Passive Wealth Strategy Show - Real Estate for Busy Pros

How Engineers Can Apply Knowledge to Real Estate with Nick Sicilian

What unique abilities do engineers have that can give them an edge in real estate investing?

 

Nick talks about his background as an engineer and what drove him to leave his career to pursue real estate investing full-time. He explains how he has leveraged his engineering skills.

 

Nick Sicilian, an experienced Chief Engineer with a demonstrated history of success in the maritime industry. Over the years, He honed his skills in managing diesel generators, steam turbine generators, boilers, and safety management systems. His passion for engineering and problem-solving led me to excel in various technical aspects of the maritime domain.

 

 

[00:02:29 - 00:06:40] Leaving Engineering for Real Estate Investing

 

• Nick worked as an engineer in the oil and gas industry but decided to leave his career to spend more time with his family.
• He cashed out his 401k and jumped into real estate investing full time with his brother who had experience in the field.
• Starting out, Nick focused on building communication skills and learning through doing deals hand-in-hand with his brother.

 

[00:06:41 - 00:14:27] Translating Engineering Skills to Real Estate

 

• Nick brought a systems thinking approach to real estate, creating processes and order in his brother's business.
• Coming from an engineering background, he was able to analyze deals repeatedly to gain knowledge.
• Strong communication skills are key in real estate when speaking to sellers and lenders.

 

[00:14:28 - 00:21:41] Building a Real Estate Business

 

• Nick and his brother keep their team small but mighty, with key players in acquisitions and dispositions.
• They scale their business slowly, fully developing processes before bringing on new hires.
• Personality assessments help determine if a new hire is a good fit for their needs.

 

[00:21:42 - 00:28:45] Lessons Learned

• Nick emphasizes the importance of persistence above all else in real estate investing.
• Learning from mistakes and failures are invaluable lessons that should be viewed as education.
• Stay focused on seeing each deal through to the end rather than counting profits early.
• Best Deal: Wholesaling a property to 1.6 Million in valuation
• Worst Deal: A property with a tenant that had to be evicted.
• Top lesson learned: Keep going, consistency even if things are not going your way.

 

"You have to keep going. If you're going to try something, you're going to try it, fail, and then keep on trying it until you perfect it." - Nick Sicilian

"Learnings from mistakes and failures are invaluable lessons that should be viewed as education." - Nick Sicilian

 

Connect with Nick:

Youtube: https://www.youtube.com/@TheSicilianBrothers/videos

 

Apply to Invest with Taylor at www.investwithtaylor.com

 

Track your wealth for free with Personal Capital, go to www.escapingwallstreet.com

 

Please leave a review and help others escape Wall Street and build wealth on Main Street!

 

 

The Path to Full Time Multifamily Investing with John Casmon

Investing with Taylor: www.investwithtaylor.com

Open your Self Directed IRA or Solo 401k at www.passivewealthstrategy.com/rocket/ 

John Casmon is a former corporate marketer who transitioned into full-time real estate investing. He has invested over $125 million in apartment syndications and is the host of the Multifamily Insights podcast.

John Casmon shares his journey from the corporate world to full-time real estate investing. He emphasizes the importance of having a plan B and taking control of your future. John discusses the challenges he faced in building his initial portfolio and the decision to transition into apartment syndication. He also highlights the need to prioritize income-generating activities and delegate tasks to others. John shares his insights on time management and the importance of setting boundaries to maintain a work-life balance.

Key Takeaways:

• Having a plan B is crucial in taking control of your future and achieving financial freedom.
• Partnering with others and delegating tasks can help scale your real estate business more effectively.
• As an entrepreneur, your main focus should be on income-generating activities that solve problems for others.
• Time management is essential in maintaining a work-life balance and achieving your goals.
• Confidence and resourcefulness are key traits for success in real estate investing.

Quotes:

• "No matter what company you're at, you don't have full control over your future. It helps to have a plan B, and real estate became that plan B for me." - John Casmon
• "Your number one job as an entrepreneur is to make money. It's not to underwrite deals or record podcasts. All those things are fun, but they don't pay the bills." - John Casmon
• "Time is fluid as an entrepreneur. It's results-oriented. Either you solve problems and generate income, or you don't." - John Casmon

Unlocking Real Estate Success through Reading: Applying Wisdom with Nick Hutchison

How can you get more out of the books you read and turn those lessons into real results?

 

On this episode of The Passive Wealth Strategy Show, host Taylor Loht interviews Nick Hutcheson, author of Rise of the Reader. Nick shares his insights on how to read more consistently, get actionable lessons from the books you read, and turn those lessons into results in your life and business.

 

Nick Hutchison stands as the visionary force behind BookThinkers, a growing 7-figure marketing agency that seamlessly bridges the worlds of authors and readers. In just over 7 years, he has organically built a platform that reaches over 1,000,000 people each month. Nick's podcast, BookThinkers: Life-Changing Books, is a global top 2% show that features captivating interviews with world-class authors such as Grant Cardone, Lewis Howes, and Alex Hormozi.

 

Through the use of his platform, Nick has helped hundreds of authors expand their reach to hundreds of millions of readers and drive significant revenue growth as part of their book campaigns. His services include short-form video production, podcast booking and social media book reviews.

 

Now, Nick has dedicated his life to helping millions of readers take action on the information they learn and rise to their potential through his books, speaking, and personal brand as a whole. This was the inspiration for his new book, Rise of the Reader, where he dives into the strategies for mastering your reading habits and applying what you learn.

 

 

[00:05:09 - 00:08:29] Setting Intentions for Each Book

• Write a SMART goal for each book on the inside cover to filter for the most useful information
• Focus on finding 1 or 2 key actions to implement
• Don't get overwhelmed by too many takeaways

 

[00:08:56 - 00:10:29] Avoiding Distractions While Reading

• Schedule reading time in your calendar to develop the habit
• Replace mindless social media scrolling with reading
• Reading physical books trains focus and is less distracting than digital

 

[00:13:01 - 00:14:51] Choosing the Right Books

• Ask yourself questions to identify skills to develop or problems to overcome
• Get recommendations from mentors
• Read reviews on Amazon for objective opinions

 

[00:15:05 - 00:17:05] Turning Education into Real Business Results

• Implemented strategies from Alex Hormozi's book that generated 6 figures in additional revenue
• Writing your own book forces you to define things and learn through the process

 

The Prevalence of Ghostwriting (00:17:49 - 00:20:25)

• Lost respect for authors who didn't write their own books
• Writing your own book builds a deeper connection with readers
• Best investment: Alex Hormozi's Book: $100 M Offers
• Worst deal: Developing a book-reading app
• Top Lesson: Understanding the power of taking action with books

 

Quotes:

"Education without action is just entertainment." - Nick Hutcheson

"I think physical paper books are better. They're tangible, multisensory, and there's no distraction." - Nick Hutcheson

 

Connect with Nick:

Instagram: https://www.instagram.com/bookthinkers/?hl=en

 

Apply to Invest with Taylor at www.investwithtaylor.com

 

Track your wealth for free with Personal Capital, go to www.escapingwallstreet.com

 

Please leave a review and help others escape Wall Street and build wealth on Main Street!

Secrets to Hotel Investing Success with Mike Stohler

Investing with Taylor at www.investwithtaylor.com

Open your self directed retirement account at www.passivewealthstrategy.com/rocket/

Mike Stohler is a veteran real estate investor who transitioned from single-family and multifamily investing to hotel investing in 2017. He owns multiple hotels, including a property in Barcelona, Spain. Mike is experienced in value-add strategies and has successfully navigated the challenges of the hotel industry.

Summary:

Mike Stohler shares his journey from single-family and multifamily investing to hotel investing. He emphasizes the importance of having a mentor or advisor when entering a new asset class. Mike discusses the unique aspects of hotel investing, including the role of franchises, the impact of building form factor on revenue, and the importance of keeping employees happy. He also highlights the lessons he learned during pandemic and the creative solutions he implemented to maintain revenue. Mike dispels misconceptions about hotel ownership and emphasizes the long-term nature of hotel investments.

Key Takeaways:

1. Get a mentor or advisor when entering a new asset class.
2. Franchises play a significant role in driving revenue in the hotel industry.
3. Building form factor and shape can impact a hotel's revenue potential.
4. Keeping employees happy is crucial for successful hotel operations.
5. Hotels require long-term, patient capital investments.

Quotes:

• "Get a mentor, get an advisor, get a business partner that knows what they're doing." - Mike Stohler
• "Hotels are a small business that sits on real estate." - Mike Stohler
• "Build a life that you don't need a vacation from." - Mike Stohler

Building Cash Flow with Online Real Estate with Matt Raad

How can you make money with websites like you would with real estate investing?

 

Real estate investor Taylor Lohte interviews entrepreneur Matt Raad on his unique business of buying and renovating websites to generate cash flow, just like traditional real estate investing. They discuss how to find undervalued websites, improvements to boost their value, and key lessons for beginners in online real estate investing.

 

Matt Raad is a business and website investor, Angel Investor and leading educator in Digital Investments. Matt and Liz Raad are recognized as Australian experts in buying, renovating, and selling profitable websites and businesses.

 

[00:00-00:44] Introduction to Matt's Background

• Matt buys underperforming websites, improves them, and sells for profit like real estate investing
• He focuses on content sites funded by ads and affiliate offers, avoiding ecommerce
• Matt and his wife have been entrepreneurs for 30+ years, now applying that to online businesses

 

[00:44-03:38] Evaluating Websites and Their Potential

• Uses keyword and market research to analyze traffic and monetization potential
• Look for sites they can improve through better monetization strategies
• Gives the example of buying a Jiu-Jitsu site and improving monetization

 

[03:38-08:35] Driving More Traffic to Websites

• Buying "rundown" passion sites with untapped SEO is a big opportunity
• Shares a client's story of growing a $2k site to $1M through consistent, quality content
• SEO and long-term content build asset value over 2-3 years

 

[08:35-16:34] Creating Content and Building Out Sites

• Outsources affordable writing through Upwork, Fiverr, and niche experts
• Gives an example of a stay-at-home mom building a $20k/month business
• Consistent, high-quality content ranks well in search engines

 

[16:34-22:41] Avoiding Scams in the Industry

• Exercise caution, and education, and start small as a beginner
• Vetted brokers like Flippa offer a safer entry point
• Look for established sites with traffic history to analyze
• Best deal: One of the first website purchases and optimization
• Worst deal: A retail store for outdoor equipment
• Top lesson learned: Do your due diligence

 

Quotes:

 

"We literally treat these online businesses, I guess, like you know, virtual real estate for us." - Matt Raad

"Once you know what you're doing, that's the fun part. That is definitely the opportunity." - Matt Raad

 

Connect with Matt:

 

Apply to Invest with Taylor at www.investwithtaylor.com

 

Track your wealth for free with Personal Capital, go to www.escapingwallstreet.com

 

Please leave a review and help others escape Wall Street and build wealth on Main Street!

Maximize Income by Doing the Maintenance Correctly with Ray Hespen

How can streamlining maintenance help maximize a rental property's net operating income?

 

In this episode of The Passive Wealth Strategy Show, host Taylor Loht talks with Ray Hespen, co-founder of Property Meld, about how their software helps property managers efficiently track and resolve maintenance issues at their rental properties. They discuss how taking a data-driven approach to prioritizing and quickly addressing problems can improve tenant satisfaction and retention, resulting in higher profits for property owners.

 

Ray Hespen's opportunity to start Property Meld came from a bad personal rental experience where maintenance issues weren't being addressed. He and co-founder David Kingman did market research with property managers to understand pain points, then built software to connect renters, service providers, and property managers to streamline maintenance coordination. This solved a major renter's frustration while saving owners and managers money. Hespen and Kingman quit their jobs and invested fully in the new venture, with Hespen working from his basement while Kingman built the platform. Though complex, Hespen's engineering background helped him understand system scaling and processes. The Ascent Innovation Center at Mines offered space as the company gained traction. Now a major success story, Property Meld has 40 employees and is doubling in size, becoming a leading real estate software provider that's especially critical during COVID. Hespen is grateful to watch the company grow and help property managers leverage technology.

 

[00:03:00 - 00:06:00] The origin story of Property Meld

• Ray and his co-founder started Property Meld after a terrible personal rental experience trying to get maintenance done
• Their goal was to fix the coordination issues in property maintenance
• They now serve over 575,000 rental units

 

[00:06:00 - 00:09:00] Identifying and prioritizing maintenance problems

• The software captures maintenance requests and uses data to triage issue priority
• HVAC issues need to be addressed within 3 days to avoid dissatisfaction
• Plumbing issues can wait 4.5 days before tenants get frustrated
• Electrical issues have a 5-day satisfaction threshold

 

[00:09:00 - 00:14:00] Finding and managing vendors

• With 50,000 vendors in the system, Property Meld evaluates speed, cost, and tenant ratings
• This data helps optimize spending on maintenance
• Can identify the best vendors for quality, reliability, and fair pricing

 

[00:14:00 - 00:19:00] Scheduling repairs efficiently

• By using text reminders and algorithms, 85% of repairs are scheduled in under 4 minutes
• Tenants today expect a high level of coordination
• Software facilitates faster scheduling between tenants, vendors, property managers

 

[00:19:00 - 00:25:00] Getting owner approvals

• The system enables streamlined approvals from investors on bigger repairs
• Owners can review images and info, approve via their phone
• Average approval takes around 6 hours
• Still faster than traditional methods

 

Quotes:

"The second largest impactor to net operating income is maintenance. I’ll tell you the breakdown. 5 percent goes to vacancy. 15 percent goes to property taxes...12.7 percent is maintenance repairs and maintenance." - Ray Hespen

 

"If you get an HVAC issue, you don’t have more than three days. You will get a bad rating, a bad experience, a bad potential decrease in the chance of renewal three days yet on a plumbing issue, you have four and a half on electrical, you have five." - Ray Hespen

 

Connect with Ray

Website: https://propertymeld.com/

 

Apply to Invest with Taylor at www.investwithtaylor.com

 

Track your wealth for free with Personal Capital, go to www.escapingwallstreet.com

 

Please leave a review and help others escape Wall Street and build wealth on Main Street!

 

 

5 Years to Freedom thru Real Estate with CJ Calio

Connect with Taylor: www.investwithtaylor.com

Connect with CJ: www.wnnproperties.com  

Open your Self Directed IRA: www.passivewealthstrategy.com/rocket/

CJ Calio is a successful full-time real estate investor who achieved financial independence through real estate in just five years. He started as a UPS driver and now owns a large portfolio of rental properties.

Summary: CJ Calio shares his journey from being a UPS driver to achieving financial independence through real estate investing. He talks about the turning point in his career when he realized he wanted more than just a comfortable lifestyle. With the support of his wife, he decided to explore real estate investing as a way to achieve financial freedom. CJ started by investing in turnkey properties in the Midwest and gradually grew his portfolio. He emphasizes the importance of taking massive action, being coachable, and focusing on what you can control. CJ also shares his best and worst deals, highlighting the lessons he learned along the way.

Key Takeaways:

• CJ achieved financial independence through real estate investing in just five years.
• He started by investing in turnkey properties and gradually grew his portfolio.
• CJ emphasizes the importance of taking massive action and being coachable.
• Trust, but verify.
• Always do your due diligence and research before making investment decisions.

Quotes:

• "I didn't have the connection or relationship that I feel Christmas is all about."
• "I wanted a change. And the cool thing was, when things started to subside, I was able to actually have a conversation with my wife after six months."
• "I didn't have any knowledge, any background, any trade experience, or any family members that did real estate at all."
• "I went to more of them after. And the more I went to these meetups, the more people I met, and hearing their stories of success and failures and obstacles overcome, I started to believe it."

The Three Keys to Achieving Big Things in Real Estate

Learn about investing with Taylor at www.investwithtaylor.com

Mindset, Education, and Network!

Taylor discusses the importance of having a success mindset in real estate investing. He shares a recent example of someone with a disempowering mindset who believed they couldn't acquire 10 rental properties due to their financial situation. Taylor emphasizes the need to shift from a mindset of "I can't" to "How can I?" He advises listeners to get educated about real estate investing, learn from successful investors, and network with others in the industry. Taylor highlights the power of mindset, education, and taking action to achieve real estate goals.

Key Takeaways:

• Success in real estate starts with a positive and empowering mindset.
• Instead of concluding that you can't achieve a goal, ask yourself how you can make it happen.
• Education is crucial in understanding real estate investing strategies and methods.
• Networking with successful investors can provide valuable insights and inspiration.
• People from diverse backgrounds can achieve success in real estate with the right mindset and effort.

Quotes:

• "Start asking, how could I go achieve that goal?"
• "Real estate investing is difficult. It's not an easy thing to do. But we need to start with the mindset that I can achieve this thing."
• "You don't need a whole lot of credentials or an amazing background to be successful in real estate."
• "Get educated, network, and take action. You'd be surprised at what you can achieve."

From Losing $2k/month to Financial Freedom thru Laundromats with Jordan Berry

Investing with Taylor at www.investwithtaylor.com

Open your self directed IRA today at www.passivewealthstrategy.com/rocket/

About The Guest: Jordan Berry is a laundromat investor who started investing in laundromats as a way to create financial freedom and independence for himself and his family. He has successfully turned around a failing laundromat and has since scaled up his investments in the laundromat space. Jordan is also the host of the Laundromat Resource podcast and offers a course on investing in laundromats.

Summary: Jordan Berry, a laundromat investor, shares his journey of investing in laundromats and how he turned around a failing deal to achieve financial independence. He emphasizes the potential for laundromats to provide passive cash flow and discusses the time commitment required to run a successful laundromat. Jordan also provides insights into finding deals, the pain points of sellers, and the tax advantages of investing in laundromats.

Key Takeaways:

• Laundromats can provide financial freedom with just one to three well-run laundromats, depending on the size and management of the business.
• Building relationships with laundromat brokers and small business brokers can help in finding off-market deals.
• Common pain points for laundromat sellers include retirement, health issues, wanting to spend more time with family, or realizing the business is not as passive as expected.
• Depreciation of laundromat equipment and tax benefits of running a business can be advantageous for investors.
• A well-run laundromat typically requires 5 to 7 hours of commitment per week, including checking in with employees, collecting money, and scheduling repairs.

Quotes:

• "More than 99% of America can replace their 9 to 5 income with one to three laundromats." - Jordan Berry
• "Laundromats provide a 20% to 25% return on investment, compared to 8% to 10% in typical real estate deals." - Jordan Berry
• "Don't go it alone. You're gonna learn a lot of hard lessons that way." - Jordan Berry

Failing to Scale in Multifamily? Jen & Stacy Conkey

How do real estate investors identify potential markets for multifamily investing?

 

Today, Jen and Stacy Conkey, two experienced real estate investors, discuss strategies for scaling up in real estate investing - especially in multifamily- such as looking at job and population growth to narrow down market searches, having a contingency plan, and going beyond one's local area for greater opportunities. They emphasize that teams can provide expertise and knowledge that an individual investor may lack but urge investors to build relationships with team members for successful investing. They suggest starting small with manageable deals before going deep into it, speaking confidently by using the word “we,” and having the right motivation (not wanting to get rich quick), sufficient time, and support from family or friends. Let's dive in!

 

 

[00:01 - 06:48] How to Build Wealth with Real Estate: The Remote Multifamily Investing Academy

• How to build wealth with multifamily real estate

• The Remote Multifamily Investing Academy

• How to select markets and reasons why people fail in multifamily

• What flippers and single-family investors need to know to take real estate to the next level

 

[06:49 - 13:46] Digging Deeper Into Scaling and Multifamily Real Estate Investing

• Network is vital in real estate investing, no matter the asset class or strategy

• The misconception that people need to touch, see, and feel real estate to invest

• Look at properties from a perspective of what if things hit the fan and have a contingency plan

• In-person market due diligence is essential for boots-on-the-ground experience

 

[13:47 - 20:09] How to Acquire Your First Multifamily Property

• How to lead teams to identify the best possible team in a market

• Data-driven decisions and use of technology to have eyes on the property

• Build relationships with team members motivated by money and grow wealth together

• Educate yourself and prepare for conversations

 

[20:10 - 26:26] The Key to Real Estate Success is Growing Your Network

• Use the word 'we' when talking to people and practice in a market you're not planning on investing in

• People fail in real estate due to wrong motivation, wrong expectations, lack of time, and lack of support

• Mastery takes time, and people should not jump into bigger buildings without understanding what they're doing

• The significance of joining networks and growing them

 

[26:27 - 34:42] Closing Segment

• Best investment: Joining networks and masterminds

• Worst investment: A motel that required staff and an understanding of seasonality

• Most important lesson learned: Due diligence and surrounding yourself with people playing at a higher level

 

 

Quotes:

 

"Anytime you're in a market, you're looking at things, filtering everything through your experience, whether positive or negative. And that might have absolutely nothing to do with how the real estate will perform." - Jen & Stacy Conkey

 

"We all make decisions based on emotions. That's where we're naturally drawn. But when you pull yourself, and you have that distance, you look at the numbers, if they don't pencil out, you're going to be less inclined to be emotionally attached to the experience you had while you were there." - Jen & Stacy Conkey

 

 

Connect with Jen & Stacy:

 

Facebook: Apartment Investing with Jen & Stacy

Website: rmfiacademy.com

 

 

Apply to Invest with Taylor at www.investwithtaylor.com

 

Track your wealth for free with Personal Capital, go to www.escapingwallstreet.com

 

Please leave a review and help others escape Wall Street and build wealth on Main Street!