinksWebsite: noteschool.com/trulypassive Facebook: https://www.facebook.com/thenoteschool LinkedIn: https://www.linkedin.com/in/eddiespeed/ YouTube: https://www.youtube.com/@NoteSchool If you liked this, listen to our most popular episode on mortgage note investing here: https://trulypassiveincome.com/captivate-podcast/earn-passive-income-without-hassle-through-mortgage-note-investing-with-nathan-turner/ Follow Us On Social MediaYouTube: Truly Passive Income TikTok: @trulypassiveincome Instagram: @truly_passive_income Facebook: Truly Passive Twitter: @trulypassive Download Our FREE Passive Investor ToolkitEverything you need to get started in passive investing - Download Here

    50 min
  5. Why High-Income Professionals Are Investing in Dirt, Not Buildings

    APR 20

    Why High-Income Professionals Are Investing in Dirt, Not Buildings

    Episode DescriptionBrandon Cobb, CEO of HBG Capital, reveals how he turns raw land into approved housing communities and sells finished lots to national builders like Lennar and D.R. Horton. In this episode, he breaks down the three phases of land development, explains how entitlements force appreciation before construction begins, and shares the seven-figure lessons that reshaped his approach to deal structure, interest reserves, and investor communication. Whether you are an accredited investor seeking passive income through real estate syndication or a builder looking to scale, this conversation delivers actionable insight into one of the most overlooked cash flow strategies in the market. Time Stamps[00:00:00] - Introduction  [00:00:30] - From Medical Device Sales to Real Estate Developer  [00:03:18] - The Failed Businesses Before the Breakthrough  [00:05:08] - Why Most Entrepreneurs Start the Wrong Way  [00:06:15] - Three Phases of Land Development Explained  [00:09:00] - How Entitlements Create Massive Value on Raw Land  [00:10:30] - The Hack for Working with City Officials and Planning Directors  [00:12:15] - De-Risking Deals Before Spending Real Money  [00:13:05] - When You Need a Land Use Attorney  [00:14:30] - Why AI Is a Game Changer for New Developers  [00:15:30] - Entry Level Housing and the Supply Demand Imbalance  [00:17:00] - Why Chasing Maximum Density Backfires  [00:18:45] - Designing Lots with the End Buyer and Builder in Mind  [00:20:30] - Seven Figure Losses in 2022 and the Lessons Learned  [00:24:00] - Interest Reserves, Loan Terms, and Negotiating with Lenders  [00:26:00] - Investor Communication When Things Go Wrong  [00:27:30] - Multiple Exit Strategies and the Skinny Dipping Test  [00:29:00] - Book Recommendation: The Untethered Soul  [00:31:30] - How to Connect with Brandon Cobb and HBG Capital Resources & Social Media:Book: The Untethered Soul by Michael Singer Book: The Surrender Experiment by Michael Singer  Book: Tools of Titans by Tim Ferriss   Resource: Learn Land Development Free Course Resource: HBG Capital Investor Waitlist  Resource: HBG Capital Free Ebook Connect with Brandon CobbGuest: Brandon Cobb, CEO of HBG Capital and Founder of the Land Development Accelerator Website: hbgcapital.net  Facebook: https://www.facebook.com/hbgcapital  Instagram: https://www.instagram.com/hbgcapital  LinkedIn: https://www.linkedin.com/in/hbgcapital/  YouTube: https://www.youtube.com/@hbgcapital662 Follow Us on Social MediaTruly Passive Income website: www.trulypassiveincome.com Truly Passive Income Twitter: @trulypassive

    29 min
  6. The $200 Billion Market Most Investors Have Never Heard Of

    APR 12

    The $200 Billion Market Most Investors Have Never Heard Of

    Dr. Avishkar Sabharwal, founder and CEO of Satya Carbon, breaks down how the carbon credit market actually works and why it matters for passive investors. From voluntary offsets to compliance programs, he explains the massive quality gap between credits trading at $3 and those worth $500 or more. Learn how his platform vets projects using evidence-based due diligence, adds insurance layers for buyer confidence, and plans to launch a fund for principal trading. Whether you own farmland or syndication deals, this episode reveals an emerging asset class most investors have never considered. Time Stamps[00:00:00] - Introduction [00:01:12] - What Are Carbon Credits and How Do They Work [00:04:30] - Voluntary vs Compliance Markets Explained [00:07:45] - Why Some Credits Are Worthless and Others Trade at $500 [00:11:20] - Greenwashing and the Fraud Problem in Carbon Markets [00:14:50] - What Actually Generates a Carbon Credit [00:18:30] - The Cigar Bar Analogy for Carbon Offsets [00:21:00] - Political Landscape and Market Stability in 2025 [00:24:15] - How Satya Carbon Vets and Insures Credits [00:28:00] - Parallels Between Underwriting Real Estate and Carbon Projects [00:31:30] - How Investors Can Participate and the Future Fund Model [00:34:45] - Carbon Credit Banking and Supply Demand Dynamics [00:37:20] - Opportunities for Landowners and Farmers [00:40:00] - Best Resources to Learn About Carbon Markets Books & Resources MentionedDisclosure: Some links below may be affiliate links. We may earn a commission at no cost to you. As an Amazon Associate I earn from qualifying purchases. Book: 10x Is Easier Than 2x by Dan Sullivan and Dr. Benjamin Hardy Resource: NASDAQ Free Carbon Credits Course (five-part series) Company: Satya Carbon Contact Avishkar SubharwalLinkedIn: Avishkar Subharwal Guest Email: avishkar@satyacarbon.com Company Website: satyacarbon.com Follow Us On Social MediaYouTube: Truly Passive Income TikTok: @trulypassiveincome Instagram: @truly_passive_income Facebook: Truly Passive Twitter: @trulypassive Download Our FREE Passive Investor ToolkitEverything you need to get started in passive investing - Download Here

    47 min
  7. ER Doctor Cut Her Shifts in Half (Without Losing Income)

    APR 6

    ER Doctor Cut Her Shifts in Half (Without Losing Income)

    ER physician reveals how she cut shifts from 19 to 8 per month using multifamily real estate — and why conservative underwriting saved her investors when others failed. In this episode of Truly Passive Income, Neil Henderson and Clint Harris sit down with Dr. Nkem Ezeamama, an ER physician turned real estate syndicator and founder of Phoenix Capital Investments. Dr. Nkem shares how private equity groups cycling through her practice and firing physicians without warning pushed her to build financial security outside medicine, eventually growing a platform serving over one hundred accredited investors. Time Stamps[00:00:00] - Introduction [00:01:12] - Still Working the ER — But on Her Own Terms [00:02:30] - The Origin Story: Private Equity, Job Cuts, and a Wake-Up Call [00:05:15] - From Passive Investor to Syndication Operator [00:07:45] - Sitting on the Sidelines: Why Conservative Underwriting Lost Deals [00:10:30] - Pouncing on Distress: Loan Assumptions and Buying Below Replacement Cost [00:13:00] - How the Value-Add Strategy Evolved in a High Interest Rate Market [00:16:20] - The NOI Multiplier: Why Expense Reduction Is as Powerful as Rent Growth [00:20:00] - Operational Turnaround Before Renovation — A Smarter Sequencing Strategy [00:23:10] - Cost Segregation, Bonus Depreciation, and Tax Strategy for High Earners [00:25:30] - Typical Exit: Five-Year Holds, 1031 Exchanges, and Capital Gains Planning [00:27:45] - Building Investor Trust Through Radical Transparency [00:31:00] - What Purpose Really Means — And Why It Is Not One Thing [00:35:20] - Systems for Managing Dual Careers: Teams, Deep Work, and AI [00:38:00] - Recommended Reading: Buy Back Your Time and Mindset-First Growth [00:40:30] - Where to Find Dr. Nkem and Phoenix Capital Investments Books & Resources MentionedBook: Buy Back Your Time by Dan Martell Book: Who Not How by Dan Sullivan and Benjamin Hardy Company: Phoenix Capital Investments Platform: My Expansive Life Guest Website: www.phcinvest.com LinkedIn: Dr. Nkem Ezeamama Social Media: Search Dr. Nkem Ezeamama on any platform Follow Us On Social MediaYouTube: Truly Passive Income TikTok: @trulypassiveincome Instagram: @truly_passive_income Facebook: Truly Passive Twitter: @trulypassive Download Our FREE Passive Investor ToolkitEverything you need to get started in passive investing - Download Here

    43 min
  8. Infinite Banking and Passive Income Strategies

    MAR 30

    Infinite Banking and Passive Income Strategies

    Chris Miles, founder of Money Ripples and author of Work Optional Blueprint, joins the show to break down why the traditional nest egg approach to retirement is failing most investors. From the flawed 4% rule to the power of alternative investments like syndications, hard money lending, and rental properties, Chris explains how high-income professionals can generate 10% or more annual cash flow on their capital. He also dives deep into max ROI infinite banking, showing how a properly structured whole life policy can serve as a tax-free emergency fund and investment accelerator without locking up your dollars. Time Stamps[00:00:00] - Introduction [00:01:15] - From Sociology Major to Financial Advisor [00:03:30] - The Wake-Up Call With His Father's Retirement [00:06:00] - Discovering Real Estate and the Cash Flow Mindset [00:08:45] - Retiring at 28 and Then Losing It All in the Recession [00:11:30] - Digging Out of a Million Dollars in Debt [00:13:00] - The Nest Egg vs. Income Approach to Retirement [00:16:00] - Why the 4% Rule Is Broken and What Replaced It [00:19:30] - The $2 Million Trap and Why Your Advisor Won't Tell You the Truth [00:22:00] - Dave Ramsey's 8% Withdrawal Myth Debunked [00:24:30] - Inflation Is Eroding Your Savings Faster Than You Think [00:27:00] - How Money Ripples Helps Investors Build Cash Flow [00:29:30] - Getting Your Dollar to Do Multiple Jobs at Once [00:31:00] - What Is Infinite Banking and Why Most People Do It Wrong [00:35:00] - Max ROI Infinite Banking vs. Traditional Whole Life Policies [00:39:00] - Step-by-Step Walk Through a $10K Per Year Policy [00:43:00] - How to Use Your Policy as an Emergency Fund and Investment Tool [00:46:00] - Book Recommendation: The Richest Man in Babylon [00:48:00] - Where Dave Ramsey Fits and Where You Should Grow Beyond Him Books and Resources MentionedYou can find all of today’s recommendations below. If you purchase through these links, we earn a small commission as an Amazon Associate which helps us keep the show ad-free! Book: Work Optional Blueprint by Chris Miles Book: Rich Dad Poor Dad by Robert Kiyosaki Book: The Richest Man in Babylon by George S. Clason Reference: The 4% Rule (1926-1976 historical study) Disclosure: As an Amazon Associate, I earn from qualifying purchases. Connect with Chris MilesGuest Website: https://moneyripples.com Podcast: Money Ripples Podcast (all platforms including YouTube) - https://www.youtube.com/@moneyrippleswithchrismiles Social Media: @MoneyRipples (all platforms) Follow Us On Social MediaYouTube: Truly Passive Income TikTok: @trulypassiveincome Instagram: @truly_passive_income Facebook: Truly Passive Twitter: @trulypassive Download Our FREE Passive Investor ToolkitEverything you need to get started in passive investing - Download Here

    42 min
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Are you ready to build true wealth and financial independence for your family and live life exactly as you've always wanted? Each week, tune in to Truly Passive Income, as Neil Henderson and Clint Harris interview guests who are experts in using passive investing to achieve financial and location independence, design more meaningful and intentional lives, and make a positive impact on the world. If you're seeking freedom from the grind of trading your time for money and want to prioritize what truly matters in life, this podcast is for you.

Information

  • Creator
    Truly Passive LLC
  • Years Active
    2023 - 2026
  • Episodes
    151
  • Rating
    Clean
  • Copyright
    © Copyright 2026 Truly Passive LLC
  • Show Website
    Truly Passive Income

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