Lifestyles Unlimited, 9/24

Lifestyles Unlimited
Sunday, September 24th

Lifestyles Unlimited with Steve Davis, for September 24.


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

Dials unlimited real estate investor radio show. A real estate investment pro. Listen and learn how to use realistic to build wealth and passive income streams for you when your family. We bring you experts every day to discuss and answer your questions on everything from single family homes all the way up to 600 plus unit apartment complexes. The lifestyles are limited real estate investor radio show. Good morning and welcome. Boosted investor radio show on your host Steve Davis ware as always we're here talking about your personal financial freedom. Your ability to retire at any age trying to dispel the myth that age has anything to do with retirement it doesn't. The fact is that 95% of Americans failed to retire by age 6536%. Are dead. The golden years are golden line your golden years or wherever you are at right now but you've got to make them the golden years. Stop putting off loading. Four this promised future. Of walking the beaches of Greece or on a cruise ships visiting Greinke is not happening. It doesn't happen unfortunately. But it does for 5%. And the good news is we know what they're doing their own businesses and real estate so guess what you better do. The reason we chose real stable there's many reasons but the barriers to entry. For starting your own real estate business or the are lower than any other business. End. Its ability to build wealth is better than just about any other business it accounts for 70% of the millionaires in the United States. And there's many other reasons why we chose real state but that's what the show was about. And what we're doing is we're going now and we're buying groups of single family houses. We're buying little apartment complexes big 800 unit apartment complexes. That produce cash flow for us. Whether we live ten years in retirement or fifteen years in retirement it doesn't matter. Because it comes in every single month month after month. The simple example I use at the beginning of every show is go out over the next 510. Years. Not forty not fifty years. Five to tune. And by yourself wanting little single thing wrong house's you're gonna make about 8000 dollars a month off those. If your bills are 4000 dollars a month that's couple cardinal to house note toothbrush toothpaste tuna. And you're bringing in 8000. Wind you have to go back to work. You don't. You're financially free. Now most of us do keep jobs we prefer to double income. Situation. Where you have your earned income from whatever your passionate about whatever you love doing. And then we have our passive income coming in from our real state. Now single family is generally considered semi pass because to run twenty houses it will take you about six hours a month to do that. So it's not completely passive but the apartment for the majority of people. Are completely passive. A certain percentage of people actually run their own real state and that's coming their passion that's their job. So. Will be talking about. The principles of passive income on this show. End what I wanted to do was answer your questions as to how to do it because for most people of average intelligence. There's they've at one time or another said they wanted to reel stay in their portfolio. Probably 100%. Of people at once summer another. Have said that they wanna be released an investor. But they haven't done it very few people do it. Why. It accounts for 70% of the millionaires. Why would you not have real estate in your portfolio. That's sort of like T you can call me about. And told me hey I'm afraid of real state for this reason I've never had a real estate to my portfolio because of this or that. You may be have a fear of tenant may have if you're working with other people. You may have a lack of trust in other people which is very dangerous. You may be afraid of funny and sing one of the big mistakes that people make. It is they go out my personal residence. And they have to jump through group groups and they barely qualify for it so when their brain they say well I'm fairly bought mine at her home. How could ever by rental property. You know it's actually easier to buy rental property than it is about your own home life. Because eight home is a liability. Rental property is an asset it's an income producing assets the banks look at it quite differently. There's many of you to listen this show right now that are working 5060 hours a week feeling desperate. Looking at your financial future and going its bleak. Many of you that could literally retire yourself in the next year. If you just knew how to do it. So give me a call 8777115211. 8777115211. All right let's go straight to email. Because I got that the question I get quite often but he. It's kind of the 500 pound gorilla. That's it's in the room at all times when a game our radio show in it's the question. Steve if real estate. Is so profitable. If real estate works so well welcome you do radio show. How commute teacher real estate investing how can you work at realist it teaching inventory. The first in this is actually not being mean question. It's a legitimate. And look at citizen 500 pound gorilla that sits in the room that nobody wants to talk about. Until once in awhile somebody gets occurs to ask it. And so the first thing you need to understand just to be. What's the word for it. Crystal clear. Transparent. Is that unlike a huge amount of money off this radio show and offer my mentor. Huge amount wolf to me it's a huge amount. So I get compensated very very well to do this job. But the second reason that I do it. Is because in this is really the first reason that I do it is because that is who behind me. I think I just spent. 34 hours. Working with a workshop from Simon senate. If you're not familiar with him he wrote the book begin with swine. And several other excellent excellent books on business on leadership. The end. I bought this things only and are not torn on books. But it was about three maybe four hours of training. On finding out who you all are. Finding out what your real purpose it is in this life. And after that three or four hours of deeply flawed and really there was much more to it meaning I had to stop. Don't think for about twelve hours or day I think I did it for about a day. And then come back and finish it. They end. I realized that I am in my purpose. Because when I look back on my childhood. The end my teen years. I can tell you like two goals. Two major goals. I want it to be Donald Trump. And I want it to be zig ziglar. Who wanted to be Donald Trump in these particular line cultural it was a real estate investor I wanted to be a real estate investor. Zig ziglar was helping people change their lives wanted to help people change their lives. In guess where I'm at right now. You've got some real estate investor. Who helps people change their lives. So. After doing that for hours but for a workshop. It was so comforting but it really learn anything new about myself. But what he did was it reaffirmed. That somehow now. I have found my passion in life. That I'm doing what I want to do. The only epiphany that I really hand. That. Well it really again it was just reinforcing what I already knew I don't like real estate. I'm the guy who wants to beat Donald Trump but I wanna do the work that Donald Trump goes. On his reduced. I don't like. Managing real estate. You know the art of the deal. Also booked by Donald Trump I do like that portion of it I do like. Going out the year end. Putting a deal together but once I've bought it I don't wanna see it again. And I really don't. So I'm my don't have any passion to work. In real state now where's all my money in real state whenever Selma real statement. Put my passion is teaching same thing with Dell Dell's got more real state and he could ever need my mentor. He makes more money off of that real estate than could ever spend but he keeps teaching. Because that's who he is. So I hope that makes sense that you know this 500 pound gorilla it does sit here. Uncomfortable with that gorilla in the room. Because I know who I AM especially after taking this course. In realizing that in the course discovered the same thing. I feel so of almost affirmed if you will so this question was very timely. So I'm above addresses accurately. I'm sorry effectively. So that you understand. Why I'm here and here's the interest in time. Do you know that some of you listening to the show will be mentors. You may not know it now you may not even think about it you know. But if you go out and you buy these twenty ounces or you go to fast around and buy yourself an apartment complex. And retire yourself. Which cannot be willing to mentor somebody else how to do the same thing. I that you would. We are having no trouble. Finding mentors and lifestyles and limited is amazing. Guys who are multi multi millionaires come to work for us. For. A few dollars. Because they love what we do and they loved doing it as well. So there's my answer hope that helps. Now can you call and let me help you. The chief financial freedom so do you call 877711521187771152. Left this is the. Lifestyles unlimited real estate investor 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 to 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 until realized 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. And welcome back into the lifestyles on the real estate investor radio show and I'm your host Steve Davis. I'm here to answer your questions so please can you call. 8777115211. With any question that you have about building wealth for yourself and your fame linked with realist that you may already have some and not know what the next step is. You may be afraid of some aspect of real estate investing. Let me know 8777115211. Now this next email. Comes from the David. Who basically asked the question. And he didn't a few paragraphs. But he's basically asking the question where does slum lords come from. That's not his words but that's what he's asking. And at first I just wanted to explain you were still more to come from there's really two sources and believe it or not the look lesser of the two sources he is bad people. Most slum lords are good people. That turned in the slum lords because they do know what they were doing and we'll talk about both those aspects in the moment. But there's something colts I think hidden in this email. Income went out and I asked us. But I have a feeling. He may think we're slum lords. I remember when I first got into this and I was telling people that I was an investor in real estate. I'm starting to invest in real stage and they would look at me like I was crazy. The end. On multiple occasions I overheard people talking. About it and they were heard the comment well he's probably just a slum lord. End. I took offense to of course because I was month. But I can understand why people think that way. They. One people generally don't like it. When you're successful. You know it's it's very just disquieting. Is period it makes them feel let us or insecure or less of a person. So that they people are gonna do that to you so just be prepared for it. They ignore it move on. The best revenge is living well is they say. But. I think there's a group of people out there that listens radio show where he. Hit it by accident. And never will she do it again and one of the things that they say to themselves as those guys just slum lords. And that gives them the excuse not to listen or not taken action. And that is not the case. Our members are actually the opposite McLemore it. We buy property from slum lords. And completely rehab it. We make it perfect. And we turn it into a functioning community. I'm referring to apartment complexes. And single family more so more so relieved torso apartment complexes. But. We're the opposite of that and you've got to be too. Because the slum lord makes the least money of any of the levels of investor. They think they're making money. But they're not. Now do they make money yes. To make a lot of money sometimes. But it short lived. Because they kill the goose. They murder. They reproduce they tear off the legs they care off the wings and eat them. That is what a slum lord does. In the and they looked property go back in the foreclosure. And go back to the bank. And then they try to do it again I don't know how they do it again. But I've seen it. I've seen as I've seen multiple slum lords who were able to buy an apartment complex run into the ground go buy another home run and into the ground. I don't know how they do that but. Unfortunately I've seen it happen. So we are the opposite of slum lords and you've got to keep that in mind as you do your real estate business. If you think for a second Islam warning. Is the way to do it to go with a low in the cheapest rules that you can and put in low income people and government supported people and stuff like that's a rough. Rough business. It's a rough business. And I've never. Seen it truly work. Where in those circumstances the community improves. The people's lives improve the value of the properties improve. It's just not happening. If anything those neighborhoods are going down there getting worse. Like it's a vicious circle recycle. So we are the opposite. We receive class B class a class multifamily. In releasing class single fame. And I use that term. For middle American. Singletary as a 10250000. Dollar home. And a mixture about 400 dollars a month profit per unit. That's where whereas. We do you keep you could look at it like this. We are the Wal-Mart. Of real estate investor comes a single thing. Multifamily apartments where Wal-Mart and named Marcus we'll talk more about this after the break. Here on the lifestyles unlimited hosting two radio show thanks for those. Longtime lifestyles member Curtis Payne. So the real joy for me looking back. Is helping others and I wouldn't be able to have done it without the support of lifestyle they just can't please 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. You have this roadmap of holy success stories on this one I'm just. One person out of left thousands fantastic success stories that each and every person can learn from that's my advice. Take Curtis Haines advice coming felt like minded successful investors who are helping others just like Dell 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 and limited Austin dot com to register for the workshop it will change your life. Welcome back from like twelve homes limited real estate investor radio show her coach Steve Davis phone lines are open at 8777115211. 8777115211. Or email me at ask Steve I know you on NC dot com. Ask the NLU of I NC dot com. Okay we're talking about we're still warts come from and trying to get the point across that the the slum lord business model is a business world this something that. Bad people do. In the end. But the majority. Of slum lords didn't start off that way. The majority of slum lords and I've met have been good people. We just ran in the property into the ground because they were. Arrogant. Lazy. Now I'm relieved greed out of that when. They're arrogant and lazy. And what I'm referring to is that they didn't go out and get educated first. They didn't go out and get educated first. The other ones that I see are being arrogant. Are people who have twenty rent houses. And and they assume that since they could run Tony Reynolds is correctly. Effectively that they can go run a twenty unit apartment. You can't. They're two completely different business models you'll gonna get slaughtered. If you go do that out. Band. Here's where they come from the first source is the bad person. This is a person who buys. And up and running. Will say apartment complex he could also do a single thing that much more common among apartment complexes. Guy goes out and buy us an apartment complex. And does nothing to maintain the proper. He takes there for he or she takes every dime of profit. Out of that deal and invest nothing back into the property. The idea. That they have this illnesses aren't. Is to steal. All the money. From the tournament. And that's what they're doing when you don't take your your property you're stealing from your tenant. For themselves. But it's a short term play. Because what happens in this. The property to leopard that. To keep people in there when you got a piece of crap what you have to do to the rents. You have to lower them and even lowering the rants you're gonna have higher vacancy probably double or triple. Maybe even more. Than someone who runs their property right across the street correctly. And what eventually happens is they reach a point of vacancy that they can no longer make their mortgage payment. The properties it's foreclosed on. And his soul. And just who buys a new got it we do. We buy that deep discounts. Going there completely rehab that make it perfect again. And then we run it like in a decent human being who cares about other people. The second source for. Slum lords is just people don't know what they're doing. When I see a slum lord here's one of the major symptoms that they have. These are all called accidental slum lords. What they do is they take this business model that didn't work for them. But they think somehow it's gonna work on their apartment complex. See how most people budget. What most people do in the budget. What they do is they look at their earned income. In sense that's the only way they know how to make money. What's the only thing in most people's lives that they can control. They can't control their income. You know yeah you suck up your boss and beg for a promotion or something like that but that only works once in a few years right. So the only way for them to say money is to stop spending. To. Eliminate expenses. And so these. While that's an ineffective way to loose in your personal life. It's totally ineffective. In a business. The rule that I like to use is this spend 10% of your time. Budgeting and saving money. Spend 90% of your time on increasing what. Your income. Revenue. C. What they do Seko they buy an apartment complex and don't know what they're doing again that's arrogance and laziness. And they think all figure this out of the ago. In they run the property into the ground because they're constantly focus on the only thing they had control of their personal life. They think is the only thing they have control of in the business and that is keeping expenses low. Next thing you know they're using cheap base seasons and cheap materials there. In their property elaborate it's we'll talk more about this after the. 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 map. Appreciation. Real estate doubles in value about every ten years equity buildup. Renters 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 real estate 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 attend 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. We'll show you had boosted investor radio show host Steve Davis. Phone lines are open for just about fifteen more minutes so if you've got a question you need to call now it's 877. 7-Eleven. 5211. 8777115211. Or email me at ask Steve and bill URNC. Dot com. Ask Steve as though you buying into the dot com. Now am I telling you not to budget MI and telling you not keep your expenses low as possible. Note. The exact opposite is true you want to do those thing. But the vast vast vast majority of your effort. Should be on increasing revenues it should be on increasing Wear collections. Increasing secondary collections. Tenant retention. All the things that go into keeping your expenses. That all that add to keeping your expenses low but more importantly they put more money in the coffers. So that you can run your business the same holds true for your personal life. So this concept of a poke fun of it because the lady. Came in and just slammed herself. In front of me. I guess we'll tell us storing them that'll explain the concept she came in and she goes you know Steve. I took the tutor class I bought myself it's I think I wanna say six or seven houses. She said I used to spend four to five hours a week clipping coupons. Clipping coupons. That was my strategy. That was I was gonna get ahead. If I don't remember laughing. And she was laughing too but she was dead serious. She thought that was her way of saving money she's gonna she's got a clip coupons her way to retirement. No kidding. That your business model good luck with that. In their she hadn't but it would let's assume six houses she had about. What's excellence for 2400 dollars a month cash flows through a tunnel clip coupons anymore. I spend my time studying realist say a spin that five hours looking for deals in the following hours and into my portfolio. In increasing my family's income. C. That when you Kerio bad habit from your personal life in your business this is one thing I want to say 50% of businesses fail. In the first five years. It's because they carry the same habits. That ruin their personal life over to their business. And you can't do that. So you've got to get educated you can't decree you can't be lazy can't be here again you've got to be humble. You've got to be. What's the opposite of lazy. You've got to get out the year give yourself educated. Learn the correct way to do it and do it right the first time. And there's only one way to do that is through the state is not intuitive. Everything you think about real estate is probably wrong. You've got to learn the best practices. So if it's not us so much. If you're gonna do this get out there and get educated so you don't end up being an accidental slum lord like so many people do. They phone lines are open 8777115211. 8777115211. OK got an email here. Asking for an attorney referral in central Texas San Antonio area. I cannot give out. Referrals. For many things I do with banks because I'm a bank that you know helps me out on the radio shows on try to help them out. But our vendors. Many of them only do business with lifestyles are limited numbers. Attorneys CPAs contractors. While blocked. And you militants crazy why wouldn't they do business with me. She don't know what you're doing it. The reason. They love working with lifestyles members is because they you know what they're doing it is so much easier. To deal with a lot of cells member than it is some of us outside of lifestyles it's like the phone call I got on yesterday's show and maybe it was. Friday show where a lady called in goes the bank won't give me alone unless I put 35% dale. And I said wolf how many courses on real estate investing have you taken have you taken our core she goes no and no I've been taking your course. And so it really. So you went to a bank and ask them for a million dollar loan to buy an apartment complex. And you haven't even taken any course. Think about what the bin bank thinks. The bank thing are you even serious about this. It's ludicrous. Ludicrous to walk into a bank Cynthia I'm not willing to learn how to do it. Give me a million bucks like in my apartment complex. All right phone lines are open for one final segment coming up in four minutes did he is 877. 7-Eleven fifty to you. 8777115211. Or email me thanks for listen. What would happen if you didn't show up for work tomorrow. For the next couple of days for a week a couple of months and heat 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 starts with a free workshop. Go to my parents who didn't come 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. Thirteen seventy. And welcome back to life styles unlimited real estate investor radio show host the Davis. We'll want to open for one final segment so if you got a question to call now please don't put it off to the last two minutes. We will need time you know to answer your question. Get down to it so call me right now at 8777115211. 8777115211. So finishing up that thought about. Giving our referrals. Again I cannot but if you're a member of lifestyles and limited in your emailing me about referrals. Go to don't email me go to lifestyles are limited dot com login to the members area the vendor list is there. So if you need an attorney in central Texas. Could the central Texas lenders look for an attorney there. CPA's contractors remember as a member of blood cells limited. Your entire team is already built we have everybody. Banks. Mortgage companies. Insurance companies attorneys CPAs contractors roofers everybody. That you need to run your real estate business is already set up for just go to lifestyles and limited dot com log in the members area click on the vendor list. Pay phone lines are open. And 87771152118777115211. K let's go to email now again. Who. Another good question. If real state is so easy why doesn't everybody do it this actually came up in the middle of the week to. And the first thing that I like to say is it reals that is an easy. Now anybody can do it. But it's not easy. You know it's a. Yeah this is not not much else to say it's not easy but anybody can do it. But when you asked that question. I wanted to think about fitness. For this example. He is fitness easy. You know you write in your work out your forty's who it for a half hour. Does exercise work. Yes. We all know it does. Why wouldn't everybody do it. She just because something's defective. Just because something works doesn't mean everybody's gonna do it. She everybody says they want to be financially free. But very few people. Do it. Everybody says they wanna be in shape everybody says they wanna everybody says they wanna be sexy. I can sit near 4050 pounds overweight. So don't be fooled. Just because something is effective. Doesn't mean everybody's gonna do it. You know it just doesn't work that way I used to think they're well you know when I was a kid I wanna be rich. Unlimited. Of one of the millionaire. And I was so dumb that I thought everybody else did too. Because everybody else said they did it. But when it came down to do we it. They weren't willing. They they didn't wanna do it. Then what do you mean you're just gonna get a job and climb the corporate ladder but doesn't work in and yes even as a kid on either. That works for like less than 1% of America. You've got to understand. That. I guess I said it. Just consume things affected demeanor about him do it. On and what we're looking that way really has rules that investors that would that we don't have an overabundance of real estate investors there's just enough. There's actually way way more deals than there are real estate investors weigh. More deals than there are real estate investors. So. Don't hide behind their. Realize. What I see. And then get out there and go ahead and do it anyway you know I know that's a fear that people have if it's so easy welcome everybody doesn't do it. Now don't let that hold you back that's that's a cop out. Because there's so many things that are effective. Eating right and exercise being one of them but not everybody tries and not everybody exercised. Same thing with real estate and everybody's gonna do it so there's plenty of room for you this also stems from a thing called the scarcity mentality to. This scares me mentality or belief that there's only so much healthier. At the puzzle only so big. And that if you help me get a piece of upon others lost father for both of us. And that's just not true in a capitalist society in the way that real estate structured in the United States with a 1031 exchange. It's it's made to continually grow. It gets bigger. Every year. It gets bigger and bigger and bigger the targets bigger and bigger and bigger. And that's what you want and what you wanna do is adapt the opposite of that scarcity mentality. It's a thing called the abundance mentality. In the abundance mentality you realize. That there's plenty out there for everyone. Including news. You've just got to go out there grab your piece. Okay this has been the lifestyles on limited real estate investor radio show on your host the Davis remember that you can. Email me 24 hours a day seven days a week it is an emailed directly to me. We'll not be put on an email list and you don't have a robot or an assistant. It's neat replies to those who also email me at ask speed. At LU I NC dot com. Ask Stevens and build new Orleans city. Thanks for listening have a great rest of today. 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 Texas sites 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 and limited please visit them online at lifestyles unlimited dot com.