EP278: From $60,000 in Debt to Financial Freedom - Interview with Connor Steinbrook

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This episode of Investing in Real Estate is sponsored by Pitney Bowes. Pitney Bowes is the industry leader in mailing and shipping solutions. No matter what you send, or how often, Pitney Bowes has the solution that precisely fits your needs. Pitney Bowes is offering Investing in Real Estate listeners a free trial! Visit pb.com/investing to learn more.

In my experience talking to potential investors, it's easy for people to come up with excuses why they're not fit to become a real estate investor. Whether it's a personal circumstance or finances, most of these excuses tend to be limiting beliefs that aren't true. One of the biggest excuses that I frequently hear about is debt.

Debt can seem debilitating, but it isn’t a reason to give up on your investing dreams. Today’s guest is living proof. In a matter of just three years, Connor Steinbrook went from facing bankruptcy to building a multi-million dollar real estate company. On this episode of Investing in Real Estate, Connor is sharing his struggles and triumphs, how he got into wholesaling, and much more! 

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Connor Steinbrook has an unconventional background. He began his career as a professional poker player. In fact, he was one of the top online poker players in the US. But like with any job, Connor's livelihood was suddenly stripped away one day. 

In 2011, the US government closed down all online poker sites. After a decade long career, Connor was unsure how he would make ends meet. He jumped into a few different occupations, but nothing seemed to stick. 

From watching home renovation shows, he discovered flipping. He realized that if he could flip just two houses, he could replace his income. Connor attended a free seminar and got pitched the dream. He went into massive credit card debt in order to pursue this venture, and eventually ran out of funds for marketing. Although his flipping journey was unfruitful, Connor felt he should continue pursuing real estate. 

When he learned about the power of wholesaling at a local real estate investing meeting, things began to change. Connor learned that if he could connect wholesalers with buyers, he could get involved with no money, and make a profit. Connor has built an incredibly successful career as a joint venture wholesaler in just a few short years. Additionally, he has built his own buy and hold portfolio, and he helps others jumpstart their investing careers through home study courses. 

On today's show, Connor is taking us through his entire journey. He'll talk about his debt, and the systems he's put in place to make his business successful. We'll discuss Connor's reading list, and the benefits of wholesaling. If you've ever wondered how to begin investing with debt on your shoulders, this episode is for you! 

If you’re ready to begin building a passive income through rental real estate, book a FREE call with our team today. We’re ready to talk about your goals and want to help you learn more about earning legacy wealth for you and your family.

On this episode you'll learn:

  • What are the benefits and drawbacks of wholesaling?
  • Why is follow up so important?
  • Where should you look for wholesaling deals? 
  • What expenses does a joint venture wholesaler have?
  • And much more!

Episode Resources
Pitney Bowes
Rich Dad Poor Dad by Robert Kiyosaki
Never Split the Difference by Chris Voss
Clayton on the Investor Army Podcast
Investor Army YouTube channel 
Subscribe to Investing in Real Estate on iTunes
Find Your Financial Freedom Number
Subscribe to the Morris Invest YouTube channel
Like Morris Invest on Facebook

Contact Connor Steinbrook 
Website
Facebook
Twitter
LinkedIn

EP277: Confronting Your Financial Beliefs

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This episode of Investing in Real Estate is sponsored by Fund&Grow. Fund&Grow helps investors access business lines of credit with 0% interest. For $500 off your startup fee, visit morrisinvest.com/funding.

There are many widely-held financial beliefs and norms that are simply not true, and can block you from building wealth. When it comes to traditional advice about saving for retirement or building up a nest egg, many of us have been inundated with harmful habits and beliefs.

On this episode of Investing in Real Estate, Natali and I are sharing five myths about finances! We’ll talk about the best way to build a savings account, the truth about your 401k, and much more. If you’re ready to confront your financial beliefs, this episode is for you!


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  1. "You should save all of your excess money." This is a huge financial myth that we urge you to challenge. Traditional savings accounts generally have very low interest rates. And thanks to inflation, you're basically losing money if you're squirreling it away in a savings account.
  2. "You should automate your savings contribution in order to build your account balance." We aren't saying this is a bad idea, but if it's your primary means for building wealth, you're not getting ahead of the game. It's fine to put away some money each month, but that's no way to build true, lasting wealth.
  3. "You should never touch your 401k, under any circumstance." If you've been led to believe that the 401k is the ultimate retirement plan, you've been lied to. If you've been told you should under no circumstances touch your 401k, you've also been lied to. We urge you to challenge those beliefs, take a look at the numbers, and assess what can happen if you take a loan from you 401k to purchase a performing asset.
  4. "Mutual funds are the best way to invest." A mutual fund is just a collection of stock, and it's ultimately something you have no control over. In comparison with a cash flowing asset like a rental property, a mutual fund has far less to offer.
  5. "Paying high taxes is inevitable." The tax code actually favors business owners and investors, so if you learn how to play the game correctly, you can mitigate your overall tax burden.

If you’re ready to begin building a passive income through rental real estate, book a FREE call with our team today. We’re ready to talk about your goals and want to help you learn more about earning legacy wealth for you and your family.

On this episode you'll learn:

  • How can you find the best savings account?
  • Why is buying liabilities a bad move?
  • What are the benefits of borrowing from your retirement account?
  • Why is the safety net of a job a fallacy?
  • And much more!

Episode Resources
Fund&Grow
EP270: If You're Saving Money, You're Losing Money
Bankrate
The Automatic Millionaire by David Bach
Rich Dad Poor Dad by Robert Kiyosaki
Subscribe to Investing in Real Estate on iTunes
Find Your Financial Freedom Number
Subscribe to the Morris Invest YouTube channel
Like Morris Invest on Facebook

EP276: Clutter Creates Unhappiness, Experiences Create Benefits

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As you may know, investing in real estate is an incredible vehicle for creating wealth. Recently, I’ve been thinking more about the true purpose of creating wealth, and how we can create space in our life for the things that truly matter.

On this episode of Investing in Real Estate, I’m discussing the importance of using passive income to drive experiences in your life. I’ll talk about my own personal experience minimizing and decluttering, and why cultivating experiences is more powerful than collecting things.

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I recently read that the founder of Samuel Adams packs lightly while traveling—he fits everything into just one small briefcase. His mission is to live simply; he travels with just the basics, and he doesn’t need an excess of belongings. This is because the things that bring him happiness are intangible: friends, family, and travel.  

This really spoke to me because I’ve been on a personal mission to declutter over the past few years. I’ve realized that in our society, it’s all too common to hold on to belongings that no longer serve us. We keep old t-shirts that we never wear. We buy the newest gadgets, even though these things don’t actually make us happy.

When you’re investing and creating wealth, it’s important to be intentional about how you’re directing your additional funds. If you’re using that money to keep up with the Joneses, you’re not actually bringing happiness or freedom into your life.

On today’s show, I’ll share more about how clutter creates unhappiness. I’ll give a personal anecdote about the couple that inspired my investing journey, and talk about how I’ve started to change my traveling habits. 

If you’re ready to begin building a passive income through rental real estate, book a FREE call with our team today. We’re ready to talk about your goals and want to help you learn more about earning legacy wealth for you and your family.

On this episode you'll learn:

  • What kinds of experiences create happiness?
  • Why isn't real estate investing about having cash in the bank?
  • What types of experiences do people tend to remember?
  • And much more!

Episode Resources
Subscribe to Investing in Real Estate on iTunes
Find Your Financial Freedom Number
Subscribe to the Morris Invest YouTube channel
Like Morris Invest on Facebook 

 

On this episode, I talk about my own personal experience minimizing and decluttering, and why cultivating experiences is more powerful than collecting things.

EP275: How to Trade Up to Higher ROI Investments [Case Study]

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This episode of Investing in Real Estate is sponsored by ZipRecruiter. With ZipRecruiter, you can post your job to 100 plus job sites with just one click. Find out today why ZipRecruiter has been used by businesses of ALL sizes to find the most qualified job candidates with immediate results. Visit ZipRecruiter.com/investing to post your job for free!

Many people see the value in investing in real estate, but they’re not quite sure how to run their business efficiently. From finding the right property in the right market to working with a skilled property management team, there are a lot of things that must be done correctly to create a passive income machine.

Today’s guest, Jonathan, is a longtime investor who recently switched his strategy in order to earn more passive income and positive cash flow. On today’s show, he’s sharing his journey into the world of real estate investing, including the mistakes he made when purchasing his first properties, how he used a 1031 exchange, and his experience purchasing turnkey rentals. Jonathan’s story is so interesting—you won’t want to miss this episode of Investing in Real Estate!

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In 2005, Jonathan and his wife purchased a nice big house, from which he was able to take out a home equity line of credit. He used the funds from the HELOC to begin investing. Like many new investors, Jonathan started investing close to home.

He purchased two properties in the Denver metro area. He managed both properties by himself, and found that it is a lot of work to manage tenants and contractors. And although those properties brought in cash flow, he found that most months he was just breaking even with his expenses.

Jonathan literally drove himself into the ground trying to manage these properties as well as attend to his family and full-time job. When he was diagnosed with cancer, he ultimately decided that something had to change.

Once he discovered turnkey real estate and calculated his Freedom Number, everything started to come together. He worked with a company to conduct a 1031 exchange, sold his two properties, and picked up multiple C class properties in the Midwest. In gross rent, Jonathan’s cash flow tripled. Best of all, he is no longer managing his properties and is able to dedicate more time to his family.

On today’s show, Jonathan is sharing more about his experience. We’ll discuss the transition from being hands-on to hands-off, and what it’s like to go through the 1031 exchange process. Jonathan’s story is sure to inspire—please join me for episode 241 of Investing in Real Estate! 

If you’re ready to begin building a passive income through rental real estate, book a FREE call with our team today. We’re ready to talk about your goals and want to help you learn more about earning legacy wealth for you and your family.

On this episode you'll learn:

  • What is the time frame allowed for a 1031 exchange? 
  • What is Jonathan's Freedom Number?
  • What was it like to go from being a landlord to working with a property management team
  • What are some of the rules about using a 1031 exchange?
  • And much more!

Episode Resources
ZipRecruiter
EP241: A Conversation with a Millionaire Retired Landlord
EP053: The Power of a 1031 Exchange for Exploding Your Rental Portfolio - Interview with Lance Growth
York, Howell, and Guymon
Subscribe to Investing in Real Estate on iTunes
Find Your Financial Freedom Number
Subscribe to the Morris Invest YouTube channel
Like Morris Invest on Facebook

 Jonathan shares his journey into the world of real estate investing, including the mistakes he made when purchasing his first properties, how he used a 1031 exchange, and his experience purchasing turnkey rentals.

EP274: Americans Are Saving Less and Buying Liabilities

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This episode of Investing in Real Estate is sponsored by Betterment. Betterment is the largest independent online financial advisor. Their service is designed to help improve customers’ long-term returns and lower taxes for retirement planning, building wealth, and other financial goals. Investing in Real Estate listeners can get up to one year managed free. For more information, visit betterment.com/clayton.

A new report shows that Americans are now saving less money than ever before. Due to the performance of the stock market, many people are deprioritizing saving, and instead purchasing liabilities and putting their money toward vacations.

On this episode of Investing in Real Estate, Natali and I are sitting down to hash out this troubling news. We’ll talk about the influx of Americans funneling their money into liabilities, and why it’s important to instead build net worth. Don’t miss episode 274!

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Due to a rising economy and stock market, Americans are saving at a 12-year low according to the Wall Street Journal. Specifically, the article mentions a woman who owns an investment property in Portland. The rental has doubled in value in recent years.

Instead of appropriately leveraging the property, her plan is to sell the property so she can instead purchase a liability—a new van. She also intends to take a ski vacation to Japan. One can assume the property isn’t owned in an LLC, and that this investor won’t be conducting a 1031 exchange to acquire more rental properties.

We aren’t declaring that Americans shouldn’t spend their money on things that make their lives more enjoyable, but it just seems like many people are skipping a step. Instead of spending on big-ticket items and acquiring more liabilities, many people could benefit by purchasing cash-flowing real estate investments. These investments can then fund those lifestyle purchases.

On today’s show, Natali and I are discussing more about the importance of buying performing assets. We’ll talk about why people feel justified in spending in this economy, and elaborate on some of the wasteful habits Americans are participating in. Please join us for episode 274 of Investing in Real Estate! 

If you’re ready to begin building a passive income through rental real estate, book a FREE call with our team today. We’re ready to talk about your goals and want to help you learn more about earning legacy wealth for you and your family.

On this episode you'll learn:

  • What types of renovations are Americans currently spending on?
  • How has the net worth changed among US households?
  • Why is a 1031 exchange so powerful?
  • Why is putting money in a savings account a bad move?
  • And much more!

Episode Resources
Betterment
WSJ - Americans Are Spending More, Saving Less
Subscribe to Investing in Real Estate on iTunes
Find Your Financial Freedom Number
Subscribe to the Morris Invest YouTube channel
Like Morris Invest on Facebook

We talk about the importance of buying performing assets. We’ll talk about why people feel justified in spending in this economy, and elaborate on some of the wasteful habits Americans are participating in.

EP273: How to Manage Fear to Become a Millionaire

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If you play your cards right, you could easily become a millionaire via real estate investing. If you want to build enormous wealth for you and your family, real estate investing can help you reach those goals. But many people don’t fully pursue this opportunity because they are held back by fear.

On today’s show, I’ll share how to appropriately manage fear in order to reap the benefits of investing. I’ll talk about why fear isn’t real, and how you can begin shifting your perspective.  Let’s talk about facing your fears so you can reach your potential; join me for episode 273 of Investing in Real Estate.

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My mentor once told me that the difference between a rich person and a poor person is how they manage fear. And now that I’ve gained perspective, built my portfolio, and spoken with thousands of investors, I’ve realized how true that sentiment is.

So many people want to build wealth, but they can’t because they are held back by fear. They don’t consider the potential of what could go right, because they’re too focused on their own hesitations and anxieties. I've heard from a lot of people who have considered investing, but they're too fearful about losing their money or the possibility of having an eviction.

We all have these fears—it’s in our nature. I have struggled with fear my whole life, so I’m speaking from experience. It’s not the fear that’s the problem; it’s how you deal with it. Do you become consumed by fear? Do you let it stifle your dreams?

Or do you run toward it? When you’re able to embrace fear and move forward regardless, you’ll find that these fears and boundaries aren’t real. They’re in your mind. The fear dissipates, and you can move toward your goals. You can reach financial freedom and become a millionaire.

If you’re ready to begin building a passive income through rental real estate, book a FREE call with our team today. We’re ready to talk about your goals and want to help you learn more about earning legacy wealth for you and your family.

On this episode you'll learn:

  • Why is fear like a sabertooth tiger?
  • Why shouldn't you fear evictions?
  • What should you do when you experience fear?
  • And much more!

Episode Resources
Loving What Is by Byron Katie
Subscribe to Investing in Real Estate on iTunes
Find Your Financial Freedom Number
Subscribe to the Morris Invest YouTube channel
Like Morris Invest on Facebook

If you want to build enormous wealth for you and your family, real estate investing can help you reach those goals. But many people don’t fully pursue this opportunity because they are held back by fear.

EP272: What Makes a Great Rental Market?

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Not just any city can function as a great rental market. Unless you live in a few select cities, chances are the best properties are not in your backyard.  So how do you go about finding a rental market that will produce high return on investment?

On this episode of Investing in Real Estate, I’m sharing five attributes of a great rental market! I’ll share the key indicators that I care about in a city. You’ll learn about local laws, job markets, and much more! 

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There are a number of key indicators you could measure while assessing a rental market, but these are the five that I personally care about most when considering investing in a rental market:

  1. Landlord friendliness. Unfortunately, legal issues like evictions are inevitable when you own multiple rental properties. Because of this, I aim to invest in states that are protective of landlords. This is one area that is easily overlooked, but can have far-reaching implications. 
  2. Job market. It's important to assess what the job market is like in a city you're considering investing in. Personally, I look for jobs that are American-based. Jobs in hospitals aren't going anywhere. You want your tenants to have consistent work, so this one is important! 
  3. Affordability. I look at the cost to acquire properties, as well as things like property taxes, and how much it costs to hold licenses. Remember, additional costs eat into your ROI, so you want to be careful about how much you're spending.
  4. Boring appreciation. As far as I'm concerned, slow and steady appreciation wins the race! I don't want drama or overinflated property values. 
  5. Shipping. We live in an e-commerce society. Online businesses like Amazon and Zappos are ever-expanding, so if I notice warehouses and distribution centers, I know that's a great place to invest.

If you’re ready to begin building a passive income through rental real estate, book a FREE call with our team today. We’re ready to talk about your goals and want to help you learn more about earning legacy wealth for you and your family.

On this episode you'll learn:

  • What makes a landlord friendly state?
  • Why don't I invest in Texas?
  • What is a solid amount of appreciation to aim for?
  • What is the importance of American-based infrastructure?
  • And much more!

Episode Resources
EP108: The Five Most Landlord Friendly States
Subscribe to Investing in Real Estate on iTunes
Find Your Financial Freedom Number
Subscribe to the Morris Invest YouTube channel
Like Morris Invest on Facebook

What makes a great rental market? Not every city qualifies. Here are the 5 key attributes to pay attention to when investing rental properties.