How to Become a Millionaire with Justin Donald | The Better Than Rich Show Ep. 37

Passive Income Secrets

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Passive Income Secrets 〰️

How to Become a Millionaire

At what point will you look around at the life you’ve created and breathe a sigh of relief as you say “I’ve made it”? You’ve been working hard to build your business and the life you want but is it enough? You may be at the point where you feel like you need to put even MORE time into your business to achieve the lifestyle you envision for yourself. But how can you possibly spare any more time out of your already busy life?

What if we told you that you can achieve wealth OUTSIDE of your business? Better yet, what if lifestyle investment expert Justin Donald showed you how?

It’s time to think about making lifestyle investments to provide you with additional cash flow and level up your wealth today! And who better to guide you than Justin, bestselling author and philanthropist?

In addition to having a waiting list of up to two years, Justin’s coaching and mastermind programs have helped countless entrepreneurs realize true wealth by using the art and science of investing in “invisible deals” that provide reliable cash flow.

It’s not impossible to increase your wealth WITHOUT sacrificing your valuable time and Justin has the secret sauce. So what does one ask an investment expert? Plenty!

In this latest episode, Mike sits with Justin to learn what investments he likes right now, why the soon-to-retire Boomer generation is creating an opportunity for you, and what Justin sees happening with the economy over the next few months (and how to prepare for it).

For the business owner looking to create wealth without sacrificing time, this episode cannot be missed! Just prepare to hit pause A LOT to capture all the value Justin shares.

Justin Donald 00:00
Well, I think it really depends on what you value most in that season of life. You know, when I was younger, I wanted to make the highest return that I could. And so I was willing to put my time and everything that I did so I could learn it and so that I could maximize the return. That was worth it for me in whatever season you're in, you might need to maximize the return right now I'm in a season where I don't want to spend any time doing it. So I would much rather maximize my time, but still get a good return, but I don't have to have as good of a return anymore. So I think it's just personal preference.
Mike Abramowitz 00:37
Welcome to the better than rich show with your hosts Andrew Biggs and Mike Abramowitz. The better than rich show helps ambitious leaders who are on a mission to leave the world better than they found it changed their perspective on what's important, increase their income and impact and systemize their life and business. If you've ever struggled with finding your purpose, have felt disconnected or distracted or found yourself going through the motions. This show will remind you that what you do matters and will re inspire you to chase your highest dreams. It's time for you to become better than rich. I want to at first just say thank you so much, Justin for giving us some of your time. And for being here. For those of you guys that don't know, Justin, I have the privilege and honor of knowing Justin for quite some time. But I just I respect everything that you've done. I in fact, I've been following you Justin since I watched your Cutco training videos when I was a branch manager. You running the train was like VHS on a videotape or a DVD with your marker tossing in the air big and drinking out of the big water bottle. And I used to study and watch you and learn from you. And now having the chance to study you and watch you and read your book and learn everything that you're doing inside of your community is remarkable. But this is definitely not about me. You do not care about me. You care about Justin Donald number one Wall Street best seller USA Today bestseller number eight on Amazon philanthropist created eight figure net worth in under two years host of the lifestyle investor podcast, Tiger 21 member, I mean, the list goes on and on. What I respect most is the life that you've built with Jennifer and Savannah. And I'm just super honored and excited. We ended up getting 63 comments of questions for you. So we're gonna go through every one of them. I'm just kidding. I also sent you a list of my 19 questions that I came up with for you. So I really want to start one of the biggest questions that a lot of people have been asking is one of which is in your book. It's like the lifestyle investor. Everyone asks you this. And I think it's a good place to start, which is what is the lifestyle most people in on here, the entrepreneur types where they're building businesses or whatnot. When you were in that arena, you built these businesses, you've worked hard, but then you kind of had this shift. What was that shift of like shifting to this lifestyle? Was the lifestyle you wanted? Where did all that come from? If you could kind of fill us in? That'd be awesome.
Unknown Speaker 02:53
Sure, yeah. I'm excited to answer questions. And I'm a total open books. So this will be a lot of fun. So I just got to the point where, you know, a season of my life, I worked really hard. I mean, I was a grinder, I did what I needed to do to get the results that I desired to get. But at a certain point in time, I just realized that that playbook wasn't going to work long term. So short term, it could work and I'm happy that I was able to kind of flex my, my work ethic muscles and know that I can do that when I need to. But I also realized that working the long hours that I did, and not having boundaries for personal time or family time, just it's not sustainable. And it's not enjoyable, at least for me. So after many busy seasons in a couple of different businesses, to that I was running at the same time and one of them while in Cutco. It was very apparent to me that in this season, hey, I can work hard, I can put in this time. But I don't want to be working evenings or weekends or crazy hours when I'm married when I've got, you know, kids. And so to me, it was just kind of an eye opener that there was this whole other world that existed where instead of trading time for money, you actually trade capital for more money. You buy assets that produce money, and I just had this big epiphany that it doesn't always have to be like this. And if I can figure this out now if I can like learn a little bit move towards the ideal lifestyle that I want today. I don't have to have it all today. But if I can recognize I want something different in the future and then just move slowly towards it. But each day getting a little better, then I can get there and that really has paid off.
Mike Abramowitz 04:46
Justin, my question for you is you went to Tony Robbins. You mentioned on one of the podcasts interviews, you had this big breakthrough about seeing Tony what he does with his mastermind group, and now you have clients who pay you a half a million to a million dollars. My first question is what do you do for them? And we like as much detail that you really give us and then you have a waitlist of 50 people plus 100 plus people in your mastermind that pay you $50,000 a year. What are these people getting access to just if let's set the framework there, you know, start with What are you teaching these people that all of us can say, all right, we want to learn some of this stuff like cliffnotes version of your 10 commandments, I have them all listed out. But well, what's showing up?
Unknown Speaker 05:24
Well, you know, that's a fun question. And I'm such a huge Tony Robbins fan, I think this community is a huge community proponent of Tony Robbins, I've attended everything he's ever done. And I remember at one of the first events, he talked about how he coaches people for million dollars a year, and then takes a percentage of the upside. And I remember thinking to myself, that's really cool, I can't afford to do this, but it'd be really cool to be able to afford it. And then I thought it'd be really cool to like, be able to coach people and, and be able to deliver enough value that they would come and listen to what you had to say. So in the back of my mind, I just always thought, hey, that'd be really cool to do. And, you know, a good number of years ago, I had a coaching client that and I've been coaching in some capacity most of my professional life, but from the standpoint of, you know, helping founders scale, I mean, I've been doing that for about a decade. And then for the past five years, I've really spent a lot of time helping people just grow their wealth and create more cash flow, by their time back. And so I decided, since I have paid people to coach and the most expensive coaching contract I had ever paid, was $250,000, I figured, well, if I was willing to pay this, someone else would likely be willing to pay this. Because I can actually, you know, for mine, it was harder to, you know, show the math how to like quantitatively say, Hey, you got X dollars of a return. Whereas I could do that financially, I could do that with the investments or with the cash flow. And so I remember the first coaching clients that I brought on in this capacity, I basically shared with him my goal and mission was to help him this individual had basically sold his company sold it for a lot. I mean, we're talking about a nine figure exit. And after taxes, after some poor investments, you know, after a handful of other things, he came to me with not a whole lot left, but had an expensive lifestyle that he didn't want to decrease. And so I had to help him figure out how to get to about $2 million a year in passive income to support the lifestyle that was ideal for him. And I just knew that I could do that. And so when I basically made my offer, he didn't question it. He just asked some questions supporting what he would learn from it. And it was just my big aha, that, wow, if you find the right fit, people can afford virtually anything. And so my, you know, I'd say, my private clients are kind of like a white glove service. And I've been, you know, I've had a waitlist here for quite some time, I don't know that I'm gonna have anything open up for probably a year or two. But they're just the right person, the right fit, and I walk them from A to Z through everything financially. And it's a deep dive, I mean, just the form that they submit to me with all their financials, their business, their livelihood, it's, you know, it's about 20 pages of just questions. So when the form is complete, it's like a 50 page document. And we just dissect everything about their world and where they want to go. So the mastermind is kind of like a lower version of that, you know, so I don't do as much hand holding, but I do cover the same things. And I teach it in more of a group style. And we've got people from all across the world that are part of it. For a while I had it capped at 100 people, and that was it. I wasn't going above it. Our founding members said in our column, our OGs. They said, Well, why would we ever block people that are perfect for the group, we want exposure to as many sharp peoples as we can. And so I opened it back up this year. And so we're at about 130 members, and it's not going to be a huge group. I mean, I'm not the goal is not scale, the goal is right fit. But I provide deal flow to my private clients and to the mastermind and a little bit of all kinds of different deals. Last year, three of the deals that we did ended up going public. So that was really big for the mastermind, and we got rated at a top five mastermind of every mastermind out there for 2022, which was a big honor and really cool and I think that they kind of got their hands on some of the financials that the group has been able to experience.
Mike Abramowitz 09:58
That's great. And I start there bye because I'm going to start asking the specifics because I had the privilege as a guest and sitting in on one of those groups and seeing what you're offering to the community and to your to your masterminds like these unbelievable deals that are like you call them invisible deals that exist. I have one more double click question on when you said, I'm going to charge I paid $250,000. So if I was willing to do that, maybe I could attract myself, if there's an entrepreneur on here that is maybe settling for a little bit less than what they think they could be charging people. How did you negotiate with yourself? Because at the time, I don't think you were a nine figure earner or had that in and out worth, but you were coaching someone who was nine figures, and maybe you weren't there, I gotta lead to believe there was some piece small piece of insecurity that maybe showed up before you were able to present Hey, I'd like for you to pay me a quarter million dollars or, and a slice of your gains? How do you offset that if like, I think about someone you know, who's running a business and they're charging, they're so familiar, charging two grand, because that's what the industry is. It's like, I know, I could get more. And I know people are willing to pay me more. How did you negotiate that with yourself to say, You know what, I'm just gonna go for this and make a larger offer.
Unknown Speaker 11:13
Well, you know, at the end of the day, I just know that I can offer the value now, Was I nervous? Heck, yeah. You know, the first time I've ever pitched my own services at that, in no price point. Yeah, I was really nervous. In the back of my mind. I'm like, All right, this guy's he could be totally uninterested. And I was so surprised that his first question had nothing to do with price. I mean, he didn't even ask a question about price. It was everything about like, what, what's the cadence? What's he going to get? I mean, it was all about the deliverables. I just know that there's a whole different space between, you know, being an entrepreneur and being an investor. And what a lot of entrepreneurs find is that when they have exits, or they're making a lot of money, and they think that they're just as good at investing, as they are at entrepreneurship, they end up in a world of hurt, because it is two different skill sets. And it takes a very special and uniquely qualified and gifted person to bridge the gap of those two extremes. So, you know, my, my private client, by the way, all of my private clients run laps around me and their area of expertise. So from the standpoint of entrepreneurship, I mean, they just crush it. But the expertise that I have with creating cash flow, and finding deals that are on the cusp of, you know, a big valuation bump, or a big exit. It's just a different skill set. And I know they don't have it yet, but I want to equip them with it. Another thing to point out is, like, sometimes people look at that, and they say, Oh, my goodness, you know, that's a lot of money. But he made, you know, in one deal in one quarter, over $500,000, one deal, one quarter, one return, and we've done a whole bunch, you know, so like he made his money back, not to mention, I had, you know, one tax saving strategy that I showed him. And same thing for our mastermind, where, you know, if someone's an entrepreneur of any type, they can easily make back whatever their cost of engagement is just in the tax saving. So it makes the sell a lot easier and less pressure, because there's so many different nuances and facets that can help people get the results get the 10x results they want for the investment.
Mike Abramowitz 13:42
Yeah, especially when you're leading from what you said, it didn't matter about the price. It's like, what am I offering? What are you going to give to the person or to your client, and making sure you're leading with that? More so than what you're offering? And I think it's, it's a very simple response, but it's so important for every entrepreneur to hear. So here's the hard hitting questions, Justin, that everyone I would love to know, the answer sees, again, selfishly, for me. And then there's a couple of questions in the chat too. So right now, you mentioned on one of the episodes that you were interviewed on that there's constant changes of the cycles, and try to, you know, try to capitalize during this time, there's lots of change going on. So the question is, like, where do you put your money? So it's like, what are the innovations that we can capitalize on? Right now, I know you mentioned cannabis. I know you mentioned storage units, and you've mentioned mobile home parks. And, you know, there's reasons behind some of those. And then you also talked a little bit about like, government, what is the government one and studying agriculture, housing, renewable energy, some of these things, can you speak to, if someone in the group right now has is sitting on maybe 10,000 or $50,000 in capital or $100,000 in capital? What are the innovations that they should be focusing on? Where should be you know, they'd be looking to potentially position themselves in some of this in some of these areas as far as what you've mentioned in some of the previous podcasts?
Unknown Speaker 14:55
Sure. I probably should start off with the fact that I do have a BA As towards private investments, private equity to public equities or the stock market, I am just not a huge proponent of it. So you know, I don't like the fickleness of the stock market and the lack of control. So I have a very small percentage of my net worth. In the stock market. I like being in investments where I have control where I have say that, you know, consumer confidence, can't totally disrupt and destroy my returns in one second, because someone sent a tweet, you know, so that, to me is really tough to stomach. And I think most people are educated by the group's the organization's the agencies that Wall Street has influenced what has influenced with so like our educational system, our financial planners, like anywhere you hear, it's like, oh, you know, put money in the stock market. And that works great until you want to retire today. Or that works great until you want to retire in 2008, or nine or 10. Right. So I just think it's dangerous to have all your money in any single thing, whatever it is. So if the vast majority of your net worth is in any single area, that to me, is caused for concern. And I think most people, if they are not an entrepreneur have the majority of their money in the stock market. If they are, they invest the majority of their money into their business with the secondary being stock market. And then for some crazy reason, people think that the next best thing is to be an angel investor and just throw money at different companies that the odds are not good that they're going to do well. It's basically like a 0% interest loan for an undetermined period of time and a high risk asset. And then every now and again, you find people that do real estate, you know, and I think that's gaining more and more popularity. And it's funny, because the last, you know, the last 1314 years, everyone looks like a genius, no matter what they've done, you know, so you just have to be careful. I am still a fan of anything that
Unknown Speaker 17:20
is uncorrelated to the stock market. And by the way, I do think there's a time and a place to be in the stock market. I just think most people think that people make their wealth in the stock market. And the reality is people make their wealth somewhere else and they put it in the stock market to low over the long haul preserve it. And so that's a big misconception that a lot of people have. So what do I like right now I like things that cashflow. If it cash flows, then you're never in a position where you have to sell if you can cover your debt service and all your expenses. It doesn't matter if the economy tanks, because you don't have to sell you can choose whenever you want to sell and you can wait out a bad cycle. So and that could be in anything. It doesn't have to be in real estate, it could be in an operating company. It could be you know, a company that you buy and fully run or start and fully run. I think it's a lot less risky to buy something that's already existing. But there are definitely some places that I think are going to be strong. I still think that long term affordable housing is always going to be a thing I love mobile home parks, I think it's about a share of a bad as you're gonna find. I think RV parks are pretty incredible because it development is a whole lot different than buying existing, but we can get into that later. But I like that asset class, it's taking off, it's booming. I think that industrial warehouses and distribution centers are still gonna be strong anything that supports e commerce, cannabis, hemp CBD like that space, specifically cannabis, I do think it's the Wild Wild West, I do think there are going to be some returns that are going to be similar to, you know, prohibition times. But you're gonna have like, kind of ups and the downs right now of that, especially if you're doing it in public equities. But on the private side, it's a little less, it's a lot less volatile. So, you know, those are just a few areas, a few thoughts. I mean, I still think Bitcoin is a really good hedge and a really good idea. You know, I share that I think, you know, I don't give financial advice. But what I think for myself, and what I try to coach people with is that it it's probably not a bad move to have a position in that the way that you would maybe in gold, so maybe it's half a percent or 1% or maybe even up to 5% of your net worth. I don't think that's a bad play. I don't think that doing that, you know, in gold is a bad play, you know, so I don't know that I invest in gold to make money. I invest in gold to not lose money. Right as a an inflation hedge. And I think that, that I think it's a smart play, I wouldn't put all my money in gold because I wouldn't put all my money in any single thing. I know mobile home parks better than I know anything because I've been doing them the longest, you know, about 15 years. And I don't even have all my money in mobile home parks.
Mike Abramowitz 20:20
And you know what the mobile home parks you there are certain states that you say you're like, I would not touch that state for mobile home park. And then there are certain states that you are really drawn to I know, a lot of us are here in the Tampa Bay area in Florida. And if I, you could correct me if I'm wrong, I seem to remember you saying you wouldn't touch Florida with a 10 foot pole or something? I don't want to put words in your mouth.
Unknown Speaker 20:44
Yeah, I should, I should clarify that. So the states that we would just never touch are California and New York, probably, you know, Massachusetts, too. But definitely California, New York and New Jersey, like any place where it's like, you, you are fighting everyone, you're fighting the government to get out non payers and evict them like any place where the laws favor. Squatters or people who don't pay their rent, you do not want to be in business. And how
Mike Abramowitz 21:15
did you find that list of those states? If somebody wanted to find the states to avoid with with what you just said? Is there is that exists somewhere?
Unknown Speaker 21:21
Oh, yeah, just go and duck duck, go and enter it in. I mean, you can use Google, but they're gonna track all your stuff, you know. So I mean, either way, yeah. Tons of them, you'll see the ones. So you have pro tenant states and pro business owner states, I like pro business owner states. Now, the only reason I don't like Florida, is because prices are astronomical. I mean, if you can find someone who's wanting to sell their portfolio or sell a park, and, you know, maybe it's a baby boomer who's looking to retire. I mean, that can be incredible. If it's not being marked up by the brokers, and you know, any of the real estate agents, so I love Florida, I just think it's hard to find a good price. You're like buying it like for four and a half five caps, that is really hard to make money.
Mike Abramowitz 22:15
So and I don't want to oversimplify this. But hypothetically, you're saying if I Google searched one of the probe is owner states. I don't know. Whatever that is in Indiana. Is that a good that'd be one. Nebraska,
Unknown Speaker 22:29
Indiana is probably pretty Pharoah, Illinois not.
Mike Abramowitz 22:33
So let's go with let's go with Indiana, I go to Google or DuckDuckGo. I look up mobile home parks, find the contact info, find the owner, and I cold call that person saying, Hi, I'm an investor, I see you have a mobile home park, I'd like to, are you are you at an age where you want to like kind of step away from the business get paid to not have to manage it and I'll step in and kind of like, run the show for you, you get money? And then I'll kind of step in and take care of the responsibilities, is it? Am I missing something? I gotta be missing something on this. I'm sure there's like 17 steps I'm missing. And I know that your course of what you offer, but if somebody like knows nothing, and they want to just like kind of take the steps, obviously, they can take your course they what am I missing here? I know I'm missing stuff.
Unknown Speaker 23:18
Well, I think just doing that is one of the best things you could ever do. Because I mean, if you gotta do it at scale, right, so I found my first park after calling about 100 owners, and I finally found one who said, yeah, and by the way, my question was simple. My question was, hey, I'm reaching out. Because I am in the market to buy a mobile home park. I was curious if you're interested in selling yours. That's it. That was my approach. Really simple. Really? Sure. You know, if they say no, I just say, Hey, can I follow up with you in six months? And just see if if you're interested then? And generally, they say yes, sometimes they say no. And I think most of the time people are not interested in selling. And then sometimes they are, but you've got the I mean, it's the least consolidated asset class and all of real estate, you have less institutional money owning mobile, home parks and anything else. Which means the vast majority of them are owned by baby boomers who are retiring. And right now you're probably having a lot of them getting crushed in the stock market, which means that they're likely going to need to sell right, get a pile of cash to be able to live the rest of their life on.
Mike Abramowitz 24:35
And again, I don't want to oversimplify this. Now. They say yes, I'm interested in this probably falls under correct me if I'm wrong storage units and like dumpsters, like dumpster land for like, like waste or something like that might fall under this category to for these undesirable places that you could capitalize on a return on investment and some sort of cash flow. But anyway, they say yeah, US, I'm interested, you have created a system where you could use other people's money and leveraging certain leveraging your insurance policy, if I remember correctly leveraging your credit. I mean, this. I mean, there's certain strategies that you know, but there's ways to do it, even if you don't have if you're not capital rich. So they say, Yes, I'm interested. And they say the mobile home park is valued at, I don't know, 1.5 million? I don't know if that's a round is that approximately,
Unknown Speaker 25:27
they can be any value, hundreds of 1000s, and millions. So let's say
Mike Abramowitz 25:31
it's 1.5 million, just an arbitrary number. How would what would the next step D? Do I need to how do I do any capital? Like, how much capital do I actually need? Or how much capital do I need to have access to do I need to create like an LLC and get a bunch of crowd funding for this LLC that we can go in and get 20%? Down? Which would be what 300,000 To put down for this? Or is there? Again, I don't want to oversimplify things. And I also don't want to make things too complicated. But could you fill in some of those gaps?
Unknown Speaker 26:01
Yeah, I think anytime you buy real estate, you should always use an LLC. And that's for liability protection, that's really important. And you should not use the same LLC, every separate asset should have a separate LLC. That's very important, very foundational, that will save you a lot of headaches in the long run. From the standpoint of, you know, buying one Yeah, generally it's like 20% down, I mean, most banks will do it for 20%. Down. So in this example, you need 300,000. But it doesn't have to be all your money, it can be raised, it can be partially yours, it can be half yours, it could be a teeny percent yours, I think most investors probably want to know that you're putting something in it. But you I mean, there are all kinds of investors, some are okay, if you don't, but I always like to ask, so I'll ask them, Hey, if you are interested, what's the price that you would want for it? I just asked them, sometimes they come in really low. And sometimes they come in really? And then what I do is I say, okay, and would you be interested in carrying the note or more financing that? And often they do. And I'll just say, Hey, I'd rather pay you than the bank. You know, why? Why have the bank with a 5%, when you can make 5%. And if anything goes wrong, you can take the property back, so you're not out anything. So it's a real nice position for someone that, you know, I would assume a lot of the people who are retiring, that are owning mobile, home parks and owning, you know, I mean, even small businesses, I think they know a lot about the thing they do, I don't know that they know a lot about investing. So maybe, at the time when they were learning about investing, like a CD was the thing to do, right? I mean, I remember one of the the baby boomers that I bought a park from they're like, yeah, when I used to have money in the bank, I had it in a CD, and I used to make, you know, 12%. And yeah, you know, it's like, well, that's, that's not the reality today, and I'd love to pay you, you know, if you had money in the bank, now, you're gonna make less than point oh, 1%. But I'd love to pay you 5%. And you know, that way you have cash. I mean, one of the people I bought, apart from that, that finances that seller financed it. He said, I just want to find a buyer, who can pay me my payment on time every month, so I can ride off into the sunset. And I remember him saying that. And so in my pitch to him to do this, I said, I just want to be the person that pays you every month, automatically. You never miss a payment so that you can ride off into the sunset. And I mean, he was ecstatic about that. I don't know if he realized I use his own language with him, but it was perfect.
Mike Abramowitz 28:46
So just to clarify, this mobile home park owner, let's call him Jim and Dottie those really kind of old person names. I don't know. So Jim and Dottie you they say, Yeah, I'm interested. Okay. Will you carry the note? Yeah, we'll carry the note, I'll pay you the 5%. So that means they're gonna get 300,000 upfront, so they get the 300,000 which we're gonna give to them. And then we're gonna pay them 5% Of the remaining 1.2 million is each month 5% times 1.2 million, which is 60,005 1000. Yeah, we
Unknown Speaker 29:24
we probably wouldn't do an interest only. So we would just amortize it the way a bank would. So my favorite tool is mortgage calculator.org. You just plug in any numbers there and it will calculate the you know the amortization schedule that a bank comes up with. So that thing is super handy. Anytime I need to figure out what my projected payment is. That's how I do it. So that'd be a principal and interest payments as if you were using a bank, but they are the bank.
Mike Abramowitz 29:55
And there's benefits to that because it mitigates some mitigates the legwork that you need to do is the buyer, right? I mean for you to get approved and everything from there. So that's the ideal situation for the buyer in this case, right?
Unknown Speaker 30:08
That's right, my first two parks were seller finance, and it made it a lot easier to navigate because you have the hoop of being a first time, in some cases, being a first time real estate investor. And if you're not a first time real estate investor, you're a first time mobile home park investor. But once you get one, it's really easy. And if you have enough banks and enough competition, it's easy even when you're brand new. I mean, I always just put the banks up against each other, you know, hey, I'm looking for the best terms, I got a few banks dueling it out. Here are the terms that you know, that are the best term so far, I'm probably gonna go that bank unless you can beat them.
Mike Abramowitz 30:45
This is this. This is awesome. Thank you for that. Here's a question I have. And then we'll go to the chat and see what some questions there. What would you say to someone who is the balance between learning all this stuff takes time, right, that's gonna require time and focus and energy, and the amount of time or to manage it and learn it. So it's like, if I'm going to learn how to do this, and I'm going to manage how to do this, then it's going to take time away from my current focus, my family, my business, whatnot, how do you know if to get a return on your time investment to learn all this stuff? Or put your money up and just get a return on your money? To pay someone else to do it for you? How do you decipher when either of the two makes sense? Well,
Unknown Speaker 31:31
I think it really depends on what you value most. In that season of life. You know, when I was younger, I wanted to make the highest return that I could. And so I was willing to put my time and everything that I did, so I could learn it, and so that I could maximize the return. That was worth it for me. And I did that while I was doing something full time I did that part time. And then eventually, I got to the point that I could take the part time thing and make that full time. Even though a mobile home parks, it's really hard to do and full time because there's not enough like, I don't know that there's ever 40 hours in a week to like, have stuff to do. You know, it's just hard. It's like
Mike Abramowitz 32:11
any manager that you'd have to hire that manages the property, right, and upkeep everything, especially if it's in Indiana using our example. And you're working through people. So you have to I'm assuming you have to have some of that in place to manage a staff that manages the park. Yeah, I
Unknown Speaker 32:26
think it's good to have one of the residents that can manage the property, and it's a lot cheaper than you think this is not like an apartment. You know, it's this is a different type of multifamily, where expectations are a lot lower. But yeah, I mean, I, I think that it's, you know, in that in whatever season you're in, you might need to maximize the return right now I'm in a season where I don't want to spend any time doing it. So I would much rather maximize my time, but still get a good return, but I don't have to have as good of a return anymore. So I think it's just personal preference. Some people have the time to pick up you know, kind of a side gig. Some people don't have that time some people have the desire some people don't have that desire is totally personal. For me, I knew if I learned how to do it, I'd be better at delegating it so I at least wanted to do everything that I would eventually delegate out to someone else so I wasn't going to be taken advantage of. But the flip side of that is if you find a really strong operator and you know you've got a fund or a syndication where you know it's a it's a group that this is what they do, then they're going to do it really well.
Mike Abramowitz 33:36
And you mentioned the cat and the cashflow like obviously cash flow because you're rule number one your commandment number one lifestyle first so you need to know what type of lifestyle you have and what life's lifestyle you want. And your your description of your first year the first Lion i really love that in your book where you described it's like this lion wakes up he looks at his eight figure portfolio and a seven figure bank account he goes to the gym get to work out and gets quality time with his wife and and his and his kid and it's like such a beautiful picture and then you're like that line was me I had to do this for myself before I could help it with my clients. And you know what lifestyle you wanted. And now I heard you speak on one of the other podcasts you spend five hours three days a week doing quote unquote work. And then you have the weekend, which is family time and then Friday and Monday is open for really whatever you want to do whether it's creative time creative space for yourself or working in your business or working on your yourself for whatever it is which is beautiful for you specifically of where you're at. I believe I could be wrong but I believe most people on that are listening would really desire the opportunity for that lifestyle. So your investment deals that you are looking to do is lifestyle top of mind first because if I want to have the freedom to do this, I need to position the cash flow to come in consistently, which is allowed you to quit your job and allow your wife to quit your job her job So the cashflow deals if you could just run through that list one more time, so everyone hears it loud and clear. You got art wrote mobile home parks, you said you could buy a pre existing business. He said maybe a storage units bringing cash flow to break even down simpler maybe are there other ones that we could just list out for us to do our research on and really look into some of these industries or some of these cashflow vehicles. Yeah, so
Unknown Speaker 35:28
I like industrial distribution centers, self storage, for the right single family homes in the right markets. I like that. But keep in mind, single family homes are not sold based on net operating income, they're based on comps. So it makes it a little bit more subjective. So at scale, I really like it. Or if it's a one off, it's if it's in a really hot market that like Austin, I mean, Tampa is becoming pretty hot as well. But I don't know the the stats, and I don't know if that's year round. And I don't know, you know, if you can have something support it like in Austin, you can buy something that every single weekend can be full, and there are likely many times during the week. So even on a short term rental, I mean, it could be pretty close to fully occupied. So the short term game that was a little trickier and you're banking on, you know, the market and the season and not another COVID, you know, where travel ceases. So I don't like it as much, but I still like it. I just think that if we do have a downturn that is significant, you'll see it in the housing market, but I still like it at scale. And then, you know, I'm I really like mom and pop businesses, I like small businesses, I like businesses where they're about to retire. I like businesses that are sticky, meaning that your customers stick around the revenue, the profit sticks around. There are a lot of good businesses in that space. I like RV parks, I like I like apartment complexes, but I'm I'm gonna put I like them a lot that the danger here is that everything is overpriced, in my opinion. So if you can find a multifamily apartment deal that is priced well, that has conservative numbers to get the return, then I think that that could be great, too. But I don't I mean, most of the deals I'm looking at there, I do not like even though I like that asset class a lot. And I think that the supply demand is very much in favor of owners of that space.
Mike Abramowitz 37:38
And this idea of the mom and pop with the loyal customers, I really am interested in this because it's kind of similar to the mobile home park where you get these boomers that are, you know, maybe have their money in the market. And they're kind of oh my gosh, they're maybe cash poor or whatnot, and they might be appealed. Is it a similar approach? Where it's like, hey, you know, I'm in the market to buy a new buy a pre existing business. Are you interested in possibly selling yours? Is it Is it as simple as this?
Unknown Speaker 38:04
Oh, for sure. Yeah, I mean, you got a lot of people are looking to sell. Here's the funny thing about a lot of these baby boomers. And I know a lot of people that this is what they were planning. They were planning to retire, their kids didn't want the business. And they were just going to shut it down. Period. So if someone actually offered to buy it, they would sell it because they were planning to just unwind it.
Mike Abramowitz 38:28
How would you structure that deal?
Unknown Speaker 38:31
I know you're sure it isn't seller, finance, you know, I mean, hey, I'll buy it for you. No, I mean, you can say, hey, what do you want for it? Or? I mean, you can make an offer. I like that making the offer, because I don't know what it's worth to them. So I'd like to know that number. And then well, hey, what if I, you know, give you x now and then I pay you a percentage of sales over the next year or two years to buy out? You know, or in some cases, I mean, we have people in my mastermind that buy businesses all the time for nothing down and then just give them a percentage of profit or revenue or whatever is agreed upon for one year and one case for two years. In one case. Yeah, so really fascinating. But yeah, you can you can treat it from the seller finance standpoint, just like you do real estate.
Mike Abramowitz 39:14
And are there certain industries you would avoid like restaurants or like the food industry or versus like, because more than likely, they're probably brick and mortar. Most of these boomers probably don't have these online businesses, I just assume. But I'm assuming that you might want to see an E commerce component for that business where you could grow it and scale it or expand it using the entrepreneurial focus unless I'm reading between the lines a little too much.
Unknown Speaker 39:37
Yeah, there's plenty of businesses where I mean, I'm not a big fan of food and beverage, I have not experienced a tremendous amount of success there. And I find it very challenging. Some people crush it in that space. So it's not that it's a bad investment. I just think you have to be really good. You have to really know what you're doing. You're probably going to be a lot more hands on owner operator type versus like franchises, I love franchises because there's a playbook you can plug in an operator to run it. And I've done that, you know, a ton of times too. But yeah, a lot of these businesses I like because they have no online presence. So it's really easy to get more customers,
Mike Abramowitz 40:15
any any specific example. So it's not food and beverage, what could be a list of a potential potential mom and pop shop type of examples that you've either done deals with, or we could potentially look for.
Unknown Speaker 40:27
During COVID, I bought a dog training company. I don't know anything about dogs. But I know that people were buying a whole bunch of them and complaining that they were making a mess. And I figured, well, there's an opportunity here. So I bought a dog training company. Again, I'm the least knowledgeable person on dogs out there. I've never owned one. And so that business performed really well. And it was really sticky. And they did not do a great job with SEO. And so we fixed that and had a ton of people come in Patrick mahomes, the quarterback of the Kansas City Chiefs strained his dog in our studios in Kansas City. And that was an incredible business. And we sold it at a year and a day. So that we got long term capital gains tax for an 11 Max, you know, so that was a really quick turnaround for a high profit, we got it at a great price, I only had to put $100,000 down, the rest of it was financed by my bank. So that would be like one example. I mean, I've done this with other businesses. I've done this with other franchises, you know, there's tons of franchises out there that are just incredible opportunities. You know, there's a franchise that I just invested in on the ownership side of the entire franchisor. And I think that one in itself could be one of the best opportunities out there is this company called border design, Boulder design and border magic. And it's two different franchises. And these operations are minimal work, but a great return and a really small team to run it. So it's it's a pretty cool opportunity.
Mike Abramowitz 42:09
I was thinking about the joint like the chiropractic service, I was thinking that you know, I know you did orange theory in the past, there's, you know, there's like when you say franchises, those are a couple of the ones that showed up for me and like came to my mind, and just seeing the models of what some of those would look like. And that's why I love the dog training company. It just like your concept in the in the book, you talk about the invisible deals, the deals that aren't that's not You're not going to go find on the Facebook marketplace or Craigslist, or, you know, someone's going to post Hey, I'm looking to sell my business it's kind of spotting these invisible options. And you've really done such an unbelievable job with with showing your clients and showing your community I mean, your whole podcast I mean, I'm listening to your pipe devoured so many episodes preparing for our conversation. You know, I've I joke, I was joking with my wife, I was like, I've been waking up and sleeping with Justin Donald for the last couple of weeks. It reminds me back in college when I watched his training videos, where I would wake up and go to sleep with Justin Donald. So it's a full circle man I got I just feed in my mind with how much knowledge you're already giving for free. And that's available. So again, I can't thank you enough for giving us your knowledge and your information. And I know we're kind of coming up to the exits here shortly. So I'd like to make sure that some of the individuals in the chat got some of their questions answered. I know I have a few more on my list. And I want to honor your time because I know what we agreed on. And I know we're kind of already over that. And if I'm not mistaken, anyone can get your book for free to just pay for the shipping. Is that still the deal? For me?
Unknown Speaker 43:37
Yeah, so if you go to lifestyle investor book.com You can get it for free. You pay the shipping, and there's some other freebies I think that come with it. And then yeah, I would check that out. And then KCS what your greatest resource for better understanding the tax advantages. Tax Free wealth is probably the best tax book. Tom wheelwright is the friend he used to be. Well, he still is, but he became big because he was Robert Kiyosaki, CPA. So he's part of the Rich Dad, Poor Dad organization, the advisors. And I just had him speak at my conference, and our team loved him. He was he was amazing. Great.
Mike Abramowitz 44:17
And then thoughts on investing in an Amazon store, Nolan asked,
Unknown Speaker 44:21
Oh, in real quick on the tax stuff, get a killer CPA, like spend the money, they will make it back for you. But you have to have CPAs one that are aggressive. And, and they're basically they're following the tax code, but they're getting you every tax advantage that you should get a lot of these CPAs or, you know, a lot of them aren't even CPAs are just paper filers. They're like afraid of an audit or afraid of using the tax code. It's absurd. So if you don't have Have a CPA that's, like aggressively fighting for you. And then secondly, like bringing you opportunities to save in taxes, it's time to find another CPA, because you should have great resources there. I mean, this is like foundational, like in, one of the things I do with my private clients, and with mastermind members with all of our lions, is, it is so important to have the proper tax planning. So we talked about tax strategy, and then tax filing, and having one of each, I don't know that you have to go that far, you can find it. But that's, I mean, I just had three people speak on taxes in the last three months. Because now is the time
Mike Abramowitz 45:40
and entrepreneurs have is they try to save as much money or like, they try to write off as much, and then it lowers how much income they're showing. So then they can get established as much for like a life insurance, cash value life insurance policy, or, or be an accredited investor or something like that. So say an entrepreneur is making 400 grand or 500 grand, but the deduct, you know, 300 or 400,000, it kind of saves them on the taxes, but it also might hurt them on how much credit line of credit they can get, and how much they can qualify for a whole life policy. Do you have like a any any idea or thought for that individual for like, what, what makes most sense for them? Yeah, I
Unknown Speaker 46:19
mean, your number one expense is taxes. So I think you just got to mitigate that as best as you can. And you need to know the levels? Because you might I mean, if you go from 37%, down to like 20%. That's a big deal. You know, so how much is that that gets you down to a reasonable amount, you get down to 12%, you get down to 0%. There's a certain point where you really want to get to and then the other thing is there's always specialty lenders that understand entrepreneurs, and you just need to find them.
Mike Abramowitz 46:57
Where it might be a place someone to find a specialty lender, potentially
Unknown Speaker 46:59
local banks are fighting for business they're fighting to, you know, take it away from the regional and national banks. So develop a great relationship with a local bank. And then if you can't get to where you need to just get a whole bunch of banks together competing. So a lot of banks are on interested until they find out another bank is interested. So that's like, the oldest trick in the book. You didn't want my business. Oh, well, I got these other banks that do I'm surprised you don't and they're offering me better terms anyway, so I'm probably gonna go with them. And then they always come back and you know, try to beat them. It's hysterical.
Mike Abramowitz 47:38
It's awesome. Last Last question is if Savannah, your daughter how Amanda is probably like, she's nine. Yeah. So Savannah is nine. Let's say Savannah Raina awesome kick ass lemonade stand or sold newspapers like or pop, and then sold Cutco like her pop. And she has 10 grand 20 grand sit in there. What is the strategy that you would say, Savannah? This is where I think you should put that money first?
Unknown Speaker 48:05
Well, I guess you should say, yeah, she just did a business fair. She makes her own jewelry and clothing and stuff. And so she just had her biggest profit business fair. Now. It was only $76. But that was big for her. And she used an Excel spreadsheet that tracked everything that broke down savings, giving spending and tax. It's just incredible. You know what she's learned at a young age. But, you know, I think at that price point, I mean, she asked me, Can I invest in your business? And I said, Oh, this is great. You're learning some things. This is awesome. And sometimes she doesn't want anything to do with you know, what dad has to say? Or any edging she doesn't want education from dad. But I think it's still seeking out sinking in a little bit. I probably have her get some bitcoin, maybe even some Aetherium invest in some sort of cash flowing real estate. If you use like pure Street, and crowd Street and Fundrise and their bunch of them, but yeah, you can get like fractional pieces, you can be an LP for small amount.
Mike Abramowitz 49:13
Fundrise is REITs right? Real Estate Investment Trust. Yeah, that's cool. Pure Street, crowd Street and Fundrise plus some bitcoin Aetherium and see if there's a chance for cash flow.
Unknown Speaker 49:26
Yeah, I mean, if you can find a business, I mean, for her, this wouldn't make sense for you for everyone here. You can buy businesses for no money down. And so you can let's say that you're sitting on 20,000 Cash doesn't mean you got to spend all that and buy a business like there are tons of great businesses out there.
Mike Abramowitz 49:45
Such as Dog Training Company, Boulder design, border magic. These are a couple that I wrote down any others that come to mind that I should capture.
Unknown Speaker 49:53
I bought a or I invested in a laundromat. I invested in carwashes I invested in Music royalties, I mean, my goal is to have exposure to everything. I want to learn everything. And I want the diversification of everything.
Mike Abramowitz 50:10
Gosh, is there anything else that we should know? I, before I wrap up, I have I have links on that, put it on the screen, and I'll share them as well. These are from the podcasts I listen to, and also from your website. Is there anything else that you could share with our community? Anybody who's listening to this recording that I didn't ask you that I should have that are like, I sent you a list of questions. You're like, come on, like, damn, I thought you're gonna ask me that one. That was a good question. You didn't ask that one. Is there anything that we missed? Because I know we're out of time. But I don't know the next time we'll be able to do this.
Unknown Speaker 50:39
Well, I read through all the questions. I actually think this last question is probably the most pertinent right now from Tara about, you know, is winter coming, you know, you have really smart people that think that it's not, and that this is a blip on the radar, and things are going to keep going up, you have other really smart people that think that we're headed towards a recession, you have some people that think we're already in the recession, yet most people don't realize it, yet, I tend to be in the group that thinks that we're going to hit some turbulence and we are going to have a winter around the corner, I think it will probably hit this year. I don't know I could be wrong, I most certainly am never going to go, you know, I mean, I don't ever want to go on air, although I'm kind of on air right now, you know, saying anything, I'm not gonna say anything definitively. But I am prepping as if we are going to hit a recession. And so I'm thinking, okay, the dollar is gonna get crushed inflation is gonna go through the roof, I want to be in hard assets, that produce cash flow, I don't want to be in cash, unless my purpose for being in cash is to stockpile enough to buy assets when they're at a discount. But if you're just sitting in cash, because you don't know what to do, that isn't good. Because your cache will become worthless. Now, how bad is it going to be, I don't know how bad it's gonna be. Some people think this is gonna be like the worst one any of us have ever experienced, other people think this is going to be short lived. I don't know, I just like to always plan for the worst. And hope for the best. I don't want to live in fear. But I do want to be smart. So if I think a recession is coming, then I'm going to make investments today that are very strategic for cash flow, that are very strategic for assets that are going to appreciate in an inflationary environment and in, you know, a down economy. And then I'm also going to try to assemble as much cash as I can, that I don't invest into things. So that way, when there is a deal, I can be ready for it.
Mike Abramowitz 52:59
Once you know, prices come down on on certain assets, I can pounce, and that cash alternative or high interest accounts with liquidity access, would you would you put crypto in that category or gold in that category? Or is there different places that you think for that high interest account with liquidity or cash alternatives?
Unknown Speaker 53:18
Yeah, I mean, gold is not as quick to kind of turn around into cash, I still think it's good. I still think it's a safe way to do it. And in time, you can liquidate it. I think most cryptocurrencies not going to be good, I probably wouldn't use stable coins. Unless, I mean, I just probably wouldn't use I don't use them a lot people say, you know, don't use the algorithmic ones, because we saw what happened with Luna, but use, you know, asset backed stable coins. I just, I wouldn't use any of them. Because I don't
Mike Abramowitz 53:51
think perfect. That's what I was looking for. So that's good. I'm glad you said that. Because that's what I would say. So what what what would be a cash alternative or high interest account that as liquidity, because you said you would want to keep the cash accessible, just when that deal happens, and they're on sale, but cash is decreasing in value. So put it into some sort of asset that's ideally trying to gain something, but it's also accessible. I know, I told you it was my last question. So I'm sorry.
Unknown Speaker 54:20
Well, I think that the high interest accounts, you're gonna run the risk of, you know, maybe leverage issues depending on what their leverage is. So like, my advice in, you know, a bull market has been to really find these cool, hard money lending funds that have quick liquidity. And I love that, you know, and I get concerned about that, though, if there's not enough leverage if inflation is getting really high, and the inflation is higher than the return that we're giving. So, I mean, at least you're you're potentially breaking even there versus just sitting in In cash, but depending on the groups that you're investing with, they may not have weathered one of these storms yet. So if you don't know what to do, you know, maybe it's starting with a percentage in Bitcoin, a percentage in gold, a percentage and silver percentage in cash. And that's cash just sitting in your savings account getting like 1%. So it's not necessarily about how much strategy there are, maybe there's a high yield savings account of some sort. Yeah, I would probably have cash in a safe outside of your bank. Because if there is ever a bank run, so there was that short little bank run in Canada not too long ago. And that was, I mean, that was played off. Like, it wasn't a big deal. Like, that was a big deal. Like that was a major red flag, what we saw with, you know, the banks, freezing people's accounts for suspected activity, and whatever it is, even though I mean, this, this is guilt before trial. Like that's dangerous. And then you have people are like, whoa, the government's actually doing this, I'm taking my money out. And we've seen this happen all over the globe and Cyprus, and I mean, just bank runs are a thing. And so you just have to be careful. So I tried it under the mattress, literally take a mattress, I like having a safe doesn't have to be on property, it can be on property. I don't like having more than $250,000 ever with any single bank, because FDIC does not cover beyond $250,000. I like having multiple banks, because all of our banks are highly high, very close to insolvent. I mean, something goes wrong, and they can collapse. US banks, even though people think they're super secure. They're not life insurance companies are like, infinitely more secure than bank. So and I also don't trust banks, I've seen them freeze people's accounts that have never done anything wrong when they needed that money. And so they had to spend the legal to fight it not being reimbursed to get their own money back. That that's just not right. So I'm just very cautious about where my money sits, and who has access to it and I want to have access to it.
Mike Abramowitz 57:24
Dustin, I am not going to ask another question. I'm just gonna give gratitude and say thank you so much. I don't know if these links are updated or not. But this is what I found one from your book, one from your podcast and the actual podcast. So there was Justin donald.com gift that was in the book. And then there was Justin down.com/mhp, which is information on the mobile home park course that I believe is valued at like 10 or 1520 grand. But you get you're doing this course for like 997 as the offer if I'm if I'm not mistaken. And then there's the Justin Donnell podcast, which has upwards of almost 100 episodes now, with just the sum of the most fascinating minds in the industry of lifestyle investing. Is there any other link that you might think is appropriate? justin.com/gift MHP, or podcast anything else?
Unknown Speaker 58:12
Yeah, I mean, if you just go to Justin, dad, on.com, I've got a blog, you can check that out. So I got tons of free content between the podcast and the blog. I've got another masterclass on passive income, which was a full day session that was kind of, you know, repurposed to be a little more on demand. And then you know, our mastermind as well. And so, the mastermind won't be a right fit for most people. But all the other ones could be depending on your, your place, kind of where you are in your journey today. So again, tons of free stuff, tons of lower cost items. And then there's some in the middle and some high price stuff, but there's something for everyone. And then just as a reminder, anything that anyone ever does with lifestyle investor, just like the book, so all the proceeds of the book, go to love justice International, they stop human trafficking and 24 countries around the world, but a percentage of the lifestyle investor brand goes towards that as well. So yeah, so I just want to make sure that people know that and, you know, I probably don't need to say this, but I feel compelled to say it I like I've never spent $1 I've never spent a penny of anything the lifestyle investor brand has made on myself on my family on consumption on anything. It all goes towards founders investments that I think are good people that I want to support charities, Movements, organizations, that kind of stuff. And so I My goal is that this brand is the catalyst for a lot more great things in the world great things in the form of entrepreneurship and forms of investment in the form of supporting people in whatever their walk is.
Mike Abramowitz 59:52
Justin, you live you lead an amazing, amazing life and I'm just so honored to know you and I can't appreciate Get enough for you to show up today as a servant leader for our community, is there anything that we could do for you this, this is going to this recording is going to go out to, you know, hundreds of people, hopefully 1000s and 10s of 1000s of people, but it's at least gonna go to hundreds of people in our, in our private community, is there anything that we can do for you lifestyle investor, or the causes that you mentioned, that we can, you know, support at all,
Unknown Speaker 1:00:24
I'd say, you know, spread the word, if you know, someone that's the right fit for anything, you know, share it with them. And if you like, the stuff that I'm producing, I would love for you to, I mean, technically, you can't read on Amazon unless you buy on Amazon. But you could go to Goodreads, if you do the free book version and rate it there. I think there's some sort of algorithmic team up there. And then my podcasts, I mean, the more reviews the more positive five star reviews that I get, the more the word gets out there. And so, you know, I just, I want to teach people how to buy their time back. So if I can do a better job of that, I want to do that.
Mike Abramowitz 1:01:06
I am forever grateful for this conversation. And for the videos, I watched a view when I fell asleep to you grown up watching the Cutco training videos. Back in the day and preparing for this this interview as well, just in our volleyball extravaganza in Austin, when I was there a couple years ago, you're just a true blessing to so many people. And I'm just extremely grateful for you and your resources that you provided. So thank you again, truly, thank you.
Unknown Speaker 1:01:31
Thanks for the kind words, Mike, always a pleasure to connect and love seeing what you're doing for the group of people that you're able to connect in and build community with. Very cool. It's a pleasure to be here. I'm heading out sorry, I think we originally had a later date and I had to move my flights around. I'm heading out to France for the Cannes Film Festival and f1 and Monte Carlo. So I'm looking forward to that and then doing some wine tasting and fordell. So looking forward to it. I'm heading out here in just a few hours. You deserve
Mike Abramowitz 1:01:59
it all brother. Thank you so much. Thanks for listening. If you enjoyed this episode, and you'd like to help support the show, please share it with others post about it on social media or leave a rating and review. To catch all the latest from us. You can follow us on Instagram at better than underscore rich and join our Facebook group at the better than rich show. Thanks again for listening. We look forward to seeing you next time. And remember, leave today better than you found it
Andrew Biggs 1:02:35
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Mike Abramowitz 1:02:53
Well, you're gonna want to go to automate delegate systemize.com and you will learn our three epiphanies which is automation sequencing, how to delegate and use a virtual assistant and how to step back as a CEO using strategic retreat. So again, go to automate delegate systemize.com That's automate delegate systemize.com and get more information now.
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