Passive Wealth Strategy Show - Real Estate for Busy Pros

Dan Haberkost is an entrepreneur, investor, and land developer. Because of the financial impact of real estate investing, Dan left traditional employment at 23 and he now has the freedom to work on what he wants without being tied to any sort of job. Within the real estate world, Dan is currently working on a mixture of new development, land investing and wholesaling and he’s always on the lookout for a property that makes sense as a long-term buy & hold.

Dan Haberkost is the CEO of Front Range Land. At the age of 25, Dan Haberkost has managed to build an impressive real estate business & portfolio that allows him the freedom to live & work where he wants while spending a tremendous amount of time in the mountains and on the beach.

[00:01 - 04:19] Opening Segment

• Get to know Dan Haberkost
• Dan talks about how his active business feeds his passive business

[04:20 - 14:42] Infill Lot Development

• Let’s talk about land
  • Land that Dan is working on versus land others are working on
  • The difference between raw land and a piece of land that's developed
• Strategies in Investing in Infill Lots
• Dan shares his experience in learning the process of developing properties

[14:43 - 23:46] Combining Active & Passive Income

• There's no magical reason why the cost of real estate goes up in a lot of cities that have massive amounts of people moving
• Dan’s Top 3 Criteria in Finding His Contractors
• How to Combine Your Passive and Active Income

[23:47 - 31:22] Closing Segment

• Quick break for our sponsors
  • The first step to growing your wealth is tracking your wealth, income spending and everything else about your finances, you can start tracking your wealth for free and get six free months of wealth advisor. Learn more about Personal Capital at www.escapingwallstreet.com
• What is the best investment you've ever made other than your education?
  • House hack in Colorado
• Dan’s worst investment
  • His first duplex
• What is the most important lesson that you've learned in business and investing?
  • “Your ‘WHY’.”

Connect with Dan Haberkost through Facebook and Instagram. Visit his website https://danhaberkost.com/.

Invest passively in multiple commercial real estate assets such as apartments, self storage, medical facilities, hotels and more through https://www.passivewealthstrategy.com/crowdstreet/

Participate directly in real estate investment loans on a fractional basis. Go to www.passivewealthstrategy.com/groundfloor/ and get ready to invest on your own terms.

Join our Passive Investor Club for access to passive commercial real estate investment opportunities.

LEAVE A REVIEW + help someone who wants to explode their business growth by sharing this episode or click here to listen to our previous episodes

Tweetable Quotes:

“Real estate investing is a cash-intensive venture.” - Dan Haberkost

“I really wouldn't recommend anyone to pursue building something unless they really want to make a business out of it.” - Dan Haberkost

“Success in the long term is more about moderate gains while mitigating total loss. ” - Dan Haberkost

Retired military veteran Marcus Long joins us to discuss his journey of 18 years investing in real estate and building his legacy. Hear how he started in 2004 somewhat accidentally and grew to own several hundred multi-family units. Learn about the importance of teaching responsible money management when building generational wealth and get valuable advice for those looking at retirement or transitioning from military life. Hear Marcus's inspiring story of how he overcame limiting beliefs and began house hacking with a condo purchase at 22, eventually rolling equity into multi-family investments. Find out why he believes investing in real estate is the best way to build wealth, what strategies he uses to teach his kids about money, and how virtual masterminds can help veterans transition from military to civilian life. Join us for an engaging conversation with Marcus Long as we dive deep into real estate investing!

[00:01 - 07:33] Opening Segment

• Marcus shares his background and career
• Investing from a distance and focusing on legacy planning
• Acquired, invested, partnered on, or otherwise had a hand in over 150 million commercial real estate acquisitions

[07:34 - 12:50] Overcoming Limiting Beliefs

• Marcus' strategy was a mix of buying with in-place cash flows and adding value/raising rents
• Marcus accumulated a number of properties; some cash flowed decently, and others required more work than expected
• Used equity from properties to acquire more properties and lines of credit
• Started selling some properties to roll equity into multi-family properties
• Decided to retire shortly after realizing how much time was spent at work

[12:51 - 25:45] Building a Brand and Networking Overseas

• How Marcus pursued entrepreneurship after leaving the military
• Started networking and connecting with others before moving to England
• Joined a virtual mastermind for active duty and veterans to build relationships
• Legacy planning is critical to Marcus's strategy and priorities
• Teaching kids about assets, liabilities, and responsible use of money

[25:46 - 31:59] Closing Segment

• The best investment made: a condo bought at age 22
• The worst investment made: mental drag working with property management and contractors
• The most important lesson learned: It's all about people
  • The Go-Giver by Bob Burg

Quotes:

"If we're gonna build something where there is some generational wealth to pass down, I think it's our responsibility to kind of educate and show our kids or whoever it is that you are passing that money onto." - Marcus Long

"In business, it's a lot about people. Whether it's the residents that live there, the property management people that we work with, the contractors that are helping us, or the passive investors." - Marcus Long

Connect with Marcus!

Website: www.alonglegacy.com

Invest passively in multiple commercial real estate assets such as apartments, self-storage, medical facilities, hotels, and more through https://www.passivewealthstrategy.com/crowdstreet/

Participate directly in real estate investment loans on a fractional basis. Go to www.passivewealthstrategy.com/groundfloor/ and get ready to invest on your terms.

Join our Passive Investor Club to access passive commercial real estate investment opportunities.

LEAVE A REVIEW + help someone who wants to explode their business growth by sharing this episode or clicking here to listen to our previous episodes.

Taylor talks to Andrew Schutsky about his journey as a real estate investor. Andrew started 15 years ago by buying a short-term rental property for his family to use as a vacation home. He then decided to take things further and scale up, researching Bigger Pockets and the multi-family space. This conversation will discuss the benefits and drawbacks of investing in short-term rentals and multi-family investments, looking at factors such as depreciation and appreciation, cash flow, landlord laws in different locations, budget for renovations, reserves for unexpected expenses, and more. Andrew will also speak about the importance of balancing real estate investing and other commitments. Finally, he'll talk about the need for reliable partners when investing in multi-family real estate - from referrals from people who have worked with them in the past to setting up a transparent process for asset management with one specific individual assigned as an asset manager with a consistent cadence. Join us to learn more about Andrew's journey and hear his advice!

[00:01 - 06:48] Opening Segment

• Andrew started investing in short-term rentals to have a place to take his family on vacation
• Got into multi-family investing and now does both
• Balances real estate investing with family commitments and professional commitments
• The process for adding long-term multi-family into the investment process
• Building/renting new construction or value add multi-family for passive income

[06:49 - 14:11] Exploring the Benefits of Short-Term Rental Investing: Lessons Learned and When to Cash In

• Depreciation from short-term rentals has been a huge benefit
• No taxable income on any of the short-term rentals generated so far
• Appreciation and depreciation are two of the most significant benefits from a cash flow standpoint
• Have an ample renovation budget, double what you expect
• Long-term appreciation potential has been the biggest win

[14:12 - 19:51] Finding Your Real Estate Niche: Balancing Time Commitments, Family and Investing

• Interest rates are still low, and property values are high
• The right moment to cash in on these things has not dropped that much yet.
• It is essential to be consistent with commitments and flexible when life gets in the way.
• Know which action to take and draw out priorities to knock out tasks when time is available.
• Focus on what you are good at or like doing, and test it out by dedicating 60-90 days to it

[19:52 - 26:57] The Key to Successful Asset Management in Multi-Family Deals

• Referrals from people who have worked with potential partners in the past are vital to finding compatible partners
• Ask questions about communication style and respect for the time when vetting potential partners
• Having one specific individual as the asset manager is essential for clarity and success
• Establish a regular cadence of communication with the property manager

[26:58 - 31:21] Closing Segment

• Best investment: a 43-unit property in Greenville, South Carolina
• Worst investment: a stock that was a startup pharmaceutical
• The most important lesson learned: don't try to do it all yourself and figure out what you're good at

Connect with Andrew!

Website: www.InvestwithRedline.com

Invest passively in multiple commercial real estate assets such as apartments, self-storage, medical facilities, hotels, and more through https://www.passivewealthstrategy.com/crowdstreet/

Participate directly in real estate investment loans on a fractional basis. Go to www.passivewealthstrategy.com/groundfloor/ and get ready to invest on your terms.

Join our Passive Investor Club to access passive commercial real estate investment opportunities.

LEAVE A REVIEW + help someone who wants to explode their business growth by sharing this episode or clicking here to listen to our previous episodes.

Quotes:

"There is no magic bullet. For me, it's all about just being consistent with your commitments and yourself and being flexible." - Andrew Schutsky

"It sounds simple, but it can't be overstated. How important is it for someone getting into the game and thinking that they're going to just figure it out as they go? I can tell you it will not go well." - Andrew Schutsky

In this episode, Loe Hornbuckle talks about vetting sponsors in the residential assisted living and memory care space. He shares about how the focus is on providing quality care for the residents and how to find the folks who are taking care of the residents.

[00:01 - 07:26] Defining Residential Assisted Living

• Loe shares his background and how he got into the residential assisted living space
• Assisted living means someone needs help with activities of daily living
• Memory care is a mental health component of assisted living
• Being considered as a boutique assisted living and memory care community

[07:27 - 21:51] A Look at Stewardship Finding and Finding Balance

• Smaller facilities offer advantages such as more personal and intimate experience
• Investors should focus on being a good steward of the residents and families
• Caregivers should put humans above profit
• A blend of capitalism and socialism is needed to avoid negative outcomes

[21:52 - 31:49] Ethics and Profit in Assisted Living

• Balancing the needs of residents, staff, and the business in order to find success
• Assisted living and memory care is a human resource business with a real estate component
• Investors should look for operators who understand the needs of the staff
• Understanding the human resource side of assisted living is important

[31:50- 36:21] Closing Segment

• Quick break for our sponsors
  • The first step to growing your wealth is tracking your wealth, income spending and everything else about your finances, you can start tracking your wealth for free and get six free months of wealth advisor. Learn more about Personal Capital at escapingwallstreet.com
• What is your favourite book?
  • How to Stay Alive in the Woods by Bradford Angier
• Richard Wilson’s indispensable tool
  • Gallups Strengths Finder Test
• What are you looking forward to in 2023?
  • Going to Europe

Connect with Richard Wilson:

Website: https://www.thesageoakcompanies.com/, https://goodhorncapital.com/

Invest passively in multiple commercial real estate assets such as apartments, self-storage, medical facilities, hotels, and more through https://www.passivewealthstrategy.com/crowdstreet/

Participate directly in real estate investment loans on a fractional basis. Go to www.passivewealthstrategy.com/groundfloor/ and get ready to invest on your own terms.

Join our Passive Investor Club for access to passive commercial real estate investment opportunities.

LEAVE A REVIEW + help someone who wants to explode their business growth by sharing this episode or click here to listen to our previous episodes

Tweetable Quotes:

“So you're creating a place where people are providing a very valuable service to people.” - Loe Hornbuckle

Brian Boyd is an attorney in Nashville, TN who practices in the areas of real estate, construction law, business and taxation. He is the owner and managing attorney at Boyd & Wills, PLLC in Brentwood, TN. He started investing in real estate in 2017 as a way to generate passive income. Since then he has taken a hands-on approach to his real estate investing and has advised other clients on the best ways to achieve financial independence through real estate. Brian tells the story of how he bought his first home, paid off his student loan and started investing in real estate. He talks about how his wife got involved in real estate and helped him to buy his second home. He discusses how he scaled up his portfolio by buying more properties and how he ensured that he was working with good bankers who understood his vision. Today, he still practices law and has a wife who works at a Fortune 500 company. He emphasizes that he balances his multiple time commitments by taking on extra work when it is available.

[00:01 - 12:40] Opening Segment

• Brian started investing in real estate in 2007 during the real estate meltdown
• He bought his first short-term rental property in 2008 and then his first single-family home the following year
  • In 2009, he sold his first single-family home for a $70, 000 profit and then bought his second single-family home
• He discusses generational wealth building strategy

[12:42 - 15:30] Diversify Your Portfolio Into Short Term Rentals

• Brian’s real estate agent and his banker helped them buy and sell homes successfully
  • He and his wife advised them to aim small and invest in small homes that would cash flow
• He advises to have a good real estate agent and have a good banker
  • He did the legal work and, he and his wife bought two single-family homes along the way
  • He says that we are always able to help when they need it
• He recommends diversifying one’s portfolio into short term rentals, syndication deals, and property management
  • In order to maintain a good cash flow and be able to grow one’s business

[15:31 - 25:36] Do Your Homework Before Diving Into Short-term Rentals

• He recommends doing your homework before diving into the short-term rental game in order
  • Make sure that the property is a good fit for your needs
  • Make the numbers make sense
• In a syndication deal, numbers tell a story
  • Find a place that is family-friendly
  • Get a good property manager

[25:37 - 34:32] Closing Segment

• Quick break for our sponsors
• The first step to growing your wealth is tracking your wealth, income spending and everything else about your finances, you can start tracking your wealth for free and get six free months of wealth advisor. Learn more about Personal Capital at www.escapingwallstreet.com
• What is the best investment you've ever made other than your education?
  • Brian says that his best investment that he and his wife have ever made in real estate is getting the right team together
• What is the worst investment you’ve ever made?
  • Brian says that his worst investment that they made was a stunning, gorgeous, gated community town, but it was in the wrong part of town and they could not rent it out.
  • They broke even after three months
• What is the most important lesson that you've learned in business and investing?
  • “Pigs get fat and hogs get slaughtered.”
  • “Aim small and miss small.”
  • “Do not bite off more than you can chew.”
  • “Don’t be mesmerized by bright and shiny things.”

Connect with Brian Boyd through Facebook, LinkedIn, Twitter, and Instagram. Visit his website http://www.briantboyd.com

Invest passively in multiple commercial real estate assets such as apartments, self storage, medical facilities, hotels and more through https://www.passivewealthstrategy.com/crowdstreet/

Participate directly in real estate investment loans on a fractional basis. Go to www.passivewealthstrategy.com/groundfloor/ and get ready to invest on your own terms.

Join our Passive Investor Club for access to passive commercial real estate investment opportunities.