240: A Million Dollars a Month with Rod Khleif!
Play • 50 min

What if you were in a 747 jet airplane traveling 500 miles per hour. You could get to where you want to be pretty quickly. But what if you didn’t know where you wanted to end up?

Well, then it wouldn’t do you much good to move at 500 miles per hour. In fact, depending on where you ultimately want to end up, it could end up making your journey take much longer than if you just walked directly there to start!

The point is that it doesn’t really matter how much energy you have or how hard you work if you have no idea where exactly you want to end up.

Now of course it is hard, especially when you are young, to pinpoint exactly where you want to end up. But that doesn’t mean that you can’t start making some goals for yourself early on.

You can always go back to revise them if they don’t end up being as appealing later on or if you have goals that are even bigger. The point of having a goal is to engage your self conscience to autopilot you to a place that you can see in your mind’s eye.

Let’s take, for example, the goal of making $1 million dollars per month. That’s a big goal for most people. If you set that as a goal you truly want to achieve, you would have to take a pretty good look at where you are in life today and make sure your trajectory makes it possible. And if it doesn’t, change course immediately!

In other words, if you are working at a comfortable 9-5 job making $300K per year today, you are going to need a serious pivot plan to make over three times that amount every month. No matter how hard you work, that job is not going to get you to $1 million per month.

On the other hand, what if you are already making $100K per month and your earnings are independent of your time? What if the only difference between $100K per month and $1 million per month is increasing the scale of what you do?

In other words, if a unit transaction currently makes you $5K, is there a way to make that same unit transaction worth $50K without significantly increasing your time and effort? If so, stay the course. If not, abort and alter your plan.

I know that it can be done. I’ve seen people add zeros to their income and net worth in just a few years over and over again. You just have to have a plan. It has to viable and you have to execute it. And…perhaps most importantly, you have to believe that you can do it!

Henry Ford once said, “If you think you can do a thing or you think you can’t do a thing, you’re right.” Mindset is everything. If you think there is no way to get to $1 million per month, you won’t get there. The reason why is nothing esoteric. It’s quite simple.

Think of everything that you have done in your life up to this point. At one point it started as an idea that you believed would become reality. In order to make anything real, you have to create that reality in your head first. If you do that, your subconscious will help guide you along the way.

Of course this type of goal setting applies to much of life. It’s not just about money. It’s just about what you really want. Visualize it, believe it, and make a plan to get there.

My guest on Wealth Formula Podcast this week, Rod Khleif, credits all of his life’s many successes to these basic concepts of visualization. And while it is easy to be cynical about this kind of stuff, I can tell you from personal experience that I have experienced this kind of manifestation myself and it’s hard to explain. But it works!

As the end of the year approaches, it’s always a good idea to reflect a little bit and this week’s interview with Rod might just be what you need for a little holiday dreaming!

Rod Khleif is an entrepreneur, real estate investor, multiple business owner, author, mentor, and community philanthropist who is passionate about business, life, success, and giving back. As one of the country’s top real estate trainers, Rod has personally owned and managed over 2,000 properties.

Rod is Host of the Top-Ranked iTunes Real Estate Podcast which has been downloaded more than 8,000,000 times – “The Lifetime Cash Flow Through Real Estate Investing Podcast.” Rod is the author of “How to Create Lifetime Cash Flow Through Multifamily Properties” considered to be an essential “textbook” for aspiring multifamily investors.

As an accomplished entrepreneur, Rod has built several successful multi-million dollar businesses. As a community philanthropist, Rod founded and directs The Tiny Hands Foundation, which has benefited more than 75,000 community children and families in need. Rod has combined his passion for real estate investing and business development coaching with his personal philosophy of goal setting, envisioning, and manifesting success to become one of America’s top real estate investment and business development trainers.

Shownotes:

  • Lessons after losing $50 million in 2008
  • Visualize your goal, believe it, and make a plan to get there
  • Why should you fear regret more than you fear failure and humiliation?
  • Happiness comes from progress and growth
  • The Lifetime Cash Flow Through Real Estate Investing Podcast
  • realestatewithrod.com

The post 240: A Million Dollars a Month with Rod Khleif! appeared first on Wealth Formula.

Wealth Labs with Garrett Gunderson
Wealth Labs with Garrett Gunderson
Garrett Gunderson
148. How to Buy Cryptocurrency for Beginners (UPDATED Ultimate Guide) / Ask The Money Nerds
Do you have a financial question you'd like one of our Financial Nerds to answer? Submit your questions at https://askthemoneynerds.com and watch for our response on an upcoming episode! In this episode of Ask the Money Nerds, Garrett, Amanda and a new Money Nerd, Logan talk through how to get started in the crypto space. The idea of using cryptocurrencies and Bitcoin in our daily lives is starting to become more commonly discussed across the globe. Is it time for you to consider getting into one of these currencies? And if so, how do you get started? Today, our guest is crypto-expert, Logan Sunday. He gives you the scoop on getting started with crypto and how you can dip your toe into the world of crypto if you are new to the space. *** If you enjoy the podcast, consider leaving a short review on Apple Podcasts/iTunes for us. It takes less than 60 seconds, and it really makes a difference. I also love reading the reviews! Check Out Garrett's Books: Killing Sacred Cows - https://amzn.to/2lMbX1i What Would Billionaires Do - https://wlth.co/yt-garretts-billionaire-book Connect with Garrett: Facebook: https://www.facebook.com/garrettbgunderson Twitter: https://twitter.com/GBGunderson Instagram: https://www.instagram.com/garrettbgunderson LinkedIn: https://www.linkedin.com/in/garrett-gunderson-651359b3/ Website: https://wealthfactory.com/
14 min
Apartment Building Investing with Michael Blank Podcast
Apartment Building Investing with Michael Blank Podcast
Michael Blank
MB 249: Increase Your NOI Through Cell Tower Investing – With Hugh Odom
The most successful real estate investors find creative ways to increase their NOI either by adding amenities for residents or reducing expenses. But there is a new opportunity for property owners that you may not be aware of. What if you could earn more money by leasing out a portion of your building for a 5G cell phone tower? Hugh Odom is the Founder and President of Vertical Consultants, a telecom consulting firm that has advised major corporations such as Walmart, McDonald’s and Disney, as well as government institutions like the Department of Veterans Affairs, the New York Housing Authority and the United States Postal Service. Hugh served as an attorney for AT&T for 11-plus years, and today, he leverages his expertise in the telecom industry to help real estate investors earn additional income through cell tower leases. On this episode of Apartment Building Investing, Hugh joins cohost Garrett Lynch and I to explain why the cell tower industry is like oil 100 years ago, discussing what is driving the need for more cell towers and how lucrative a cell tower lease can be for investors. Hugh shares the do’s and don’ts of negotiating a cell tower lease, describing how it differs from a real estate transaction and what Hugh’s team does to help property owners with the process. Listen in to understand why cell tower investing is a safe bet for the long term and learn how YOU can take advantage of the opportunity to be a cell tower landlord! Key Takeaways Why the cell tower industry is like oil 100 years ago * Long-term agreements to lease land from property owners * Cell companies reach out if property in right location What is driving the need for more cell towers * 5G technology requires additional infrastructure * Densification makes service faster, more instantaneous * From 400K to 1.5M cell sites by 2025 The do’s and don’ts of negotiating a cell tower lease * Don’t treat as real estate transaction (e.g.: market rate) * Do determine value provider will get from space How lucrative a cell tower lease agreement can be for investors * Typically increases value of property by $1M * Renegotiate contract as provider’s revenue from site goes up How Vertical Consultants helps property owners * Level playing field (understand value you’re offering) * Source leases for large commercial property owners How to take advantage of this opportunity in cell towers * Buy properties with existing towers or rights to cell towers * Bring experts in to renegotiate lease How 5G towers differ visually from traditional cell towers * Traditional tower = 150 feet tall, up to 5K ft2 * Traditional rooftop antenna up to 500 ft2 * 5G tower = 50 ft2 with small antenna box The opportunity to become an operator of cell towers * Pay property owners in dead spots for right to lease * Buy for long-term cashflow or flip Why cell tower investing is a safe bet for the long term * Similar to highway system (infrastructure, not technology) * Change out equipment as tech improves Who Hugh serves through Vertical Consultants * Property owners with existing agreements * Owners who’ve been approached by cell company * Hotels, self-storage and shopping center developers Connect with Hugh Odom Vertical Consultants Resources Join the Nighthawk Equity Investor Club Learn More About Michael’s Mentoring Program American Tower Crown Castle SBA Communications Podcast Show Notes Michael’s Website Michael on Facebook Michael on Instagram Michael on YouTube Apartment Investor Network Facebook Group
41 min
The Remote Real Estate Investor
The Remote Real Estate Investor
Roofstock
How We’re Using Refi’s and HELOC’s To Grow Our Portfolios
In this episode Tom and Emil share their experience with the Refis an HELOCs they are currently processing. --- Transcripts Michael: Hey everybody, welcome to another episode of The Remote Real Estate Investor. My name is Michael Albaum and today I'm joined by my co hosts, Tom: Tom Schneider Emil: and Emil Shour. Michael: And today we're gonna be talking about loans, how to get them trials and tribulations upon getting them and things you can do to expedite the process along the way. So let's jump into it. Alright guys, so Tom, I'm curious now for a quick update from you, how is your insurance restructuring coming along? Tom: So I had the call with Nick, who is a an academy member and also an insurance broker expert. And I am we had a great call, and I'm sending him my current policies right now. hopefully get that done today. And then he's going to come back with game planning some options. So it's making progress, albeit not at work speed, but I'm ahead of where I was when we recorded our last episode on my 2020 failings. So making progress. Michael: Okay, good to hear. I will follow up with you on the next episode and see where you're at next. Tom: Love this. Thanks. Thanks for being my accountability buddy, Michael, Michael: That's what I do. That's what I do. Is he looking at every single one of your policies, or just only a handful? Tom: He's looking at a handful of them. He's looking at like six of them. So well, I don't know. We'll take a look. I'll keep you updated. Michael: All right, guys, I know that we are all in the midst of some form of loan product. And so we're going to be talking about some of the different products that are out there some of different products that we've utilized in the past, but a meal, I want to start with you since I know that you're in the midst of a cash out refinance, which is something that a lot of investors utilize along the way. So can you walk us back to why you wanted to get this? What was the kind of point and then what the results have been thus far, and what kind of ping us some questions along the way? Tom: And you're a good person to go first, because you held us up and recording because you had some stuff to do while we were waiting on the line for you related to your refi. Michael: So we're gonna blast you at the hotseat. Emil: Yeah, that's right, this is very pertinent, because they basically just asked me for my firstborn child so we can get into it. Alright, so this is the second property ever bought property in Indianapolis, we bought it for 115,000, back in 2017. And right now, with interest rates being so low and inventory being so low and prices going up a bunch because people are owner occupants are driving prices up, because everyone wants to get in a home. Now, the value of this property grew, I thought to about 140,000, or 150,000. So my plan was I could probably cash out our original investment down payment, closing costs, all that stuff was around 25 K. And I figured if values have risen to 140, 150K, I can probably pull out around 20,000 bucks, and it won't change my payment every month all that much. Because when I got the property, it was a 4.6% rate. And now at the refi, it's going to be a 3.1. So point and a half drop will offset a lot of what would be, you know, if I cashed out at the same rate, I'd be paying a lot more each month. But with that one and a half percent rate drop, my cash flow doesn't really change, my monthly payment goes up like 15 bucks or something 10, 15 bucks, and I get to pull this cash out. So we got the appraisal back last week. And to our great surprise, usually the painful surprise, this was a good surprise, it appraised for 157,000. So we're actually gonna be able to pull out our entire original investment of 25,000 bucks. So we'll be in this property for $0. And our monthly payment i think is going to go up like 25, 30 bucks in total. Tom: You know what, I think that is Emil. I think that's cool. You wanna know why I think it's cool? Emil: Why? Tom: BRRRRRRR BRRRR It's actually not like a traditional verb I cut he basically like effectively kind of did a burger, just being able to take all your cash out with the refinances. So it's not a full BRRRR. It's like a BRRR. Like you just Yeah, well, you probably didn't do a big renovation. Emil: I didn't know renovation, I was texting Michael, we were chatting on slack. And I coined a new phrase for this. It's called burger. And so what that stands for big GRP. So one is by the first key is get lucky and have the Fed drop rates. The second key is get more luck with low inventory and high demand. So prices go up. Yeah, the R is refi. And then the P is this probably won't repeat, we probably won't be able to do this lucky sequence of events because we just got lucky we didn't do anything we didn't we didn't force value and force appreciation we didn’t do anything special. It's just a nice sequence of events that sometimes when you're in the game, and the environment changes, you can take advantage of that. That's all happened here. Tom: BGRP. So that's sticky. I like that. Emil: Very, very sticky. It doesn't quite roll off the tongue. Michael: Rolls off the tongue so nicely. Fluid, you know, BGRP. So I have to ask though, I mean, I mean, it's we always joke on the show that you're a pessimistic person and I'm an optimist. Do you think that you made your own luck? Or do you really think this was just dumb luck? You threw darts at a board ended up in Indianapolis ended up with a, you know a great property? Or do you want to give yourself a little bit of credit and say, yeah, you know what I did some research, I did some legwork. This was a very calculated decision, Emil: I would say more luck than anything else, I'm not going to pretend like I saw this coming. And that's just me being really honest, I think you can often delude yourself into saying, Oh, I did all this research and blah, blah, blah. And sometimes, you know, maybe when Detroit or Cleveland in the past, you know, in 2008, when they had meteoric falls, I'm sure there were tons of people who were looking in those markets and saying, I bet Detroit or Cleveland could be on pace for great things, and then unpredictable things happen. I know, we all like to give ourselves a lot of credit and stuff. But I think a lot of stuff comes down to luck in my eyes. Tom: Yeah, I think that's true. But you also like need to be at the table to like to be lucky like that. Exactly. Like, if you're not if you're not gonna.. Emil: You need to be in the game playing in the game. Tom: That's right. So circling back on the finance aspect of this, this is something that I think about when I refinance, especially when I refinance pretty quickly from the original origination of the loan. So your example, so you said you bought in 2019, or 2018? Emil: 2017 Tom: * So you've made a bunch of loan payments, or a better way to put it as your renter has helped you make a bunch of loan payments. And with it being an amortized loan, the majority of those loan payments aren't cutting into the principal at all. It's just you're just basically, you know, paying that interest piece, I love to hear your guys's thoughts like in refinancing so quickly, it's like, you know, you don't bring the total loan basis down that much, just because those initial payments, so much of it is interest heavy, do you think that makes it like a better time to refinance versus just because you no longer into your mortgage, the more you're going to be able to cut into that hang down that principle total. And I'm just digging a little bit in the conversation and thinking about, I mean, I think we all like the concept of refinancing. But to play devil's advocate, so when you when you're refinancing, you're basically going back to square one, if you're doing another 30 year amortized loan, where you're only paying off interest for you know, are primar…
31 min
Real Estate Coaching Radio
Real Estate Coaching Radio
Real Estate Coaching Radio
Podcast: Zillow Takes The Gloves Off, Stunning Industry (Are You Prepared?) | Tim and Julie Harris
Is Zillow your friend or foe? Still confused and not sure if you should 'partner' with Zillow? Today's headlines from Inman should help clarify their intentions...Inman Reports: '.... buyer's agents being advertised as 'personal guides' and the site defaulting to agent listings over others'. Translation, Zillow is making it clear what their intentions are for buyers agents and the buyer agent 'commission entitlement' the sellers have traditionally paid. Add to this the fact that Zillow has been testing the market for how little they can co-op on the buyer side. How can you partner with a competitor who intends on replacing you..or at the very least ending your way of doing business? In today's podcast Tim and Julie Harris drill down on what Zillow is actually doing now (and other ibuyer based brokerages) and exactly how this will impact you. Zillow (and others) are perhaps closer than many in the real estate industry believe to totally changing consumer expectations. Consumers may soon assume that your brokerage will offer an option similar to Zillow Offers. What will you do when your local sellers see your listing services as obsolete because Zillow offers what they perceive to be a more end to end solution? And remember, if you haven't completed your 2021 Real Estate Business and Life plan you solution is a text away. Simply text 2021 to 855-685-1045. As always thank you for continuing to make Tim and Julie Harris’ podcast the number one listened to daily podcast for real estate professionals with over 10 million downloads real estate coaching radio is the must listen to daily show for anyone serious about the real estate career. Schedule A Free Coaching CallListen on iTunesListen o
32 min
Master Passive Income Real Estate Investing in Rental Property
Master Passive Income Real Estate Investing in Rental Property
Dustin Heiner
Best Places to Invest In Real Estate 2021
Today, there are a lot of places claiming to be the next hot spot or the next big thing when it comes to rental properties. Here is a list of the best places to buy rental properties in 2020. Get the free real estate investing course: https://masterpassiveincome.com/freecoursep Get the show notes with maps, charts, etc: https://masterpassiveincome.com/150 // WHAT TO WATCH NEXT Best Places to Invest: https://youtu.be/g3b4FuQkL78 How to Become Successfully Unemployed: https://youtu.be/wx5Ke9KVs58 Get Money For Investing in Real Estate: https://youtu.be/u4IY5UMDkrI How to Start Investing In Real Estate: https://youtu.be/fJVOeSgXZRQ How to Analyze a Real Estate Investing Deal in 5 Seconds: https://youtu.be/SqA1HcAW4EI How to Set Up Your LLC for Your Business: https://youtu.be/B9RzLkAZI9s How to Use Owner Financing to Make Loads of Money: https://youtu.be/qAOpCOWvj6Q //BEST REAL ESTATE INVESTING RESOURCE LINKS Free Property Get Business Funding https://masterpassiveincome.com/fundandgrow Great High Interest Savings Account: https://masterpassiveincome.com/cit Accurate Rental Rates: https://masterpassiveincome.com/rentometer Self Directed IRA for Real Estate Investing: https://masterpassiveincome.com/rocketdollar Learn more about Dustin and find resources to build an automatic real estate investing business: https://masterpassiveincome.com Join our free private Facebook group! https://masterpassiveincome.com/group #realestateinvesting NOTE: This description may contains affiliate links to products we enjoy using ourselves. Should you choose to use these links, this channel may earn affiliate commissions at no additional cost to you. We appreciate your support!
18 min
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