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Ideal Wealth Grower

How can economic independence becomes a reality?

Real people talking about trends, analysis, process, challenges, management, and successes of investment-grade real estate in all facets of the market. Single-family, multi-family, industrial, commercial, and office space.

 

Listen here:

 

[00:00 – 08:00]

  • Interview snippet- about the positive mindset with passive income.
  • Shannon’s intro spiel to the podcast and Axel’s story
  • How to have your first property in the US as a German officer (or foreign soldier)?
  • Running the rat race isn’t enough- Knowing what you want directs your future career.
  • What are you doing for your retirement?
  • How to start with residential Real Estate? Know where is the best performing areas and avoid investing in properties that don’t pay the best price.

[08:00 – 12:40]

  • Avoid all the noise when investing- start with one property first.
  • Unfortunately, there isn’t a college degree in Real Estate. Axel self-trained for 20+ years, but you can shorten the process! 
  • Simple flipping strategies [Mentioned: BRRRR Strategy]
  • How mentoring is actually investing in people with the knowledge you’ve gained.
  • Don’t invest in properties that you don’t understand (‘too sophisticated’).
  • Tips: Rules when eyeing a property
  • Say ‘NO’ to instant gratification

[12:41 – 22:40]

  • Before everything else, purpose first. We have total control and create rules in your favor afterward. Example: Purpose- investing in the residential arena is to provide good service and a good home to your tenants in the long term. Utilize resources to create the property, and direct terms and conditions.
  • How to handle your tenants/customers?
    • Understand their mindset.
    • Treat them like family. 
    • When they don’t pay- suggest ways to modify the payment method. (Sample: Rent assistance.) Help your tenants in their time of need- always think long-term. Their success is your success too.
    • Quote: “Keep good quality tenants that are willing to stick with you because you were willing to stick with them.”
  • Mentioned: Turnkey investing or Out-of-State investing.
    • Develop good relationships with your turnkey providers, lenders, tenants, and insurance providers – you might be their go-to investor when they find a great property. 

[22:41 – 41:00]

  • Investment comparison: Stocks vs. Real Estate 
    • Mentioned: Collateral, Control overuse of assets
  • Still, be involved with your tenants- as a turnkey investor. [Mentioned: I requested my turnkey provider to clean the gutter- ask for photos. For them to be accountable!]
  • Finding the right turnkey provider, and staying away from unreliable ones!
  • Advantages of turnkey investing [Mentioned: save time…no free-up your time, passive income, the difference of cost and value]
    • “Let the professionals handle it!”
  • Another way to do property management.

[41:00 – 47:35]

  • What it means to experience time-freedom.
  • What is the GROWER method?
  • Shannon gives his final thoughts and concludes the show.

 

Learn more at www.shannonrobnett.com

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