Real estate investing is one of the safest ways to earn passive income, as long as certain safeguards are put in place. If you’ve ever wondered how to ensure you’re your real estate investing business is sustainable, you won’t want to miss this episode! Today’s expert guest, Joe McCall, is here to share the mistakes he made in his buy and hold investing business.
Joe McCall is a real estate investor, podcast host, and author. Although he is successful today, Joe lost everything during the 2008 housing crisis. On this episode of Investing in Real Estate, Joe is elaborating on what he learned from the experience, and how he’s rebuilding his business today. We also talk about building a business around the lifestyle you want to live, planning for retirement, and making a passive income while you travel.
More About This Show
When Joe began his real estate investing venture, he made a critical mistake: he didn’t set aside any of his income for contingencies. Basically, every dollar that his properties cash flowed, he spent. He based his business around the idea that his properties would eventually appreciate.
However, in 2008, the housing crisis hit, and Joe lost everything. At the time, he had around 17 properties, which each cash flowed $100-$200 each. He hadn’t saved any of the rental income, so it became increasingly hard to make his mortgage payments. Joe ended up losing all of those properties, which could have been totally avoidable if he had planned his finances more appropriately.
Today, he’s starting all over on his real estate investing journey. He owns one property. This time, he’s doing it differently. Not only is Joe preparing for the future by setting aside funds, but he’s also building his business around a vision of the kind of life he wants to live.
He’s approaching real estate with an end goal in mind. Joe explains that many people build their lives around their career or business, and he wants to do the opposite. He’s making the vision for his life the center, and building a business that fits that lifestyle.
On today’s show, Joe and I will talk about being intentional in real estate investing. We’ll also share the importance of delegating, how to overcome fear, and how you can get started achieving financial freedom.
We want to hear about your goals and are excited to help you learn more about earning legacy wealth for you and your family.
On this episode you’ll learn:
- Is it ever too late to change your business structure?
- Why does Joe have three local assistants?
- What are the two approaches Joe uses to combat naysayers?
- Other than rental real estate income, what else do you need to retire comfortably?
- And much more about buy and hold real estate!
EP18: Start with the Lifestyle You Want
Clayton on the Real Estate Investing Mastery Podcast
Chris Chico’s Virtual Wholesaling
Gregory Hodges on the Real Estate Investing Mastery Podcast
Find Your Financial Freedom Number
Like Morris Invest on Facebook