The Wealth Elevator Podcast: Real Estate, Taxes, Investing

Summary: Learn how to save money on your income taxes, the recent changes to the eQRP, and receive the opportunity to get the free 2020 edition of the QRP Book! Youtube link: https://youtu.be/2JW-Amfe-Uk?sub_conf...Website link: SimplePassiveCashflow.com/qrpStart learning about real estate investing - SimplePassiveCashflow.com/startSubscribe to the Top-50 Investing Free Podcast - https://podcasts.apple.com/us/podcast..._________________________Top SimplePassiveCashflow Posts:This website has been going through daily improvements everyday since 2016. I admit things are a bit all over the place as I learn about these investments and wealth tactics. Events – SimplePassiveCashflow.com/eventsPast Projects - crowdfundaloha.com/past-projects/Simple Passive Cashflow’s Investor Friend Finder!!! –SimplePassiveCashflow.com/friendsMenu of Investing Options – SimplePassiveCashflow.com/menuLaneHack – SimplePassiveCashflow.com/lanehackPassive Investor Accelerator eCourse - SimplePassiveCashflow.com/ecoursePassive Investor Accelerator eCourse & Mastermind - SimplePassiveCashflow.com/journeyCoaching – SimplePassiveCashflow.com/coachingJoin our Private Investor Club – SimplePassiveCashflow.com/clubJoin our Team – SimplePassiveCashflow.com/jointeamOur Mission – SimplePassiveCashflow.com/missionPartner Opportunity – SimplePassiveCashflow.com/partnerProducts I support – SimplePassiveCashflow.com/productsAbout Lane Kawaoka – SimplePassiveCashflow.com/about-meQuarterly Investor Updates – http://simplepassivecashflow.com/inve...SPC YouTube Channel – https://www.youtube.com/channel/UC3cI...Real Estate Book Recommendations – SimplePassiveCashflow.com/booksBackwards Engineering Happiness – SimplePassiveCashflow.com/happyRental Property Analyser – SimplePassiveCashflow.com/analyserVisit Lane in Hawaii – SimplePassiveCashflow.com/retreatStart Here – http://simplepassivecashflow.com/startUltimate Simple Passive Cashflow Guide to…1031 Exchanges – Simplepassivecashflow.com/1031guideNewbies – SimplePassiveCashflow.com/noobInfinite Banking – SimplePassiveCashflow.com/bankingYour Opportunity fund – SimplePassiveCashflow.com/ofundTaxes – SimplePassiveCashflow.com/taxTradelines – Simplepassivecashflow.com/tradelinesTurnkey Rental Guide: simplepassivecashflow.com/turnkeySyndication Guide – simplepassivecashflow.com/syndicationCrowdfunding – SimplePassiveCashflow.com/crowdfundingNetworking – SimplePassiveCashflow.com/peoplePrivate Money Lending – SimplePassiveCashflow.com/lendInvesting in Coffee/Cocoa – SimplePassiveCashflow.com/coffeeInvesting in Non-Preforming Notes – SimplePassiveCashflow.com/ahpRent don’t buy – SimplePassiveCashflow.com/homeInvestor Fallacy: Return of Equity – SimplePassiveCashflow.com/roeHow to Calculate Investment Returns – SimplePassiveCashflow.com/returnsWhy you should break up with your Financial Planner – SimplePassiveCashflow.com/fpQuitting your job – SimplePassiveCashflow.com/quit Hosted on Acast. See acast.com/privacy for more information.

March 2020 GreenSheet Investor Letter #11Youtube link: https://youtu.be/kNjoVqoWBOIWebsite link: https://simplepassivecashflow.com/green11/Start learning about real estate investing - SimplePassiveCashflow.com/startSubscribe to the Top-50 Investing Free Podcast - https://podcasts.apple.com/us/podcast/simple-passive-cashflow/id1118795347_________________________Top SimplePassiveCashflow Posts:This website has been going through daily improvements everyday since 2016. I admit things are a bit all over the place as I learn about these investments and wealth tactics. Events – SimplePassiveCashflow.com/eventsPast Projects - crowdfundaloha.com/past-projects/Simple Passive Cashflow’s Investor Friend Finder!!! –SimplePassiveCashflow.com/friendsMenu of Investing Options – SimplePassiveCashflow.com/menuLaneHack – SimplePassiveCashflow.com/lanehackPassive Investor Accelerator eCourse - SimplePassiveCashflow.com/ecoursePassive Investor Accelerator eCourse & Mastermind - SimplePassiveCashflow.com/journeyCoaching – SimplePassiveCashflow.com/coachingJoin our Private Investor Club – SimplePassiveCashflow.com/clubJoin our Team – SimplePassiveCashflow.com/jointeamOur Mission – SimplePassiveCashflow.com/missionPartner Opportunity – SimplePassiveCashflow.com/partnerProducts I support – SimplePassiveCashflow.com/productsAbout Lane Kawaoka – SimplePassiveCashflow.com/about-meQuarterly Investor Updates – http://simplepassivecashflow.com/investorletterSPC YouTube Channel – https://www.youtube.com/channel/UC3cIIsGKx3osVU5rt2P0HfQReal Estate Book Recommendations – SimplePassiveCashflow.com/booksBackwards Engineering Happiness – SimplePassiveCashflow.com/happyRental Property Analyser – SimplePassiveCashflow.com/analyserVisit Lane in Hawaii – SimplePassiveCashflow.com/retreatStart Here – http://simplepassivecashflow.com/startUltimate Simple Passive Cashflow Guide to…1031 Exchanges – Simplepassivecashflow.com/1031guideNewbies – SimplePassiveCashflow.com/noobInfinite Banking – SimplePassiveCashflow.com/bankingYour Opportunity fund – SimplePassiveCashflow.com/ofundTaxes – SimplePassiveCashflow.com/taxTradelines – Simplepassivecashflow.com/tradelinesTurnkey Rental Guide: simplepassivecashflow.com/turnkeySyndication Guide – simplepassivecashflow.com/syndicationCrowdfunding – SimplePassiveCashflow.com/crowdfundingNetworking – SimplePassiveCashflow.com/peoplePrivate Money Lending – SimplePassiveCashflow.com/lendInvesting in Coffee/Cocoa – SimplePassiveCashflow.com/coffeeInvesting in Non-Preforming Notes – SimplePassiveCashflow.com/ahpRent don’t buy – SimplePassiveCashflow.com/homeInvestor Fallacy: Return of Equity – SimplePassiveCashflow.com/roeHow to Calculate Investment Returns – SimplePassiveCashflow.com/returnsWhy you should break up with your Financial Planner – SimplePassiveCashflow.com/fpQuitting your job – SimplePassiveCashflow.com/quitTranscription: Hosted on Acast. See acast.com/privacy for more information.

Summary: To with-hold the least amount to not give the government an interest free loan.Start learning about real estate investing - SimplePassiveCashflow.com/startSubscribe to the Top-50 Investing Free Podcast - https://podcasts.apple.com/us/podcast/simple-passive-cashflow/id11187953470:00  cash flow listeners today we're going to break down the new w four form in 2020. Now this is replacing the older form in the past where there was this worksheet that you did and you had the essentially it just left a big gap and you had to sort of guess how many dependents equated to me deductions you would guess. And the way I would do it, again, not giving any legal or tax advice here is I always like to give the government the less interest free law and therefore I think I put away to 19 or $20 how many deductions like claimed it often led to having to pay a tax bill in a year but I thought that was better than having to give me a free alone. And once I start to get a bunch of passive investments, and especially once the bonus depreciation paid and in 2018, I think I paid like 14% effective tax rate, and then in 2019, I paid 4%, which sounds crazy AGI combined with me and my spouse was About $135,000 I paid around $5,000 in taxes, which is about 4%.1:07  Are you a non accredited investor looking for opportunities to invest passively? How about a newer investor looking to get a bit of a track record and confidence from your spouse who's a little bit skeptic of what you've been listened to the last few months and could use the reinforcement of double digit returns paid like clockwork in the form of monthly dividends. The American Home preservation fund or HP is currently open again and is looking to bring new investors with them. I have been investing with them since 2016. And originally, I use it as a means to pay for my regular expenses. I started with $60,000 as my initial investment and that paid my car payment completely for me every single month. He collaborates with existing homeowners to keep them in their homes via restructuring or selling the debts unlike their competitors. It's a way to make great returns while feeling good about making a social impact. After investing myself in the It was awesome when owner George Newberry saw the impact simple passive cash flow was making and eventually approached me to become a spokesperson for the company, you can start investing with as little as hundred bucks. And if you want a free bird zone book, please send me an email at Lane at simple passive cash flow calm. For more information about investing with hp, go to HP servicing.com slash investors.2:29  This is the new w for tax form. And of course, there's a lot of common forms. They're here that what they do is they sort of make it a little bit easier in terms of forms to figure out how many dependents you have. And that's a big factor how much you should be claiming but you could read this or you could just kind of do what I do and just put the maximum you have so that you know you probably gonna have to pay taxes in a year and that's it. They have some charts here showing you how much you should be taken out but there's really no penalty to hate. The lease is As long as you keep up with your estimated tax payments, and this is from the IRS website, IRS Gov from the newsroom, you probably find this by googling 2020 w four but it has a big FAQ on this section. Another quick tip for you guys is most of my investors and myself included we extend always to October never file in April and we fall extensions, but a few reasons why. Number one, I don't want to give the IRS an extra six months to look for some reason thought it me or give them another six months to do it. Number two, I want to be able to see what tax changes are coming down the pipeline in the next six months and I won't be able to change what I did in this past year but there might be things that I might want to change that repositions me what I want to do two years from now so that's the reason why I do it. And number three, I mean when you're in a couple of dozen syndication deals, and you're waiting back for 24 k one forms, be sure one I was gonna be like And there's just really no sense rushing it and going in when everybody else is trying to file their taxes you're not giving any legal advice but if you guys are needing a referral to the same legal team that I use shoot me an email at Lane at simple passive cash flow but tell me a little bit about yourself you know may not be a good fit I have a few other people I recommend this some other folks for different reasons, but not one size shoe fits everybody. For more investing tips check out my podcast simple passive cash flow calm and happy investing guys buy4:34  this website offers very general information concerning real estate for investment purposes every investor situation is unique. Always seek the services of licensed third party appraisers and inspectors to verify the value and condition of any property you intend to purchase. Use the services of professional title and escrow companies and licensed tax investment and or legal advisor before relying on any information contained here at information is not guaranteed as an every investment there is risks. The content found here is just my opinion and things change and I reserve the right to change my mind. Above all else, do your own analysis and think for yourself because in the end you're the only person who is going to look out for your best interests this website offers very general information concerning real estate for investment purposes every investor situation is unique. Always seek the services of licensed third party appraisers inspectors to verify the value and condition of any property you intend to purchase. Use the services of professional title and escrow companies and licensed tax investment and or legal advisor before relying on any information contained herein information is not guarantee as in every investment there is risk. The content found here is just my opinion and things change and I reserve the right to change my mind. Above all else, do your own analysis and think for yourself because in the end, you're the only person who is going to look out for your best interests._________________________Top SimplePassiveCashflow Posts:This website has been going through daily improvements everyday since 2016. I admit things are a bit all over the place as I learn about these investments and wealth tactics. Events – SimplePassiveCashflow.com/eventsPast Projects - crowdfundaloha.com/past-projects/Simple Passive Cashflow’s Investor Friend Finder!!! –SimplePassiveCashflow.com/friendsMenu of Investing Options – SimplePassiveCashflow.com/menuLaneHack – SimplePassiveCashflow.com/lanehackPassive Investor Accelerator eCourse - SimplePassiveCashflow.com/ecoursePassive Investor Accelerator eCourse & Mastermind - SimplePassiveCashflow.com/journeyCoaching – SimplePassiveCashflow.com/coachingJoin our Private Investor Club – SimplePassiveCashflow.com/clubJoin our Team – SimplePassiveCashflow.com/jointeamOur Mission – SimplePassiveCashflow.com/missionPartner Opportunity – SimplePassiveCashflow.com/partnerProducts I support – SimplePassiveCashflow.com/productsAbout Lane Kawaoka – SimplePassiveCashflow.com/about-meQuarterly Investor Updates – http://simplepassivecashflow.com/investorletterSPC YouTube Channel – https://www.youtube.com/channel/UC3cIIsGKx3osVU5rt2P0HfQReal Estate Book Recommendations – SimplePassiveCashflow.com/booksBackwards Engineering Happiness – SimplePassiveCashflow.com/happyRental Property Analyser – SimplePassiveCashflow.com/analyserVisit Lane in Hawaii – SimplePassiveCashflow.com/retreatStart Here – http://simplepassivecashflow.com/startUltimate Simple Passive Cashflow Guide to…1031 Exchanges – Simplepassivecashflow.com/1031guideNewbies – SimplePassiveCashflow.com/noobInfinite Banking – SimplePassiveCashflow.com/bankingYour Opportunity fund – SimplePassiveCashflow.com/ofundTaxes – SimplePassiveCashflow.com/taxTradelines – Simplepassivecashflow.com/tradelinesTurnkey Rental Guide: simplepassivecashflow.com/turnkeySyndication Guide – simplepassivecashflow.com/syndicationCrowdfunding – SimplePassiveCashflow.com/crowdfundingNetworking – SimplePassiveCashflow.com/peoplePrivate Money Lending – SimplePassiveCashflow.com/lendInvesting in Coffee/Cocoa – SimplePassiveCashflow.com/coffeeInvesting in Non-Preforming Notes – SimplePassiveCashflow.com/ahpRent don’t buy – SimplePassiveCashflow.com/homeInvestor Fallacy: Return of Equity – SimplePassiveCashflow.com/roeHow to Calculate Investment Returns – SimplePassiveCashflow.com/returnsWhy you should break up with your Financial Planner – SimplePassiveCashflow.com/fpQuitting your job – SimplePassiveCashflow.com/quit Hosted on Acast. 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More legal info - SimplePassiveCashflow.com/legalYoutube Version - https://youtu.be/-omB8-jY_7kStart learning about real estate investing - SimplePassiveCashflow.com/startSubscribe to the Top-50 Investing Free Podcast - https://podcasts.apple.com/us/podcast/simple-passive-cashflow/id1118795347_________________________Top SimplePassiveCashflow Posts:This website has been going through daily improvements everyday since 2016. I admit things are a bit all over the place as I learn about these investments and wealth tactics.Events – SimplePassiveCashflow.com/eventsPast Projects - crowdfundaloha.com/past-projects/Simple Passive Cashflow’s Investor Friend Finder!!! –SimplePassiveCashflow.com/friendsMenu of Investing Options – SimplePassiveCashflow.com/menuLaneHack – SimplePassiveCashflow.com/lanehackPassive Investor Accelerator eCourse - SimplePassiveCashflow.com/ecoursePassive Investor Accelerator eCourse & Mastermind - SimplePassiveCashflow.com/journeyCoaching – SimplePassiveCashflow.com/coachingJoin our Private Investor Club – SimplePassiveCashflow.com/clubJoin our Team – SimplePassiveCashflow.com/jointeamOur Mission – SimplePassiveCashflow.com/missionPartner Opportunity – SimplePassiveCashflow.com/partnerProducts I support – SimplePassiveCashflow.com/productsAbout Lane Kawaoka – SimplePassiveCashflow.com/about-meQuarterly Investor Updates – http://simplepassivecashflow.com/investorletterSPC YouTube Channel – https://www.youtube.com/channel/UC3cIIsGKx3osVU5rt2P0HfQReal Estate Book Recommendations – SimplePassiveCashflow.com/booksBackwards Engineering Happiness – SimplePassiveCashflow.com/happyRental Property Analyser – SimplePassiveCashflow.com/analyserVisit Lane in Hawaii – SimplePassiveCashflow.com/retreatStart Here – http://simplepassivecashflow.com/startUltimate Simple Passive Cashflow Guide to…1031 Exchanges – Simplepassivecashflow.com/1031guideNewbies – SimplePassiveCashflow.com/noobInfinite Banking – SimplePassiveCashflow.com/bankingYour Opportunity fund – SimplePassiveCashflow.com/ofundTaxes – SimplePassiveCashflow.com/taxTradelines – Simplepassivecashflow.com/tradelinesTurnkey Rental Guide: simplepassivecashflow.com/turnkeySyndication Guide – simplepassivecashflow.com/syndicationCrowdfunding – SimplePassiveCashflow.com/crowdfundingNetworking – SimplePassiveCashflow.com/peoplePrivate Money Lending – SimplePassiveCashflow.com/lendInvesting in Coffee/Cocoa – SimplePassiveCashflow.com/coffeeInvesting in Non-Preforming Notes – SimplePassiveCashflow.com/ahpRent don’t buy – SimplePassiveCashflow.com/homeInvestor Fallacy: Return of Equity – SimplePassiveCashflow.com/roeHow to Calculate Investment Returns – SimplePassiveCashflow.com/returnsWhy you should break up with your Financial Planner – SimplePassiveCashflow.com/fpQuitting your job – SimplePassiveCashflow.com/quit Hosted on Acast. See acast.com/privacy for more information.

Website - SimplePassiveCashflow.com/mindsetLinks:simplepassivecashflow.com/wall simplepassivecashflow.com/contact simplepassivecashflow.com/club simplepassivecashflow.com/book Check out turnkeys - http://bit.ly/2SVReEJStart learning about real estate investing - SimplePassiveCashflow.com/startSubscribe to the Top-50 Investing Free Podcast - https://podcasts.apple.com/us/podcast/simple-passive-cashflow/id1118795347_________________________Top SimplePassiveCashflow Posts:This website has been going through daily improvements everyday since 2016. I admit things are a bit all over the place as I learn about these investments and wealth tactics. Events – SimplePassiveCashflow.com/eventsPast Projects - crowdfundaloha.com/past-projects/Simple Passive Cashflow’s Investor Friend Finder!!! –SimplePassiveCashflow.com/friendsMenu of Investing Options – SimplePassiveCashflow.com/menuLaneHack – SimplePassiveCashflow.com/lanehackPassive Investor Accelerator eCourse - SimplePassiveCashflow.com/ecoursePassive Investor Accelerator eCourse & Mastermind - SimplePassiveCashflow.com/journeyCoaching – SimplePassiveCashflow.com/coachingJoin our Private Investor Club – SimplePassiveCashflow.com/clubJoin our Team – SimplePassiveCashflow.com/jointeamOur Mission – SimplePassiveCashflow.com/missionPartner Opportunity – SimplePassiveCashflow.com/partnerProducts I support – SimplePassiveCashflow.com/productsAbout Lane Kawaoka – SimplePassiveCashflow.com/about-meQuarterly Investor Updates – http://simplepassivecashflow.com/investorletterSPC YouTube Channel – https://www.youtube.com/channel/UC3cIIsGKx3osVU5rt2P0HfQReal Estate Book Recommendations – SimplePassiveCashflow.com/booksBackwards Engineering Happiness – SimplePassiveCashflow.com/happyRental Property Analyser – SimplePassiveCashflow.com/analyserVisit Lane in Hawaii – SimplePassiveCashflow.com/retreatStart Here – http://simplepassivecashflow.com/startUltimate Simple Passive Cashflow Guide to…1031 Exchanges – Simplepassivecashflow.com/1031guideNewbies – SimplePassiveCashflow.com/noobInfinite Banking – SimplePassiveCashflow.com/bankingYour Opportunity fund – SimplePassiveCashflow.com/ofundTaxes – SimplePassiveCashflow.com/taxTradelines – Simplepassivecashflow.com/tradelinesTurnkey Rental Guide: simplepassivecashflow.com/turnkeySyndication Guide – simplepassivecashflow.com/syndicationCrowdfunding – SimplePassiveCashflow.com/crowdfundingNetworking – SimplePassiveCashflow.com/peoplePrivate Money Lending – SimplePassiveCashflow.com/lendInvesting in Coffee/Cocoa – SimplePassiveCashflow.com/coffeeInvesting in Non-Preforming Notes – SimplePassiveCashflow.com/ahpRent don’t buy – SimplePassiveCashflow.com/homeInvestor Fallacy: Return of Equity – SimplePassiveCashflow.com/roeHow to Calculate Investment Returns – SimplePassiveCashflow.com/returnsWhy you should break up with your Financial Planner – SimplePassiveCashflow.com/fpQuitting your job – SimplePassiveCashflow.com/quit Hosted on Acast. See acast.com/privacy for more information.

Summary: Summary: On this episode, you will learn about the Secure Act and how it affects your retirement plan and your future. You will also this get this month's real estate market updates. simplepassivecashflow.com/investorletter simplepassivecashflow.com/green10 simplepassivecashflow.com/alf simplepassivecashflow.com/lendmistakes simplepassivecashflow.com/dentist simplepassivecashflow.com/2020-launchYoutube link: https://youtu.be/pDTkhgS6S9c?sub_confirmation=1Website link: http://www.simplepassivecashflow.com/green10Start learning about real estate investing - SimplePassiveCashflow.com/startSubscribe to the Top-50 Investing Free Podcast - https://podcasts.apple.com/us/podcast/simple-passive-cashflow/id1118795347_________________________Top SimplePassiveCashflow Posts:This website has been going through daily improvements everyday since 2016. I admit things are a bit all over the place as I learn about these investments and wealth tactics. Events – SimplePassiveCashflow.com/eventsPast Projects - crowdfundaloha.com/past-projects/Simple Passive Cashflow’s Investor Friend Finder!!! –SimplePassiveCashflow.com/friendsMenu of Investing Options – SimplePassiveCashflow.com/menuLaneHack – SimplePassiveCashflow.com/lanehackPassive Investor Accelerator eCourse - SimplePassiveCashflow.com/ecoursePassive Investor Accelerator eCourse & Mastermind - SimplePassiveCashflow.com/journeyCoaching – SimplePassiveCashflow.com/coachingJoin our Private Investor Club – SimplePassiveCashflow.com/clubJoin our Team – SimplePassiveCashflow.com/jointeamOur Mission – SimplePassiveCashflow.com/missionPartner Opportunity – SimplePassiveCashflow.com/partnerProducts I support – SimplePassiveCashflow.com/productsAbout Lane Kawaoka – SimplePassiveCashflow.com/about-meQuarterly Investor Updates – http://simplepassivecashflow.com/investorletterSPC YouTube Channel – https://www.youtube.com/channel/UC3cIIsGKx3osVU5rt2P0HfQReal Estate Book Recommendations – SimplePassiveCashflow.com/booksBackwards Engineering Happiness – SimplePassiveCashflow.com/happyRental Property Analyser – SimplePassiveCashflow.com/analyserVisit Lane in Hawaii – SimplePassiveCashflow.com/retreatStart Here – http://simplepassivecashflow.com/startUltimate Simple Passive Cashflow Guide to…1031 Exchanges – Simplepassivecashflow.com/1031guideNewbies – SimplePassiveCashflow.com/noobInfinite Banking – SimplePassiveCashflow.com/bankingYour Opportunity fund – SimplePassiveCashflow.com/ofundTaxes – SimplePassiveCashflow.com/taxTradelines – Simplepassivecashflow.com/tradelinesTurnkey Rental Guide: simplepassivecashflow.com/turnkeySyndication Guide – simplepassivecashflow.com/syndicationCrowdfunding – SimplePassiveCashflow.com/crowdfundingNetworking – SimplePassiveCashflow.com/peoplePrivate Money Lending – SimplePassiveCashflow.com/lendInvesting in Coffee/Cocoa – SimplePassiveCashflow.com/coffeeInvesting in Non-Preforming Notes – SimplePassiveCashflow.com/ahpRent don’t buy – SimplePassiveCashflow.com/homeInvestor Fallacy: Return of Equity – SimplePassiveCashflow.com/roeHow to Calculate Investment Returns – SimplePassiveCashflow.com/returnsWhy you should break up with your Financial Planner – SimplePassiveCashflow.com/fpQuitting your job – SimplePassiveCashflow.com/quitTranscript:0:04When I got smart and so my primary residence to start investing investments that actually made sense who I needed a place to diversify quickly as opposed some money market or some high reward checking account Let's face it, turnkey rentals are cool and syndications are great but they don't come around often I stumbled upon the American homeowner preservation fund the owner George new marry once apartments indicator to is now sponsoring the podcast is fun cuts the middleman out to crowd fund the solution to the mortgage crisis in America they empower you to fund the purchase of distressed mortgages and earn returns at smoke any other passive fun if you find something else better out there, let me know oh yeah, they work with families to keep them in their home after buying an underwater note at a huge discount. It's an opportunity to make an impact on families and communities while earning returns. start investing with a zoals hundred bucks in invest in hp. com if you want the free burn zone book please send me an email at Lane at simple passive cash flow calm1:03This week we are going to be doing the 2020 February edition of the green sheet investor letter you guys can check out all these letters and past videos at simple passive cash flow calm slash investor letter. And make sure you check this out on the YouTube channel to make a bunch of slides. And if you're listening to this on the podcast version, probably going to want to check out a lot of the graphs that are put in there to kind of brings another dimension to this. But however you guys want to consume this podcasts YouTube channel, it's all fine with me. And those of you who are high net worth passive investors1:36still using a 401k or self1:39directed IRA, you're doing it all wrong, man. I don't have any retirement accounts because I would rather pay taxes on it today when my income is less than in the future. Just very counterintuitive. People will say that you're going to make a lot less in the future, which as you know, we do things a little bit differently at simple passive cash flow, why I'd like to not use a timing plan or what we call requalified money is that I want to avoid the unify and you bit tax now the one way you can do this VA retirement con is called a QR p or qualified retirement plan you guys can check this out at simple passive cash flow calm slash qR P and also fill out the form there and you can get a free book sent your way to learn more about it and here is the show is2:20a story about a dude named Lane he moved to the mainland and bought one place to stay and then one day he went try to rent them out2:28and then he became one real investor.2:33It is February 2020. This is the monthly market update or I collect a bunch of news articles that I've sifted through. You guys can find the show notes on the sun at simple passive cash flow calm slash green 10 that's with a one zero green one zero. And I do this every month recapping what I've been up to at the end and some of the biggest news headlines that I've been seeing that I think in pack macro and some Micro markets out there. Again, all these will be posted on the YouTube channels if you guys are missing out on the audio or the video version, guys just checking on this on the audio version, you guys can check out more there too. So if you guys don't know who I am Lane Kawaoka, I still have my PE and you guys probably found me through the simple passive cash flow podcast. But if you guys haven't already joined our Facebook community online, probably find it by going through simple passive cash flow. We is what we call ourselves. So biggest news that happened this month case you didn't know it, but they signed the secure act which basically Rob millions of millions of dollars and millions of Americans without you guys even knowing. So let's break this down. What is the secure act here? So you remember when the government was kind of going bankrupt and they needed to come up with some new laws to not have that happen while this is the byproduct of it. And what it is, is a way of generating income for the government, which is typically not very good for us. Americans is In a better way, kind of the deal for us got worse. So here's a few bullet points it expanded the ability to run multiple employer plans for plan years beginning after December 31 2020. Had safe harbor rules apply for plan years beginning after December 31 2019. Long term part time workers permitted to participate in 401k plans which applies generally to plan years beginning after December 31 2023 consecutive 12 period the employer has at least 500 hours of service a repeal the maximum age from making IRA contributions which appeals to contributions made for taxable years beginning after December 31 2019. Increase the age for a minimum required minimum distributions which we call it rmds to 72 and applies to distributions required to be made after December 31 2019. With respect to individuals who attained age 70 and a half after such You guys are probably sleeping, you guys are probably just like any other Americans probably didn't pick up anything, nothing really popped up there. But here is there were some good things in there. Frankly, I don't really care because I don't have any retirement plans myself, I rather invest my money and take all the depreciation today and live off that today. So they changed the rule with rmds after death. So before they got rid of stretch IRAs, you guys can go all that you want. But basically what you were able to do is say your parents died and they had an IRA, they could give it to you and they would keep going stretch, but now they have this little nasty rule a year that basically requires all IRAs and qualified plans to be distributed within 10 years of death. So you got a limit. So if your parents die and you have this money, you got to spend it in 10 years, so the red flag should be going up. Everybody got screwed out there. The Senate version had a five year limit by the way, but it turned out to be a 10 year time horizon. There is a next Up to the 10 year rule for surviving spouse. So if your wife or your husband dies, they have the IRA that 10 year rule doesn't apply. Also exemptions children under the age of minority. So basically, if you're a kid and once you become an adult, I believe that 10 year old clients at that point, it doesn't apply if you're disabled chronically ill, and another individual who is not more than 10 years younger. So look at it from this direction the government wants to wants to harvest returns from us, the citizen, they want us to pay taxes they want. They want to get the money out of these silly retirement accounts that they promised everybody that they would have tax free, but at some point, they're going to tax these things. And the government's just sliding all this revenue up quicker. That's essentially what's happening here. So it's a big, big deal. This is just a good example of how these tax laws can change. Back in the clinton days they inherited tax with way less, it was like 600,000 today their inheritance taxes. Super, super high. You know, that's why you have kind of read government at this point. But if somebody else gets in there, these rules might change. And one of the biggest things in here is under the RM DS. The biggest exemption is a surviving spouse, they may just choose to get rid of that whole surviving spouse exemption, which means if your spouse passes away other than all that the heartache and the sorrow you're gonna have to pay taxes on their estate, which I think is unfair, but hey, that's like a one of the coolest byproducts of this is if you guys are doing the QR PS you guys can contribute up to when you file your taxes. So if you're like me and all the cool kids filing your taxes in September and October, you can contribute to your to your P for the previous year, all the way up to that point, just like how you're able to do for your Roth IRAs or IRAs, same kind of rules apply. So the secure act kind of open that up and then now you can have annuities and your retirement plans. So that kind of opens up a whole new door for those of you You guys, you know playing around with life insurance, Internet Banking concepts there. If anybody has any questions on this, feel free to type it into the chat, but I'm going to move on to kind of more rapid fire headline title is top multifamily markets in 2020, or the small metals and the suburbs. And they're seeing as a result of the slower economic growth apartment demand is projected at 240,000 units in 2020, which is approximately 20% less than that of 2019 estimated 300,000 units CBRE are he comments. rent control is sort of making a comeback. There was real laws passed in late 2019. Limiting and rent increases. If you read into it. It doesn't seem as bad I guess depending which side of the table you're standing on right politically, but sometimes they'll put in restriction where it needs to be based on some higher number that they're really never get, I think is sort of fair. But regardless, I mean, if you're investing in California, I don't know why you arguing that or even any other blue state for that matter probably not getting the rental value of the 1% rental value ratios for anything that's not a war zone property or C class property or worse. So I don't know why you would be doing that the U haul release their top 20 growth cities for 2019. And this is something I tracked closely This is the U haul is which used to move around with when you are broke and you didn't have any money. So it's it's a good indicator for what the blue collar workforce housing folks are doing when they have to move. A lot of the influx of people are in the Florida State Raleigh Durham, North Carolina is number one, Ron Rock, Texas is number for a lot of Florida ones in here, Cortland, Idaho Manhattan, Harrisburg, Pennsylvania. Actually, I don't know if this chart is incredibly useful. I mean, its top growth cities I'd rather see in the more regions and states that'd be how I would use the U haul Report.9:58I'm super excited about new program. I'm rolling That's going to reinvent scammy Real Estate education programs. So excited like Marie Kondo cleaning stuff up excited. Announcing my new mastermind program which consists of a closed members site with 27 packed weeks of content, plus bi weekly group video conference calls to us whatever half of the calls will be centered around granular investing tactics, and the other half will be holistic wealth building strategies that I have learned from the wealthy.10:25That's 25 plus hours of group coaching and masterminding and a secret Facebook group too. I know what you're thinking none another flippin Facebook group. Well, this one's going to be different, more intimate, exclusive, and no cheapskates or shady vendors in it. I've been coaching individual clients over the past couple years and I figured out what you guys need in a way to provide it in a cost effective way. learn more, go to simple passive cash flow.com backslash journey and join for the first cohort fills up, an introductory pricing goes away.10:59Update online conservation easements This is more for the accredited folks who make over two to $300,000 adjusted gross income per year but for everybody's entertainment what our land conservation easements so land conservation easements are a tricky way of getting a tax write off by designating a piece of land a land conservation easement, it no development can go there in the future by doing this, it becomes sort of a taxable donation. So just like how you take a bag of old clothes out to the Salvation Army, and you arbitrarily call that $500 but what you're doing here is you're taking a piece of land that has some nice environmental value to it like they usually put it around like chump will do this around his golf courses, and they'll designated a land conservation easement. But the tricky thing is that they'll like they have the value of land but then they'll mark up some kind of like fictitious development plan to be basically get an appraised value of when you are five to 10 times higher than what the land is actually worth. So what guys will do is though and invest or basically donate 50 grand and it goes on a taxable donation, but they get like a five to one pop on this stuff. So for every 50 grand they donate, they get 20 $50,000 of deductions, not credits, deductions, but for a guy and, you know, making more than $350,000 a year, that's a lot of money at 50 cents of every dollar of tax savings. The news is recently a lot of this has been getting a lot of unpopular attention, and it is kind of fishy. So investors are kind of in a holding pattern, how they're doing this. If they really need to get the tax deduction. What they're probably doing is just chancing it and doing it but they're not being overly aggressive and they're sticking to a boost ratio of five to one or less. So it's kind of one of those things where you don't want to be greedy, was it pigs get slaughtered hogs get fat so he basically buying charitable donations at 16 cents on $1 couple of charts markets with the largest rent growth year over year from November to November 2008 22,019 and the with the markets with the largest rent decrease I have these charts flip flop but the list you don't want to be on these are the losers number one Midland Odessa number two Honolulu number three bathroom rage before Scranton and number five, Lafayette Louisiana and the winners a top five markets are number one Pensacola which went up 8.3% Phoenix Arizona went up 7.9% number three Huntsville Alabama went up 7.1% for is Las Vegas 6.4% and number five, Portland, Maine which we went up 6.3% I'm aware of all these markets of Pensacola was kind of a weird one. I got surprised by that one someone told me it had to do with I guess there was like a hurricane there a while back ago and now this is part of the bounce back. Most markets will just kind of get keep pace with inflation, maybe two to 3% a year more of the hot markets will be five to 8%. So these are hot markets here. Amazon's 1.4 million square foot Florida project near Orlando is taken off. But don't be misled by another Amazon fulfillment center. This one's only going to have 500 new full time positions. And when you're looking at a tertiary market, for example, Huntsville, 500 jobs, it's nice right but not that much. Usually a bigger announcement from a major employer might be more like on the 1000 magnitude or higher one the few thousand jobs that's a big news but I think you see a lot of these new sources for real estate they'll say a search an employer, but at the end of the day, you really have to see what kind of what's the numbers how many people are going there. And also what is the multiplier effect for like a Boeing or like a car manufacturing on you have a lot of the ancillary other providers like bait build other pieces of the car the airplane. I don't know how it is with these Amazon fulfillment centers maybe if somebody sells snacks at the 711 or something like that but I don't think you have a big multiplier on on that but I could be wrong realtor.com came out with their 2020 housing forecast and they are take it for what it's worth right a bunch of realtors then again they do like to spend money on a lot of things like probably a lot of number crunchers and data peoples but they're saying mortgage rates by the end of the year will be going up a little bit to 3.8% average median home price will go up almost 1% existing home sales will go down 1.8% and I believe that talking more about volume than pricing and then homeownership rate 64.6% and single family home starts which are new builds will be going up to 6%. And another site but I found from our friends@realtor.com are is that millennials make up over 46% of the mortgage rates. donations up from 43% last year according to realtor.com. So maybe the millennials are finally moving out of mom and dad's basement and getting into the game. It's about time we have some more news on that later. Another news headline says us monthly volume and pricing trends by sector. This is post setup at simple passive cash flow calm slash investor letter, and then you can drill into the February report. From there Howard Hughes spends bottom half a billion dollars in Houston and his portfolio includes the former headquarters of a narco petroleum and chemical Philips plus a warehouse and developable land. A Seattle office report says that in Seattle, there's strong market dynamics continue to support the metros rapid expansion with a saturated tech sector extending and shaping the current real estate landscape. So yeah, Seattle has a lot of tech jobs, the big white collar workforce apparently they Working in offices, right? Go figure that there's a little chart there showing the growth of that more of that office space employment. So here was that us monthly volume and pricing trends by sector. So you have the office, industrial retail and apartment space shown. A lot of you guys are into technical analysis. I don't know if you guys are any good at it. I was never but you have the price growth, which is the line but then you have the volume bars underneath it. And usually when you have a lot of volume and you have movement, then that's a positive signal that you can really look at as a trend. And when you have movement on low volume, that's typically a maybe a false positive trend, a little map here of the largest employer in every state. Some of the more popular ones where our community is mostly based out of Washington is bowling. Oregon is Providence health. California is the University of California. That's a little weird, Nevada. MGM resorts, we don't care too much about those other states. Hawaii is altered industrial and never heard of them. But pretty much everywhere south east of Texas, Oklahoma, Kansas, Iowa, Illinois, Indiana, Ohio, Kentucky, North Carolina. I think that's Virginia. Everything south of there is Walmart or the biggest employer in the state. So a little bit of trivia there. So I was reading some articles on newer trends in apartments and some of this was more on the E Class side. Coffee calls the A plus side I mean, these these are like the 1500 dollar to 20 $500 one bedroom apartments. So they're saying like, what are the new amenities that are going in and all of this has nothing to do with stuff I buy, which is the more workforce housing It is interesting to see what is going in there. So they're saying like the peloton bikes, the ones that had the little computer screen that apparently people are going crazy over recently, they have gyms in the apartments they want the tenants to feel special. I don't know what that means but more like white glove service. I know a lot of people have kind of been taking my advice and selling your primary residence because it doesn't make you any money invest the money instead and a lot of people are really liking the apartment life. You got the pool, you got kids, you don't have to worry about cleaning anything. They like the pool, you got a gym, there's a pool, and it's a lot cheaper to don't believe that nonsense of renting is just throwing money down the drain. I mean, whoever said that's probably stuck at the day job. You don't want to listen to that guy. impact of the next recession on the multifamily market is the next on topic. This came from the US Census Bureau data. So in the green line, it's showing that the vacancy rate, which typically is between six and 11%, obviously after the recession kind of spiked a little bit but over 10% but slowly but surely the past 10 years it's been coming down to almost all time lows for About 7% or so. And homeowner vacancy is usually about 1% to 3%. I pulled a chart of the stock market here. I honestly don't really follow the stock market stresses me out. But from time to time I like to know what's happened just so I can kind of poke fun at people who like trade stocks and options and think they know what they're doing. Yeah, I mean, pretty much at all time highs where we were in year 2000. Here market US market cap divided by GDP is what I'm looking at. So I don't know if you guys have bosses that shop at Macy's but they might be really sad because nearly 30 of the retailers 641 locations wash clothes following a decline in comparable sales through the holiday season. And we've been following this trend the last few months ago and listen to pass investor letters to get was forever 21. I can't think of the other ones but a lot of these storefronts We're kind of going out of business. It's the whole click vs brick battle get it click on your Amazon versus anyway another article that I put up is the retail property taxes is likely to rise and Sapir one announced that it will close up to 450 stores the electronic store Bose A lot of you guys like to wear and be anti social as you go out in public will close the remaining 119 retail stores but it's not all doom and gloom because if you shop at the discount retailer Five Below they will be opening 180 stores actually bought that place was like a frozen yogurt place at one time and then I went in there and I found that otherwise so Ponzi scheme alert $700 million from the income store. Now we did a podcast maybe about a couple months ago about buying websites sort of like how you buy a distressed house you buy distressed website that is suitable for me you make it a little bit better. So the income store I understand that This this model, right is is sort of like a trading you could you could buy and sell websites on there. I don't know exactly what they were doing. But apparently they took everybody's money and this kind of story came out, which is kind of a shame. You know, I'm all for getting these marketplaces open so entrepreneurs can get involved, but it's times like this where like, it makes everybody gun shy where you get one back after that kind of spoil it for everyone. We were talking a little bit about the millennials possibly moving on and finally buying homes. So there was a study that came out by the Deutsche Bank research that the median age of homebuyers is now 47 years old. And that went up from 31 to 47. And there's a little graph there. That shows, you know, way back when in 1980, the median home buyer age was 30 years old, and it's just been going up year after year after year. A lot more since the financial crisis. I mean, I guess people are having kids lot later. Another graph millennial share of the US housing market small and shrinking. So this graph is showing the millennial home ownership, slum share of American real estate home by each generation by medium cohort age. So showing how the baby boomers are they love that homeownership stuff. And then the Generation X folks, they're kind of hitting their Apex it looks like right now and then the millennials are kind of behind some new trends in apartments or in housing in general are bigger showers so you can cold shower, I don't know maybe have two people in there. I don't know what that's all about. But it was interesting. Like we have a more of a nicer apartment more of a B plus asset. And what we're having to do there is removed a lot of the bathtubs because people just don't use it. They'd rather have a more fancy or tiled shower than have a bathtub. They'll pay more for that. So I don't know if they're gonna fit two or more people in there but the showers a little bit more popular more modern these days maybe that has to do with people just being too busy. They just got to go in and out. They can't put rose petals around their bathtub and drink wine around that time. I was just joking there. Some of you guys need to laugh a little bit later in the day here. And then multi generational housing is becoming more popular and Hilton's launching this new brand called temple. So it's supposed to cater towards ambitious modern traveler, whatever that means you'll have iPhones or something like that for strategies for 2020 success in class, the multifamily space I've kind of moved on from classy properties, they're really difficult they never pay I think it's just better to be more in a B class type of asset unless you have a really really severely under market and you're going to do heavy value add like more than five six grand per unit rehab per unit. But this article that there's four strategies that they cited, first one was new markets. So looking markets that people aren't looking in number two was employing tech. And I really understand this whole tech angle. They're saying like, Oh, you have to use Alexa and all you know the little things, all that Amazon stuff, you don't put that in class B and C properties that'll grow legs and you'll you won't find it anymore. But maybe they're talking more about the smart thermostats. It didn't say 10 employees because in these type of areas, your employees are very important the leasing agent you pay them on salary in apartments and then regulations because like all the new rental control laws has been upon all that stuff. Very important recently went to a mastermind and a family office gentleman came in talk to us about a few trends that are happening said that in the year 2025, there'll be more people turning 65 then babies born so that means there's going to be a lot more older people soon but don't go to simple passive cash flow calm slash elf and start to learn how to make your own assisted living facility like A lot of you guys will do that is a huge, huge undertaking and something I tried to do and I just backpedaled and plus the silver wave isn't there yet, like a lot of the baby boomers are finally retiring, it's going to be another decade or two until they really start to use that assisted living facilities. Another big trend that they cited was the race for 5g and I don't know how to pronounce right, like who way but there's this big, big thing versus them, the United States where they don't want to use their technology because they think they're going to steal from us. I don't know if that's true if they really gonna steal from us. But you know, being from America probably isn't good if they win that race. And it's sort of the modern day race to the moon. It's riddled with backdoors. Lane two, don't trust it. Don't trust it. All right. Good thing. We're still getting the G here in Hawaii. So it'll be a while. Another thing that I found interesting from the presentation was, I think in the year 2026, there's going to be more electric cars than gas cars. That's sort of the inflection point. You know, a lot of these guys are family office money. And if you've never heard of these terms private equity family office and venture capital private equity is kind of the syndications people who are a million dollar to $5 million network. We're family offices are more on the scale of 50 to 100 plus million dollars, big money housing market falling short by nearly 4 million homes as demand grows. So this is just more of a general article. That's just reiterating. Look, guys, the country needs housing, and especially housing for folks who don't make $100,000 or more. And we're continuing to build new product, but the pace of population growth is increasing, and it's not keeping up with the pace with demand. And that's why I think why a lot of us fall back to real estate because it's sort of a commodity and you'll always need it. New podcasts and articles that I put together in the month of January 1 was the financial freedom for dentist so I have a lot of dentists in the mastermind program like almost seven or nine of them I realized so I got a bunch of their thoughts together and I remove the identities and zip codes and social security numbers and I put some of the the thoughts there and might be more of a dentist thing but it might also apply if you're a doctor or any other high paid professional to another article I wrote was the private money lending top mistakes I put it at simple passive cash flow calm slash lend mistakes you can also check out the dentist article at simple passive cash flow calm slash dentists we had an accredited investor Come on the podcast and do a coaching call with me appreciate when you guys do that i a lot of you guys really like to watch vicariously you know for high paid professionals is really many different scenarios that I have a lot of these coaching calls in the YouTube channel. I have them in index and a section if you guys want to check out some of the past ones. Yeah, check those out. And see if they help you but just know that not all situations are like and the biggest part of this at the end of the day is deal flow What are you going to do right like you read that Rich Dad Poor Dad book and you're like All right, we're going to take over the world but what are you going to do? You don't know right? He doesn't say anything because that kind of changes all the time. Who do you work with December 2019 they changed some borrowing standards. Some of you guys are still buying those rental properties or turnkey rentals there was some changes and how they calculate think that to income you guys can check out there all these links are again on simple passive cash flow calm slash investor letter number five here habits you guys miss the goals webinar. I believe the webinar was simple passive cash flow, calm 2020 dash launch. Do you guys want to go and watch that webinar again, but I made a little sub article on habits and I had Richard Wilson on podcast 184. He is a family office guy who manages and millionaire families. You guys can check that Went out at simple passive cash flow calm slash family office catching up on that chat box here one person mentioned or they're asking my opinion on the previous retail malls at least metropolitan areas possibly converting to food halls areas for experience halls I'm looking into like commercial commercial centers, these are the more ones with your haircut, place your food place grocery store, because I think you're always going to have to go to those and that's why Amazon had the insight to buy whole foods of brick and mortar at the end of the day. I mean, still the minority of transactions are done online. I think the problem is the more mulish you know, your cube malls not the big boxes like the Best Buy and those type of areas but going to the mall, that experiences going away. And yeah, I think you point out a good thing here like food halls, eateries and experience observe definitely coming online, right? We're like the old 90s retail mall that's obviously kept dying. But now people want more experiences or something family friendly or just a variety of food options. It's kind of like a one stop place. I guess it just kind of reinvents the idea of what going to the mall is. I mean, I saw I was just wasting all the time couple weeks ago during the holidays watching this like these guys went into an abandoned mall and YouTube probably find them on Dandan mall videos but yeah, I mean people want more funding hop golf will have that stuff the whole Have you ever been to Vegas guys like to do that? Well, I know you guys are thinking something else at this point. But like the construction equipment, like you have construction equipment, you just, you know move dirt around that kind of stuff or like escape rooms I like escape31:38from things like drive a tank or31:40you know, various experiences coming unique. The can't get a lot of places, right? I know that they call them D boxing to where they take a big space and they'll chop it up into these little food halls too. That's another term. I'm more of a spectator with this stuff. I kind of see it. I kind of watch it but I think as an investor, I try and stick to Certain things that I know, but eventually I think at some point multifamily apartments will just get so saturated by people who think that they can do it. Because I guess it's kind of true, you can kind of just pick a property manager and you can get lucky. And it's easy. And that's why a lot of people do it. And that's why a lot of the dumb money goes there. So eventually things will correct. And apartments won't be as good cap rates as other things. But I'm going to move into more of what I've been doing other than spelling things wrong, like I normally do. But these are the six needs that Tony Robbins always talks about. So this is how I always break it up. We're meeting growth, trying to get to know my investors better. I probably had about three four calls with investors every day for the past month. I think everybody wants to get on their 2020 goals and book a call, but we haven't had a chance to connect trying to connect with everybody at least once. So go ahead and do that. And then I'm also planning the tour's been high gain and do a luau in Hawaii and you guys can check that out symbol passes. Cash Flow calm slash week three, that's February 714. To 17 way I'm trying to contribute back to others, you know, and those calls, I always try and make it a point to give some kind of referral or critical feedback to anybody because I didn't really have that when I was building my portfolio. And I think a lot of people don't realize like, I'm gonna bought my first rental in 2009. And I bought my next one in 2011, I think or 12. But for like about five years, it was like watching grass grow. And I wish somebody would have told me don't buy 11 rental properties. They're a pain in the butt. I wish somebody would have told me that number three significance. So I've kind of been turned on to this whole family office concept where you kind of work with a smaller number of clients. So I've been kind of focusing on maybe turning into a family office where I work with people who are one to $10 million net worth folks where I'm sort of the consultant I'm in the middle of the wheel, doing the wealth planning, estate planning, wealth management, tax planning, trust and Corporate Services, family, governments. And then you know, what is the meaning behind your existence like a charity philanthropy, you can't just get a tax guy right on your team because the tax guy doesn't talk to the deal guy who doesn't talk to the wealth management guy, right? It's good that you get specialists on your team and you should, but there's a reason why there are specialists, they don't have the big picture away. I'm getting uncertainty. And the reason why I put this there and I read all I'm really like certainty, and I know all we all do, we all like to stay in our comfort zone. But I'm going to try do the first multi day event in Hawaii. I've been trying to plan it this past week, which is getting to be pretty close up to the wire. That's just how I do things, but it's gonna be cool. It's gonna be awesome. It's gonna a lot of fun. I think we got probably about over 30 people coming. So it should be good. How am I getting certainty in my life? So we had a gentleman Microsoft come to our mastermind group to kind of talk about how do you grade different investments and he kind of says great idea of budget 1234 of investment grade versus speculative grade investments, and assuming that the performers are using good assumptions and not just bogus yeah you can kind of break it down what kind of investment philosophy do you have? Are you just want to go balls to the wall and just do a high growth or you just want to do cash flow stuff and should you do that if your net worth is under half a million dollars so you got to take on some risk right if your goals are bigger number six love and connection so I been consciously trying to book four trips a year now they don't have a day job it's hard because I go traveling all the time to check out deals and but I encourage everybody to plan vacations. I know that sounds really silly but most people don't do it because if not you can just be Kobe Bryant and just disappear off the face of the ER was all for nothing. And what some of the resistance or distractions that I've been facing that I'm sure everybody else's the heck it's February right guys, you're one fourth way through the year and you had all these goals, you probably forgot the damn things, you know. Just remember you're gonna be like Janet is March going to be like January other than that no exceptions living a good life things are good some junk is buying your bought this like doorstop it's kind of heavy it's a Boolean to you guys can get the links on the website and I've been like trying to buy a lot of things that are automated. So I have these crazy automation with Alexa and trying to automate everything but I found these super simple you just press the button based on how long you want it to turn on. So the coffee pot I'll just turn it on for an hour so doesn't go on. And I've been reading this book willpower doesn't work by Benjamin Hardy, so heavier ears if you like to read books, but here it is in one minute. As human beings we are terrible at executing we need to give ourselves every single chance that we can get to hit success and a lot of that is building systems around making us successful. So what time you're waking up What do you how do you set the table for your day The next day, I just like reading the book and I would listen to subconsciously and they would mention certain examples and it would like trigger different things for me to change or new systems and put in place I can't really think of any right now. I would recommend it it's a pretty quick read no easter egg for you guys they know happy things. Here's the legal disclaimer And that brings us to the end of the February report. That's it. We'll talk to you guys next time.37:26This website offers very general information concerning real estate for investment purposes every investor situation is unique always seek the services of licensed third party appraisers inspectors to verify the value and condition of any property you intend to purchase. Use the services of professional title and escrow companies and licensed tax investment and or legal advisor before relying on any information contained herein information is not guarantee as in every investment there is risk. The content found here is just my opinion and things change and I reserve the right to change my mind. Above all else, do your own analysis and think for yourself because in the end You're the only person who is going to look out for your best interests.  Hosted on Acast. See acast.com/privacy for more information.

Summary: Short term rentals have become all the rage. However, many investors are on the brink of getting burned. Al Williamson gives his insights on how to position your short-term rentals to meet laws and how to market short-term rentals to create cashflow. simplepassivecashflow.com/journey simplepassivecashflow.com/turnkey simplepassivecashflow.com/syndication al@leadinglandlord.comYoutube link: https://youtu.be/rP81ASTbvMM?sub_confirmation=1Website link: https://simplepassivecashflow.com/str/Start learning about real estate investing - SimplePassiveCashflow.com/startSubscribe to the Top-50 Investing Free Podcast - https://podcasts.apple.com/us/podcast/simple-passive-cashflow/id1118795347_________________________Top SimplePassiveCashflow Posts:This website has been going through daily improvements everyday since 2016. I admit things are a bit all over the place as I learn about these investments and wealth tactics. Events – SimplePassiveCashflow.com/eventsPast Projects - crowdfundaloha.com/past-projects/Simple Passive Cashflow’s Investor Friend Finder!!! –SimplePassiveCashflow.com/friendsMenu of Investing Options – SimplePassiveCashflow.com/menuLaneHack – SimplePassiveCashflow.com/lanehackPassive Investor Accelerator eCourse - SimplePassiveCashflow.com/ecoursePassive Investor Accelerator eCourse & Mastermind - SimplePassiveCashflow.com/journeyCoaching – SimplePassiveCashflow.com/coachingJoin our Private Investor Club – SimplePassiveCashflow.com/clubJoin our Team – SimplePassiveCashflow.com/jointeamOur Mission – SimplePassiveCashflow.com/missionPartner Opportunity – SimplePassiveCashflow.com/partnerProducts I support – SimplePassiveCashflow.com/productsAbout Lane Kawaoka – SimplePassiveCashflow.com/about-meQuarterly Investor Updates – http://simplepassivecashflow.com/investorletterSPC YouTube Channel – https://www.youtube.com/channel/UC3cIIsGKx3osVU5rt2P0HfQReal Estate Book Recommendations – SimplePassiveCashflow.com/booksBackwards Engineering Happiness – SimplePassiveCashflow.com/happyRental Property Analyser – SimplePassiveCashflow.com/analyserVisit Lane in Hawaii – SimplePassiveCashflow.com/retreatStart Here – http://simplepassivecashflow.com/startUltimate Simple Passive Cashflow Guide to…1031 Exchanges – Simplepassivecashflow.com/1031guideNewbies – SimplePassiveCashflow.com/noobInfinite Banking – SimplePassiveCashflow.com/bankingYour Opportunity fund – SimplePassiveCashflow.com/ofundTaxes – SimplePassiveCashflow.com/taxTradelines – Simplepassivecashflow.com/tradelinesTurnkey Rental Guide: simplepassivecashflow.com/turnkeySyndication Guide – simplepassivecashflow.com/syndicationCrowdfunding – SimplePassiveCashflow.com/crowdfundingNetworking – SimplePassiveCashflow.com/peoplePrivate Money Lending – SimplePassiveCashflow.com/lendInvesting in Coffee/Cocoa – SimplePassiveCashflow.com/coffeeInvesting in Non-Preforming Notes – SimplePassiveCashflow.com/ahpRent don’t buy – SimplePassiveCashflow.com/homeInvestor Fallacy: Return of Equity – SimplePassiveCashflow.com/roeHow to Calculate Investment Returns – SimplePassiveCashflow.com/returnsWhy you should break up with your Financial Planner – SimplePassiveCashflow.com/fpQuitting your job – SimplePassiveCashflow.com/quit Hosted on Acast. See acast.com/privacy for more information.

 Summary: Family offices are firms that serve the ultra-high net worth investors such as centimillionaires and billionaires. While many people would be over the moon after receiving a 1 million dollar check after hours of negotiations and meetings, those same individuals from family offices wouldn't even show up for such a low amount. In fact, a similar meeting for a family office would leave them in control of an additional 500 million in equity or more.Richard Wilson gives his insight on how he assists these individuals manage their wealth.https://simplepassivecashflow.com/hui3/https://simplepassivecashflow.com/coaching/https://simplepassivecashflow.com/ohana/ Youtube link: https://youtu.be/Pf1gwL4fqJ0?sub_confirmation=1Website link: SimplePassiveCashflow.com/familyofficeStart learning about real estate investing - SimplePassiveCashflow.com/startSubscribe to the Top-50 Investing Free Podcast - https://podcasts.apple.com/us/podcast/simple-passive-cashflow/id1118795347_________________________Top SimplePassiveCashflow Posts:This website has been going through daily improvements everyday since 2016. I admit things are a bit all over the place as I learn about these investments and wealth tactics.Events – SimplePassiveCashflow.com/eventsPast Projects - crowdfundaloha.com/past-projects/Simple Passive Cashflow’s Investor Friend Finder!!! –SimplePassiveCashflow.com/friendsMenu of Investing Options – SimplePassiveCashflow.com/menuLaneHack – SimplePassiveCashflow.com/lanehackPassive Investor Accelerator eCourse - SimplePassiveCashflow.com/ecoursePassive Investor Accelerator eCourse & Mastermind - SimplePassiveCashflow.com/journeyCoaching – SimplePassiveCashflow.com/coachingJoin our Private Investor Club – SimplePassiveCashflow.com/clubJoin our Team – SimplePassiveCashflow.com/jointeamOur Mission – SimplePassiveCashflow.com/missionPartner Opportunity – SimplePassiveCashflow.com/partnerProducts I support – SimplePassiveCashflow.com/productsAbout Lane Kawaoka – SimplePassiveCashflow.com/about-meQuarterly Investor Updates – http://simplepassivecashflow.com/investorletterSPC YouTube Channel – https://www.youtube.com/channel/UC3cIIsGKx3osVU5rt2P0HfQReal Estate Book Recommendations – SimplePassiveCashflow.com/booksBackwards Engineering Happiness – SimplePassiveCashflow.com/happyRental Property Analyser – SimplePassiveCashflow.com/analyserVisit Lane in Hawaii – SimplePassiveCashflow.com/retreatStart Here – http://simplepassivecashflow.com/startUltimate Simple Passive Cashflow Guide to…1031 Exchanges – Simplepassivecashflow.com/1031guideNewbies – SimplePassiveCashflow.com/noobInfinite Banking – SimplePassiveCashflow.com/bankingYour Opportunity fund – SimplePassiveCashflow.com/ofundTaxes – SimplePassiveCashflow.com/taxTradelines – Simplepassivecashflow.com/tradelinesTurnkey Rental Guide: simplepassivecashflow.com/turnkeySyndication Guide – simplepassivecashflow.com/syndicationCrowdfunding – SimplePassiveCashflow.com/crowdfundingNetworking – SimplePassiveCashflow.com/peoplePrivate Money Lending – SimplePassiveCashflow.com/lendInvesting in Coffee/Cocoa – SimplePassiveCashflow.com/coffeeInvesting in Non-Preforming Notes – SimplePassiveCashflow.com/ahpRent don’t buy – SimplePassiveCashflow.com/homeInvestor Fallacy: Return of Equity – SimplePassiveCashflow.com/roeHow to Calculate Investment Returns – SimplePassiveCashflow.com/returnsWhy you should break up with your Financial Planner – SimplePassiveCashflow.com/fpQuitting your job – SimplePassiveCashflow.com/quitTranscription:0:00Richard Wilson is a guy who works with deca millionaires and you guys haven't heard of the term family office is the term for families that have gotten well beyond that four and a half million dollar mark. They're more in the 5100 $200 million range. So think of it like Bruce Wayne in the Batman he had Alfred Alfred did a little bit more than your average family office in terms of keeping them out of trouble when they came up and all these gadgets but essentially, you get what a family office does. They're a consultant that is brought on board basically the kids don't mess it up and the family wealth keeps moving on. I'm trying to sort of do the same thing here in Hawaii and across my simple passive cash flow nation you guys want to check out my family office offering go to simple passive cash flow calm slash coaching, or go to Rei aloha comm slash ohana to read about my services where I can help out your higher net worth family definitely probably on applies to accredited investors there but accredited investors and above do things very different than your average half a million dollar net worth below you know the infinite banking is just a start but you know now you're starting to talk about oversee trusts and tricky things like that that are I'd probably say unfair. So if you want to learn more about that you can email Lane at simple passive cash flow and here's the show.1:22What's up simple passive cash flow listeners once1:24in nounce, the first multi day we mastermind in Hawaii will be holding it on1:31my island of Oahu,1:33Honolulu is on President's Day 2020 and that's February 14 and 17. And a reminder, Valentine's Day is the 14th. But we'll keep that evening for you. families and couples want to come on down for that we're actually encouraging spouses and families that come down because that's part of the whole experience, getting to know other families and getting to know other committee members. gonna be a big part of this. So what to expect structured networking and masterminding with existing CWI investors and other affluent investors, we're going to create the time and the environment to build real relationships that you can take forward forever. And for you, a students out there will do even be doing a full day of networking and mastermind and education. So once again, bring your families we're going to have optional excursions such as a luau, happy hours, dinners and some other activities to be able to have fun in the sun. And, you know, space is extremely limited because my vision is to kind of create this as a more intimate environment where we're all one big little ohana here. So come in and combined business and pleasure in a little tax write off hopefully you can get that right off in before the 2019 ends. Those signing up now we'll be able to get your free one on one strategy session that if you want to stick around till Tuesday, we can knock that out or if you're leaving early we can try and get that done throughout the weekend but hope to see you out in Hawaii go to simple passive cash3:15flow calm slash week three and we'll see you guys here how's it3:22going Richard? Thanks for coming on. Good Yeah, thanks for having me here lane.3:25Yeah, so give us a little background you know how you got started and advising these sensimilla in their family Sure,3:31Dad no at the start it was educated myself. I started writing online when I was learning while meeting with them realize many of them are not meeting with each other too often. That got me on the front page of the Boston Globe many different media mentions which got me speaking invites so I ended up speaking a couple hundred times in 14 countries got a book deal with Wiley bought family offices calm to start sharing that leadership and then the additional books written and all the hundred and 14 conferences with hosted now just kind of built on top of that progress. I mean, less The industry has expanded greatly since I got started 12 years ago. So I got a little fortunate being in the right spot at the right time, you know, thought leadership and just providing value as I'm learning has been the main way that things have grown. Yes, it's just so people4:12kind of left at the bus stop there. What is a family office? What are we talking about? Sure,4:17yeah, it's basically a solution for those who have a lot more money than the average person who are much more wealthy. And the way I like to explain is that if you're only worth $100,000, and you make a mistake, that's equal to 5% of your net worth, that's just $5,000 mistake, maybe you could have hired a consultant to help you avoid that and spend, they could spend a couple hours helping you prevent making that mistake again. But if you're worth 100 million dollars, or even just $10 million, and you make a 5% mistake, it's much more painful. And you could have a part time person, a secretary, an investment analyst, an attorney or project manager that would just help you avoid making those mistakes. And so as families become more wealthy, they're gonna be more likely to make mistakes because they're very busy. everybody's asking for their checkbook, their time, to get On their calendar, etc, they've got many different business entities, different investments going on deals going down all the time, they might be overseeing a 400, person, team, etc. So they're more likely to make mistakes and every mistake could cost them $500,000 here, 200,000 there, etc. So a family office solution gets you family office quality solution providers, it gives you less chaos, less stress, better deal flow, and it allows you to really be more effective at what probably created your wealth in the first place, which is typically not coordinating with your CPA or insurance advisor and filling out paperwork for 50 different LLCs and overseeing all that.5:35So it's a lot more than your basic financial planner gets Commission's off something. It's more of a holistic advisor right away.5:43Yeah, for sure. In fact, many times like one client where onboarding now is worth around 300 million, and we'll probably be doing six to eight months of heavy estate planning, organizational accounting, legal structure work before we even focus on the investments very much will try to slow him down on Making allocations until we develop a direct investment program with him. And I think it's not all about the investing. In fact, the best investment many of the ultra wealthy can make is in getting great tax and estate planning in place, because almost nothing else is going to provide a multiplied return in the same year where you're really just saving so much more than you're spending on that advice being employed. That's usually one of the first items to look at.6:22So based on clients coming to you guys, are you seeing that they are continually growing wealth? Or is their wealth accelerating in that respect? Or is it sort of decaying? And you definitely see it sputtering out with the next generation with where kind of the spreads that you see.6:38Yeah, I mean, there's a lot of statistics about families losing their wealth over two or three generations. But you know, it just depends on what the family's goals are. Some families have goals of giving away a lot of their wealth during their life. other families have a real goal of passing along entrepreneurial traits to the next generation. Others say Well, next generation decides what they want to do with their life. We're going to have enough so they have education and they can buy their first home. Maybe for a medical emergency, there's some access to capital, but they don't want the generation to have control the capital. So it really depends on the family. But if you're an entrepreneur listening to this, and you want to, you know, make sure you're passing on those traits of hard work ethic and being resourceful, etc, then having something like a family bank that has it's an informal bank, but with formal rules about how maybe the next generation only gets money for school, first house medical emergency, or a business idea that gets approved by the older generation and the family and then that way, they could buy the chain of three jompa juices or they could buy the chain of 10 carwashes or start that business. They want to start on Amazon etc. But it has to be approved by the family and then you get the money for the business and profits off the business you're able to keep but you're not just given a check to go buy Ferrari isn't a condo in Monaco or Hawaii.7:49Right. I think it's something that as I build my podcasts over the last few years, I'm kind of more getting into the more the advising side and definitely helping people get from zero To a million dollars network that seems to be my sort of claim to fame and that individual, they start working through their 20s and 30s. They're hustling and they have some kids and they get to about the 50s and 60s, what are some of the planning essentials for someone that have hit that pedestal? $3.5 million shelf as total network? Is it enough to start to bring in a family office? Or what are the best options for that? Somebody?8:22Yeah, it's interesting. It's good question. I mean, you can definitely take some lessons from the family office world, most multi family offices, the ones who take on 1020 or 50, clients, etc, will want you to have at least seven to 8 million net worth before they're going to take you on as a client. But if your net worth is growing by a million dollars a year you can probably convince them to take you on because I know that you're going to be a long term valuable client the serve but some lessons you could take. I think the most important one is to separate your thinking in your wealth management and you're investing into three compartments and it helps you focus your energy where you can maximize your return. So traditional wealth management is all about defense that stocks and bonds and commodities and fund managers and every is to find things that are uncorrelated. And that's what the whole wealth management industry talks about. But that's just one of the three compartments. And so typically, unless you created your wealth and and space, you shouldn't be managing that yourself doing a whole bunch of research and thinking you're going to buy Amazon at the perfect time or buy Tesla the best time or short this or that unless that's your background, you just love that stuff. And that's your whole life, I would just find the best in class provider and a wealth advisor. they'll manage that first compartment, which is your defensive compartment of your wealth. And the goal there is not to grow your wealth is to make it so that it doesn't get lost in great amounts and economy goes down and then it slowly kind of just tracks the market on the way up, hopefully, but no one gives money to a wealth advisor, typically nobody and they're worth 2 million and now because of that Wealth Advisors, great work on diversification. Now they're worth 20 million and none of my clients got wealthy because they had a good wealth advisor. So I think that's important to keep in mind. That's the first compartment is a defensive wealth management and that should be a certain percentage of your portfolio depending on who you are. The second compartment is cash flowing commercial real estate. Which is area you know very well and I always encourage clients to look at things are already cash flowing that are not too much developments unless for some reason they really like that slant or have an angle on that and is in an area they understand. And usually in this area, they're finding an independent sponsor or a fund manager, or they're using a property manager for property they buy directly. So they're kind of at arm's length. And most of them don't like to go into the funds. They don't know what property they're getting like to choose the properties one off and work with independent sponsors and that way, but it's a good medium because they're not saying Okay, Mr. banker manage my defensive portfolio, they're saying, okay, sponsor show me four deals a year and I'm going to say yes to one or two of them, and they're keeping some control of where an investment goes, it could be in one suburb of Indianapolis versus another one or one part of Honolulu versus another part of their more high conviction on that's not overheated or it's going to grow more. So that's the second compartment and usually focusing on two to three types of commercial real estate for it most is a good idea and not going too broad. And then the third compartment is direct investments in Operating businesses, which should probably be in the area where you created your wealth, if it's manufacturing autoparts should probably narrow your focus just investing in that area or in some area that you really for the next 1025 years you want to be investing in to be an expert in like stem cells or cannabis or something where you're just going to go all in on that read everything about it only look at deals there and be a real master of investing in that niche. And those are the three compartments that if you break down your decision making then you can see whereas it makes sense for me to have complete control, partial control and who can I trust to help guide me on each of those three areas?11:33And you know, kind of piggybacking on that last category there something I'm kind of learning after making this whole podcast simple, passive cash flow, I thought the secret to life is just passive cash flow me You can passive cash flow your way from zero to a million, but you're not going to passive cash flow your way from a million to 4 million, there's going to be up to some kind of thing that you enjoy or some special skill that you're gonna have to create a business in some industry that Richards kind of talking about in that third category,11:59right? Yeah, I think it I think otherwise could take a long time. I think that the trick is that all the ultra wealthy clients ICER to get up to really the 30 $50 million level if someone has an ambition to really jump there Well the truth is that I don't know anyone who's done that by placing a lot of passive bets you can get sometimes better returns with hard assets behind it by going into commercial real estate sometimes that is possible for sure. But if you are not focusing your creation of value into the world into something very specific, they can really magnify your returns your equity stake in it, then it can be hard to get to that ultra wealthy level. But you know, some people are very risk adverse some people have needs for high incomes. Obviously, there is no recommendation for all investors out there should take a lot of risk in a very specific area for sure that's not good advice. But if if someone is coming to you lane and saying like how do I grow my wealth more rapidly, I would say to think in those three compartments and think where it makes sense to apply the most of their control and then find the best in class for the other areas. So every hour you're spending on a project, it's an area where you have an advantage over everybody else in the marketplace or you have a unique focus. So you're making progress over competitors or over the market with every day of energy you invest. I think13:11people generally intuitively understand that. But now they're like, well, I gotta get in general partnership. And so these deals, how do I do that? I'm like, dude, you gotta find the deal. You gotta run it, or she could have you had to add some value, right? People just don't get that. I think some of these, right?13:26Yeah, yeah. Now that's true. I've heard that similar conversation. I mean, I think otherwise, you have to be putting up 50% of the deal or you know, some big amount of the LP base, yeah, systematically or something. Just click and delete the contact.13:42Other than the 27 weeks of curated content for the passive investor, the new mastermind will offer bi weekly power calls with the following format. first week of every month, we will dial in on being a direct investor for simple passive cash flow 1.0 I call it which is getting your first rental Nicole shading sourcing operation etc. second week of every month, we will discuss holistic wealth building topics or what I call simple passive cash flow two point O plus, which is holistic Wealth Management syndications private placements, tax legal lifestyle design, etc.14:19Get a sense of this forum by14:20checking out the guide the taxes video at simple passive cash flow calm backslash tax, I'll be honest, some things I can't see the general public because it's too personal. And it's not to say bad things about others. Unless you're in the mastermind. One rule we have is what happens in the mastermind stays in the mastermind. To get in go to simple passive cash flow calm, backslash journey. Don't be left out and join the day. If you've been waiting on the sidelines. This is your moment and not to be taken by an institutionalized education program. about this idea of like integration, right synergies, profession and interest. What are some things that you've kind of tied people together? Like, Hey, have you tried this idea of this type of business?15:03Yeah, yeah, I'm glad you brought that up usually in the podcast with that, because nobody ever asked me about it. And they asked me if I have any last things I want to add. And it's that idea of integrity or integration. And I think it's very important for someone who is investing because if your background is a computer programmer or an engineer, then you could add value potentially in that area and look for companies in that space. So a good example is an investor friend that lives here. I live on the island of Key Biscayne, one of my neighbors made his money in debt investing or reading a debt platform for consumers. And he wanted to start investing in multifamily properties. And I said, Well, one way to look at it is how can you invest in the debt side of the multifamily space, that's where your expertise is, you might come in as a normal LP investor on some deals, but if a sponsor ever wants to structure it as a debt note, or if you can find real estate investment structured as debt notes or come up with a creative structure, it might be a way for you to help people get deals closed and you get an X percent return with the collateral of an apartment building. behind that, that's an example of playing a unique game in the marketplace. I've got another friend who helps sponsors by waiting until they close the deal. Maybe the sponsor put up 10%. And then three to six months after closing, they will go to the sponsor and say, Hey, I know you're looking to do your next deal, I'll buy out 8% of the 10% that you just put down on your last deal. Now you've got eight out of the 10% that you need on your next one, but they get to then see three to six months of operating history, are the rents coming in as planned, the person that sell you the property lie about the condition of the units, you know, did everything settle fine at closing and etc? Or are there problems that are coming up, etc, and allows them to get superior due diligence done because of that unique model they have? And I think it's just important to look at yourself what others are doing and try to create a unique game for yourself as an investor. You know, if you're just using someone else's template that's not unique to your DNA and your background, then I think that you're not going to excel like your background, for example is in engineering, right, link. That's right,16:57but I don't like to do with operations and stuff like that. Right, right17:01but have you might have a unique attention to detail on the due diligence approach and setting up this podcast. I've never seen someone more organized and doing so it's like the links and stuff you had in there and made it very easy to work together on getting this podcast done. And so those unique aspects of who you are could allow you to find the things and due diligence that others Miss might allow you to walk through a property or look at construction or cost of things have a much better estimate and intelligent assessment and the average real estate investor or because of your unique background, maybe you're able to identify a group of engineering company owners or an insider industry group where the cost of join is very high. So the only people who are joining are very successful making 300 500,000 a year or they run a big team of engineering services or an engineering company and because of that, you're just naturally meeting investors left and right who appreciate that special skill set that you bring to your deals.17:55I think I'll add that you're not going to find this at the W two day job. You've got to kind of take that leap of faith, kind of like how I did. And I haven't really found that what I'm personally want to do with my time. But the same here it is a passive cash flow simple part, what you do after is it's really the hard thing.18:10Right? Right. Well, hopefully it's combination of something that uses your DNA background where you can make a lot of money and what you're really passionate about. And hopefully those combinations can be something very unique in the marketplace. So with your geographical focus, you only have one or two competitors, or no competitors. And I think that you can use those screens to narrow it down. I found that you know, you did, a lot of energy goes into creating a podcast like this, but I found that most people won't ever start a podcast, I won't ever write a book, it will never go to public talks. And much of the time is because they're not sure on what they want to stand for what they want to get done. And if you're unsure about something, then it feels risky to invest your energy into it. But if you can make a decision based on those three areas, and you know, it's a unique game that you're playing, then you can invest far more energy into it than others are investing in their projects. And then the marketplace will recognize you because of your certainty. You're able to I run circles around a competition with what you're putting out what you're getting done and just the amount of energy that you're infusing into your projects19:06right so they will switch gears a little bit the person listen to the podcast, they get it, they're they're kind of actively building portfolio that may or may not be taking that next step to building their business but at some point, the guys are listening to this podcast get it and they're going to be a net worth of a million to $5 million in the next decade or two. You know it's scary right? Because you've created all this wealth you can give it to your kid he's just gonna may likely be a trust fund kid you know, I went to private school so I know how it works right? I see all these right the girl up and how kind of new components they become prices. How do you what is the best mindset for that kind of parent who means well and wants to pass off? Well, the right way has some skills and traits.19:48Sure, I mean, as much as you can, I think encouraging them starting their own business when they're in grade school or high school like I had started five businesses before I got out of high school and I had a business in college. I got out of college started in Another business. So I think encouraging that, you know, we have our daughters to lemonade stands, and they're only two, four and six years old, but they do lemonade stands maybe twice a month and they'll think they made $56 last time and our goal this time is to make $100. And you know, that is their allowance and they make them count the money they will cash register. One of them is the salesperson one of them's the money handler one of them's pouring a lemonade and you know, just infusing that into the family DNA. So they're excited about it. And they they get that like, we bought the lemonade for $10. That's how much the supplies cost. And then we brought in $56. So we made $46. So that's the profits from doing that. It's something as simple as that. And my father took me to business meetings growing up when he was running his business. And I think that helped me He also read ink magazine a lot growing up. So I always reading about these great stories of people's high growth companies. And that got my brain early on. And I talked to my girls a lot about what I'm doing in the business and what's going on, even if they don't seem to be listening sometimes. And I think that kind of rubs off on the kids. getting them involved early, putting them in charge of something, maybe buying them a small business or getting them to run something and letting them fail if they need to fail to learn. So do you think that not all kids have that entrepreneurial bug? Or are all people in general, do high net worth families? They sort of trying to infuse that small business mindset. But are they okay with them becoming a dentist or doctor or some more traditional academic, I mean, only a percentage even want their kids to be entrepreneurial? For sure. I found that a percentage are okay with whatever path they want to take. And it don't even have a preference for them to be an entrepreneur, even though they were21:36entrepreneurs themselves.21:38Yeah, many of them are open to them doing whatever path makes them happy. And then no matter what their intention, many of them fail to direct the kids where they want them to. Just like with my girls, I have no idea. God forbid something. They make horrible decisions. I hope not but they could be anything when they grow up. I'm not sure obviously, they're so young, but it's a big challenge for many families just because they have a lot of money and even if they have been highly intentional about where they want to Right there kids, you can't control all the different variables and they've got a mind of their own. So I think that is a big challenge for many families and communicating with the monies for and expectations around who's going to get what money and why very difficult and the tears a lot of families apart. So I think it's something that's good to be talking about as kids grow up and manage those expectations and manage what are the family values? What are the goals, you know, what are the expectations that people don't think they're going to be inheriting $10 million, so they just drink at their frat for seven years at college and don't worry about their own career versus really encouraging them to go out and get their own career I think also as possible having it be so that the kid has money for school food, etc, but not a lot of money to go on crazy trips and have a Mercedes on their 16th birthday and etc. You know, and may if they want money, then they need to go earn the money. It's not free. You have to go create value in the world.22:54I mean, you guys help the family on the money side but raising productive adults that's up to them then yeah, we22:59know couples, therapist types that can work through family issues if there's a big problem going on within the family. And we can help put in into place governance policies and rules and ethical policy for the family office and help them avoid some major pitfalls. But some families don't have it as a high priority, or it's so messed up already, when they come to us that they really need the help of a therapist to address the one son who's a drug addict or something of that nature.23:26All right, so what would you suggest for somebody who has aging parents that has a pretty decent sized estate yet? They just saved their way to getting that? What would be the suggestion there to take over that estate? Right?23:39Well, I think as early as possible, it's good to meet with an estate attorney, a tax attorney and start structuring things. There are things you can do annually that if you just wait until they're on their deathbed, you'll have missed out on a lot of opportunities to structure things right and you will end up giving up more to the IRS and you'll pay more taxes than you needed to if you wait Tell somebody who's terminally ill I mean, if somebody is 60 already or 6570 any wait too long, then by the time decisions start to be made, there can be questions within the family if the person was mentally coherent enough, or whether there should have been a power of attorney enacting chaos, fighting within the family, maybe the uncle or the cousin or another sibling thinks that because maybe you're local, and like, I don't know you well enough later to know if you have a sister or brother or 10 of them. But let's just give an example of if it was your parents, and let's say you had a sibling in San Diego, but your parents were local to you there in Hawaii. And let's say you are local, and then you help your parents work through these decisions. And somehow, even though you think it's totally fair and equal, and that was the whole intent, you think that was the whole settling of the issue. If the sister thinks because you're local, you got a better shake out of it because you got to keep the house or you got to do something extra with the assets and you benefit more than she does. She might be very upset about such a thing. I've seen it happen many times with families At the same time, the brother can feel like hey, I help the parents, instead of going into the senior living. I helped them manage their care for seven years because they didn't want to go into senior living. I helped meet with the attorneys 22 times. I didn't take compensation for any of that. So yeah, I'm living in the house because I was taking care of them in the house, you know, so you can see how easily this stuff can turn into like nobody talking to each other for 20 years. You know, so that's the sad part about it. Yeah, to be really careful about it and kind of predict and just like over communicate when these types of things are going to be inevitably happening. Right. The one of the biggest things I see that screw people up the parents, they're very sentimental about this physical house. It's just always easier if you just would liquidate everything and just do a simple math exercise and divided by the amount of people and right or rent it out and then split it equally by the amount of people. Many times properties haven't been refinanced and ages could be refinanced, a little distribution and then a rental drip but it totally depends on the family obviously, and what their needs are and their ages, etc. Right. It's just the insight I think a lot of people just sort of blindly being blind is the tough part in between this one the 10 $5 million zone, it's not quite enough to get somebody on board and like a family office level. But yeah, it's true. I would, you know, that you bring up a really good point is that until you're at the eight or 10 million level, it's hard to get family office quality solution providers, but because I've seen so many families get such an ROI out of their estate planning tax advice area is one area where you shouldn't look at it as a cost. It really should be seen as an investment in interviewing the five to seven trust in the state planners, tax advisors, maybe someone who can do both things within one team and get to know them over one or two meetings or interviews and get the best one that you can get as the best one is used to dealing with deca millionaires, even if you are at 5 million is going to know the more advanced planning that could be an option where if you go to the guy who seems really nice and is really local to you, but his average client is one minute Net Worth and you're at five, he might miss some major things that could have saved save you a lot on taxes and would have paid the bill five times over. So it's not smart to choose an advisor in that area based on the cost. It's really an investment, right? You wouldn't buy an apartment building because it costs 1 million versus the other one costs 2 million like, oh, let's get the cheaper one. It's better to always go cheap. You know, it's about the ROI.27:23What What is the typical compensation structure for a $10 million family office or 100 million dollar family office?27:30Yeah, so usually, usually it's percentage and usually be anywhere from 30 to 50 basis points on the low end up to 1% of assets under management. But for estate planners are usually charging a hourly fee, but then they'll usually have sort of a base retainer and the hourly fees can be 300 $800 an hour and then associates on their team will be lower. That's definitely not inexpensive. But there's some wealth management firms out there that have performance fee based arrangements so they're not charging you Failure is charging a performance fee on how your portfolio does while working with them. And that's kind of a newer trend. And are these28:05guys do they also pick up some compensation via selling certain securities? Or is that no goal28:12it could be if it's disclosed, it's always about being transparent, disclosing everything disclosing conflicts of interest or even potential conflicts of interest and just kind of over communicating that with clients and but most Wealth Advisors just have their wealth advisory firm although probably about 10% of the marketplace. I have a real expertise in an area like stem cells or self storage or something and then that might be a reason why clients want to work with them. They were really strong on this everything else we do traditional wealth management, everything else we we find the best in class, but here's why we're best in class in self storage, etc.28:47So typical clients, they'll pay by the hour, let's just say then they'll come in how often for28:52tune ups and oil changes. I mean, estate planners in tax attorneys will typically charge by the hour but they might have a base rate teeners, they might charge you 1500 a month or 5000 a month, and then have a per hour charge as well. And that retainer gets you a certain number of hours. For the wealth management firm, or a multi family office type solution, it's going to be more about, hey, we're going to charge say, 70 basis points on your 7 million and assets that we're going to be managing. And then as that grows, you might get a break in fee once you hit 10 million and assets being managed, etc.29:26That's typically much call Richard whenever you want.29:30I mean, I'm glad you said that, because here's what happens a lot of the time is that the dynamic needs that you might have could be related to direct investments you want to do, right? So the calling for extra advice on investment decisions that usually occurs because somebody offered you an investment in a multifamily property or an operating business or some new investment opportunity came up and you brought up a sore point for the whole wealth management industry is they're pretty good at diversifying your assets, fund managers quality stuff. stocks bonds. And there's 40,000 people that can do that probably in Hawaii alone on some base level, but many multifamily offices and wealth management firms fail to advise that all on cash flow in commercial real estate, hard assets, direct investments and operating businesses is a huge blind spot for the industry. To the extent where with our advisory solution is simply the millionaire advisors, we are only helping with the direct investment portion, if somebody wants to full balance sheets solution and the defensive Wealth Management portion. We have a $6 billion family office partner and we can do that together in conjunction with them, but we're just providing the piece that we feel like everyone else is not providing to these families. And that's the type of stuff that requires more intra month of conversations back and forth. So it's not just plug and play like I'll take your 7 million will diversify it across, you know, one of our normal portfolio breakdowns based on your investment policy statement and you know, we're good and we'll adjust to each quarter and tell you how we're doing that's more of a efficient thing that you can scale that people like yourself, people that wants to get the Five 710 million they want to do direct investments I found very commonly, from based on what you see guy listen to the31:05podcasts, they're about $5 million net worth, they're getting up to retirement ages and you know, definitely a lot of this stuff passing down the baton, and then they just don't know where to start. I mean, how many hours do you think someone like an advisor would be able to get them up to speed and something that they would be looking for?31:23Right, right. I think that it can be pretty intensive work. depending on the complexity of the client, they might need to do four to five half day meetings to make sense and come up with a game plan of what needs to be done. And then based on the complexity of that game plan, you'll need to engage one or two other solution providers, you might need a higher quality CPA might need a great estate planner or a tax attorney. And then the carrying out of the actual investment management plan could take four to nine months or even a year to get things allocated in the right areas. When it comes to direct investments. It's not a good thing to get allocated all at once you know, some are it fluctuates, you want to be at different entry points, you want to make sure you're investing in the best deals possible, not just rushing in and allocating all $7 million to what's in front of you right now, you always want to have some liquid for a great opportunity. And the real estate markets been going up so long, a lot of families want to stay, you know, 1020 25%, fully liquid. So when the market goes down, they can be fully allocated and not before that point. Right. So the reason we brought Richard on32:26the podcast is just to tell you guys a little bit about the sort of industry as you're building your network, so you don't get stuck at the all these deals, but I don't know what to do with it after. So do you think we miss Richard though, kind of help the folks as a journey through the one and then the three and then the $5 million net worth levels?32:45Yeah, I think that just bringing it back to plan a unique game, making sure everything is integrated and aligned and what you're spending your time on, who you're working with, where you're based, where your investments are, what industry they're in, and then making sure you're playing the long term game over. lot of families position their portfolio. So inevitably, whether it's 1015 or 20 years, they have a great wealth accumulation. So just setting things up. So you're doing well long term because it's not like the stock market and what's happening with Tesla stock. It's not like you're managing Tesla. And after I do quarterly earnings reporting, most people listening to this have a 1020 year time horizon for retiring for, you know, building up to that $10 million goal, which I know a lot of people at one to five, eventually their goals be worth 10 million. So I think that making sure you're playing a game, that long term is very sound and your high conviction on will make you more energized to take action on it and and really put energy into making that game work.33:41All right. Well, thanks for coming on and talking to us poor people a little bit. We'll get there eventually. Yeah, Google, Richard Wilson found me offices. He's all over there. So that'd be the way to get ahold of him.33:53Great. Yeah, thanks for having hairlines appreciate it. All right. Thanks. Take care.34:01This website offers very general information concerning real estate for investment purposes every investor situation is unique. Always seek the services of licensed third party appraisers and inspectors to verify the valuing condition of any property you intend to purchase. Use the services of professional title and escrow companies and license tax investment and our legal advisor before relying on any information contained herein information is not guaranteed as an every investment there is risk. The content found here is just my opinion and things change and I reserve the right to change my mind. Above all else, do your own analysis and think for yourself because in the end, you're the only person who is going to look out for your best34:37interests.  Hosted on Acast. See acast.com/privacy for more information.

Summary: Make S.M.A.R.T. Goals and tell your positive peer group your goals and have them give you feedback if your idea is S.M.A.R.T. Learn how you respond to rules/habits are you an upholder, questioner, rebel, or an obliger? https://simplepassivecashflow.com/2020-launch https://simplepassivecashflow.com/club/ https://simplepassivecashflow.com/goals/ https://simplepassivecashflow.com/hui3/ https://simplepassivecashflow.com/investorletter/Youtube link: https://youtu.be/l5CU288iUWkWebsite link: https://simplepassivecashflow.com/2020-launch/Start learning about real estate investing - SimplePassiveCashflow.com/startSubscribe to the Top-50 Investing Free Podcast - https://podcasts.apple.com/us/podcast/simple-passive-cashflow/id1118795347_________________________Top SimplePassiveCashflow Posts:This website has been going through daily improvements everyday since 2016. I admit things are a bit all over the place as I learn about these investments and wealth tactics. Events – SimplePassiveCashflow.com/eventsPast Projects - crowdfundaloha.com/past-projects/Simple Passive Cashflow’s Investor Friend Finder!!! –SimplePassiveCashflow.com/friendsMenu of Investing Options – SimplePassiveCashflow.com/menuLaneHack – SimplePassiveCashflow.com/lanehackPassive Investor Accelerator eCourse - SimplePassiveCashflow.com/ecoursePassive Investor Accelerator eCourse & Mastermind - SimplePassiveCashflow.com/journeyCoaching – SimplePassiveCashflow.com/coachingJoin our Private Investor Club – SimplePassiveCashflow.com/clubJoin our Team – SimplePassiveCashflow.com/jointeamOur Mission – SimplePassiveCashflow.com/missionPartner Opportunity – SimplePassiveCashflow.com/partnerProducts I support – SimplePassiveCashflow.com/productsAbout Lane Kawaoka – SimplePassiveCashflow.com/about-meQuarterly Investor Updates – http://simplepassivecashflow.com/investorletterSPC YouTube Channel – https://www.youtube.com/channel/UC3cIIsGKx3osVU5rt2P0HfQReal Estate Book Recommendations – SimplePassiveCashflow.com/booksBackwards Engineering Happiness – SimplePassiveCashflow.com/happyRental Property Analyser – SimplePassiveCashflow.com/analyserVisit Lane in Hawaii – SimplePassiveCashflow.com/retreatStart Here – http://simplepassivecashflow.com/startUltimate Simple Passive Cashflow Guide to…1031 Exchanges – Simplepassivecashflow.com/1031guideNewbies – SimplePassiveCashflow.com/noobInfinite Banking – SimplePassiveCashflow.com/bankingYour Opportunity fund – SimplePassiveCashflow.com/ofundTaxes – SimplePassiveCashflow.com/taxTradelines – Simplepassivecashflow.com/tradelinesTurnkey Rental Guide: simplepassivecashflow.com/turnkeySyndication Guide – simplepassivecashflow.com/syndicationCrowdfunding – SimplePassiveCashflow.com/crowdfundingNetworking – SimplePassiveCashflow.com/peoplePrivate Money Lending – SimplePassiveCashflow.com/lendInvesting in Coffee/Cocoa – SimplePassiveCashflow.com/coffeeInvesting in Non-Preforming Notes – SimplePassiveCashflow.com/ahpRent don’t buy – SimplePassiveCashflow.com/homeInvestor Fallacy: Return of Equity – SimplePassiveCashflow.com/roeHow to Calculate Investment Returns – SimplePassiveCashflow.com/returnsWhy you should break up with your Financial Planner – SimplePassiveCashflow.com/fpQuitting your job – SimplePassiveCashflow.com/quitTranscription: 1:04  Aloha, welcome to the year 2020.1:06  On today's edition, you guys are going to be listening in on a recent goals webinar that unless you're not part of the cuido pipeline club, you don't get emails like this for invites out to these special virtual meetings that I have from time to time. I've been doing this goals meeting for the past few years. And this is the 2020 version of it. If you guys are struggling to find a CPA or if your current one looks at you cross eyed when you tell them you're trying to save taxes and they see something lame, like invest in your 401k or Roth IRA, you probably need a new CPA and you guys need a referral, shoot me an email glanceable passive cash flow. Let me know what you're working with. That way I don't send you to the wrong one. Again, you guys can check this out on the YouTube channel, simple passive cash flows YouTube channel, and we're taking a little drawing in the YouTube channel where you guys subscribe, and once a quarter we'll try to pick a winner from there and we'll give them a prize What's up simple passive cash flow listeners wanted to announce the first multi day we mastermind in Hawaii will be holding it on my island of Oahu, Honolulu is on President's Day 2020. And that's February 14 to the 17th. And a2:22  reminder, Valentine's Day is the 14th.2:25  But we'll keep that evening for you. families and couples want to come on down for that we're actually encouraging spouses and families to come down. Because that's part of the whole experience. Getting to know other families and getting to know other committee members is gonna be a big part of this. So what to expect structured networking and masterminding with existing CWI investors and other affluent investors. We're going to create the time in the environment to build real relationships that you can take forward forever For you, a students out there will do even be doing a full day of networking and mastermind and education. So once again, bring your families we're going to have optional excursions such as a luau, happy hours dinners and some other activities to be able to have fun in the sun. And, you know, space is extremely limited because my vision is to kind of create this as a more intimate environment where we're all one big little ohana here. So come in and combine business and pleasure in a little tax write off hopefully you can get that right off in before the 2019 ends. Those signing up now we'll be able to get a free one on one strategy session that if you want to stick around till Tuesday, you can knock that out or if you're leaving early, we can try and get that done throughout the weekend. But Hope to see you out in Hawaii go to simple passive cash flow calm slash, we re We'll see you guys here.4:09  Alright, so this is the 2020 launch for goals. If you guys go to simple passive cash flow calm slash 2020 dash launch, you'll get access to the cheat sheet here on the top are the important links that you want to get your hands on. So the first one is an edible worksheet to follow along link. So what this is, is I'm going to guide you through some questions to go through and this is just make it easier. And I was hoping to create some kind of environment where people will take over what other people are doing and they get some good ideas. And then the other downloadable here is the little cheat sheet for how to creating an action board for yourself. But if you're a visual person, and it does show that you put up pictures of what you want to achieve, you see it from time to time it just kind of reminded of your goals. I'm not a big fan of the whole law of attraction partly because if the law of attraction True the opposite should be true so if you think of something really bad and and then happened to so you guys can follow along here get the slide deck here so I asked this question in the we Facebook club and a couple other groups that I have online and if you guys aren't in this group go to simple passive cash flow calm slash club and then join the club there and you guys should get access to the private Facebook group. But the question I asked was either these three things what is getting in your way of achieving your goals because all your failure of not achieving what you want is contributed to attention focus or time or not having enough energy so I kind of pulls it out there and although informal poll and the big ones that came up a lot, I think was time and then second attention and focus energy didn't seem to be a big thing for me personally, I think after quitting my job I got all the all time in the world. That's why I didn't check that box with Alan For me it was just attention and focus. So if it is attention Focus then let's actually set the attention and focus right now. If not, we're just doing whatever throughout the whole year. So here's some things I'm going to ask you guys to get out of your comfort zone a little bit, we're going to use lies the breakout rooms in this. And we're going to ask you guys to get a pen and paper out or your mobile device and write some notes down. And just to kick things off here some things that I kind of get done in 2018, I was trying to get some assistance. So I have to work 12 hour days, seven days a week, and currently that's in progress right now try to get a new book done. And that was done. Try to get a smaller core inner circle who he mastermind members in getting there and trying to get to 11% body fat, but that went the opposite way. So yeah, acknowledge that failure right there. And if you're not hitting your goals, you need to do something else. Like sometimes what I'll do is I'll have a project that not getting done for like two or three weeks, like recording all these videos that's going in the E course is really hard, and I don't Get it done. I'm going to wake up super early one morning sort of a penalty to myself. So that's just another example for the physical fitness one. If I'm not losing the weight or I'm not on the track, I'm going to add another day of going to the gym. I was always frustrated by the numerous investing education programs out there who gouge their investors charging them 5000 10,025 and $40,000. I don't know about you, but I thought it was completely wrong when they trick people actually had them call their credit card providers to get a credit line increase to pay for the program. Many of these people could not afford these expensive coaching options and should have used it as a down payment for the first investment. If someone only had 20 grand they should use that to buy a rental to get started. Let me make one thing clear our mastermind is not for you if you're broke, it's a cost effective way to mitigate mistakes when building your portfolio. People in this group are going to be a pre selected population of professionals and high net worth individuals. You'll be a good company. That is after Apply and get in at simple passive cash flow calm backslash journey and yeah if you're lonely in Chicago to find motivated friends who want to do more than sit at their w two jobs collecting and paycheck and go home and watching Netflix all day because all they can afford is 899 a month on their digital entertainment budget then this is a place for you to simple passive cash flow calm backslash journey to learn more.8:23  So at this point, I want you guys to write down five things you accomplished this past year. So if you're just sitting there not doing anything you need to get a pen and paper out and play full out and just this is not going to take very long just probably gonna roll probably rush to this and about 2030 minutes and if you guys are watching this on the replay, you guys can you know skip forward to the pauses but we are going to roll through this quickly so you guys can get off on your merry way. But if we're doing this for real, I probably leave a lot more time for you guys to write out your thoughts. So stop where you're at and move around to some jumping jacks, some squats and push ups. And if you're not doing anything, maybe you should consider what's your what's going on. I mean, are you too cool for school or what you get everything done last year? Well, if not, you better get down and give me 10 is need to get yourself moving. And the whole point of this is to get yourself in a better state because we're going to kind of create the intentions for the year mazels do it from a place of London and in a good mood. So if you're not a moving around person, and you're in mobile will think of something that you made you laugh or made you smile, or just freaking smile, fake smile, if you can, that works, too. And I'll preface like the next 2030 minutes of saying like some of what I'll be presenting may seem like you already know this. So we'll see a little bit out there. I won't ask you guys to jump around. Again, we're done with that and some will seem totally off the wall. And that's where I'm going to challenge you to get really curious. I'm going to end this goal setting activity with a bunch of tips that hopefully you haven't seen before, but if you have Take a chance, take it as an opportunity to reevaluate some new strategies around. So again, go back to the five things that you accomplished this past year and write some more and reflecting on what they were and celebrating the wins for this past year, because it's not like you didn't do anything. 365 days, I forgot what that song was in rent, but 5100 edited. If you guys seen that play, you probably sing it in your head, and it probably ruined your evening. But the reason why we're doing this is at some point in this year, you're going to lose momentum. For some of you guys, it'll be tomorrow afternoon. For others, it might be in the first quarter, second quarter, or even in December, but I know for sure you're not going to be at 100% all the time. So you want to refuse this as a little less of being like, Oh, look at that stuff I did last year. I've accomplished a lot and hopefully that gets you out of your rut. So out of those circle or add three things that were impossible from that list. Now what were the three big one and maybe make a side note. What did you do? To make those things possible, was it a strategy? was a system you put in place? Or was it some kind of internal dialogue that you told yourself couple years ago, I kind of had a better vision of what this weedle pipeline club was going to be all about and over like the last few years, quite over almost a quarter billion dollars and brought in $24 million from now over 200 investors in our group, I wouldn't have believed them. This is a good example of an impossible goal. And what did what did I do to make this possible? And obviously it's a big goal, a lot of aspects to it, but I think it was just keep working at it every day strategizing, re planning and using that strategy, because if it's worked for you in the past, it can possibly work for you in the future. It's just the way you're wired up to finish that up top three things that you thought were impossible and worth the strategies that it took to happen. So next step here is to do a smart check. SM AR t Specific, Measurable, Attainable, Realistic and timely. So an example of this would be on the last day of this year. I will be immensely special. satisfied when I get down 255 pounds before October 2020. Right? It's specific. It's measurable. 35 pounds in there. I don't know if it's quite attainable if you're a foreigner pounds realistic, and there's a timely thing you're too but I always talk about the four legged stool in terms of your life where one leg is health. The other leg is wealth, relationships and personal stuff like more spiritual stuff. Take the time now and write at least one in each of these categories. Other self help groups, they'll recommend like the wheels, what they call it, which has not four legs, but like 16 legs, which I think is just really confusing. And yeah, be careful when you make things really confusing. You end up doing nothing. So I like to keep things simple, the simple passive cash flow right so I keep it to these for another metaphor that I've heard when I was working at my job was certain things are glass balls, certain things are rubber balls, juggling all these balls and you're always going to be overwhelmed. Then there's always gonna be balls in the air, but there's certain balls be dropped them, they'll shatter. They won't just bounce things like relationships, I think you could probably consider that the last ball where things in your business depending on the situation, it could be a little more resilient. So I'm going to quick here because you guys can watch the replay later again and again. So if this goal does not scare you, but it's not high enough, and if you accomplish it, what will it give you? It's good to write why you're doing something because again, when the year goes by, and your motivation dip naturally dips and 30 to 60 days from now, you're going to want to reaffirm Why the heck you were doing this in the first place. So once you're done with that next exercise is kind of on that same line of the Y is here's an exercise that I personally do often I'd say probably you know once or twice a year is in 10 years, I will be immensely satisfied when I and I fill in the blank and it could be $25,000 passive a month with still being able to interact with a person a day was something I had written in In the past, I've been kind of changing my expectations on like people have been saying like, I want 100 doors, I want $25,000 passive, I challenge a lot of people in the mastermind where I keep telling them like, that's just a number, tell us what that will give you what kind of a lifestyle so you get very specific here in 10 years, I would be immensely satisfied when I wake up when I want to, and that is at 943. No one is home, I get to jump in my Maserati and go to not my job, but I'm just going to go to Starbucks to do this stuff. And then I just continue on this sentence, create your lifestyle, and we pick this 10 year timeframe because Tony Robbins says, you know, we overestimate what we can do in one year and underestimate what we can do in 10 years and something I've been noticing I have talks with investors quite often I'll be multiple times a day and a lot of people are new to investing and this this concept of pull versus push were the differences. Why do people call up this random guy on the internet with this podcast? Pretty much pretty They'll call a lot of financial personal information. And most times it's something that's compelled them or push them to do it. And that is some kind of unfortunate incidents that has happened at their day job, for example, like maybe they got passed over by a promotion. Or maybe they maybe they're going to get fired. They had, you know, got put on probation, or maybe they just had their second kid and they just did the math the other day, and they realized they're not going to have enough to be able to have the retirement that they want. Or maybe somebody else is driving a nicer car than them and they're pissed. There's something that compels people to get out of their normal set tracks. Unfortunately, this only lasts for about I'd say about like three to nine months, typically. And I'll even see it in a lot of highly motivated people. I check back in on random people that I talked to, I know where they're at when they give me a call, and I kind of track them. I can do this because I have social media and I can spy on everybody. So my finding is the people that kind of transcend that three to nine months. period are people who find some kind of bigger meaning that holds them to the next level. It's kind of like getting going from year one to year two to year three to year four. And that mechanism is your Why Why are you doing this? And I outlined that in my book, why do I do simple passive cash flow and stay up to three o'clock in the morning because I feel like there's a whole bunch of bad financial advice out there that's just robbing people's lives and not only retirement and I've kind of set out to help people in that facet. So as corny as it sounds, it's been working. I've been at this for about four years and haven't missed a week yet on the podcast. Don't get me wrong, I wanted to quit little times. And before I quit my day job I was went down to like bi weekly podcasts. So define that why and I wrote a further article what simple passive cash flow calm slash goals, which is more of a deep dive into this defining end game you guys can do on your own time. If you guys come to Hawaii, we're going to be doing This in person. So we're going to skip this networking break here. And we were going to talk to our partner about our goals and vision. The partner was going to give us feedback if it was smart because something I find is what works well as you know, share this with your partner, your friend and have them call you out on it if it's smart, but we don't have time for that today we need to get moving next step in the action plan here is to write down five things you did not accomplish this past year. Now these things could be you didn't hit your weight loss goals. Yeah, I caught myself at it, I got a little slower finding new hobby outlet. I didn't do that I thought I was gonna play a new musical instrument or do something new. I don't know, maybe I just not thinking hard enough. But I didn't really do anything like that sort this past year. I normally operate in a frantic mode, doing all this stuff, and I didn't really improve that. So those are some of myself and hopefully that gave you some ideas to call yourself on it. And that just goes to show right it's either lack of time focus, or lack energy. Those are the three things that this all points down to four failure, no more specifically, you know, here's some six common things that get in our way. Number one, we just disconnect from the goal. Maybe it's because of a week why we were pushed at one point. But then once that push, that quick motivation went away, and we got used to the status quo, we weren't able to follow through number two here, maybe we find a surrogate for that goal to accomplish that same way. So the example of that would be you wanted to leave your day job because you didn't like your boss, but then your boss left and you're fine. Now, actually, things improved. Number three, use the wrong strategy. And that's what we're kind of going to work on for the rest of the time here is, you know, working on strategy, I'm a big strategy guy, as opposed to some of the Fufu stuff and think about it and it might happen attitude. Number four, you lack the knowledge resources or people before a lot of people that's why they join the mastermind to get around the right people because as you know, passive investors especially accredited investors, or even people 500,000 dollars network are higher. It's all in the network and the people that you know, and the other people trying to do the same thing. You know, knowledge is found in podcasts and books at some point, you kind of run the circuit on that maybe that was once the barrier for you. Number five, you took the easy way. And maybe number six, it was the whole crabs in a bucket theory, where you just had the wrong people around you that weren't growth mindset and kind of pulled you back down. So now look at your goals and at least take one of them now and break down the goal into four chunks. Example of the whole physical fitness here is being broken down. And I like to use physical fitness because it's very logical as opposed to some of these bigger goals. Just to outline the procedure. First step would be creating a routine of activity three days a week number two, see this is a defined check in point. So evaluate process in March 1. And when you do that, you literally want to write it down or put it on the calendar or whatever you use and put it in as you evaluate the process and what you've been doing up to that point and You might have to change your course correction, number three part of the strategy here, that's that earlier strategies not working, maybe you add a fourth, fifth day of working out. And then the step four here, evaluate progress in June 1. And at that point, really start to looking at the diet. So take your goals, break it down into four chunks, it may not be the best strategy, but look better than nothing, at least you have a plan going in, I'm going to go over a variety of different tricks or hacks that you can use to improve your strategy that you have right now. So first one is that the person hacks so this involves you getting someone who who was five years ahead of you at your level, and someone who you can mentor in something that you're working on, which sounds counterintuitive. So the first person that you're kind of looking up to this person is going to have the lay of land for you and be able to advise you, the person at your level that's going to be sort of my accountability partner, keep you motivated and the person under your level, this kind of keeps you up at your level. And some people they just want to let people down and by teaching other people You inherently learn a lot I thought I didn't know much about investing. When I started this podcast I was just going to talk about what the stuff I did but apparently by talking about it I kind of got a pretty good understanding and a good way to communicate different concepts. So that's a prime example of that. The next tip here you can sort of employ is this concept of the four levels of a mentors sold for the first level, the lowest level or mentors that unconscious you absorb. So these would be the podcasts you listen to the books, you read the news articles, you read the stuff that you see on TV, this is all the unconscious stuff that you're bringing in and the influence your thoughts and creatures, your set points on the way you act. The second level is informal mentors. Now these are the guys who could possibly five years or more ahead of you that's going to help you out give you the lay of land here there but make no mistake after your chance meeting with them or maybe it's a serious they don't really have skin in the game. They're here just to be a cool person and help you out. I think a lot of senses just in our we Facebook group club, it's a lot of good networking. But at the same time, it's a lot of informal networking and informal mentoring, where you might just talk to one person. And that's it. And that's why I like the passive investor accelerator and masterminds and you're able to really get to know people, it becomes more of a reciprocal relationship for the informal mentor, they're helping you out, but they're not bought in as like the third level, which is the more of a formal mentor where you're actually paying this person for their services. Or maybe you're not paying for the services, but they have skin in the game that may be akin to like your children, right? Because if you screw up, they're probably going to come and mooch off your money. So you don't want that to happen. Where informal mentors kind of like your niece or nephew you know, you don't really care if they run around in the restaurant or not yours you set the deal with them once in a while. The last level the highest level is you kind of completing the circle of life and becoming a mentor of yourself and paying it forward. Here's some environmental systems you can create for yourself. I bought this habit board hasn't come in the mail yet. So I'm excited to see if it works for me or not, but you build a habit and you put a push pin in the hole every day that you complete that task. And I think Jerry Seinfeld created this productivity hack where you don't break the chain. It's your job to figure out what is this daily habit or already habit or whatever to do that's going to move slowly towards your goals over the long term. And it could be something like you're going to do a set of ABS at eight o'clock every day, or you're going to go to the gym every day, or some of you guys to brush your teeth every day. So this all goes down to the whole there's a very popular books, Benjamin hardy wrote willpower doesn't work The Power of Habit, obviously you guys know what that's all about. But you don't really need to read the books. Just trust me. The systems and creating your environment are very important because willpower is weak. We fall victim to what's easy, and what's easy isn't typically aligned with where a direction we'd like to have. There's another book here by Gretchen Rubin, the 14th sees she's got four types of people, the upholder, the rebel, the questioner and neoplasia. I think she has like a quick quiz on her website to quickly identify who you are. But I'll kind of go through these four categories of holders the person who always follows the rules. And for someone who would like myself who was more of a question or a question everything, the upholders are really annoying to me because they are more about process than getting things done. The rebel is the person who always does the opposite of what everybody says and what society wants. And the Oh pleasure does things for other people instead of keeping things doing things for themselves. So go back to the upholder, the person who follows the rules. So you create rules for yourself. That's a strategy for you. If you're a rebel, or if you're you know, if your kids are rebel, right? You have them come to the conclusion that they should not eat candy. Let them say what do you want to have a sore stomach? Well, last time you had a sore stomach, if you had the candy, it's just kind of creating the fence around them and letting them make the decision for themselves because If you make the decision, you're going to go the opposite way. And we kind of do this to ourselves unconsciously the questioner is the person who questions things. So I would say myself being a questioner, I think what works a lot is understanding the why why am I doing this reconfirm? What's the big picture here, then the openledger person who wants to please other people, any nouns, the simplest like you set up calendar invites with other people to set you on the right goals the right thing. So you go to the gym with another person, you carpool with the person. That way when you you don't want to go to the gym, you don't want to let the other person down or yourself down rewards and penalties here are another way of strategizing to set yourself up for success. Some people respond more to the stick and which is the penalty getting hit and some people respond more to setting up milestones and rewards. So you're kind of working towards milestones along the way, and you give yourself maybe a treat here or maybe you buy yourself something or maybe You take yourself off to a massage Michelangelo says here that I saw the angel in the marble and carved until I set him free. So he said this, if you think about the statue of the Michelangelo was this big marble block, and it really wasn't anything until he removed the outer layer. And a lot of times, just saying no can be the best thing. I mean, look into your life, everybody's on demand for your time and energy. But if you're especially if you're in a blazer and you're trying to please everybody, you're going to be drained pretty quickly, and you're not going to have any bandwidth to do anything that you want it to do. So also beware of muster baiting. These are the person who says I must do this, I must do that must and also same time, look out for the shitting on yourself. How do you deal with your muster Bader and a shitter, to use words that create possibility ownership and forward momentum to example, I'm choosing to take control of my financial freedom today, or I'm choosing to direct my money or I'm choosing to be more consistent with my motivation. It's funny You watch a lot of people and you're very conscious to the words that they're choosing and the way they view the world, but to that person, it's their blind spot, and they can often mean their downfall. And we are very blind to our own self self torture questions. If you're a person who beat yourself up use what instead of why, instead of why can't I be more consistent to know what can I do to be more consistent in a way it's instead of arguing with yourself try and be more collaborative with yourself and try and address the problem the negative loops or belief you have will get you in the magic words that you can use our up until now. So you can use up until now I thought insert the negative loop or the self torture phrase that you've been using for the longest time. So build goals and strategies, at least four steps and with the check in points and here's a little guide for for the check in points is you know, set the timer for 20 to 40 minutes getting into the right state. Maybe you need to put on Nice music, maybe you need a little wine, whatever floats your boat and get a pen and paper or on your computer, mobile device and a quiet space and check in on yourself and see how your strategy is working and make sure you schedule these check ins in the calendar. If not, I guarantee you will not happen create a check in schedule here I put two to four weeks as a recommendation. But sometimes it might be a more appropriate to do more of a quarterly check in or half a year check in but find something that's appropriate. If you're signing up to do something every two weeks and every four weeks and you don't do it because it's impractical. It's not the right chicken schedule for the right scope of the project or scope size, then you're going to lose a lot of momentum. And it's kind of like Well, I'm going to go to the gym and do 1000 push ups well likely you're not going to do anything make the goal small and obtainable and then you'll get momentum on your side. And you know, we have see strategies because mike tyson says everybody has a plan until they get punched in the mouth. All right. It works. Online is still open if you guys want to record some stuff on there, hopefully you guys can get some good ideas and some other people's goals if you want to steal some of there's no problem with that. But that concludes our goals webinar this year. Hope to see you guys out in Honolulu on February 14 to 17th go to simple passive cash flow calm slash week three to get involved with that and also the passive investor acceleration mastermind. If you guys like this interaction, we kind of do this quite often. We do this every two weeks, and we pair up people and we get to start to build their relationships that way and also the online community there. I hope you guys have a good 2020 and we'll post this on the website and the YouTube channel. If you guys want to go ahead and review this on your own time and make sure you add more goals. My suggestion would be to make three to seven goals anymore is too much in the overwhelm any less you might get stalled on a wonderful it's always good to Have two or three that you can keep moving on. Thanks for listening guys and we'll see you guys at the next investor letter meetings will pass a casual comm slash investor letter for that and hopefully you guys have a good 202030:12  right30:17  this website offers very general information concerning real estate for investment purposes every investor situation is unique always seek the services of licensed third party appraisers and inspectors to verify the value and condition of any property you intend to purchase. Use the services of professional title and escrow companies and licensed tax investment and or legal advisor before relying on any information contained herein information is not guaranteed as an everyday investment there is risk. The content found here is just my opinion and things change and I reserve the right to change my mind. Above all else, do your own analysis and think for yourself because in the end, you're the only person who is going to look out for your best interests. Hosted on Acast. 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Website link: SimplePassiveCashflow.com/investorletter https://youtu.be/pBq1x7vTAuUStart learning about real estate investing - SimplePassiveCashflow.com/startSubscribe to the Top-50 Investing Free Podcast - https://podcasts.apple.com/us/podcast/simple-passive-cashflow/id1118795347_________________________Top SimplePassiveCashflow Posts:This website has been going through daily improvements everyday since 2016. I admit things are a bit all over the place as I learn about these investments and wealth tactics. 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What's up simple passive cash flow listeners wanted to announce the first multi day we mastermind in Hawaii will be holding it on my island of Oahu, Honolulu is on President's Day 2020. And that's February 14 to the 17th. And a reminder, Valentine's Day is the 14th. But we'll keep that evening for you. families and couples want to come on down for that we're actually encouraging spouses and families have come down, because that's part of the whole experience. Getting to know other families and getting to know other community members is gonna be a big part of this. So what to expect structured networking and masterminding with existing CWI investors and other affluent investors. We're going to create the time in the environment to build real relationships that you can take For forever and for you, a students out there will do even be doing a full day of networking and mastermind and education. So once again, bring your families we're going to have optional excursions such as a luau, happy hours dinners and some other activities to be able to have fun in the sun. And, you know, space is extremely limited because my vision is to kind of create this as a more intimate environment where we're all one big little ohana here. So come in and combined business and pleasure in a little tax write off hopefully you can get that right off in before the 2019 ends. Those signing up now we'll be able to get a free one on one strategy session that if you want to stick around till Tuesday, we can knock that out or if you're leaving early, we can try and get that done throughout the weekend. But Hope to see you out in Hawaii go to simple passive cash flow. dot com slash week three. And we'll see you guys here.2:26  Okay is January 2020. And this is the monthly market update. If you guys have not heard of me before, I have simple passive cash flow podcasts where it's all about passive investing in real estate and potentially other non real estate items as we get deeper and deeper into the market cycle. So the first is a collection of different news articles that I've got it but I do this every year, those who aren't familiar with what's shown here. This is the Google keywords. You can look at keywords in Google and look up different trends and you can see how the world is what they're searching for, throughout the different times. So I'll go in here and I'll screw around, I'll put in the word recession, and obviously in the year 2008, everybody was searching for it. And it's been nothing so far, except there was some kind of blurb here recently. I don't know what that's all about. But then, you know, you compare it to other words, like I put in in blue here, retirement investing and recession seems like people are starting to get back on the investing bandwagon after 2010. So, you know, a lot of you guys are looking for turnkey rentals or even single family homes in general, man, it's just so competitive out there. retirements kind of been steady. I was in San Diego the other month and a guy from john burns gave a speech on market conditions. They're like good slides in here. I just took this one to add in the presentation. Where do we expect the growth to be the strongest will it's all the southern states and this is what I mentioned before. Peter likes little smiley face in United States. I think the further I had properties was Pennsylvania and Indianapolis. But I since sold those properties. Now my most northern property is up in the mines. And yeah, it's a pain in the butt. You got all this pipes breaking and you know the trends are all everybody's moving to the south. Maybe it has something to do with people getting older and they want to retire. But I believe it starts at markets. You're looking at job growth in the southern states for a lot of blue collar jobs. And I think that's what's driving a lot of the Southern growth to certain markets. So a commercial headline here, Florida's first LGBTQ senior housing breaks ground, kind of interesting, and I don't want to get political or or get people upset or anything like here but so like you Like senior housing it is what it is. They say like seniors like to live in clusters with their own racial similarity people. So it's just it's interesting how these things develop like this, some Huntsville news here and some Arkansas news here, a couple secondary tertiary markets that are really starting to get on the radar. And I think Gone are the days where you can just wait for deals coming from Memphis, Kansas City, Indianapolis, you know all the perennial turnkey markets that have been pushed for almost a decade now. You've got to go you've got to go and uncover some higher hanging fruit these days. So Redstone Arsenal is in Huntsville are going to 50,000 workers by 2025 new plants new a class development there and spring for Arkansas. They just leased to BNSF logistics company that I'm very familiar with. The railroad company railroads are known to be leading indicators for the economy at least that's how it was for when you were coming out of the recession in 2010 2012. They're the ones who are are hauling a lot of the raw materials the lumber the chemicals to to industries to them process and make the final product top markets for multifamily rent growth from multi housing news look at that Huntsville Alabama and I'm a little upset because I don't want anybody to know about little Huntsville This is probably the first month I've ever seen it on crack this list Las Vegas has been there but we all know kind of stay away from Las Vegas because it's a very cyclical market. Pensacola was number one Phoenix was number two Huntsville was number three Las Vegas number number four and five was Portland, Maine, and that is 4% change year over year growth. The some news that we've been falling on the Fannie Mae Freddie Mac saga in past news, Fannie Mae, Freddie Mac, it becomes sort of public entities after the Great Recession of 2018 Kind of collapsed government stepped in and there's there's talks about them going back to private organizations, some articles here and we'll have all this in if you guys go to simple passive cash flow calm slash investor letter, all these articles and links are found there if you would like to share that with other people, maybe you have a person who is not completely on board with investing. So Freddie Mac says here that they expect the housing market in 2020 and beyond the GSE also expects home prices growth to slow over the next few years with annual growth rates of 3.2% 2.9 and 2.1 respectively, from 2019 to 2021, respectively,7:45  still growth but I think that7:46  everybody's integrins that things are kind of slowing down but still moving forward. But definitely that Gone are the days of the four to 7% increases another article at the end offending me Freddie conservation ship by 2022 They're saying that if all goes well 2021 2022 will see a very large public offering of these companies. What does that mean? Well, I think most investors will get freaked out because oh my god, I can't find a Fannie Mae, Freddie Mac loan for my properties anymore. I wouldn't worry about it. There's always going to be some other way. And then this is the government. I'd be surprised if anything you mean happens by 2023. This is also happen. I think, earlier this year for our deals. We were talking to our direct Fanny lender, and they said this is in the summertime that they had hit their annual quarter or quota for 2019. And they weren't gonna be lending anymore, but they had a meeting of the minds and then a couple weeks later, they get it all figured out and then they just move some things around and they they opened up the floodgates again, next article here on a year over year basis. The September starts of buildings with five or more units were 5.8% below September 2018. These two charts are showing the rents been pretty stable. Between a 2% to 4.3% rent increase and in relation to the CPI and then on the right side here is a chart of the multifamily starts and what that is, is new inventory coming online. Typically Class A builds are being built up ranging in 300,000 to 450,000. This last calendar year. Have you ever listened to a podcast or been in a seminar and too afraid to ask a slightly personal question, our mastermind will have an intimate feel where people are going through the program together and at their own pace if needed, in order to foster friendships. When I was learning and paying thousands of dollars for masterminds and mentorships the network however, hokey pokey as it sounds was a big part of it. What happens in the mastermind stays in the mastermind will use the BI weekly webinar sessions to the set concepts with real life examples here how someone else might implement something like infinite banking concept on a hotseat session. Our group will attract thought leaders to meet just with our exclusive group. We can get FaceTime and ask individual questions. Why? Because our group will be people who put their money where their mouth is and go out and make things happen as opposed to your local Rei Club, which is traditionally just a bunch of tire kickers and some sharks simple passive cash flow calm backslash journey to learn more.10:28  Us job gains surprisingly solid in October says real page and this comes from the Bureau of Labor Statistics. So unemployment has gone down from almost 10% to now little under 4%. So almost like a straight line steadily going down. I mean, everybody's working out there seems like monthly change in employment if they fluctuate, but I think the orange line shows the story right there all time. lows in unemployment now one of all time but been the lowest since about a decade, another Interesting market that I've been kind of looking at lately is Phoenix, Arizona. This article here Phoenix multifamily report is showing the metro sustain economic performance and demographic expansion continues to be reflected in the multifamily market. I'm watching it it's a hot market and it typically is if you look back at the last correction and growth cycle it's growing a lot now but i don't know i mean, me personally, it's very intriguing but yet it also fell a lot in the recession too, but I think I think it would work if you bought like a smaller multifamily in a higher price area like Arcadia submarket is super solid a class but if you push like a C class up to be of course that sounds good in theory, what sounds good in theory isn't really found the ball out there. It's very rare, but I think that would be a cool way to ride this wave. So the yardie matrix report is a pretty good news source for real estate and commercial real estate. Some of their takeaways is that the US economy is a glass half full glass half the The situation where the GDP growth in quarter three was okay at 1.9%. And we expect q4 to be a little lower us oil production is keeping inflation low below 2%. The yield curve, which has inverted been inverted for five months now, or we're talking about is that people talk about the yield curve when the 10 year curve inverted and that was supposed to be marking the end of humanity and the markets as we know it, but we're all still here saying it's flattened following the September 18 and October 30. rate cuts the European and Chinese economies are still in poor shape. The US service sector labor market is extremely tight in wages continue to rise, manufacturing and farm sectors are struggling. There is a highly elevated risk of recession mid 2021, which that's their opinion. I'm reading other news sources that are not free that don't say that but I again, I think it's good to go into deals with cash flow in mind. Just don't get caught with your past. Down is kind of the same yardie continues to say here demographic and lifestyle changes are fueling strong demand for multifamily due to aging population increasing divorce rates and more younger people living at home contribute to smart demand. And overall housing production is unlikely to catch up with household formation. And this is what keeps putting upward pressure on rents and occupancy. And I think this is why you're seeing pressure for rent control a lot of the California type of markets and it continues to talk about some more political risk more from yardie. They came out and it's just another graph here of GDP growth. It's been pretty much positive for a decade Consumer Confidence Index. I don't know how they measure that, but right now it's at all time highs for the last two decades and the Atlanta fed GDP q4 2019. forecast is 1.1. So they also brought up this interesting thought about inflation. Why is there no inflation and they're saying the US oil is flooding the market now I only recently started to check oil I did an oil and gas deal by myself and the last year14:05  so now I'm actually know what the what the price of oil was before I didn't really care. But now I'm kind of starting to pay attention to it. And that's I think that's indicative of like learning, right? Like if you wanted to learn Bitcoin go put in 500 bucks and you'll start to pay attention to it. So I think what what they're saying here is why isn't inflation going up? Well, the US oil supply is kind of coming into the market and I think that's what's kind of I don't know if I'm saying it right, but maybe it's a cheaper support soil. For those of you guys doing Airbnb and short term rentals. I do have a simple passive casual Facebook group just for that but I'm not a big fan of doing the short term rental stuff and other bad news headline here Airbnb is banning all open invite parties and events says Newsweek hosts who attempt to circumvent this ban, and allow guests to throw large parties will be subject to consequences. Now I thought this was a great idea about 510 years ago right? If you're pretty frugal and you want to downsize or have a small apartment you want to have friends over what do you do you get a cool big air b&b and you you trashed a place there or you have everybody come over there but apparently Airbnb dawns upon that five markets with the greatest rent loss so you don't want to be on this list number one Midland Odessa they had a percent change of negative 4% number 200. Hawaii Gee, I wonder where that is. It's it's kind of funny because we don't really have boy doesn't really have seasons out here. Number three, Baton Rouge number four Scranton, number five Lafayette like Charles I'm in some fields and like Charles downs kind of alarming to me. So a lot of you guys sent me this article and I thought I'd put it in here because since you guys were interested in me, I didn't really care. Number one, it still has to go through a lot of voting. But so the SEC is proposing to update accredited investor definition to increase access for investments to a minority portation what they're doing is they're adding this term sophisticated are accredited for accredited investors, you can sort of test your way into being accredited by doing like a series six or seven. They haven't figured it out yet, nor have they approve this. But for those investors who are sophisticated, and maybe like half a million dollars net worth, you're able to test to be a credit status. But again, I don't know why this even matters because 97 to 90% of deals out there, if you go to the SEC website, you, you look, we actually spend the time and go look, the Egor database, 90 to 97% of those deals out there are 456 beat deals, which include non accredited investors, sophisticated investors, I don't know why people always fight to get into five or six seed deals. In my opinion, the reason why they're doing is they can't raise the money from their list. That way, they have to go to some crowdfunding website and they have to kind of throw a hail mary for investors, but that's just the way I look at it. crowdfunding websites just cost too much too. Obviously not for the investors but for the audience. Operator it just costs too much money to have money raised that way. I don't know why any good operator would use that as a means of raising capital unless they're desperate average new apartment size shrinks in the East and West Coast City says the national Ari investor in buildings developed since 2010. Apartments average roof size was 940 square feet that's down from an average size of a roughly 1000 square feet in buildings created or before 2010 same prior to 2010 properties were more likely to feature a more prominent mix of two and three bedroom floor plans as opposed to studios in one bedrooms in this kind of goes hand in hand with like like in Hawaii, they there's a lot of multi family households, a lot of people living under one roof. So if you guys have been keeping up with simple passive cash flow, calm content, I say that jokingly because it's almost impossible to do it but these are the new articles that I created this month and the first one is transitioning to syndications and help Tips webinar that was a recent podcast and it's also an a webinar video forum. So if you guys haven't checked out this and passive cash flow YouTube channel, go ahead and search for that if you're listening to this on the podcast just all be on video form for you to look at the cool pictures I spent all my time searching for you guys make it worthwhile for me check it on the YouTube channel. And so the next article here that I worked on was infinite banking with whole life insurance for 2020 when I have Chris miles as a guest, and he actually went through and showed a comparison of two policies, something that I know it's never been done before, but I keep telling these guys like my podcast listeners, and my folks are super smart. Like you just can't keep bringing the same old lame stuff. It's boring. Number three here, new investor portal with three modules and the past deal webinars. So I launched the simple passive cash flow members portal, it is free, but you only get the first three modules of the course and you guys can do that by signing up for the newsletter. The investor club at simple passive cash flow calm slash club I also created this other 2020 goals lunch which after this meeting, we are going to stick around and we are going to go through this goals lunch exercise together and it looks like we have a good amount of people. So we can definitely do a lot of utilize these virtual breakout rooms to hair off and get some interaction within our tribe. So I'm kind of transitioning to my personal activities this past month, it gives my investors insight into my life and maybe gives you some ideas and some things you guys to work on. I break them up into six categories. And the first one is growth. So I spent a lot of December planning for 2020 I one of these ideas I had in my head was to finally do a multi day mastermind in Hawaii. And we've done one in Sonoma before and then last year we did one in would have been Phil Washington near Seattle but never in Hawaii because I had this living belief that nobody would fly out to Hawaii to see me but apparently a lot of people will these days or maybe it's just Hawaii but you guys can check that out simple passive cash flow calm slash Hawaii three h UI three for details on that if you'd like to join us but personally I've implemented this new idea of profit first by Mike mccalla Wits he gave a keynote speech at our last mastermind and initially it's kind of sounds kind of obvious almost elementary like yeah, obviously dummy like you pay yourself first right you put money aside first he brought this matrix here and I'm showing on the screen but it shows where you are in terms of how much money you bring in says real revenue range but that's more of like20:42  instead of real revenue concert more profit. So let's just say you're bringing in zero to two quarter million dollars your profit you should put aside as pure profit is 5%. So you should put like, you know, out of 100 grand five grand into the bank or make Different bank account like me personally, I'm going to put that in my wife's account and consider that gone. Hopefully that builds a little goodwill for me. So I can keep investing. The next category is owners pay. So this is where you pay yourself a salary for what you're doing. And it's different. It's a little different from profit, but very similar. So they're recommend in here 50% to set aside so your salary and these kind of go back to overview of this, like this is more for entrepreneurs, but I feel like all us real estate investors are sort of like entrepreneurs, where the trouble is like, when do you take profits off the table and actually start living instead of putting your nose to the grindstone and keep saving and putting more money into the next few in the next few in the next in the next year. This gave me a little bit more framework. The next category is taxes. So it's 15% whether you make zero dollars or bazillion dollars, of course some investors making over $300,000 a year might say like what the heck, that's 15% but I see it all the time. You know, that's why you got to be investing. You got to get the deductions and then the bonus depreciation, that's how you get down to that 15% number 2018, I paid 14%. And this past year, I paid 4% of taxes and all following the rules. So the IRS wants to automate, they can come and get it, you know, maybe they'll learn a thing or two, when I figure or at least tell me how to do it the right way, operating expenses. Now, this is something that I took away like, and this is what I see as an investor as the, you know, putting back into your business or buying more properties. So they're saying, the less you make, the less you should be putting back into your business or investing but for me, it was I was doing so many things by myself in terms of running the investment side and running the education company and then going to the gym every day and stuff like that, I realized that my overhead was super low. And I was working like 12 hour days. I mean, last night, I was up to like three o'clock in the morning doing some of this stuff, and that shouldn't be the case and that's going to probably going to lead to burnout. So going through this profit first exercise, I really lies that I need to allocate at least 30% to spending on things like I bought this drink this drink is like a fortune it's like five or six bucks but as opposed to going to the store and buying all the vegetables a cold press it I just buy23:13  it at some point time is more valuable than money. But if your net worth is under a quarter million dollars, I'm not talking to you, sir. You need to keep working and being a cheapskate In my opinion, second category or contribution I'm going to lead this goals seminar right after this. That's kind of like give back to the community I do every year made it a lot better this year than last year. So there are some new things if you guys have done it in the past. So people like like to go through this exercise. It's kind of a live experience. And we'll be doing this also in Hawaii, but I've got a few other tricks up my sleeve to add to the content. But those of you guys who be sticking around the whole thing is playful out and I think you'll get a lot out of it. third category is significance. So close couple of deals late last year, the hundred four unit and how Phil and then the 212 unit in reflections that I went and visited last time I was in Dallas last month and I played around with the golf cart. You guys saw me on social media playing around with that. Yeah, that's that's why I do what I do. Because I can play around with the quote unquote, other property is that what that is called approach on higher level guests and others and authors on the podcast. So what I'm looking to do, there's find things that you guys are interested in. So if like, I'm having a more mindset person coming in, but not one of those fooful people, and I'm going to steer them in the right direction. But this is all simple passive cash flow. It shouldn't take very long to do all this stuff. And I keep telling a lot of people in the mastermind, if you're spending more than like, five, six hours a month, being a passive investor, you're doing it the wrong way. You need to figure out how to do a lot more efficiently because you're doing it wrong. And I get it like if it's your first few months, you're going to be consuming podcasts left and right, but there's an easy way of doing it and then there's a hard way of doing it. So if there's any content out there that you want Want me to use the simple passive capital podcast to get certain guests to ask our questions and let me know. I'm always looking for feedback for the podcast to add more value out to you guys. category four is uncertainty. I'm trying to take some new mastermind groups and stop going to the normal real estate groupie ones out there which just usually has a bunch of newbies at it. And what's been frustrating is I can't tell who are like legit people because everybody is wearing their nicest suit and everywhere you go, it looks like the NBA Draft. So I've been trying some different mastermind groups outside of real estate and just traveling to new places meeting different people. I will be out to Huntsville earlier this month. If you guys want to come in, walk some properties with me out there, put that out to the mastermind group. I usually release my travel schedule a number five certainty to here because you always want to have certainty in your life. You can't be all like get all your comfort zone nonsense all the time. So I went to Japan last week I was in Japan and just ate a bunch of food. It's very comfortable. There. That's, that's what I did. My Christmas number six year love and connection schedule more meetings to this. I mean yesterday I talked to like eight people throughout the day but before the year gets moving and if we haven't talked before let's get on the phone and let's connect simple passive cash flow calm slash talk before the year gets busy and I don't have time for that anymore get signed up for that some resistance distraction barriers or noise that I've been dealing with, you know, with all the holidays, and I can't seem to get anything done. Everybody just wants to have dinner things like the holidays are over. Also, you guys have any friends who are interested in simple passive cash flow getting that lifestyle and you're tired of talking to them blue in the face, and they don't listen to podcasts and things silly things like that recommend the e commerce and connect us via email and then I'll pay out a referral fee. Let me do the hard work and educating and you can just have lunch with them 510 years from now when you're both retired.27:00  other random things I bought I bought this cold pressed juice subscription. I guess that's I don't I guess that's considered something where it's super easy and maybe I should probably find something harder to do but that's what I bought this month and it really buying myself any Christmas presents, unfortunately this year, but I've been reading this book, David Goggins a lot of people talk about this guy. So my good buddies, they listen to this podcast, he's kind of crazy. He does ultra marathons and he went to buds like three times if you listen to like the first chapter, it's all about his childhood how he's abused and it's actually kind of graphic and I listened to it on my audio book I don't read it's definitely shakes you up for sure. Here's a link out to that and I've got all my other recommended books if you click this link in the show notes, which is at simple passive cash flow calm slash investor letter, and then the the easter egg here is that the passive investor axillary and mastermind is in your 2020 and if you guys are interested in that, please go to simple passive cash flow calm slash journey and if you just Interested in the E course, go to simple passive cash flow calm slash e course. But maybe we have time for a couple of questions. If you are any comments about some of the news we kind of went through earlier, we can do that now. Or we can go right into the goals seminar about the recession at the beginning, what could happen with a recession and the return on the syndication, say that the recession of three years and what will change in the expected return? Well, I mean, I don't know specifically what deal you're talking about. But every deal is different, right? And that's why you can be investing in all types of things. For me, I go into investments that are producing cash flow today, so that there's a little bit of buffer there, right. And I think a lot of people, they'll have this mindset of I'm not going to invest because everybody's saying it's the top of the market cycle, right? But we don't know it could go for another four years, Trump's likely going to get reelected and this week could be on this part drunken party for another four years. You're gonna miss out you're missing out because you listen to somebody Random headline or some there's a lot of fear base articles and new and new subscriptions out there and I wouldn't get cash flow investing confused with fix and flipping real estate is all for it's all considered real estate and I think that's to me that's hot that's the difference that I see if it cash flows. That's that's a big indicator that I look for this website offers very general information concerning real estate for investment purposes every investor situation is unique. Always seek the services of licensed third party appraisers and inspectors to verify the value and condition of any property you intend to purchase. Use the services of professional title and escrow companies and licensed tax investment and or legal advisor before relying on any information contained herein information is not guaranteed as an everyday investment there is risk the content found here is just my opinion and things change and I reserve the right to change my mind. Above all else, do your own analysis and think for yourself because in the end, you're the only person who is going to look out for your best interests. Hosted on Acast. See acast.com/privacy for more information.