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.
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