EP211: Should I Pay off Debt or Invest in Real Estate?

Investing In Real Estate Podcast-82.png

Book a call with our team: https://goo.gl/dezwHT

Investing in Real Estate is sponsored by Health IQ, an insurance company that helps health conscious people get special rate life insurance. Go to healthiq.com/clayton to support the show and learn more.

Should you pay off debt before you begin investing in real estate? Is being debt-free a requirement for investing? On this encore episode of Investing in Real Estate, Natali and I are answering these questions, and sharing how you can make the right decision for your particular situation.

This topic is one of our most frequently asked questions, and we’re excited to address the topic. Many people understand the value of real estate investing, but are concerned about approaching investing when weighed down by debt. Listen in to this episode of Investing in Real Estate to hear how to address your debt, assess your expenses, and how to be creative in real estate investing!

More About This Show
Deciding how to approach real estate investing when you have debt is not always simple and straightforward. There are a few factors to consider. This is a decision you’ll have to make for yourself, but we want to help you weigh your options.

The first thing you should do is write down all of your debts, so you have a clear picture of where you stand. Assess the kind of debt, as well as the interest rate for each. Then calculate how much money you have each month to allocate toward paying off debt. 

Sometimes, debt is necessary. Perhaps you had to take out a loan to buy a car, or maybe you have some student loan debt. Typically, anything under 4% interest is not a priority to pay off immediately.

For us, all of our real estate investments accrue a minimum of 10-12% return on investment. It's all about determining which rates are higher. For example, if you have a store credit card with 22% interest, you will likely want to consider paying that off as quickly as possible. 

Next, weigh what you’re paying monthly in interest against a potential investment. For example, if you have $500 each month to allocate either toward paying off debt or investing, you’ll have to assess how quickly that $500 can help you reach your goals.

You should also consider that it’s not an all-or-nothing approach! You can split the money up and approach the situation creatively. Investing is not black and white, it’s about what finding what works for you and benefits your specific situation.

To learn more about achieving financial freedom through real estate, find your Freedom Number! It’s a simple step-by-step process to help you find the exact number of properties you’ll need to obtain. This idea changed the way our family looks at finances, and helped us find financial freedom.

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 difference between good debt and bad debt?
  • What does it mean to treat your interest rates like a teeter-totter?
  • What is high interest status debt?
  • How can you stop accruing more debt?
  • And much more about real estate investing!  

Episode Resources
Health IQ
Using a Home Equity Loan to Buy Your First Rental Property
Should I Pay Off Debt or Use Those Funds to Invest? on BiggerPockets
How to Approach Your Debt with Creativity by Natali Morris
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

 

 

 

EP210: I Want to Retire Early. Where Should I Invest?

Investing In Real Estate Podcast-81.png

Book a call with our team: https://goo.gl/dezwHT

This episode of Investing in Real Estate is sponsored by eero. With eero, you can install an enterprise-grade WiFi system in your home in just a few minutes. For free overnight shipping on your order, visit eero.com and select overnight shipping at checkout, then enter promo code INVESTING.

Recently a fellow real estate investor sent me a news article that represented the major issues with ideals about wealth building in our country. When I read the article, I knew I had to sit down and record a podcast episode on everything the writer got wrong about wealth building and planning for retirement.

On this episode of Investing in Real Estate, I’ll walk you through this article, and share my commentary. I’ll talk about the major false premises that many people believe about wealth building, and how to actually plan for early retirement. Don’t miss episode 210 of Investing in Real Estate!

More About This Show
This particular article began with a reader question. The reader wanted to retire early, so he was asking for advice on the best method to do so. This person admitted to having several retirement accounts, but wanted to invest elsewhere to avoid early withdrawal fees.

The author responded with three steps the reader should follow in order to be able to safely retire early. First, the author suggested to run the numbers and ensure that retirement savings were adequate. The article explains that a person making $100k per year should save $3.3 million. I see few scenarios in which a person could quickly scrounge up millions of dollars to save for retirement. This is flawed thinking!

Secondly, the author suggested the reader choose a flexible retirement account, such as a pre-taxed roth IRA. This isn’t the worst advice I’ve ever heard, but there are much better options. Instead, a person could put their funds into a self-directed IRA and either purchase real estate, or lend private money to receive a high return on investment.

Lastly, this article emphasizing the importance of investing in extra retirement vehicles like stocks and bonds. I don’t know about you, but I would rather make 10-12% return on investment with real estate investments. For most retirees, a tangible asset that produces $700 every month is much more favorable than measly returns on stocks! 

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:

  • Do you need to save money in order to retire?
  • What is the average 401k balance in the US?
  • What is the difference between piles of cash and streams of cash?
  • What is the false premise about waiting for retirement that this article reinforces?
  • And much more!

Episode Resources
eero
CNN Money Article
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

The major false premises that many people believe about wealth building, and how to actually plan for early retirement.

EP209: Taking a Deep Breath Changes Your Life - Interview with Peter Bregman

Investing In Real Estate Podcast-80.png

Book a call with our team: https://goo.gl/dezwHT

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!

Have you ever let destructive habits like self-sabotaging language and limiting beliefs hold you back from reaching your goals? I know that I have. In my experience speaking to investors, becoming successful in real estate isn’t just about the numbers or the money; there’s a mental component that holds many people back.

On this episode of Investing in Real Estate, I’m interviewing Peter Bregman. Peter is an author, speaker, coach, and CEO of Bregman Partners. Peter is here to share the main principles of his new book, Four Seconds. We’ll discuss how to redirect negative thought patterns, replace counterproductive habits, and much more!

More About This Show
In his new book, Four Seconds: All the Time You Need to Stop Counter-Productive Habits and Get the Results You Want, Peter describes the importance of pausing for just four seconds—just long enough to take a deep breath in moments of stress or reactivity. In doing so, our breathing slows our reaction, and mellows our nervous system.

The book is based on the premise that we can replace counterproductive habits by taking a moment of awareness. He explains, if you’re about to do something that you know is not in your best interest, just stop for four seconds. Find the ability to resist the urge to follow through.

Then finally, replace your negative and ineffective reaction with a strategic and intentional response. 4 Seconds is all about developing your capability to be purposeful in your reactions. This strategy leads to better outcomes, and helps you reach your goals. 

On today’s show, Peter is sharing the importance of being clear about what you want, and how to be thoughtful about your actions. We’ll talk about risk aversion, and how it relates to purchasing real estate. We’ll also talk about what makes some people more effective than others, and how to develop a process that helps you reach your goals. Don’t miss episode 209 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 Big Arrow Process?
  • What are the three most counterproductive habits that people engage in?
  • What are the two ways to look at risk averse thoughts?
  • What is the main difference between successful people, and those who are average?
  • And much more!

Episode Resources
ZipRecruiter
Four Seconds by Peter Bregman
18 Minutes by Peter Bregman  
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 Peter Bregman
Website
Facebook
Twitter
LinkedIn

Great interview with Peter Bregman! (Author of the book "Four Seconds: All the Time You Need to Stop Counter-Productive Habits and Get the Results You Want".)

EP208: How to Play It Safe in Today's Market - Interview with Kathy Fettke

Investing In Real Estate Podcast-79.png

Book a call with our team: https://goo.gl/dezwHT

Investing in Real Estate is sponsored by Health IQ, an insurance company that helps health conscious people get special rate life insurance. Go to healthiq.com/clayton to support the show and learn more.

If you could go back in time, before the big market crash, what would you do differently? Would you change anything in your portfolio? Although no one can predict for sure what will happen in coming months and years, investors should always be prepared for the worst case scenario.

Here to discuss her expertise on market trends is Kathy Fettke! Kathy is a talk show host, author, real estate investor, and co-founder of the Real Wealth Network. On today’s show, we’ll discuss the future of the real estate market, the implications of the national debt, and how investors can prepare for a potential market crash. Kathy has so much insight to share; you won’t want to miss episode 208 of Investing in Real Estate!

More About This Show
Kathy’s entry into the world of real estate investing was accidental. She inherited a property from her father, and was introduced to the process of 1031 exchanges. At the time, she was simply trying to help her father retire and avoid a huge tax hit, but this real estate deal ended up changing the course of her future.

In her broadcasting career, Kathy had a radio show in which she interviewed millionaires about passive income. In 2004, she interviewed Robert Kiyosaki. Robert informed her of his new investing strategy—purchasing properties in Texas. This piqued Kathy’s interest, so she decided to expand her portfolio.

She refinanced the inherited home, and was able to purchase 12 brand new properties in Texas. The properties cash flowed for $1500 each, which was unheard of in her home state of California. Because of this experience, Kathy began helping other investors rearrange their portfolios.

Kathy helped investors sell their inflated California properties and conduct a 1031 exchange before 2007. In return, the investors were typically able to purchase five to six properties in Texas, and quintuple their cash flow!

Compared to that period of time, Kathy explains that the current market is similar. In fact, she advises many investors along the west coast and other inflated markets to look into 1031 exchanges. Kathy advises that it’s a good time to sell homes in bubbles for high cash flow properties.

On today’s show, Kathy is sharing more insight into the future of the real estate market. We’ll talk about the government’s market manipulation, and how the Trump administration could change things. We’ll also discuss what Kathy looks for in a rental property, and how investors should prepare for the worst. Don’t miss this episode of Investing in Real Estate to learn about market preparedness for real estate investors!

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 assets are essentially recession proof?
  • What are the two secrets to creating passive income? 
  • What was Kathy’s biggest real estate investing mistake?
  • What are the benefits of a 1031 exchange?
  • What type of property is smart to acquire within a 1031 exchange?
  • And much more! 

Episode Resources
Health IQ
Retire Rich with Rentals by Kathy Fettke
The Real Wealth Show
Real Estate News for Investors Podcast
Real Wealth Network
Extreme Success by Rich Fettke  
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 Kathy Fettke
Website
Facebook
Twitter
LinkedIn

If you could go back in time, before the big market crash, would you change anything in your real estate investing portfolio? Although no one can predict for sure what will happen in coming months and years, investors should always be prepared for the worst case scenario. Here's how to play it safe.

EP207: 4 Takeaways from My First Week Being Unemployed

Investing In Real Estate Podcast-78.png

Book a call with our team: https://goo.gl/dezwHT

This week was my first week as an unemployed, full-time real estate investor! It has been exciting and liberating to step into this next chapter of my life. On today’s show, I’m sharing the four major lessons I have learned this past week.

I’ll talk about what my first weekend was like without waking up to go in for the morning show, and why I don’t feel retired. I’ll also talk about the power of passive income, letting go of old ideals, and much more! Don’t miss episode 207 of Investing in Real Estate.

More About This Show
1) It’s liberating. The first thing I realized about quitting my job is that I feel free. I was able to sleep in this past weekend, and spend time with my family without having to worry about work. It was a strange feeling, but overall very empowering to have control over my time. 

2) You can’t blame anyone else for your unhappiness. I’ve been thinking a lot about how important it is to take ownership over your own happiness. Many people blame their unhappiness on their boss or coworkers, but when you’re suddenly unemployed there’s no one else to blame. It’s important to realize that no matter the circumstance, we can choose to be happy.

3) Passive income works. Now that I’m without a regular paycheck, I’m able to truly see that passive income is the best way to build wealth. I even spoke to my accounting team this week, and they were incredibly encouraging about my decision.

4) You guys are amazing. So many of you have reached out to me via email, Facebook, Twitter, etc! I can’t say thank you enough for all of your incredible words of encouragement and love. Thank you for following along on my journey, and for allowing me to be a part of yours.

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:

  • At what age did I plan to retire?
  • How does retirement feel?
  • How did I overcome the paycheck mentality?
  • Why is adversity essential to growth?
  • And much more!

Episode Resources
Provision Wealth Strategists
Clayton Morris Says Goodbye to Fox & Friends
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

This week was my first week as an unemployed, full-time real estate investor! Here are the lessons I learned this past week.

EP206: How to Leave a Legacy and Build a Life of Positivity - Interview with Lee Cockerell

Investing In Real Estate Podcast-77.png

Book a call with our team: https://goo.gl/dezwHT

In business, the value of a positive mindset is often overlooked. Today’s guest is proof that by cultivating a mindset of positivity, you can create lasting success in your business. On today’s show, I’m sitting down with Lee Cockerell, speaker, author, and former Executive Vice President of Operations for the Walt Disney World Resort.

Lee is here to share how his positive attitude ultimately led to success, the importance of time management, more! We’ll talk about creating a legacy, and how to build a successful business. Lee has so much insight to share; you won’t want to miss this episode of Investing in Real Estate.

More About This Show
Lee Cockerell was raised on a small farm in Oklahoma with no indoor plumbing. His mother was married five times, and he was immersed in an environment that thrived on negativity. One of his mother’s husbands was able to send Lee to college, but he ultimately dropped out after two years.

He enrolled in the Army, and when his enlistment contract ended, he went with a friend to work at a hotel. Lee describes that he always had a positive attitude at work, and that he was determined to be the best at his job, even if that meant being the best toilet cleaner.

His hard work did not go unnoticed, and Lee continually climbed the ladder in the hospitality business. Eventually, he got hired for Disney Resorts, which is where he spent sixteen years of his career. After retiring, Lee started his own business—he leads seminars, writes books, and attends speaking engagement where he shares the valuable lessons he learned at Disney.

On today’s show, Lee is sharing his tips for success, including time management and productivity. We’ll discuss the importance of having a positive attitude, how to build the right team, and what it takes to run a successful business.

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 three major areas where Lee spends his time in his business?
  • How do you create a morning routine that leads to a successful day?
  • What is Lee’s stance on the saying, “the customer is always right?”
  • How do you create repeat customers?
  • And much more!

Episode Resources
Time Management Magic by Lee Cockerell
The Customer Rules by Lee Cockerell
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 Lee Cockerell
Website
Twitter
LinkedIn

In business, the value of a positive mindset is often overlooked. Today’s guest is proof that by cultivating a mindset of positivity, you can create lasting success in your business. 

EP205: Do Quit Your Day Job: How to Know If You're Ready

Investing In Real Estate Podcast-76.png

Book a call with our team: https://goo.gl/dezwHT

I’ve spent the past 18 years reporting the news, but today I’ve got my own headline to share: I left my broadcasting career to pursue real estate full time. Real estate investing has changed my life, and now my mission is to help others reach financial freedom. This was a huge decision, and not one that I’ve taken lightly.

On today’s show, Natali and I are discussing how we prepared for this transition, both mentally and financially. We’ll share how I replaced my salary with passive income, and how to determine when it’s time for a big life change. You'll learn the three major factors you should consider before quitting your job, and how you can intentionally create the life you want. Come along for episode 205 of Investing in Real Estate!

More About This Show
As a kid, I saw my dad suddenly lose his job and scramble to make ends meet. Then years later, the same thing happened to me. It’s defeating to have your entire income ripped away in a matter of seconds.

I realized there is no security in being an employee, and that giving a company the power to make or break my financial future was a risk I was unwilling to take. Because of these experiences, I promised myself that I would never again be a slave to a paycheck. I began crafting a strategy to cover my expenses, regardless of my employer.

If you’re a regular listener of this show, you know that everything I do in real estate is based around this idea. I call it the Freedom Number. This is a concept I developed to ensure that in the event that I lost my job or experienced some other financial hardship, that my expenses would still be covered.

I didn’t reach my Freedom Number overnight. I’ve made mistakes in real estate. But I’ve always known that real estate investing is the ultimate vehicle to building financial freedom and passive income.

Finally this summer, we decided it was the right time for both our family and our business to create change. We’ve ran the numbers and determined that it’s possible for us to cover our expenses without my broadcasting salary. We’ve had to confront our limiting beliefs about money, and we’ve learned to dissociate our self worth from other people’s opinions.  

On today’s show, we’re walking through how we created an exit strategy, crunched the numbers, and ultimately decided that I should leave my job. We’ll discuss our spreadsheets and data, as well as the fears and emotional issues that accompany big life changes. If you've ever wanted to leave your job, but still have financial security, this episode is for you! 

If you’re ready to begin charting your own path to financial freedom, 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 three major factors you should evaluate before leaving your job?
  • How can you diversify your portfolio within the realm of real estate?
  • What is a family balance sheet?
  • How can our egos keep us from reaching our goals?
  • And much more!

Episode Resources
EP106: How to Balance Assets vs. Liabilities
EP055: The Alchemist’s Guide to Real Estate Investing
The Alchemist by Paulo Coelho
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

How to know if your'e ready to quit your day job: The three major factors you should consider before quitting your job, and how you can intentionally create the life you want.