The Art of Passive Income

Author and serial entrepreneur Mike Michalowicz joins us today to talk about the basis behind his newest book, Clockwork. You might have heard us mention Mike’s previous book, Profit First, once... or two hundred times before on the podcast. He created that formula as a way for businesses to ensure profitability from their very next deposit forward. Along with the two above mentioned books, Mike also wrote Surge, The Pumpkin Plan and The Toilet Paper Entrepreneur, which Business Week deemed “the entrepreneur’s cult classic.” Mike has also launched three multi-million dollar companies, he’s a former small business columnist for The Wall Street Journal, and a popular keynote speaker on innovative entrepreneurial topics. What is the basis behind Clockwork? The simple answer—It's a simple process of making the business run on automatic. Listen in as Mike delves a little deeper into creating a business and not a job. We also discuss: Serve the QBR—The Queen Bee’s Role. How to determine what it is and and why you should never compromise your core competency Avoiding Superhero Syndrome and why you need to trade your superhero cape for a super-visionary one Delegation is NOT the assignment of tasks, it’s the assignment of outcomes. -Mike Mike's mentorship on the show has been a ton of value! He provides great knowledge and wisdom for creating businesses that run and scale without you. Whether you are just starting your own business, thinking about starting one, or even have a well established business, do yourself a favor and listen in to today's episode of The Art of Passive Income! TIP OF THE WEEK Mark: I love all Mike's books, but check out Clockwork by going to his website at MikeMichalowicz.com/books, where you can find all of his books. Scott:  Do yourself get Profit First by Mike Michalowicz... then execute on it! Mike: We are not the chess pieces, we are the chess players. Isn't it time to create passive income so you can work where you want, when you want and with whomever you want?

Are you struggling with pricing when mailing out your offer letters? You're not alone! It's a struggle with many when starting out in the business or even those moving into a new county. So, how do you price it just right so you get the responses you want but not too high that it cuts into your profits? Join Mark and Team Geek... Aaron Williams Mimi Schmidt Mike Zaino Erik Peterson Tate Litchfield ...as they share their pro-tips for pricing in this week’s Round Table discussion. Aaron and Erik share details on: Stage mailings Tier pricing The offers are super important but at the same time you don’t want to put too much importance on them that they stop you from moving. The most important thing is getting them out. -Aaron Mike dives into why you should go to a county where everyone is and not to a county that has no competition and uses a hunting analogy to bring the point home! Also, find out why Mark says, don’t be a Glass Joe! A lot of people out there know how incredible real estate is, but they don’t understand how incredible our niche is with the fact that you don’t have to leverage other people’s money. The fact is our deals are micro in the sense of what people typically spend for real estate but macro in the sense of results and the passive income. -Mike Tate, whose tip is to not overthink it, shares a recent discovery that he and Scott Todd are working the same area, with about an $800 difference is asking price...they are both buying and both selling with good returns! Stop aiming for a homerun and  just send them out. If you’re in the right general range, you’re going to do well in this business. -Tate Also on today’s episode, Tate gives us the breakdown on Flight School LIVE that took place last weekend. It resulted in three sales from start to finish in THREE days! Next Flight School LIVE takes place August 16th-18th. Mark also shares a couple messages he received from clients recently that changed his emotions from happy to envy and back to happy again in a matter of seconds! Plus, find out the details of the upcoming informal free get-together, June 20th, in Las Vegas with Mike Zaino and Scott Bossman!   And finally, be sure to stick around for the after talk as Mike shows off his shoffice which ignites a little shoffice envy among the group! TIP OF THE WEEK Mimi: Check out the blog post in HubSpot—39 Sales Email Subject Lines That Get Opened, Read, and Responded To. Isn't it time to create passive income so you can work where you want, when you want and with whomever you want?

Business consultant Josh Patrick has done it all when it comes to business and today he joins us to share his expertise along with some of the biggest lessons he learned for running a great business. Back in 1976, at the age of 24, Josh took his vending business from one and a half employees to 25 in just 18 months, making 1.5 million! For 2 years his business was highly successful and then the worst thing that could have happened, happened. Actually, an unfortunate chain of events happened which left him re-evaluating his business skills. Listen in to hear the details and also find out how an employees work anniversary taught him a valuable lesson about running a good business. Josh also tells us about: His 3 most recommended books on business Something he thinks is wise that other people think is crazy Advice he would give to his younger self His best investment Plus, we dive into embracing mistakes and why people have a hard time letting go... all on today’s episode of The Art of Passive Income! TIP OF THE WEEK Mark:  Learn more about Josh at Stage2Planning.com. Scott: Check out the Chrome plugin Ghostery. It blocks cookies giving you control over ads and tracking technologies. But, also good for ninja marketing when visiting your competitors websites. Josh: Robert Kiyosaki's formula for investment vs. expense—your house is not an investment it's an expense. The reason it’s an expense it doesn't have positive cash flow. So if you're going to be in a passive business and it doesn't create positive cash flow from day one it's not a passive investment it's a passive liability.  Isn't it time to create passive income so you can work where you want, when you want and with whomever you want?

Facebook Marketing Pet Peeves— If you have ever tried to sell something on Facebook, you've probably ran across some sort of annoyance, usually it's a someone whose only goal is to ruin your day. How do you deal with these troublemakers? Join Mark and Team Geek... Erik Peterson Scott Bossman Tate Litchfield Mimi Schmidt Aaron Williams Scott Todd ...as they take out their Facebook frustrations on this week’s Round Table! A few of the teams pet peeves include: Ask if it’s still available then ghost you after you respond People who don’t read the ad and ask questions you’ve already answered Being tied to the computer answering comments/questions Next... But, the biggest peeve are those haters and trolls that like to cause trouble for no reason at all. Whether they call YOU the scammer or they just like to be a smart aleck to get a rise out of you, you’ll eventually have to deal with them if you're marketing on Facebook. Mark talks about Jay Baer’s, Hug Your Haters strategy to put a positive spin on the negative comments, but Tate and Mimi have other solutions. Listen in now as the team talks about their peeves and discuss the best way to handle them. Note to Mark Zuckerberg: Please include a “you have a mental health issue” in your list of emojis. Thank you. And, once again, Mimi knocks it out of the park with this week’s tip of the week with a website that can be very helpful to those in the business! TIP OF THE WEEK Mimi: Check out VirtualUnderwriter.com for affidavits, certified trusts, debts of trustees, and a lot of other forms relevant to the business. Isn't it time to create passive income so you can work where you want, when you want and with whomever you want?

Stuart Gethner—Pharmacist turned real estate investor, instructor, and coach joins us on The Art of Passive Income to talk about why he left pharmaceuticals in the past to start living life for himself! Stuart, who is also a neighbor of Marks, has been a real estate investor for over 15 years and he's done it all—purchased with cash, traditional financing, self-financing, hard money lending, lease options, subject to deals, wholesaling, fix and flips, but his favorite is buy and hold properties because that strategy creates wealth as opposed to just income. Join the guys as Stuart talks about why he left the pharmaceutical world behind to pursue real estate. And, find out why buy & hold is his favorite now, but is subject to change with the market cycles. The guys delve into: The 1-2 percent rule Stuarts method of acquisition Funding your first deal Scarcity mindset The guys also delve a little deeper into cycles and what Stuart predicts is coming next for the real estate market. Listen in now to hear how this pharmacist turned real estate investor is living life for himself. TIP OF THE WEEK Mark:  Learn more about Stuart at StuartGethner.com. Scott: Check out, Measure What Matters: How Google, Bono, and the Gates Foundation Rock the World with OKRs by John Doerr. Stuart: Be consistent with passion. You have to be passionate with what you’re doing and really be able to put the time, energy, and effort into it. Check out these books:  The Four Agreements: A Practical Guide to Personal Freedom by Don Miguel Ruiz. Illusions: The Adventures of a Reluctant Messiah by Richard Bach. Isn't it time to create passive income so you can work where you want, when you want and with whomever you want?

Facebook is a great marketing tool. It’s a fast and easy way to connect with potential buyers. You can even collect down payments straight from messenger. But, are your ads at their maximum potential? In this week’s Round Table discussion, join Mark and his dawgs, aka Team Geek... Aaron Williams Scott Bossman Mimi Schmidt Erik Peterson Tate Litchfield Scott Todd ...as they share the best practices for posting on Facebook. Our Facebook Queen, Mimi, often gets asked about the best practices for posting on Facebook and one of her suggestions is to advertise far and wide because the land we buy is so rural, by posting only near the property you are putting a limit on the market reach. “The point is to get the word out to a lot of different places and you’ll know by doing it where there’s a demand for it, then double down in those places.” Then, Scott explains what a blind ad is and the team discuss if you should be using them on Facebook. We also dive into the actual ad content and if it’s better to keep it short and simple or be specific and detailed. Consistency is Key—Ultimately with your ads, you just have to be consistent and put out more ads than you think you need. You don’t need to be a billion-dollar company with your marketing, but you need to have a Geico mindset. They show up every day, 20 times a day “15 minutes or more can save you…” and we all can answer that question because they’re consistently showing up. And they’re not just marketing on one channel, they’re on every single channel. That’s why you should be marketing on every effective channel—Facebook, Craigslist, Landmodo, those are your big three. -Mark Plus, we talk strategy when it comes to being everywhere and Mark’s sesquipedalian side really comes out in this week’s episode of The Land Geek Round Table! TIP OF THE WEEK Mimi: Check out Email-to-Mail, a service of Click2Mail. It’s especially effective for those accepted offers or counter offers that don’t contain contact information! Isn't it time to create passive income so you can work where you want, when you want and with whomever you want?

Today’s guest, Jay Conner is known as The Private Money Authority and he is here to teach us his “no ask” approach to raising money from private lenders for real estate investments. Jay grew up in the mobile home industry. His father was the largest retailer of manufactured homes in the nation up until the late 80's. Jay, however, transitioned into single family homes and has been a full-time real estate investor now for over 15 years. He used banks for his financing the first 6 years, but when the banks cut off his line of credit during the financial crisis in 2008/09, he had to find a new source of funding… which turned out to be a blessing in disguise, as he was introduced to private money lending. In less than 90 days he raised over 2 million dollars. His average profits last year were $67,000 per deal. Join us as Jay divulges why his profits are so big, plus: How much of his own money he uses How he finds the lenders The difference between private and hard money The worst advice he’s seen given What comes first… the deal or the private money Jay also shares his 5-step process to the quickest way to raise a lot of money… all without asking! Will this approach work with land? Jay says it will and that land investors shouldn’t be missing out on deals because they don't have the funding. Listen in now as Jay shares all the details on today's episode of The Art of Passive Income! TIP OF THE WEEK Mark: Learn more about Jay at JayConner.com. There’s a ton of information on his website. Scott: Check out Vimeo—a cheap solution for sharing videos with VAs.  Jay: Go to JayConner.com/ArtOfPassiveIncome for a free online class that gives the five steps in the role of private money in the warm market and the five steps for getting it from existing private lenders. Isn't it time to create passive income so you can work where you want, when you want and with whomever you want?

When you’re first getting started in this business it’s necessary for you to do all angles of the business yourself, both for knowledge and financial reasons. But, as your business starts to take off how do you let go of the mindset of wanting to do everything yourself and change it to embrace automation, delegation, elimination, and systematization? In this week’s Round Table discussion, join Mark and Team Geek: Erik Peterson Aaron Williams Mimi Schmidt Tate Litchfield Scott Todd ...as they share their knowledge and insight of knowing when and how to let go so you can start living the life you want. One of the most tragic things that happen is the entrepreneurial paradox, where they quit their 40 hour a week job to work 80 hours in their own business. How is that a good trade-off?  -Mark Plus. the team starts us off with a look inside Scottsdale Bootcamp. Did Bootcamp magic once again wave it’s wand over Arizona? Listen in to find out all the magical details... TIP OF THE WEEK Mimi: Check out Avachato.com. It's a Slack integration that allows you to text customers, staff, and others right from Slack. Isn't it time to create passive income so you can work where you want, when you want and with whomever you want?

Our guest today, Dr. Buck Joffrey, has the formula to wealth and he’s here to shed some light on Wealth Formula Banking and Velocity Plus. Dr. Joffrey is board certified surgeon, a best-selling financial author, a real estate investor, and a podcaster. As a straight ‘A’ student all through school, Dr. Joffrey started his medical career out in neurosurgery but ultimately decided to go into cosmetic surgery. Then, on the plane ride home from his honeymoon he read Robert Kiyosaki's, Cashflow Quadrant and it was a game changer! “It didn't even occur to me that there was a world outside of being a professional; the idea that I could control my own financial destiny was mind blowing.” Listen in now as we delve deep into Wealth Formula Banking—investing the same money in two different places at the same time. And, Velocity Plus. Find out the details on: Why he chooses real assets over stocks and bonds Why you SHOULD be in debt Asset protection Also, find out Dr. Joffrey's thoughts on cryptocurrency and more! Today's podcast is a WEALTH of information. Listen in now to hear all the details and how Dr. Buck Joffrey escaped solo economic dependency, on today's episode of The Art of Passive Income! TIP OF THE WEEK Mark: Learn more about Buck Joffrey at WealthFormula.com and don't forget to check out his podcast. Scott: It’s so easy to go off course and get business ADD. The best thing that you can do is to be laser-focus on a strategy, stick with it and play it out. You’ll be amazed at how it can move the needle. Buck: If you’re going into a cave for the first time, bring someone who’s been there before. Isn't it time to create passive income so you can work where you want, when you want and with whomever you want?

There are many advantages to wholesaling land, but do you know the proper process so it’s a win win for both the buyer & the seller? In this week’s Round Table discussion, Mark and Team Geek: Erik Peterson Aaron Williams Mimi Schmidt Mike Zaino Tate Litchfield Scott Todd ...do a deep dive into wholesaling on both the buy and sell sides. Mark has a new free course coming out soon on wholesaling and how to double your money in 21 days or less, which includes: Buying it right Due diligence Trust your wholesaler, but verify How to quickly sell in under 21 days Listen in as the team goes over those processes, plus talk about the advantages of wholesaling, advice for those just starting out, and their own personal rules for wholesaling. Find out the roles of each the wholesaler and the wholetailer: Who pays the back taxes Who does the paperwork Who does the due diligence Also, what should your wholesaler provide? Are wholesale deals up for negotiation? The team answers these questions and so much more! Today’s podcast is jammed packed full of so much information, if you've ever considered wholesaling, you don't want to miss this episode! TIP OF THE WEEK Mimi: Check out LightShot for screen captures. Isn't it time to create passive income so you can work where you want, when you want and with whomever you want?