Financial Freedom with Real Estate Investing

Would you like to save ten years or so and get right to the financial freedom part of real estate investing? Corey Peterson is finally living what he calls the ‘Sunsets and Palm Trees’ lifestyle, but his path was not an easy one. Like many a real estate investor before him, Corey got into the fix and flip business, and while he looked successful on the outside, he was a wreck on the inside. Running rehabs was running him ragged, and he was spending his Saturdays with contractors—instead of his family. Corey knew he had to do something differently, and that’s when he made the transition from single- to multifamily real estate.

Today, Corey is the owner of Kahuna Investments, a multifamily firm that provides its investors with stable cashflow and long-term capital appreciation. Since 2011, Corey has been involved in the ownership and management of commercial properties worth a total of $31M, and he is a sought-after speaker in the multifamily investing space. Corey is the also the host of the Multi-Family Legacy Podcast, and he has been featured on FOX, CBS, ABC and NBC affiliates.

Corey joins me to share his story, explaining how ‘Bruce Wayne’ introduced him to real estate and how being fired from his job as a financial advisor inspired his commitment to full-time investing. He walks us through the ‘hustle and grind’ of his years in the fix and flip business, describing the Saturday he missed his son’s game and how that feeling of failure motivated Corey’s transition to multifamily. He addresses how he developed a talent for raising private money and how that translated to a partnership and his first multifamily deal. Listen in for Corey’s advice around skipping the single-family step and shaving ten years off your journey to financial freedom!

Key Takeaways

Corey’s introduction to real estate

Why Corey got caught in the fix and flip trap

  • TV portrayals
  • Quick money

How Corey made the commitment to full-time real estate

  • Fired from job as financial advisor
  • Learned to raise private money
  • Went back to fix and flips

Corey’s shift to multifamily

  • Missed son’s Saturday game
  • Spent year establishing framework
  • Informed investors of change
  • Announcement at multifamily event

Corey’s first multifamily deal in 2011

  • Partners had deal, needed $1.4M
  • Sold for $8.8M in 2017
  • 1031 exchange for $12.7M deal
  • $400K for rest of life

Why Corey encourages investors to do multifamily

  • Focus on raising money, underwriting deals
  • Easier to get loans, can hire third-party manager

Corey’s advice for aspiring real estate investors

  • Avoid fix and flips (require hustle and grind)
  • Work toward multifamily cashflow
  • Look for working man’s complex
  • Provide world-class service (maintenance, management)

Corey’s tips around raising money

  • Ask, ‘Who do you know?’
  • Right people will self-select

Corey’s insight on mentoring and partnerships

  • Seek out partners at events
  • Look for complementary skill set

What Corey’s excited about

  • Opportunities in marketplace as interest rates rise

Connect with Corey

Kahuna Wealth Builders

The Multi-Family Legacy Podcast

Resources

Rich Dad Poor Dad by Robert Kiyosaki

Financial Freedom Summit

Partner with Michael

Invest with Michael

Financial Freedom Summit

Michael’s Course

Free eBook: The Secret to Raising Money to Buy Your First Apartment Building

Review the Podcast on iTunes


If you take the time to sit down and get clear on the direction of your life, you may find that growing a business for yourself and your family will afford you the flexibility and time to pursue hobbies, to travel, to spend time with the people you love—and build wealth in the process. More often than not, time invested in reflection is what ultimately inspires action among aspiring multifamily investors.

Scott Price and his wife Karen run Bonvolo Real Estate Investments. They have been investors since 2003, owning and managing multifamily, office, retail and land properties across multiple markets in Washington state. From 2003 through 2007, Scott worked as a broker and earned Seattle Magazine’s Best in Client Satisfaction Award three times before returning to his career in project management. He has steadily grown his real estate portfolio while working full-time at Microsoft, but now he is quitting his W-2 job to focus on Bonvolo full time!

Scott sits down with me to share the experience that distracted him from pursing real estate after college and how the desire for flexibility ultimately brought him back. He explains why he went straight to multifamily as an investment strategy, how he was able to overcome his inexperience, and the business plan for his first 29-unit property. Listen in as Scott reflects on how a lack of awareness about syndication led to slow growth and addresses his plans to give back to the community now that he does real estate full time.

Key Takeaways

Scott’s introduction to real estate

  • Research around creating wealth
  • Real estate tangible source of income

When Scott first took action in real estate

  • Rented condo, had bad tenant
  • Distracted by day-trading, stocks

Why Scott returned to real estate

  • Desire for flexibility, work for self
  • Build considerable net worth
  • Time to travel with family
  • Sense of satisfaction

Scott’s initial real estate strategy

  • Focus on multifamily
  • Conservative approach

Why Scott went straight to multifamily

  • Confident in education, team
  • Sold home and downsized
  • Used cash for down payment on 29-unit

The initial challenges Scott faced in multifamily

  • Tried to do everything alone early on
  • Growing portfolio with own funds

How Scott overcame his inexperience

  • Point to experience of team
  • Technical understanding through education

Scott’s first 29-unit deal

  • Found on MLS, matched available down payment
  • Aware of capital requirement after purchase

Scott’s business plan for creating value

  • Rebrand to change community perception
  • Responsive to tenants, take care of property

What’s next for Scott

  • Actively looking to buy
  • Pursue syndication

Scott’s advice for his younger self

  • Start early, start big and jump in
  • One bad tenant not representative of business

Why Scott was too conservative early on

  • Lack of awareness re: syndication

Scott’s challenges around syndication

  • Concern as steward of other people’s money
  • New world of larger properties

Scott’s guidance for aspiring investors

  • Give a little, downsize if possible
  • Consider living in property to start
  • Redeploy equity in own house
  • Use yours AND other people’s money

What Scott is looking forward to

  • Working full-time in real estate
  • Time for family, hobbies
  • Financing sculpture park project in community

Connect with Scott

Bonvolo Real Estate Investments

Email scott@bonvolo.com

Resources

The Miracle Morning by Hal Elrod

Financial Freedom Summit

Michael’s Course

Free eBook: The Secret to Raising Money to Buy Your First Apartment Building

Review the Podcast on iTunes


We’ve been conditioned to believe that a steady paycheck is a safety net. That if we pay our dues, the company we have been loyal to will return the favor, and we will ultimately be rewarded with a hefty 401(k).

But Clayton Morris contends that the opposite is true: As long as you for someone else (no matter how prestigious your job may be) consider yourself a line item on a spreadsheet with zero control of your own destiny—who could lose your livelihood at any time, through no fault of your own.

Clayton left a lucrative position as the weekend anchor for Fox & Friends to become the Founder and President of Morris Invest, a firm dedicated to helping people build financial freedom through real estate, and the host of the Investing in Real Estate Podcast. No matter how prominent his work in broadcasting, Clayton knew that his life wasn’t truly his own. He used real estate as the vehicle to gain financial freedom, and now he is on a mission to share his secret sauce with aspiring investors.

Clayton joins me to explain why he left a successful broadcasting career to pursue real estate full time. He shares how a flight to New Zealand inspired him to start a single-family portfolio and what motivated him to get serious about leveraging real estate to replace his income. Clayton addresses the significance of a strong WHY and the limiting beliefs that held him back early on. Listen in for Clayton’s advice around taking massive action and gaining clarity through whitespace.

Key Takeaways

Why Clayton left broadcasting for real estate

  • Power of controlling own destiny
  • Vitriolic politics, death threats

How Clayton decided on real estate

  • Met investor on flight to New Zealand
  • Followed formula to buy properties

Clayton’s initial investment strategy

  • Class C single-family, hardworking neighborhoods
  • Fall in love with ROI rather than real estate
  • Bought two properties, $800/month cashflow

When Clayton got serious about real estate

  • Couldn’t pay mortgage on NJ home
  • Calculated freedom # (12 single-family)
  • Got creative with money to acquire properties

Clayton’s last day of work

  • Didn’t want any part of destructive political narrative
  • Looking forward to spending weekends with family
  • Cleaned out office and didn’t look back

Why Clayton is making the shift to multifamily

  • Infinite returns, tax incentives

What held Clayton back

  • Fear of success, father never took action
  • Had to put on blinders, stick to one thing

The myth that a steady paycheck is a safety net

  • Average 401(k) only $90K
  • ‘Pawn on chessboard’

Clayton’s advice around taking action

  • Put together battle plan (one strategy)
  • People, deals and money

What Clayton is looking forward to

  • Multifamily investments
  • Writing book (mindset)
  • Creating more whitespace

Connect with Clayton

Morris Invest

Clayton’s Website

Clayton’s Podcast

Clayton on Facebook

Clayton on Twitter

Clayton on Google+

Clayton on YouTube

Resources

Freedom Number Cheat Sheet

REIA

Jeff Goins Mitigated Risk Article

Michael on Investing in Real Estate

Financial Freedom Summit

Michael’s Course

Free eBook: The Secret to Raising Money to Buy Your First Apartment Building

Review the Podcast on iTunes


As multifamily investors, it is easy to get caught up in making as much money as possible. Problem is, we sometimes forget that real people live in those apartment buildings. And regardless of their socioeconomic level, our tenants deserve to be treated with dignity and respect.

Eddie Lorin is a multifamily real estate investor with 20 years of value-add experience and 40K units under his belt. Eddie’s company, Impact Housing, is on a mission to breathe new life into neglected multifamily properties, generating positive returns for investors and improving the quality of life for residents and surrounding communities.

Eddie sits down with me today to share his vision for Impact Housing and the critical need for clean, affordable housing for the working class. He explains the concept of impact investing, discussing how he takes care of people ‘where they live’ by way of Class A amenities and on-site programming. Eddie speaks to his expectations for third-party property managers, describing the art and science of building a community. Listen in as Eddie offers the business argument for his model and learn how to do well by doing good.

Key Takeaways

Eddie’s vision for Impact Housing

  • Changing people’s lives where they live
  • Safe, affordable housing for working class
  • Tenants stay, pay and refer friends

The concept of impact investing

  • Doing business for a purpose
  • Millennials leading paradigm shift
  • Working poor in distressed areas

What’s different about Impact Housing

  • Focus on resident rather than deal
  • Treat tenants with dignity, respect
  • Provide Class A amenities

How Eddie takes care of his residents

  • Signage, pool and fitness center
  • Health, wellness classes
  • Create sense of community

What Eddie requires of third-party property managers

  • Budget set aside for activities, amenities
  • Respond to work orders within 48 hours
  • Build relationships with tenants

The business argument for Eddie’s model

  • Big demand for affordable housing
  • Safe, defensive investment

What Eddie’s looking forward to

  • Deal in Maryland (townhomes)
  • Environmental, social and financial return

Connect with Eddie

Impact Housing

Email info@impacthousing.com

Resources

The Financial Freedom Summit

Michael’s Course

Free eBook: The Secret to Raising Money to Buy Your First Apartment Building

Review the Podcast on iTunes

Direct download: MB_098_-_Do_Well_By_Doing_Good_-_With_Eddie_Lorin.mp3
Category:Commercial Real Estate -- posted at: 7:07pm EDT

‘The guy or the gal that wants to quit their job and doesn’t is quitting themselves.’

What is the secret sauce that makes a person successful? Michael Quarles says that it’s not about hoping, wanting or even needing to reach your goals. You have to REQUIRE yourself to take action every day in order to achieve. And even that’s not enough if you don’t have self-respect.

Michael is a serial entrepreneur and accomplished real estate broker and investor who purchased his first property at the tender age of 18. He has completed thousands of real estate deals, and Michael has vast experience with fix and flips, assignments, and wholesale deals. In addition, he designed a systematized business model that his team uses to purchase houses across the country through 1800Sell4Cash. Michael also developed Yellow Letters, the largest marketing company for real estate investors, as well as the Alex & Ryan Call Center, a service that turns marketing responses into deals.

Today, Michael joins me to discuss his high-level strategy for lead generation. He explains the value of cluster marketing, his strategies for converting leads over the phone, and the process of locating leads without the help of a broker. Michael walks us through his criteria for choosing a market and how he handles due diligence without the luxury of seeing a property in person. Listen in for Michael’s insight on why self-respect is the key to success and his ‘taste the caviar’ challenge for aspiring investors.

Key Takeaways

Michael’s high-level strategy for lead generation

  • Sweat marketing (i.e.: new, sports, purses and shoes)
  • Paid marketing (e.g.: signage, billboards and direct mail)

The value of cluster marketing

  • Send six different letters, postcards
  • Increased probability of call back

Michael’s techniques for converting leads on the phone

  • Imbedded commands
  • Positive, negative reinforcement
  • Pacing
  • Neural linguistics

Michael’s take on the art of negotiation

  • Teach what you want them to say
  • Legal, moral and ethical conduct

Michael’s best suggestions for lead sources

Michael’s criteria for choosing a market

  • 2/3 median
  • High percentage of cash investor buyers
  • Stable number of single-families per zip code
  • High foreclosure rate

Michael’s call center personas

  • Alex—answers phone
  • Ryan—negotiators
  • Angel—negotiates terms

How Michael does due diligence without seeing a property

  • Broker’s price opinion
  • Ensure dealing with owner
  • Appraisal
  • Home inspection
  • Request pictures

Michael’s insight on what it takes to be successful

  • Want, need and hope are not enough
  • Must REQUIRE yourself to achieve
  • Self-respect to push through pain

Michael’s ‘taste the caviar’ challenge

  • See what it feels like to experience success

The value in surrounding yourself with the right people

  • Choose people where you want to be

Connect with Michael

Michael’s Website

Email michael@michaelquarles.com

Yellow Letters

1800Sell4Cash

Call Center

Resources

ListSource

Fidelity National Title

The Financial Freedom Summit

Michael’s Course

Free eBook: The Secret to Raising Money to Buy Your First Apartment Building

Review the Podcast on iTunes


‘The guy or the gal that wants to quit their job and doesn’t is quitting themselves.’

What is the secret sauce that makes a person successful? Michael Quarles says that it’s not about hoping, wanting or even needing to reach your goals. You have to REQUIRE yourself to take action every day in order to achieve. And even that’s not enough if you don’t have self-respect.

Michael is a serial entrepreneur and accomplished real estate broker and investor who purchased his first property at the tender age of 18. He has completed thousands of real estate deals, and Michael has vast experience with fix and flips, assignments, and wholesale deals. In addition, he designed a systematized business model that his team uses to purchase houses across the country through 1800Sell4Cash. Michael also developed Yellow Letters, the largest marketing company for real estate investors, as well as the Alex & Ryan Call Center, a service that turns marketing responses into deals.

Today, Michael joins me to discuss his high-level strategy for lead generation. He explains the value of cluster marketing, his strategies for converting leads over the phone, and the process of locating leads without the help of a broker. Michael walks us through his criteria for choosing a market and how he handles due diligence without the luxury of seeing a property in person. Listen in for Michael’s insight on why self-respect is the key to success and his ‘taste the caviar’ challenge for aspiring investors.

Key Takeaways

Michael’s high-level strategy for lead generation

  • Sweat marketing (i.e.: new, sports, purses and shoes)
  • Paid marketing (e.g.: signage, billboards and direct mail)

The value of cluster marketing

  • Send six different letters, postcards
  • Increased probability of call back

Michael’s techniques for converting leads on the phone

  • Imbedded commands
  • Positive, negative reinforcement
  • Pacing
  • Neural linguistics

Michael’s take on the art of negotiation

  • Teach what you want them to say
  • Legal, moral and ethical conduct

Michael’s best suggestions for lead sources

Michael’s criteria for choosing a market

  • 2/3 median
  • High percentage of cash investor buyers
  • Stable number of single-families per zip code
  • High foreclosure rate

Michael’s call center personas

  • Alex—answers phone
  • Ryan—negotiators
  • Angel—negotiates terms

How Michael does due diligence without seeing a property

  • Broker’s price opinion
  • Ensure dealing with owner
  • Appraisal
  • Home inspection
  • Request pictures

Michael’s insight on what it takes to be successful

  • Want, need and hope are not enough
  • Must REQUIRE yourself to achieve
  • Self-respect to push through pain

Michael’s ‘taste the caviar’ challenge

  • See what it feels like to experience success

The value in surrounding yourself with the right people

  • Choose people where you want to be

Connect with Michael

Michael’s Website

Email michael@michaelquarles.com

Yellow Letters

1800Sell4Cash

Call Center

Resources

ListSource

Fidelity National Title

The Financial Freedom Summit

Michael’s Course

Free eBook: The Secret to Raising Money to Buy Your First Apartment Building

Review the Podcast on iTunes


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