Mike Wolf has made millions from, investment property, and created, freedom lifestyles, for many of his investors. Mike has helped investors in the Atlanta area build wealth and passive income from, investment property, by offering them turnkey services.
I wanted to spend some time on how to build wealth through the vehicle of, investment property, As you know I am a Realtor, an Investor, Property Manager and a, Life Coach, so I have a very high-level overview of how to build wealth through home ownership or with, investment property.
So, this month I will be interviewing experts in the field of, real estate investments, investment property, as I help you to get into the space of building wealth.
Wealth is the vehicle that you need for any successful venture in your life, whether it's to give your kids a better life, whether it's to have financial freedom, whether it is to retire wealthy, whatever you need to do, you need money unfortunately to do it with. So, building wealth through, real estate investments, investment property, is what we're going to be focusing on for the next three remaining episodes in our four-part series.
So what I will be doing is bringing you experts who have made millions through, real estate investments, investment property, and who will share the details and how they did it so you can do it too! Be sure to subscribe to your iTunes, Google play, Stitcher, iHeart Radio, or TuneIn Radio, so you're not missing any episodes.
Mike made his wealth from offering turnkey, investment property, services to in the Atlanta area. His system allows his investors to sit back and collect, passive income, while living a, freedom lifestyle,
Mike Wolfe has been a real estate investor for over 28 years. Over the years he's gone from being a workaholic who would put in 15 hour days, seven days a week to someone who works smarter, not harder. He regularly travels the globe doing humanitarian projects and seeking Sun and sand while living off the, passive income, that he's created through his, investment properties,. Mike's company sells, turn-key real estate, and, investment property, in and around Atlanta to investors around the globe. He helps his investors create truly, passive income, where they get all the benefits of owning a real estate, investment property.
Starting your investment property business
I started, investment property, in Calgary Canada. I was only investing in Canada back then at the beginning of my, passive income real estate, career but I had a friend of mine move to Las Vegas and when I went to Vegas to visit him, I got into this addiction. It's not what most people have when they go to Vegas. It was not gambling or drinking. It was actually this addiction to go look at real estate. I noticed that back in those days the prices of, investment property, kept going up and up.
I had no intention of investing in Las Vegas originally but I ended up doing it and it was kind of at that point I was forced to start building a team, because I couldn't be in two places at the same time. I couldn't go collect my rent from my, investment property, in Calgary and my rent from my, investment property, in Las Vegas. So, I reluctantly hired a property manager.
Three phases of investment property business cycle.
At first, I find most entrepreneur's do is we go through three phases if we survive long enough.
The first phase is where we do everything ourselves, usually because we don't think anybody else can do what we do as well, and we don’t have the funds to hire help. It’s kind of like for an entrepreneur our business is like a birthing a baby and you don't trust just anybody with your baby.
The second page where I had no choice but to get somebody to help me, so I reluctantly hired a property manager; but phase two is what I call the micro manager phase. I needed to about know every little thing that was going on. So I basically told my property manager to keep me in the loop with every repair, every issue with the tenants. I remember there was one week where my property manager called me twice with the same issue, it was about a broken fridge. Two of my properties had a fridge that wasn't working and in either case I tell the property manager. I don't think the tenants need a new fridge, just fix it. I realized I gave the exact same answer. Let's see what it cost to fix it and if it's over a certain amount then we'll replace it. I started thinking if I gave him the same answer both times maybe I can systematize this and instead of him having to call me, I can give him the freedom to follow our systems and procedures manual, which is to find out what is the cost to fix and if it's more than X number dollars let's just replace it.
Phase three was where I hired a team and put the right persons on our team. You trust them and they do a good job for you. I started to realize that I could build a whole team like that, where I put the right people in the right position, give them a certain system so that they were following my procedures then it made me feel comfortable to let them do their thing. I would get my time back and so that was kind of the start of the transition to my, freedom lifestyle,. That now has led to a typical work day for me these days is literally. I wake up, I answer some emails and make a few phone calls when Myrna asked me to do a radio interview I do that and then I'm done for the day!
How to become efficient in, investment property, business:
After 28 years in the, investment property, business I still go to seminars. I still open to seeing how other people run their businesses and how they make their money. I'm always looking to be more efficient. I also do a lot of personal development of work on myself. Back in the early days I thought I was too good for all that; but the most successful people I know are all lifelong learners, or at least they're always trying to strive to be better and get to that next level.
I'm making it sound like it was a very short transition like I just did some deals and I became rich and start traveling the world. There were a lot of ups and downs along the way.
Let's say that you know someone is listening to this podcast right now and they want to quit their job and go into real estate full-time, because obviously they can make much more money in, investment property, real estate then they can working for a pay check.
How would someone start an, investment property, Business?
If I could go back 28 years and talk to myself, the first thing I would ask myself is, Do I want to have my money work for me, or do I want to work for money?
Take advantage of the benefits of, investing in real estate, to create, passive income,
Investment property, is something you buy once and it generates income forever until you sell it.
You've got to be ready for that kind of commitment. You’ve got to treat, investment property, as a career. You don't dabble in it. If you dabble in it and try and mix it part-time and with your job, I don't see very many people being successful.
That's the number one thing. Figure out what type of investors you want to be. You want to be creating, passive income, or you want to get out of your job and make this your career?
Make sure you have a passion for, investment property, don't get into it just because you see those shows on TV that make it look really easy, flipping this property and that property. These shows make it looks like you can just every day wake up find a property, flip it, make a couple hundred grand and call it a day. It doesn't work like that.
So number one thing is to figure out what kind of investor you want to be. Then the second thing that I would do is figure out what resources you have. Whichever side of that equation you're on. Whether you're the passive investor side or whether you're an active investor. Figure out what your resources are. How much cash you have available? How much time do you have? How much education do you have?
When I first started I got really lucky on that first deal, otherwise there would have never been a second deal. Then I had some humbling experiences that made me go get educated. I got a mentor, somebody to help me. So I didn't go winging it.
Joint ventures in, investment Property,
If you were to go do a joint venture with somebody. You have to decide what are you bringing to the table. Are you bringing money? Are you bringing the ability to qualify for the mortgage? Are you bringing education? Or are you're bringing access to good deals? Figure out what you're adding and then figure out what you're lacking and then go find joint venture partners. Find other people that have the pieces that you're lacking. So if you have a lot of spare time and no money, there's a lot of people out there with money who can't create more hours.
I want to be enjoying time with my grandson and my daughter doing a lot of volunteer work and humanitarian things. I don't want to be door knocking, looking for good deals anymore. So if I find somebody who's got some time, I have got the money.
If you start off on that track asking yourself those two questions, then you're going to have a pretty realistic chance of succeeding and going forward in your, investment property, business. A lot of people have really big dreams because they go to some seminar where they make it sound really easy, because they're trying to sell you some high-end expensive, investment property, coaching program. They fill your mind with all these things you can achieve and probably only about two percent of people who go to those seminars ever end up not even earning their money back that they spent on the seminars!
People come to me after they've invested a lot of money in their education and their education is pretty much worthless. So make sure you do your homework and you know what the reputation is of these quote-unquote gurus that are selling stuff. They are professional marketers.
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Biggest Myths in, real estate investment, investment property,
I think I think a lot of myths are perpetuated by the media. We see all these shows about flipping this and flipping that. I feel the biggest myth is that you know, real estate investment, and, investment property, can create, passive income, but it can also become something that takes up a lot of your time. You might be trading your eight-hour day job for a 20 hour a day job. It can be fun it's exciting because you're out there and you're meeting new people but sometimes when you spend so many hours working on your business, you kind of forget about things such as your health, such as your family and other things start to fall apart.
A lot of people get into, real estate investments, investment property, because they think it's going to change their lifestyle to a, freedom lifestyle, and they actually end up with actually sometimes with a worse lifestyle with no freedom, because, investment property, is something you take home with you every day. You can't just say oh I'm going to work from 9:00 to 5:00 today on my, real estate investment, business. Because guess what at six o'clock when you're having dinner with your family, a tenant will call about a leak in the bathroom! And you have to take care of it.
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Looking for, passive income streams, for retirement? Jack Gibson, President of High Return Real Estate, shares how to use real estate to build passive income.
Today’s episode in the 3rd in our series on building wealth with Real Estate investments. My intention is to sow seeds into your subconscious that 2019 is the year to build your net worth. The power of intention is an invisible force of energy in the Universe. It is activated when we become inspired and will propel us towards our goals.
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Guest Biography
Jack Gibson began his entrepreneurial journey at 19, and founded his first company at the ripe old age of 21. Operating a successful nutrition consulting and distribution company. He had built a multi-million dollar venture before he was old enough to rent a car. Soon thereafter, he bought his first home as an investment. One home quickly became five, and then the bug hit. He became obsessed with learning everything about Real Estate Investing and soon had over 50 investment properties generating Massive amounts of passive income. Today, Jack spends his time mentoring other entrepreneurs, building his real estate investment portfolio, and helping other investors to build a brighter future through the power of turnkey real estate income.
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Show Notes
My very first business that I started at age 19 was a multi-level marketing nutrition distribution business. The whole goal of that business was to build up a sales team and create ongoing, passive streams of income, so I got that concept right away. I built that business up over the years and we currently have annual revenues over ten million dollars. The last couple years it's been a little bit more part-time or quite a bit more part-time as I pursued building my real estate company.
But I mean I still love it, I still love the people and I love the, passive streams of income,. Two years into my network marketing company, I read the book Rich Dad Poor Dad, that was the book that really transformed my mind to start thinking about utilizing real estate as a way to deploy the cash that I was making in my primary business and add additional, passive streams of income,. I was still investing in stocks until about 4 years ago. I was in stocks for most of the last 14 years, so about four years ago two events happened that were critical and really pushed me over into investing into real estate as another, passive streams of income,
There were two negative events, but you know most negative events if we look back we can find the good in them. One of them was I had some insider information, not anything illegal by any stretch, I mean I knew that our company had a good earnings quarter. I mean it wasn't that hard to figure out based on what I heard from all my colleagues, so that's kind of my insider information.
I bought into the stock about a week before the earnings report was to be released expecting things to be great. Well the earnings report was phenomenal and typically, not always but typically stocks go up when the earnings report is great. Well this billionaire Hedge Fund investor was very well known as an activist in terms of shorting stocks. He gets on our company earnings call, he asked three or four pointed questions and then it appeared that he was shorting the stock; the stock drops 30% overnight.
I realized then that I didn't have control over stocks. Not even a sure thing is guaranteed. I want to be in the driver's seat and put myself in a great position where I have as much control over the outcome as possible. I took that as my sign that this is my time to learn a new asset class and another, passive streams of income, it was the final push. I told myself, I'm going to draw the line in the sand. So I studied real estate and listened to podcasts for a hundred straight days.
Jack you know that someone listening is going to pay devil's advocate and say the same thing happens in real estate. What's your come back on that?
So here's what we have to consider when looking at real estate as another, passive streams of income, we look at the past. I mean could go back 100 even you know 200 years or whatever, the variance between real estate and the stock market is almost four times different. If you look at historical data, the swing in the stock market is around a variance of 16 or so from year to year. Real estate has a variance of four. That means from year to year on average that the swing in the market is going to be four percent, so you're not quite so volatile in real estate.
The other part in this, passive streams of income, scenario is it that you're investing in the real estate as Robert T. Kiyosaki says, for the cash flow that it produces. Not necessarily for it to go up in value. You really don’t care if it appreciates or depreciates. As an investor and you're renting it out and you will always be able to rent it out for more than the mortgage payment.
At the same time property values will go up eventually, even if it dips for a little in the short term. I was listening to the Automatic Millionaire Homeowner and the author was interviewing homeowners who lived in their homes for about 2 years and then sold and moved to bigger homes, and became millionaires because homes always go up in value.
We've discussed real estate, we've talked about the stock market and we've also talked about multi-level marketing. I understand why that's been your foundation for, passive streams of income, because you've been you've been taught well. You stayed in the business for 20 years so you must be really doing well, because everybody that joins the business under you feeds you, passive streams of income,.
Multi-Level Marketing a Tool for generating, passive streams of Income,
Yea, it is phenomenal. If I could describe the business to people without saying what it was they'd be like wow that sounds too good to be true. I have a multi-million dollar business that I work right here from my home office. That I help people with their health and nutrition. I have no employees, I have no accounts receivable. I have no inventory, I have no monthly overhead whatsoever. I have a free cash flowing business that produces ten to twelve million dollars in sales revenue per year. That's not obviously my income; but a percentage of that.
Skilled , passive streams of income: Writing a book, Music, software
That’s why, passive streams of income, is so important. On my website, www.myhelps.com I talk about a some other forms of, passive streams of income, like writing a book, or writing music. Mariah Carey wrote the song “All I want for Christmas” in 15 minutes. She's generated sixty million dollars in royalties off of that 15 minute work. So her, passive streams of income, is phenomenal.
Explain what we mean by, passive streams of income, which ones would you recommend it to a seasoned investor or someone just starting out?
Passive income is created from work you have done in the past, that is paying you today.
You have one or two scenarios. You either have money at work or capital at work and you're drawing royalties. There's multiple ways to go about creating, passive streams of income, it boils down to either unskilled or skilled forms of passive income. It’s like what you talked about in terms of creating music and selling music, or writing a book, or creating a piece of software that you then are able to license out and sell. Those are very technical skills, very skilled types of, passive streams of income,.
Creating, passive streams of income, from a business I won't say is unskilled in terms of work. It does it takes skills to put the right management team in place. There's a way you can have any type of business that you set up to become a, passive income stream, if you're not involved directly in day-to-day operations, then it's a, passive income stream, business.
To listen to the full interview, download on iTunes and please subscribe and leave a review.
Check out Jack on the web https://highreturnrealestate.com/. All of our properties are listed on the website. Nicole is the Head of Investor Relations and she will be happy to answer any questions.
On the nutrition side, we have a brand new system, it's a nine week online body transformation Course that we're planning on scaling so that over 10,000 people can participate. Check out Jack's Body Transformation podcast
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Inspirational coach, Marcus Bell, created a project called the “100 Dayz Challenge” a ‘Wealth and Impact’ boot camp to guide people to the way to success. This Challenge helps people achieve their goals in life.
Marcus Bellringer teaches us how to go from, Success to Significance, in, 100 days. His bootcamp 100, Dayz, Impact Challenge is growing in popularity. We’re going to straddle the fence today. We talk about music and, life coaching, and challenge you to make changes to your life in, 100 days.
How to Have Success in 100 Days
Bio Marcus Bell
MARCUS BELL IS ONE OF THE TOP MUSIC PRODUCERS/COMPOSERS IN THE INDUSTRY. He has worked with some of the biggest artists such as Nicki Minaj, Katy Perry, Snoop Dogg and many more. He also produced and composed for some of the most famous films and TV shows. Apart from that, Bell is a successful entrepreneur who wants to help people achieve their goals in life. That’s why he created a project called the “100 Dayz Challenge” a ‘Wealth and Impact’ boot camp to guide people to the way to success.
This Challenge helps people achieve their goals in life. Bell has also produced soundtracks for several television shows and films. Some of the new and upcoming releases that feature his work are the TV series P-Valley (Starz Network) with the singles ‘Boy Listen’ and ‘Own It’, and the Netflix series Ginny & Georgia with the song ‘Give Us Love’. Marcus Bell also published a #1 best-selling book on Amazon titled ‘Bellringer Branding Bible: The 5 Musician Branding Principles for Singers, Rappers
Listen to the Full Interview
Before we get into the details of our conversation today, tell us your journey from being a music producer to a, Life coach, wanting to help people achieve success in their life.
Marcus: The first thing I would say is to start with is I stand for dignity and compassion for myself and all humanity. That’s why everything that I've done and everything that I do is organized around uplifting humanity. When it comes to the music industry now, the thing that I love about the music industry which I've been a part of since I was two years old, is I was born into the entertainment industry.
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I started playing piano when I was two years old, I was a child prodigy. I started my first company when I was 12 years old, a record label. So, I've been an entrepreneur my entire life, a musician, songwriter and recording artist. What I discovered in my journey was that the things that I was doing when I was younger, like recording myself and playing all the instruments and coming up with the lyrics of the songs and all of those pieces of a puzzle (that’s the actual role of someone that is able to do all of those things and mix the song and bring it to completion and deliver the emotions of the song), those are the roles of a music producer – so I discovered that I was a, music producer, before I was a teenager.
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I learned everything from my mother, she was just amazing at bringing forth treasures in my life. When I was younger, I lived in an area in Virginia (I was born in Norfolk, Virginia). In that area there was a music producer who had produced Marvin Gaye. He was my first contact with someone that was hugely successful in the music industry, his name is Gordon. I was taken to the studio in his house and he was playing my music. Suddenly, he stopped the music and he looked at me, he said “kid don't you listen to the radio?”
What he was saying was “kid what's your style.” I was playing around in a lot of different genres and did not have a sound. Today I teach my clients to find their unique talent in, 100 days. As a kid, I had a song that was hip-hop, I had a song that was jazz, I had a song that was gospel, I had a song that was reggae and a funk song. I was all over the place in terms of the type of music I was producing. But I discovered, I was a, producer.
I discovered in that session that this is what a, music producer, does. A, music producer, looks at the artist and can see what is needed in order to pull the greatness out of that artist. The, producer, then focuses that greatness in a direction that will make the artist successful. In the, 100 days, challenge, I do the same thing for my clients. I pull the greatness out of them and I try to do it in, 100 days.
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My job as a, music producer, is to see greatness in my artists and help them discover that greatness for themselves, and capture it on a recording, so that the world can see that greatness.
As a, Life Coach, the Wealth and Impact Boot Camp, is a program that is designed around helping people access their greatness, articulate that value in the marketplace so that they can monetize it and help a massive amount of people.
Myrna: That's great. So, why did the, music producer, back then ask you if you listen to the radio? How does the radio help you as an artist?
Marcus: That's a fantastic question. There are processes to discovering your voice, and as far as I can tell, there are three stages:
There's imitation stage,
The emulation stage and
And the innovation stage.
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The, imitation, stage is like learning to play the saxophone. I would take out the saxophone put on Charlie Parker and John Coltrane, imitate what they did, I would try to figure out the notes get the sheet music (this is what they were playing here) and try to sound like them. Basically, I was attempting to be Charlie Parker on the saxophone. This is the, imitation, stage.
For the, emulation, I'll use a different example. When I was in Boston doing something like 10 songs a day, people would come into the recording studio and say “Marcus can you do something that sounds like Timberland” Can you do something that sounds like Baby Face? Can you do something that sounds like Dr. Dre? But in, goal setting, we have to stop, imitation, and, emulation, and start the, innovation, process to create our unique sound or bring our our unique greatness.
I'm not playing exactly what Dr. Dre did, but I would do something that Dr. Dre would have done. It's a sound, it's a feel, it's an energy, it's a vibe. I'm listening from a lot of different lenses. I am listening for like the sounds that are selected, the type of setting that is placed, the way the notes are arranged (is it more minor, is it more major) like all these different factors and many different ways to examine something to get to an, emulation, place. As the, producer, of your life, you can do the same thing with your mentor.
Find somebody who has been where you are trying to go and emulate them until you understand the rules of the game.
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Trying to find your sound or unique talent in 100 Days
I didn't know at the time that I was developing a valuable skill from, emulation, and, imitation. That skill allowed me to be featured in different television shows and movies. People still reach out to me and say “Hey Marcus we couldn't clear the Beyoncé song, oh we couldn't clear xyz song (like Lady Gaga’s song), do you have anything that sounds like it? They are using my skill of, imitation, and, emulation.
Innovation, is getting you to your authentic self. In the, 100 dayz challenge, and there's a bunch of different lenses that we can talk about. One lens is think about those conversations that you may have about, time and money. For example. There's a narrative that gets emulated inside of society, particularly Western society that “time is money”. How many times have you heard that?
Myrna: Are you trying to challenge that concept?
Marcus: Absolutely, because time is much greater than money.
Marcus: I would assert and not only is time much greater than money, but what kind of time are we talking about?
Are we talking about space time,
What about talking about time as numbers,
And talking about time as activity?
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I've studied a lot about, time and money, time can be used in the context of money to multiply your money (like compound interest) and things like that, but I think when I use that is when someone is wasting my time.
Myrna: Are you talking about the 24-hour day where you are a, producer, a coach or somebody that's working with you that, time is money, because when you waste time you're wasting money?
Marcus: Yes, but you can transform that thinking and have, passive income, from, compound interest, and all the other things where your time is not connected to, money. I mean, money, is not connected to your time. In the, 100 days, challenge, I spend a lot of time on how to make, money, work for you. If I were to talk about how I produce revenue, you would agree that, time is not connected to, money.
In the, 100 Dayz challenge, I teach you, how to build wealth, with, passive income, in, 100 days. I have a friend of mine who I'm doing a course with, I'm collaborating with him on a LinkedIn, Wealth and Impact Boot Camp course. He gets paid up to $75,000 for 45 minutes.
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Marcus: Barack Obama is an, innovator, that is why he charges $200, 000 an hour to speak for an hour at events. A, Life Coach, can bring $200,000 worth of value into the lives of their clients and be paid $500. Part of being an, innovator, and, music producer, is looking at what are the elements that make someone unique. What's different about this artist, what is he doing that's different? What's different could be how you value yourself in a marketplace and so forth. Time is money, is one of those things.
Myrna: I remembered probably the biggest example of that, is Mariah Carey. Mariah Carey has a song “All I want for Christmas is You.” That the song took her 30 minutes to write and it's made 60 million over the years. That is how you, build wealth, and we can say that is this case, time is not money.
Marcus: That’s a great example. Musicians aren't the only ones that have, passive income, from, innovation. I would assert that every individual once they have connected to the intrinsic value that they have to offer the world, and they're able to hone in on what that value is and offer it to the world, can have, passive income, and not trade time for money.
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Myrna: Tell us about your, 100 Dayz Challenge, and how does it connect to finding the authentic self?
Marcus: The 100, Dayz, Challenge is really designed around taking people from, success to significance. In a community event in 2020 around election time, I was talking about elections and I challenged my clients to elect themselves for office. When someone comes into office like when Biden they have an aggressive agenda in the the first, 100 days, in office. This originated from President Roosevelt. When the country was moving out of the great depression, Roosevelt brought forth the first, 100 days, (this is where we get that from in popular culture and then particularly in politics). When he got into office, his first, 100 days, is where he set the tone for his entire 4 year term by doing as much as possible in, 100 days.
The whole four years, but people ask what did you do in, 100 days? That's why people elected to office, try and get bills passed or reverse things from the past president, all of that activity in that first, 100 days, in office. Traditionally, the first, 100 days, has been the most impactful for the entire eight year term.
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In my 100, dayz, challenge, I challenged them to create wealth in a the boot camp to take on, 100 days, for their most important aims. I created a structure around the first, 100 days, because most times when people take on challenges like New Year’s resolutions, by day 15:
people stop going to the gym,
they're eating cakes again,
they stop meditating,
Most stop praying or whatever.
Arguing with their husband or wife or girlfriend a boyfriend is back
Most people can't sustain it.
So, I created a structure for, sustainability. What makes the, 100 Dayz Challenge, unique is that, it is designed with, neuroscience, social psychology, and with psychology in mind; so that you can create sustainable change or elevation or adding something new. If there is something that you wanted to do that you didn't necessarily have the courage to do, or you didn't have the time to do, you didn't have the resources to do it, whatever. All you have to do is take that thing and put it inside the, 100 Dayz Challenge, structure Program and achieve, success to significance.
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As a result of the success of the, 100 Dayz Challenge, and because we launched at the same time that Biden came into office. We started this, 100 days, challenge and we opened it up to the public. People can join at any time. We created several, 100 days, programs to suit different goals. As soon as you join it, your, 100 days, starts.
What's happened from the public launch of the program is we realized that this is not just a program:
it's not just a course inside (even though there ‘s a course in the 100, dayz, challenge)
it's not just a community (even though we are a community)
and it's not just a structure (even though there's a structure there),
this is actually a Movement.
It's all about self and others, because when you do something for yourself it impacts those around you.
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Myrna: That's true, but I want to ask you a question, because I know that what you're saying is very true as far as, sustainability, which is one of the reasons that the gyms are so packed after new year's or before summer, because people have a goal at these times but they can't sustain it. You talk about the, neuroscience, of the, 100 dayz challenge, so how does your program help with the neuroscience of quitting?
Marcus: There are things that we know for example, is response to, neuroscience. There's always an exception to every rule. There's always the exception. For example, there's always the gym that has people packed and all the time, but what we know in, neuroscience, (I'm not a neuroscientist, but I do a lot of study on, neuroscience.) It's known that willpower doesn't really work, so you can't “WILL” yourself throughout the day to perform at a high level.
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Willpower, over time diminishes, so you have less of it as the day progresses, which is why it's important if you're doing something that requires a lot of prefrontal cortex, to do it first thing in the morning. If there's a lot of cognitive load, you do that thing earlier in the day. If you're going to do finances or accounting or read through contracts or whatever you might want to do that earlier in the day, than at the end of the day. When you're tired from the activities of the day and your, willpower, has diminished, your cognitive abilities also have diminished.
The way the, 100 Dayz challenge, is designed we take an account that people have different goals and different aims. Someone maybe , goal setting, with a money aim, some will be, goal setting, and have a relationship aim, some may be, goal setting, and have a spiritual aim. The program allows each person to work with the strategies.
Myrna: Tell us about the, 100 Dayz challenge, program. Is it customized? The example that you gave of a person who wanted to raise money, would it be that a totally different skill than would be set for someone wanted to lose weight or someone wanted to get wealth or maybe someone wanted to find out what is their unique talent. Tell us about your program, 100 Dayz.
Conclusion
Marcus: The way that works is you as the individual customize it using the tools that we provided.
Myrna: Now, tell our audience how they can connect with this, 100 Dayz Challenge, or where they can connect with you.
Marcus: If someone is interested in joining the, 100 Dayz, Impact Challenge, they will go to 100dayzchallenge.com and join. I will recommend that they join the inner circle because on those inner circle calls, every Monday I get on the phone with the people that are in the challenge and we have conversations.
Myrna: My intention is almost similar to what you're doing here. My intention is to let people know that all they have to do is transform their mind and they can, transform their life, so that's exactly what you're doing here. With the challenge, you are helping people to transform their mind, because the mind is what is can either build you up or bring you down. Once you change that mindset, you will, transform your life.
Thank you so much for helping us to do that today by transforming our mindset that yes, we can do anything we want to do or achieve any goal by just working at it.
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Mobile home parks, are a great, real estate investment, because of their low maintenance, high returns and overall affordability. There’s a strong argument for, mobile home investing. Listen to this interview with Jefferson Lilly, mobile home park, investment expert and educator and learn why and how you should be investing in one of the, real estate, industry’s hidden gems.
Jefferson Lilly is the founder of Park Avenue Partners, a private equity real estate fund that acquires and operates, mobile home parks, nationwide. His investment funds are currently returning 8% – 15% cash annually to Limited Partners. Both personally and through his partnerships, Jefferson has acquired 25, mobile home parks, in 13 states since 2007 totaling over $56mm in value.
He also started the industry’s first, mobile home park podcast, and the largest group on LinkedIn dedicated to, investing in mobile home parks. Jefferson has been featured in The New York Times,Bloomberg Magazine, and on the Real Money television show. He holds a B.A. from the University of Pennsylvania and an MBA from the Wharton School of Business.
Listen to the full interview here:
Warren Buffett advises that we should stay within our circle of competence, so I figured that I had always lived in a house or apartment so that was within my circle of competence. I started looking for traditional apartment buildings; but kind of stumbled into, mobile home parks,. I began researching it, in then realized why, mobile home parks, was really the best niche in, real estate.
How to Get Started investing in, Mobile Home Parks,
I started out by buying my first, mobile home park, it was a little under $500,000. I put down a little less than $100,000 and I borrowed almost $400,000 from a bank. I still had some other reserves and I still had my day job. Just to be clear, at no point you can say like hey, mobile home park, next stop actions is silicon valley. I was looking for passive income, I had two streams of income the, mobile home park, and my regular W2 income for about a year. It's now just coming up on 12 years later and I haven't looked back.
The first, mobile home park, I purchased, I just bought the land, I didn't actually buy any of the homes at that time. My tenants owned all the, mobile homes. There were about 45, mobile homes, in the park. I purchased the land and the, mobile home, owners paid me rent to park their homes in the park. Think of it as a parking lot. You own the lot, not the cars parked on the lot. The cars pay you to park there. Same concept in a, mobile home park.
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Investing in, mobile home parks, instead of mobile homes
Then about 5 years ago, I formed my first partnership to start acquiring, mobile home parks, Nationwide. Now sometimes I buy, mobile home parks, with the homes as well as the lot.
We call those a horizontal apartment building of sort, our colloquial term for that. Most of the, mobile home parks, the owner of the park does not own the, mobile homes, and the owner is paying rent to the park owner.
Whenever we buy a, mobile home park, with the homes, we tell the tenants, hey you can now own your own house for the same monthly payment as renting. Depending on the value of the house they can own after about thirty six months or less then 60 months. When they become homeowners they have to actually maintain the houses. It’s just like real home ownership, they’ve got to put on big-boy pants, there now a homeowner. So when that proverbial toilet leaks, they don't call me. They have to go to Lowe's or Home Depot and spend $12 for the part instead of the $200.00 it would cost me to send in a plumber to fix.
The optimal way to own these, mobile home parks is to not own the home but just home the park. You don’t want to be responsible for fixing leaky toilets and such.
If you don’t have the money to buy, mobile home parks, for $500,000 as most of you will not, then buying individual homes and fixing them up or something and selling them or even renting them would be a good start. I know one gentleman who started with just a couple thousand dollars and now owns over 50 mobile homes.
How to talk to the owner of the, mobile home park, to get a deal
If you don’t have a lot of money to start, investing in mobile home parks, what you can do is you can go to a, mobile home park, owner and say. Hey do you have any individual, mobile homes, in your park that are just sitting there vacant? Maybe they need some renovation so you you can hopefully find a win-win scenario.
That Park owner may even give you the house for free or maybe just for a couple thousand dollars. You then put some sweat equity into it. You paint, put in new flooring etc. Your agreement with the park owner is that maybe you've got a couple months to get the house fixed up. Hopefully you can do it in one month and then indeed you'll begin paying the lot rent. Because that house is just sitting there un-renovated and obviously the, mobile home park, owner is getting no cash flow off it because it's sitting there vacant.
So you get a month or two abated lot rent, you fix up the house and then rent it or sell it. You might then get an extra two to three four hundred dollars a month for the house depending on the market. You put that additional money in your pocket, and that is how you get started.
The average income of a, mobile home, owner is around $35,000 annually. That’s about three thousand a month. So their housing budget is around a thousand dollars a month. Most folks that make thirty five thousand a year aren't going to be able to save up twenty thousand for a down payment on a single family home, so that is the target market for the mobile home buyer. Our, mobile home, a 3 bedroom, 2 bath rents for about $800.00 per month. We offer a rent to own package and in 3 to 5 years, they can own their own home. Beats a 30 year mortgage any day.
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If you visit my website https://parkstreetpartners.com , on the homepage you’ll see our phone number and information on our, mobile home parks, nationwide. There is also information on investing in our private equity fund. You can also email us at Park Avenue partners. com. You will find other information on the web site as well. Articles and webinars on investing in, mobile home parks, on the upper right corner of that web page they'll see a button that simply says “Invest” they will find and again they can find summary information on the fund and also the PPM, the private placement memorandum which is a very long and dry legal agreement.
