EP207: 4 Takeaways from My First Week Being Unemployed

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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.

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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.

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

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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!

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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
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.

EP202: How Your Kids Can Invest in Real Estate with an IRA

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If you’re a frequent listener of this show, you know that we are always looking for ways to build legacy wealth for our family, as well as legally reduce our overall tax burden. Since we’ve had children, we discovered another investing strategy that builds an incredible amount of tax-free dollars!

On this episode of Investing in Real Estate, Natali and I are sharing why and how our children have self-directed Roth IRAs. We’ll discuss how they qualify for IRAs, and how they earn income. You’ll learn about the pros and cons of a pre-taxed plan, how custodial accounts work, and much more! Please join us for episode 202 of Investing in Real Estate!

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Our children have self-directed Roth IRAs. Our daughter, Ava, has had her account since the age of three. Per the IRS rules, there is not a minimum age to open an IRA. However, the person must have earned income.

You might be scratching your head—how can a three year old have earned income? It’s possible! You see children in ads every single day who are paid for modeling gigs. Since our real estate business is a business (read: LLC), we are able to give our children jobs, and pay them accordingly.

They work for our business by doing small administrative tasks. For example, every Saturday, it is their duty to shed documents, put stamps on envelopes, and deliver outgoing mail to the post office.  This is legitimate work; their money, which is being deposited into their IRAs, is indeed earned. 

Because their IRAs are self-directed, there is a list of things those funds can be invested in, one of which is real estate. And although their IRAs have a limit of $5500 per year, which is typically not enough to purchase a property, there are some ways to bypass this issue. For example, our son and daughter could combine their funds, and purchase a property together in a few years. Our children could partner with someone else, or lend private notes on a property.

Not only are our children receiving high returns on their investments, but also their accounts are pre-taxed! This means we’re paying taxes on the dollars before they are put into the IRAs, but at retirement age, the money will be tax-free! The potential for growing these accounts is incredible.  

On today’s show, we’ll go into depth about the different types of IRAs. We’ll talk about the rules for self-directed custodial IRAs, and how you can find your own retirement accounts. You’ll learn about tax brackets, the potential results of this strategy and more!

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 of a pre-tax IRA?
  • What is the difference between a traditional and Roth IRA?
  • What is a commonly held misconception about 401ks?
  • Are there rules about what a self-directed IRA can and cannot be used for?
  • And much more! 

Episode Resources
EP065: The Power of Self-Directed IRAs – Interview with Scott Maurer
Investing in Real Estate Using Self-Directed IRA – Guest Post by Dmitriy Fomichenko
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

Since we’ve had children, we discovered another investing strategy that builds an incredible amount of tax-free dollars! Self-directed IRAs for our kids.

EP199: How to Teach Your Kids About Passive Income

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

In our family, we are always trying to instill a strong financial education in our children. Sometimes this is through strategies we’ve planned for, or ideas we’ve read in books, but sometimes a lesson simply presents itself.

Recently, an opportunity arose to teach our seven-year old son about passive income and investing. On this episode of Investing in Real Estate, we’re sharing our approach to teaching kids about passive income, and how to be a savvy investor! We’ll also talk about how our children earn and allocate their money. Please join us for episode 199 of Investing in Real Estate!

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Recently, our son Miles turned seven. To celebrate, he had a sleepover with his friends. Miles and his friends decided that they wanted to build an Iron Man suit. While this is a great idea, Miles doesn’t have the supplies to build superhero garb.

We discussed how he could purchase the materials, and he decided he’d need to earn more money. He thought that a lemonade stand would be a beneficial source of income, and began to brainstorm.

However, he hadn’t quite thought about how to get the supplies to run the lemonade stand. He assumed that we would purchase them. We thought this was the perfect opportunity to teach Miles not only about passive income, and how to make your money grow.

After a discussion about earning interest, complete with a marble example, Miles concluded that he would save his money for the remainder of the summer, and then invest (in a family business) in order to earn a profit. We want Miles to do the things he’s passionate about, whether that means being a chef or building an Iron Man suit. But we also want him to learn to create passive income in order to fund those passion projects and cover his expenses.

On today’s show, you’ll hear more about how we teach our children about finances. We’ll talk about investing in businesses, and the importance of creating streams of cash. We’ll also discuss the idea of letting our children chip in on a rental property. Don’t miss this episode 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:

  • How do we teach our children the differences between needs and wants?
  • Why don’t we pay our children to do chores?
  • Why do we like to take our children to our rental properties?
  • How do you instill a strong financial education in your children?
  • And much more!

Episode Resources
Why You Shouldn’t Pay Your Kids to Do Chores by Natali Morris
Rich Dad Poor Dad by Robert Kiyosaki
The Opposite of Spoiled by Ron Lieber
EP048: What are A, B, and C Neighborhoods?

EP051: Why C Class Properties Are My Favorite

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

In our family, we're always trying to instill a strong financial education in our children. Kid's money management matters, so here's how we're teaching our kids about passive income.

EP198: Don't Buy a House, Rent Instead

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This episode of Investing in Real Estate is brought to you by SaneBox. SaneBox sorts through your email and moves all of the trivial stuff into a different folder, so the only messages in your inbox are the ones you actually want to see! Visit sanebox.com/investing today and they’ll throw in an extra $25 credit on top of the two-week free trial!

Most people pride themselves on owning their home. After all, it’s a major component of the American Dream. But as mortgage rates and home prices continue to surge, it seems that owning your primary residence might not be the best use of your funds.

On today’s show, I’m sharing the major reasons why you might want to rent, instead of owning your primary residence. I’ll talk about appreciation, strategies for wealth building, and more! Don’t miss episode 198 of Investing in Real Estate!

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Recently I read a news story on CNBC.com by Diana Olick that suggested that putting your money into a primary residence isn’t the wisest financial move. The article referenced an index from Florida Atlantic University, showing that due to current economic factors, renting might be the better option for wealth building.

Although I personally own my home, this news comes as no surprise to me. Most millionaire real estate investors that I have met do not own their homes; instead they rent.

Let’s say your primary residence costs $300,000, and you put down a 20% down payment of $60,000. Is that really the best use of that $60,000? Alternatively, you could purchase a rental property that brings in passive cash flow every single month.

In the scenario in which you own your home, the future of your wealth building is tied up primarily in the chances of appreciation. That’s a terrible strategy! Instead, you could use that money to purchase a rental property that will add to your net worth, mitigate your tax burden, and create wealth.

On today’s show, I’ll dive further into the topic of renting vs. owning a home. I’ll share details from the Florida Atlantic University study, and touch on my controversial YouTube video on homeowners. Please join me on episode 198!

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:

  • According to the Florida Atlantic University index, how many US cities are in the buy territory?
  • How much could you make in passive income every month from a $50,000 rental property?
  • Why do most millionaire real estate investors rent?
  • What is the relationship between home values and mortgage rates?
  • And much more!

Episode Resources
Sanebox
Don’t Put Your Money in a House on CNBC.com
Why Owning the Home You Live in Is a Terrible Investment
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

Most people pride themselves on owning their home. After all, it’s a major component of the American Dream. But as mortgage rates and home prices continue to surge, it seems that owning your primary residence might not be the best use of your funds.

EP196: The Three Stages of Real Estate Investing (encore episode)

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If you’re wondering when you’ll achieve financial freedom through real estate investing, there’s a simple formula that can help. On this episode, I’m elaborating on the three stages of real estate investing from Gary Keller’s book, The Millionaire Real Estate Investor.

Today, I’m going to walk you through the stages of real estate investing, including when you should expect to reach each one. This is an important concept to understand; you won’t want to miss episode 196 of Investing in Real Estate!

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The first stage of real estate investing is buying. In this stage, you shouldn’t be concerned with making money, which I know seems counterintuitive. This stage is simply about building your net worth, and letting your rental payments go toward paying off your loan or private lender.

The second stage of investing is when you own your properties. At this point, you’ve paid back your lenders. Once you own your properties outright, you’re well on your way to reaching your goal.

The last stage of real estate investing is when your properties are cash flowing. This is the stage that many people look ahead at prematurely. It’s the main goal; this is the destination in which you will reach true legacy wealth.

I find that many people tend to look at these stages in reverse, and want to attain the cash flow immediately. I’ve been there in my own business. It’s incredibly important to keep these stages in mind in order to meet your end goal of financial freedom.

On today’s show, I’ll explain how I keep this process in mind for my own business, and how you too can get started achieving financial freedom. I urge you to find your Freedom Number to begin on this journey.

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 long should it take to accumulate a portfolio of real estate investments?
  • What is the rule of thumb for leveraging properties?
  • When should you be focused on cash flow?
  • How should you allocate profit in stage one?
  • And much more about buy and hold investing!

Episode Resources
The Millionaire Real Estate Investor by Gary Keller
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

 

Walks you through the stages of real estate investing, including when you should expect to reach each one.

EP193: From Zero Experience to His First Rental [Case Study]

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This episode of Investing in Real Estate is brought to you by Mack Weldon. Visit mackweldon.com and use promo code CLAYTON to receive 20% off your order of high quality clothing!

Last fall, I began tracking the progress of an aspiring real estate investor here on the podcast. Pablo Fernandez contacted me wanting to obtain his first rental property, but he had a few limitations in front of him, including a lack of funds and experience. I encouraged Pablo to do some research, and begin looking for a private money lender.

Today on the podcast, Pablo is returning to share his accomplishments since our last check-in! You’ll hear how he found a private money lender, and his experience purchasing US real estate from overseas. Pablo has big news to share; you won’t miss episode 193 to hear part three of his real estate investing journey!

More About This Show
In case you missed episode 50 and episode 59, Pablo is a London based tech entrepreneur, who is interested in increasing his net worth through real estate. By purchasing rental real estate, Pablo aims to have the freedom to work on his startup company, without worrying about bills or income.

After our initial conversation, Pablo began putting steps in action in order to make his real estate dreams a reality. He started reading about real estate investing, and began pursuing private money. In his conversations about real estate, Pablo encountered a friend who happened to have money that he was willing to invest.

Pablo and his friend constructed a deal, and he began working with our team on finding a property that matched his needs.  We're excited to share that he is closing on his first rental property in a few short days!

On today’s show, Pablo is sharing his experience purchasing US real estate from overseas. We’ll discuss the entire process, from setting up business entities, to bank accounts. Pablo’s story is a testament to what can happen when you are proactive. Tune into this episode of Investing in Real Estate to hear how Pablo attained his first rental property! 

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 was Pablo unable to secure traditional financing with a bank?
  • How did Pablo find a private money lender?
  • How did Pablo structure his business entities?
  • What was the hardest part about setting up a real estate business from overseas?
  • What are the details of Pablo’s rental property?
  • And much more!

Episode Resources
Mack Weldon
EP050: How to Begin Investing with No Money and No Experience
EP059: How to Secure Your First Private Money Lender
EP034: The Power of Private Money – Interview with Susan Lassiter-Lyons
Getting the Money by Susan Lassiter-Lyons
Getting the Money Course
The Millionaire Real Estate Investor by Gary Keller

ProVision Wealth Strategists
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

 

Pablo is sharing his experience purchasing US real estate from overseas. We discuss the entire process, from setting up business entities, to bank accounts. Pablo’s story is a testament to what can happen when you are proactive. Tune into this episode of Investing in Real Estate to hear how Pablo attained his first rental property!