Lifestyles Unlimited, 9/10

Lifestyles Unlimited
Sunday, September 10th

Lifestyles Unlimited with Steve Davis, for September 10.


Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

Welcome to the lifestyles unlimited real estate investor radio show. A real estate investment pro. Listen and learn how to use real estate to build wealth and passive income streams for you when your family. We bring you experts every Tuesday to discuss and answer your questions on everything from single family home. Homes all the way up to 600 plus unit apartment complexes. The lifestyles unlimited real estate investor radio show. To the lifestyles. Unlimited real estate investor radio show on your host Steve Davis. Where as always we're gonna be here talking about your personal financial freedom your ability to retire. At any age. We're trying to get a point across that age has nothing to do with retirement. 95% of Americans. Are either dead or failed to retire. By age 65. So the concept of age having anything to do with real state is completely ineffective. It's not accurate. We literally have students that are in their twenties including my son. Who's 24. Who is retired. And what are we doing different than the average American. What the average American Dick is doing is they're trying to scrimp and save their way to retirement. And they use vehicles like the stock market mutual funds and things like that IRAs 401 k.s. And they try to just keep up with inflation which the stock market does very well. And they try to save up some American imaginary number. That they can't tell live. And Wilson that number's a million bucks I don't think you can retire on a million bucks but a lot of people that's their concept almost a couple of million dollars. And it's just an epic fail for America to try and do that. The I wanna see that it's somewhere around 65000. Dollars as they average savings. Four people between 45 and sixty. Nobody is retiring on. I get emails from people that say I'm in my late fifties I'm in my early sixties in the use this phrase I'm headed towards retirement. Then they tell me about their financial position. They're not as torture. Not not even close. But isn't that weird. They said. In their email. I'm headed towards retirement. So you're headed towards retirement. Only when your financially ready. You're not headed towards retirement because you're certainly a each. In fact is that they give us the statistics. Show. Most people in their late fifties and sixties are not headed towards retirement there had to torch working till the day they've gone. What we're doing is we're going now and we're behind this is the other business model this is a business model that works. We're going out and buying income producing assets in this case reels that. Assets to produce income for us for the rest of our lives where the removed ten years of retirement fifty years of retirement. It doesn't matter because it comes in every single month. To the problem with saving up a certain amount of money is the moment you retire you begin praying one. That you got before you run out of money. Our new people with 67800000. Dollars who won't spend it. They try to live off of Social Security. They try to just take the memo and hope that they have to you know you are forced by the government to start taking money out of your IRAs and 41 case at a certain age. And they just kind of leak their way through retirement even though they got hundreds of thousands of dollars in the mind. Why won't they spend. The fear is they'll run out of money. It's just a bad business model. It doesn't work. Whereas. Who will do you know give the single thing mcsame people. We go out over four maybe a ten year period and by twenty single family homes. We've had about 8000 dollars a month off those things. We keep our bills around 4000 a month which is not load. That's the average for an American family that's a couple coroners to house no toothbrush toothpaste tube. Well if your bills are 4000 dollars a month and you're torn you around houses and you 8000 dollars a month when you have to go back to work. You doubt. Your financially independent here financially free you're retired. Now. Does everybody quit their job at that point no the majority of people don't. The majority of people want to help and serve and we're talking about the massive. Majority of people a bit to 95 plus percent. Keep a job so they have two streams of income and have a purpose in life. Know what you may be saying. It is well Steve a five and 8000 homes among passive income I quit my job immediately the scripture in the wrong job. You're not in your purpose. You're not in something you love in our passion about. Now the odd thing is what I've noticed over these 27 years as a mentor. Is that some people who tell me yesterday as soon as I get my passive income set up on and equip my job they don't. Why. Because when you're going to work to pay your bills. You're going to work for just the money. It's different. When you reach a point where you're going to work because you love what you do you love helping other people. You love serving. Its. Again totally different. So a lot of people keep jobs that they thought they hated. You know to example. You graduate college get this job you love that you're passionate about it but I after about ten years you've you lose it. You lose that energy that passion. And you're just going for the paycheck. I think if you build a passive income. And you don't have to go to that job anymore. It changes it for you. He certainly Romo. You find your purpose again. And this is all back to our sales pitch that it's not the money it's a lifestyle. It's not the money it's the lifestyle. So that's what this shows about it's about building passive streams of income which real estate. Using everything from single family houses to continue to department at 800 unit apartment. To build these past it strange that come in for the rest of your life. As I go through this if you're an average intelligence or better. You're probably saying something like this makes sense. I would like to have passive income I would like to have permanent residual income. But I don't know how to do it once the first substantive. That's what this shows about is to answer those questions to help you start moving towards financial freedom. Tell me that addresses as well I just said I can imagine somebody listening to me going all the is that hype word financial freedom. It's not a hype word. At all. It's actually a requirement. She most people think of financial freedom is something just for the super rich or someone who's lucky or this that the other. No it's it's actually not an option. You're either financially free your your work to Utah. One or the other. So slow option. How do you do it. Give me a call 87771152. He looked the other type cars like our. If you have a fear about it if you say well above that passive income outlook don't some real estate but Steve what about tenants are ten to paying. Steve don't tenants not either honestly don't tenants destroy your property. Steve don't taxes go up Steve doesn't insurance go up. And you go all these fears about why you think real estate won't work for you don't want to give me a call. And we'll work through it all share with you the best practices of the business model. To assault that particular. Fear problem challenge whatever you want to call it. So did you call 8777115211. 87771152. He loved it. No one wants her to shore up with the something we discussed don't try to show. Any it was that I had actually. Done something I've never done before. And that was actually recommend. Somebody to get a divorce. End. Well I did it I think I kind of stumbled over written butchered it a bit because I was really shocked. That I had finally done that I've come close to it in the past. Let me give you the example. Closest I ever came in the past was I gave my free introductory workshop. And this couples to stand with me in there beautifully dressed. Both of them with Rolex Watches you know just impeccable. Looking. People. And they send them to bring up to the free workshop. In he looked at me because you know what Steve. I'm exactly who you're talking about in that free workshop. I'm the guy with the Rolex on the go with the Mercedes on the guy with a 500000 dollar house down broke. He said it's all for song. It's all fake. I wanna change that. His wife flipped over and goes honey. We've got big event at Neiman Marcus here in thirty minutes when you do you know. I've looked at her. Would do to him and I said you've got a problem. And she's sitting right there. Can you imagine. He admitted. That true broke. You're sitting. At a financial seminar. About building wealth. And you're about to embark on a adventure to start building passive income. And all your worried about is giving to Neiman Marcus to spend some more money. Bad situation. That's the closest I have for cape. To saying. Okay you divorce money. But I did it recommend it the other day. So what we're gonna do we come back as we're gonna talk about getting your significant other on your team if they're not on your chain. If you're sitting there saying I want to start building wealth and passive income for myself so much say in the book my significant other has no interest in doing it. How to get them on your team. The end I'll share with you why she told us when god I don't think it's ever gonna work. I think you're right you do need horse. All right this is the lifestyles of unlimited real estate investor radio show their host Steve Davis called me at 87771152. 8777115211. Thanks for listen. Lifestyle some limited is the real estate investor education and mentoring group that is taking people by the hand and taught them how to invest in real state for over 24 years our students have been so successful at creating wealth and passing thing found that they won local state and national investor the year awards nine of the last nine years it's easy to see my personal real estate investor magazine named as the best in the US if you're ready to add real estate your portfolio go to lifestyles unlimited Austin dot com to access our free live training events scheduled. Wondering who the free workshop is for we did amazingly successful with people who are pressed for time. Doctors lawyers small business owners and corporate professionals. Who are grinding their lives away for earned income and don't realize they can start creating passive income today. Within that confines of their schedules and commitment. Want to get started now go to my passive income workshop dot com. That's my passive income workshop dot com. Things haven't been there and. Welcome back to the lifestyles unlimited real say mr. radio show host Steve Davis. Please can you call an 8777115211. 8777115211. Let's go to the phone ones now we're gonna go to Houston and talked to Patrick. Patrick thanks up calling and how are you today. They're pretty good morning good morning I got a quest to employ you. He had just put since you already know the rule house's I'm really contemplated they're quite similar. I think where I would serve always here I'm okay but I look at the numbers and it up by 600000 dollar house that they Houston vicinity and but let's say 2000 dollars down my mortgage whatever it has caught basic senator Ellis about why has the talent there's. Do you come out when he's not how would you do it how. Well first off Patrick. When we buy a 100000 dollar house were buying it for fifty or sixty were putting your ten or fifteen into it. So we only have maybe 8085000. Dollars in it. They use a touch a down payment you should still make about 400 dollars a month cash flow off that maybe 300 Hoosier at the lower you know and remember we stay between a 10050. That wraps the rents for between thirteen 117100. And so right to make him off for good. Until there how do you find a house I'd look to work. Yeah that I stay just look at the market they get gobbled up pretty quick. They do. What I got as a group of twenty real estate agents. The big mistake that people make is they control nature are dot com or they have one real stated yeah finding them deal. That doesn't work you've got to have about twenty of them that are true listing agents. And these guys and gals actually called you before. They even put it on him unless and you buy as many cases before. It makes it in the last. I'll also have a group of about fifteen wholesalers. That fund deals from his well. I gotcha I gotcha. Don't go out there I got to try to. Yeah it's a numbers game Imbruglia us. Arbiter but it has to start up what what little out there and you know go from there. Yes that's what it takes. It's just getting the first one done. And what happens is once the payments start coming in and you start going to your mailbox and boom month after month that check is there. It changes the way you think. And you start to realize made fun of done this ten times or twenty times look where I'd be. It really will build your confidence if you can get that first form. Go back to what you said just a few that got oratory but what if you have that bat wherever how do you get over that. Yeah. What you do what you've got to understand is that bad renters don't turn bad biffle after they move in printers don't turned bad after they may have been. They're bad before they move them. It's our job as the investor the owner of the assets to make sure they don't getting here. So what we do Patrick is we we use this thing called the best product best price business model. Any idea what that means is we Bob house and we rehab it right up front all expenses up front. We make it perfect with a perfect property you can attract the most prospective tenants then. When we do get the good prospecting and we run a credit in criminal report on everybody eighteen and older including the kids. We talked to the president landlord thing in the previous landlord who's the president landlord will lie to you. Because they may wanna get rid of them so you always talk to the previous landlord as well. Then you talk to the present employer you verify two and a half to three times per day. And you asked this question what's the likelihood of continued employment to this particular person. And in most cases they are willing to you know a few cases they won't. So there are ways to keep those bad tenants out. Not bad. So what market key player are you in the eastern area where you. Yeah most demonic properties around the Katie area just because I live out here. And I'm a lazy. Investor I don't wanna drive more than thirty minutes. Then move my apartment complexes aren't anywhere I don't care where they are. Do you have a property manager view. I'll remember it well actually all of my properties are run by my kids my daughter runs hers my son runs is here and we're partners in those fields. And then my apartments are run by the lead investor in the deal. Not bad at all it's very effective very effective. Don't think in this site are sort of war like area that appropriate areas went out what you do or. Absolutely. Absolutely faction. But he is. Linked up put a light I go about your background check from the guys in the credit check or you don't hate or together. We've got to go to break team on holding on because you've got some good questions and they're not here. Yeah hold on for about four minutes and we'll talk after the right. All right this is the lifestyles unlimited real estate investor radio show on your host Steve Davis called me at 8777115211. 8777115211. Thanks for listen. And. Longtime lifestyles member Curtis Hague surreal situation for me looking back. Is helping others and I wouldn't be able to have done it without the support of lifestyle ladies can't say thank you enough feel for that. If he were to ask people if they could vote on the top ten guys. That help other people you'd be one of them there's no doubt about it if you. Have this roadmap of holy success stories on this one I'm just. One person out of the thousands fantastic success stories that each and every person can learn from that's my life. Take Curtis Haines advice come meet felt like minded successful investors who are helping others just like dale helped him. Attend the workshop get your map. Safely and quickly build wealth and passive income so you never have to worry about working till you drop. Losing your job or retiring in poverty. Call 18669718970. Or go to lifestyles unlimited Austin dot com that's lifestyles unlimited Austin dot com to register for the workshop it will change your life. 57. Like wells on. That's a real estate investor radio show your host Steve Davis. Phones are open at 8777115211877. 7-Eleven 5211. Were on the phone with Patrick in Houston. He's got a series of what I consider very important questions because into these are the foundational. Questions. Because these are the biggest fears that people have one of them being tenants. One of them you know another one is how to you find these deals and exams both of those. No question as to how to London crude oil used to run these. Tenant screening processes through. Then Patrick it's a so it's simple it's in keying in on line national tennis network online. NT and online. Dot com you sign up with him you have all your paperwork in order. There's a lot of legalities to root if you know what you're doing and all you have to do is join real estate investor group like ours and take class. On real estate investing so you do everything by the book. And it's actually very easy Patrick. It is you know don't want to prepare your best player Asia. No problem any other questions beat. All you what you first started investors towards property. 27. But I had a massive motivation. My company came and cut my pay by twenty green a year after I wanna sales contest. How I was so furious. I was like I'm gonna do anything I can do to get out of this situation and make sure it never happens again. So it's that was my motivation you're gonna have to find cures whatever it is you know use mine story if you need to two. Get yourself motivated never to be dependent on a job or corporation in June. Get out there and do it. Yeah that's. That's more mobile I don't know or somebody else so what what runway show. Yeah it's a lot of fun until you move the lifestyle itself is just. Amazingly high quality compared to what everybody else is living. So bad I appreciate them but all right thank you very much. My pleasure Patrick you take care. Bala. OK phone lines are open at 8777115211. 8777115211. You're also welcome to email me some people a little shy about calling him. Or you feel like you've got to dumb question email it to me and only true love on the here if you want me to leave your name amount of interest would anonymous at the top. Of the email. At the top of the you know I've read through emails from the that the bottom so anonymous. Too late then. It's ask Steve. You know you are agencies dot com. Ask Steve. That they know you IE NC dot com. And again phone lines are open at 87771152. He loved. So when it comes to getting your significant other on your team this is a first off it's very important to do so. It is almost. I say almost because this is a rule. And there are exceptions to it. But it's almost impossible to succeed. At this if you don't have your spousal support or significant other support. Because it's. First off doing what we're talking about their earnings scared. And let me tell you this if you say to me you're not scared. You're crazy. Am. I'm. Be worried about you. You should be scared you should still do it. But. Anyways it's here because you're. You're beginning to take full responsibility for your financial position no more depending on the job corporation no more blaming your job a corporation for your world. Financial woes. If you do well. If you. You got nobody to blame it's a very kind of mysterious situation. So you need that so McAuliffe spousal support general to be married. Spousal support. And so it's can be very hard to yet at times but especially. When you come from two different financial backgrounds. For me and my wife we both came from similar financial background she was her fame it was much wealthier than mine. But they both had the same business model they have both attempted to save their way to retirement. And she saw that it didn't work for them. So that it didn't work for my family so we both kind of had an idea. That something wasn't. The end so she was on my team after just a little coaxing. And let me do what I wanted to do but if you're not in this situation we'll talk about that we come back from the break. Thoughtful ones are open at 87771152118777115211. Bob in Katy Texas. I see you won't hold if we see the moment we come back from the break. Here on the lifestyles unlimited real estate investor radio show my email was asked the so will you find. Did you know that every dollar you put into a piece of real estate makes you money five ways. Cash flow of money in your pocket each month. Equity capture the thousands of dollars you create when you have the right team and by the right property using the right math. Appreciation. Real estate doubles in value about every ten years equity buildup. Printers pay down your mortgage each month and finally the tax advantage we pay almost no taxes on our cash flow and capital gains. These are the five ways we make money in realistic. Which is why realistic accounts for more millionaires in the world today than any other investment vehicle you should have some real estate in your portfolio. To learn how attended one of our free workshops or call 18669718970. Or go to lifestyles unlimited Austin dot com and register for the next available workshop. That's 8669718974. Go to lifestyles unlimited Austin dot com. Cost thirteen seventy. OK best of radio show host the Davis called me at 8777115211. We got Mike and Bob on hold gonna start with my team Katy Texas where I'm at. Bob thanks a lot calling and how are you today. It is complete now. Oh I'm sorry bombs start talking as well both the apartment people are important probably. Now is that what. Only what they. If you don't have retired beat out dollar piece of property. When you say that have been low and churches or political future. Well yeah I'll let me answer that say your second question. I think I'm paying somewhere between. 912100. And I think the 150000. All houses of the ones up around 12100. And that's just fire and EC. Extended coverage. These 300000 dollars worth of liability insurance. Book Bob there's another expense it's called an umbrella policy. And that's a million dollars worth of liability. But that only comes through about 25 dollars house. If you got ten or more. Beckett went ballistic on somebody's at the bit they have a toll they but he covers woman who look. Like they have been basis sheep they get boring you're here in post. Yeah that's part yeah I bitterly that I think and it's usually around 500. 550 dollars a month I think it's probably my average. OK I appreciate it Harbaugh you take care thank you but your welcome Bubba. OK let's go now we're going to Mike but he's in San Antonio they might catch you doing. And fine thank you good morning Steve the question I've heard you talk about your your training course program. That you have you peoples such as myself would no knowledge. My question I have several I guess my first news. Locating properties I've heard you reference. Having a network of realtors. And now wholesalers. Someone such as myself first time. Getting involved in something like this. How do right how much support and assistance. To sure program provide locating a property that would. Meet. The criteria you you you outline for. Finding these type properties. And homeless as far as financing. Down do you have. How much. Direction and guidance you provide for that type information. Well. One thing you should understand is that lifestyles a limited is a complete system. We actually take people step by step through locating. Evaluating. Negotiating. Writing contracts funding. Closing. Managing every single aspect of the process. In fact you asked first about locating the deals the very first class that you take out lifestyles on limited. Is how to cultivate that group of twenty agents and how to cultivate that group. Of wholesalers to help you fund deals. The second part of your question about financing as we literally have probably a different mortgage companies. That pay lifestyles are limited to work with our members. So you can pick in issues. And we've got everything from hard money to a court course conventional lending. And probably 90%. Of the deals are hard money to conventional lending. And we've got six or seven hard money lenders that can help him. While that's awesome because. I would have my concern was. You know attend the the program learn now get the knowledge and in the information and and I mean some programs would. It is kicks yeah yeah you know. Yeah CS match on the back is this sending out the door net slash C your ear problem and you've got quite a system in place. You know they learned yet let me say this money before you hang up any and it comes with question and answer for an entire year so not only do we not QQ well. You're still involved with us for as long as you want. But 500 dollar initial fee covers you for a year. Eons you can call into the office and say look I know we talked about this in the two day class but I've forgotten what is this. I've forgotten this I've forgotten this. And they'll walk you through your first few deals. Well let that is that's good information and no thank you very much for your time. My pleasure my Q have a good day take care it is Bart mama. Yeah a lot of I think what Mike was referring to you are these guys that sold books and CDs on late night TV or they fly in the town. And they sell programs and their anywhere from 53500. Bucks. For the initial and then their upgrades are anywhere from 35000. Bouncing them as high as 50000. And don't get me wrong they're not terrible products or anything like. It. They don't have. The level of support. Built myself a limited does this is why we want. Three different years best education mentor group in the United States from two different match. All right we'll talk more after the break here on the life wells fumbled with that we'll stay up for radio show thanks for listening. What would happen if you didn't she look forward tomorrow. For the next couple of days for a week a couple of months and he how long until you lose everything you've worked for in a fraction of the time it took different. If this fear keep you up at night it's time to learn the strategies we teach at lifestyles unlimited start with the free workshop. Go to my passive income workshop dot com and find your true financial piece like so many of our members already have. That's might passive income workshop dot com. To blood cells are. Limited rules that does a radio show host the Davis phone lines are open at 8777115211. 8777115211. Or you're welcome to email me tort reforms they seven days a week. It's ask Steve at LO UINC. Dot com. Ask Steve. I had told you I NC dot com got an email here from a rant. Brandt just licences good morning and he says I've got a question how long do you hold your houses. He goes on to describe his business model which is to fix them up for an amount do you generally have a rule. He has everything projected out for a ten year horizon the wind down in ten years. Is that a good marker he can be burning it but he may go faster than there. Because we're what we're doing. It is always rehab my houses and do my cash flow analysis. Based on about a ten year horizon as well. But I'm not gonna hold them there long. If I give it you know 250 or more thousand dollars equity collected. Meaning if you look at my son and eyes houses. We actually picked up on this eleven houses over 25000. Dollars equity on each one. So the minute we got the eleventh house. We had. About 275000. Dollars additional equity plus or down payment. In those fields well that's too much money to leave sitting in single thing. It's time to sell. And move them to apartment. So what my son are doing over the next twelve months it is as the leases expire. We're not really letting them were gone and sold them. And then we're gonna try to turn 31 as many as possible. Into. The apartment complex. Will we be able to 1031. All eleven tax free into the apartment probably not. But. Five or six of them yes so yes I will have to pay some taxes on now. We will have to pay some taxes on that all that equity. But the majority of it will be covered by the 1031. So you really. Build everything you know make your plane for ten years. But what's gonna happen brand is. You probably well before that you're six years. Be moving to apartments. So be prepared for that when you. When that arises. That there's no specific rule. You might need to keep on twelve years Croshere a casual investor interest on the sidelines for him. But if you're an aggressive investor. In your pump in these houses in your portfolio as fast as you can find them. It may take too much locked much less time. Then the ten years that you've planned for but I do like the idea that you have planned for that long that's the way I do this well. So that hope spring and fall months are open at 8777115211877711. 5211. Okay. Got a good in this is a good question this is from Kieran. And she's saying I cannot help but wonder what would happen to an investor like yourself in the event that your rental properties were flooded. First off I keep flood insurance fallen. Anything that's in the flood plain. But here in your probably go on the way to second Steve a bunch of stuff floated that wasn't in the flood plain. With Harvey so what about those people well. There there's no other word for they got burned. That's all the risks to it. They're gonna lose two to three years of cash flow on the property. Just to rehab it and get it released. So you know there are major catastrophes. But remember this camera when I don't want this to do. Is discouraging. Because what some people will do his that'll be your excuse for not taking action. What if a flood happens. Okay thing to get flood insurance here and do it anyway. That makes sense. Don't let this be an excuse not to take action. Because if anybody's is that there's no risk involved in investing in anything stocks mutual funds real estate businesses. If they say there's no arrests there you are a liar or fool and you don't wanna be doing business with either of those student. So yes there is risk yes of some people got burned in this flood but you don't not do it. Just because some major catastrophe can cause you problems. Kieran. If you're worried about it didn't get flood insurance on every one of your properties. Even if it's not an excellent plan. OK phone lunch or opened at 8777115211. 8777115211. Got an email here from someone who did get flooded. And he's backing me up but he says it it really is three years or cash flows so that's 4812. I guess it's. Austin the sky somewhere between twelve and 151000. Dollars to redo the drywall. But I'm sure you've got to replace some cabinets and things like that so. That's about right twelve somewhere between twelve and 151000 dollars to rehab one of these flooded houses whose remember we don't have to replace the contents. Lieutenants responsible. For the content. All right this is bill in the lifestyle also unlimited real estate investor radio show on your host the Davis. My mother my nose okay. And you 24 hours a day seven days a week it's ask Steve that old you are you C dot com. Asks the old you. You always seem dot com thanks for listening to the lifestyles are limited real estate investor radio shows remember that this show is for entertainment purposes only. And should not be construed as legal investing more tax advice results may very. Always consult a professional. Before making any financial decisions if you'd like to find out more about the mentoring available at lifestyles unlimited please visit them online at lifestyles unlimited dot com.