Building a Vending Machine Business and Real Estate Ventures

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This chapter delves into sourcing products for vending machines, managing multiple locations, and involving a team member in the business through equity arrangements. The speaker also shares insights into their real estate ventures, including short term rentals in Hawaii and development projects in a college town, while discussing the challenges of finding good deals in the current market conditions. Additionally, the chapter highlights a mentorship program called Vending Pranors, focusing on guiding individuals in building vending routes through tailored approaches and time management strategies.

In today’s episode, Patrick Donley (@JPatrickDonley) sits down with Mike Hoffman, known as Mr. Passive on Twitter to chat about how he is building multiple passive income streams and teaching others to do the same. You’ll learn how wanting freedom motivated Mike to begin building several income streams, how Warren Buffett inspired him to learn about vending machines, how technology is changing the vending industry, his thoughts on how to be most efficient, healthy, and free, why it’s important to pursue hard challenges in life, and so much more!

Mike Hoffman has created over 10 passive income streams for he and his family and is now building a tribe of passivepreneurs to teach others to do the same and find wealth and time freedom for themselves. Mike was a former strength and conditioning coach making $1200/mo when he started downt he passive income rabbit hole. He’s focused primarily on vending machines, real estate, Airbnbs rents, and even Bitcoin mining to create a life of freedom and wealth.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

02:42 - How Mike got started pursuing passive income opportunities.

07:58 - How Warren Buffett’s first side hustle inspired him to learn about vending machine.

09:55 - What the biggest hurdles in the vending machine business are.

12:18 - How technology is changing the vending machine world.

14:02 - How to buy vending machines and where to place them.

34:13 - What Mike’s thoughts are on how to be most efficient, healthy, and free.

46:03 - What advice he’d give to his younger self.

48:23 - How he 1031’ed out of his rentals and got involved in Airbnb.

54:17 - Why it is important to pursue hard challenges in life.

*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.

BOOKS AND RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members.
Recommended Book: Rich Dad Poor Dad by Robert Kiyosaki
Recommended Book: Buy Back Your Time by Dan Martell.
Recommended Book: Comfort Crisis by Michael Easter.
Recommended Book: Get Better at Anything by Scott H. Young.
Recommended Book: Mindset by Carol Dweck.
Check out: MI342: The Life of a Real Estate Maximalist w/ Alan Corey | YouTube video.
Check out: MI351: Get Better at Anything w/ Scott Young | YouTube video.
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