Get Rich Education

#178: The media - a FOX News Anchor - asks me about Get Rich Education wealth-building principles. Rather than asking questions, I’m the one being interviewed here. I tell the interviewer why getting your money to work for you will NOT create wealth. In real estate, I tell you why your ROI typically goes down after Year One. How to calculate a real estate rate of return; the differences between poor, middle class, and wealthy; being bold; increasing income, and more is discussed. The interviewer, Clayton Morris, is an experienced real estate investor himself. If you want to buy income property: 1) Start at RidgeLendingGroup.com to see how much property you qualify for. 2) Find reputable turnkey property providers at GREturnkey.com. Want more wealth? 1)    Grab my free E-book and Newsletter at: GetRichEducation.com/Book 2)    Actionable turnkey real estate investing opportunity: GREturnkey.com 3)    Read my new, best-selling paperback: getbook.at/7moneymyths Listen to this week’s show and learn: 03:48  Intervi

#177: Are you serving the 40-year-to-life sentence? Today’s guest, Jerry Fetta, is a former Dave Ramsey-endorsed local provider. Jerry learned a better way and changed his life and the lives of others. There’s a more abundant way. You just can’t afford to forgo the benefits of leverage and arbitrage. Jerry is an expert at uncovering how the mutual fund industry manipulates reporting the ROI to their advantage and your detriment. Questions that put your financial advisor on the hot seat are revealed today. We discuss why “tax deferral” is a scam. I simply don’t have time to do 1-on-1 coaching. Jerry is a good friend, lives in my hometown, and he’s offering GRE listeners a free consultation. See if you’re a good fit: GetRichEducation.com/Coaching. Want more wealth? 1)    Grab my free E-book and Newsletter at: GetRichEducation.com/Book 2)    Actionable turnkey real estate investing opportunity: GREturnkey.com 3)    Read my new, best-selling paperback: getbook.at/7moneymyths Listen to this week’s show and learn:

#176: Stock investors are not getting ahead, but they think that they are. 10% return, minus 5% inflation, minus 2% fees, minus taxes, minus volatility, minus more. Most methods of valuing an income property are lousy. I tell you the good and the bad methods: price per square foot, price per unit, RV ratio, Gross Rent Multiplier, Cap Rate, Cash-On-Cash Return. I tell you how to avoid overpaying for property by making your offer contingent on seeing the seller’s “Schedule E”. The bustling Charlotte, North Carolina real estate market is discussed. It is growing at an enormously fast rate. Learn about using IRAs and 401(k)s for buying real estate, and leverage vs. paying all-cash for property. Want more wealth? 1)    Grab my free E-book and Newsletter at: GetRichEducation.com/Book 2)    Actionable turnkey real estate investing opportunity: GREturnkey.com 3)    Read my new, best-selling paperback: getbook.at/7moneymyths Listen to this week’s show and learn: 01:06  Why stock investors aren’t getting ahead. 04:17  

#175: The next twenty years will be nothing like the last twenty years. Chris Martenson of PeakProsperity.com tells you where wealth originates. It’s called primary wealth, consisting of things like trees, soil, a fishery, or a rich ore vein. The further you invest from primary wealth, the less real wealth you have. You learn about your 8 Forms Of Capital: Financial, Social, Material, Living, Emotional, Knowledge, Cultural, Time. You also learn about the future of energy. Wind and solar energy are not replacements for oil. I bring you today’s show from Anchorage, Alaska. Want more wealth? 1)    Grab my free E-book and Newsletter at: GetRichEducation.com/Book 2)    Actionable turnkey real estate investing opportunity: GREturnkey.com 3)    Read my new, best-selling paperback: getbook.at/7moneymyths Listen to this week’s show and learn: 00:58  The textbook definition of wealth. 04:05  Primary, secondary, and tertiary wealth. 07:39  Chris tells us why stocks aren’t real wealth. 09:33  Why economies can’t grow to

#174: You actually want to increase your personal expenses over the long-term. What kind of financial blasphemy is this? I explain. You are worth more than you think. I tell you why. If you’re 30 and you live until age 90, you only have 60 more autumns in your life. You only have 7% of your time left with your own parents. Your quality time is valuable and fleeting. Some people have an overinflated sense about the importance of taxes. Rate of return matters more. Returns are like a pie, and taxes are only a piece of the larger pie. If your portfolio is small, do you really need an LLC for your income property? There’s a discussion of appreciation vs. cash flow. I bring you today’s show from the Dominican Republic, where I'm vacationing. Want more wealth? 1)    Grab my free E-book and Newsletter at: GetRichEducation.com/Book 2)    Actionable turnkey real estate investing opportunity: GREturnkey.com 3)    Read my new, best-selling paperback: getbook.at/7moneymyths Listen to this week’s show and learn: 01:16  Ov

#173: Don’t move to a low-tax state; let your tenant do it. Quit investing only for the long-term. I explain both. Alabama is the #1 state for per capita foreign direct investment. We discuss turnkey real estate investing in Birmingham, Alabama. A revival is taking place in Birmingham amidst economically diverse business sectors. Long-term tenant retention occurs in Birmingham submarkets due to: 2-year leases, tenant-owned appliances, more. When you purchase a turnkey property, you’re also “purchasing” a tenant and their income stream. We discuss. It takes about $24K-$25K to “get into” this market with down payment and closing costs on a turnkey single-family home. We also discuss how a real estate investor gets started: lender pre-approval, writing an offer, inspection, appraisal, etc. Learn more and find Birmingham property at GetRichEducation.com/Birmingham. I bring you today’s show from Orlando, Florida. Want more wealth? 1)    Grab my free E-book and Newsletter at: GetRichEducation.com/Book 2)    Actiona

#172: Your market choice is more important than your property choice. One of the most prominent real estate developers in the United States, Victor Menasce, tells us how he selects a real estate market. Investing in larger metro areas is generally safer than investing in smaller metro areas because geographies are better diversified. Being invested in only one investment market is a mistake. You’re undiversified. Should you pay more or less than the construction cost of a property? Victor tells us the difference between price and value, and why that matters to you. Four factors drive price/value: 1) Construction cost. 2) Availability of money. 3) Inflation. 4) Supply and Demand. Victor is an expert at selecting markets, developing, and raising capital for deals. If you’re developing or making a large real estate investment, think about how consulting Victor could be a great investment. Connect with him at VictorJM.com. I join you from north Florida today because I’m out looking at, yes, real estate markets! W

#171: Your tenant is your customer. I discuss how to attract and retain great tenants. You must think about how your tenant thinks. The quality of the asset you buy affects the quality of the tenant that you will attract. Six qualities tenants want are: 1) safety 2) move-in-ready condition 3) short commute distance 4) upgrades 5) neighborhood amenities 6) rent amount. It’s not about what you would want in a rental unit, it’s about what your tenant wants. Next, I tell you how to profit from inflation. Debt has a bad name. It shouldn’t. I tell you why you want to consider borrowing massively to profit from inflation. Want more wealth? 1)    Grab my free E-book and Newsletter at: GetRichEducation.com/Book 2)    Actionable turnkey real estate investing opportunity: GREturnkey.com 3)    Read my new, best-selling paperback: getbook.at/7moneymyths Listen to this week’s show and learn: 01:56  The definition of great tenants. 03:11  Avoid “A” and “D” class areas. 04:16  Six ways to attract great tenants.  13:23  How t

#170: You can live a rich life and leave a rich legacy at the same time. Guest Rachel Jensen and I discuss how. Timber is a hard asset that physically grows in size, and often grows in value at the same time. Your real estate, gold, or stock share might increase in value - but it doesn’t increase in size at the same time like timber does. Among timber varieties, you’ve probably heard of teak wood but might not know much about it. It has great value due to its durability. Teak’s natural oils make it resistant to fire, pests, and the elements. That’s why teak is so popular for boats, decking, furniture, and more. Teak was even used on The Titanic! The world continues to have more humans and less arable land. Teak products have been used for over 300 years. This makes teak supply vs. demand fundamentals sound for investors. Traditionally, most timber investing was done by ultra-wealthy people, and prestigious Ivy League endowment funds like Harvard and Yale (they both still invest in timber). Today you’ll learn

#169: If you want profit, your real estate’s rent income-to-purchase price ratio matters most. I reveal the top five cities for this vital ratio. I discuss how the media often gets real estate investing wrong. I talk about how to handle your relationship with your Property Manager. Renters have conventionally been young, single, less educated, and low to middle income. You’ll learn about how quickly this is changing. When did renters get so old? Of all product types, more renters are demanding to rent single-family homes rather than other product types. Later, Get Rich Education listener Jacob Ayers stops by to chat with me. He hosts The Real Estate Way To Wealth And Freedom podcast. GRE is the first podcast that Jacob ever heard; now he’s on the show. Want more wealth? 1)    Grab my free E-book and Newsletter at: GetRichEducation.com/Book 2)    Actionable turnkey real estate investing opportunity: GREturnkey.com 3)    Read my new, best-selling paperback: getbook.at/7moneymyths Listen to this week’s show and

#168: Reduce your taxes by 10-40% in just three months. Rich Dad Tax Advisor Tom Wheelwright is back again to tell us how. Tom and I discuss the IRS’ coveted Real Estate Professional designation - the benefits, what you must do, and what you must not do. If you outsource property management, will that prevent you from the RE Professional designation? Some U.S. states have annoyingly high transfer taxes. We discuss a strategy to avoid paying it. Want more wealth? 1)    Grab my free E-book and Newsletter at: GetRichEducation.com/Book 2)    Actionable turnkey real estate investing opportunity: GREturnkey.com 3)    Read my new, best-selling paperback: getbook.at/7moneymyths Listen to this week’s show and learn: 01:02  Invest for income. 03:17  Real estate is a great tax shield. 08:00  Motivation and mindset behind tax reduction. 12:44  The tax code is a treasure map for deductions. 15:31  The Real Estate Professional designation. 20:22  Property management and the RE Professional designation. 24:28  Transfer tax

#167: Want to own your own bank? Today’s guest, M.C. Laubscher, tells you how and why. The “Infinite Banking Concept” provides you with liquidity, tax-free growth, and your own control outside the banking system. Many real estate investors utilize the Infinite Banking Concept, aka “Cashflow Banking” to increase their rates of return. Today’s guest also hosts the Cashflow Ninja podcast. First, I tell you how you are giving more to others than you think. You are already more generous than you knew. Want more wealth? 1)    Grab my free E-book and Newsletter at: GetRichEducation.com/Book 2)    Actionable turnkey real estate investing opportunity: GREturnkey.com 3)    Read my new, best-selling paperback: getbook.at/7moneymyths Listen to this week’s show and learn: 00:52  You are more of a giver than you think. Here’s why. 02:53  Mobility. 07:58  M.C. Laubscher’s background and “Rich Dad, Poor Dad” influence. 11:40  Why people struggle financially. 14:11  People don’t even consider investing for income. 18:00  Your

#166: Changes to the 1031 Tax-Deferred Exchange, 27.5 year tax depreciation, the Estate Tax and more are coming. It will affect you as an investor. Rich Dad Advisor Tom Wheelwright is back with us. He details the winners and losers expected from the most sweeping tax reform that the U.S. is set to experience since 1986. First, Keith discusses 6.2% national real estate appreciation, and different ways to think about real estate diversification. Individual tax benefits are going away. Business tax benefits are increasing. Want more wealth? 1)    Grab my free E-book and Newsletter at: GetRichEducation.com/Book 2)    Actionable turnkey real estate investing opportunity: GREturnkey.com 3)    Read my new, best-selling paperback: getbook.at/7moneymyths Listen to this week’s show and learn: 01:08  Housing prices are up 6.2% year-over-year per Case-Shiller. 03:00  Diversification. 05:18  New construction turnkeys through GREturnkey.com. 09:13  Tom Wheelwright interview begins. 15:12  Depreciation durations are changin

#165: Overcome the fear of quitting your job and replacing it with passive income from real estate investing. Avoid these mistakes before you quit your job. I discuss some mindsets that you should adopt before you quit (if you even want to). I open up to you and tell you how I felt and what I thought about quitting my job. Time vs. money - which one is more important? I give a clear answer. People fear future poverty. That’s one reason why most choose money over time. We discuss which one makes you happier - more money or more time. You learn how to measure your wealth. If you don’t have the time, we discuss how to “find the time”. I’ve learned that most people want freedom more than money. There is a solution to life’s money vs. time conundrum that few seem to mention - passive income. Want more wealth? 1)    Grab my free E-book and Newsletter at: GetRichEducation.com/Book 2)    Actionable turnkey real estate investing opportunity: GREturnkey.com 3)    Read my new, best-selling paperback: getbook.at/7moneymy

#164: It doesn’t take money to make money. It doesn't take YOUR money anyway. Rich Dad Advisor Darren Weeks is a real estate investor, entrepreneur, and is an expert at raising capital from others in order to fund real estate deals. He gives us the exact script that he uses for raising money from others.  A confused mind won’t buy. People only buy from you if they trust you and like you. He tells us how to quickly build this trust with strangers. Darren finds people for funding real estate deals at dentist and teacher conventions. Surprisingly, Darren also reveals that he has available capital for your deal right now - in case you’ve got one. I discuss some ugly problems that I’ve had as a real estate investor this year, including homeless people squatting in one of my apartment buildings, and an eviction. Near the end of the show, I also review the 5 ways that you’re simultaneously paid as a real estate investor, culminating in an ROI of 41%. Think it sounds impossible? I add it up for you. Most people just

#163: Home equity is a terrible investment - it is unsafe, illiquid, has zero ROI, makes your foreclosure risk greater, and it can leave your assets exposed to lawsuits. Some have called today’s material shocking - a revelation. What you thought was black is white. What you thought was dark is light. Home equity can never go up in value, but might go down value. You must embrace mortgages. I collect mortgages every bit as much as I collect cash-flowing properties. I practice what I preach and only keep 15% equity in my primary residence, and minimum equity positions in investment properties. You would be better off burying money in your backyard than using it to pay down your mortgage. In the 1920s, a common clause in bank loan agreements stated that your loan could be called due at any time. That created fear which still resonates today. But it’s no longer true; banks won’t call your mortgage loan due anytime. 30-year vs. 15-year vs. interest-only mortgage loans are examined. Homes are not meant to store cas

#162: Learn about leverage ratios, how leverage can grow your wealth using other people’s money, and how to be protected from leverage risk. Keith provides the most important takeaways from the New Orleans Investment Conference. Next, Clayton Morris, former news anchor on the number one cable news show in the world, and host of the podcast Investing in Real Estate with Clayton Morris, talks to us about his wealth building realization.  Clayton explains what the Freedom Number is and how it relates to building wealth using buy-and-hold strategies. Keith and Clayton discuss one of the best things that can be done to make a real estate passive income stream more durable. Want more wealth? 1)    Grab my free E-book and Newsletter at: GetRichEducation.com/Book 2)    Actionable turnkey real estate investing opportunity: GREturnkey.com 3)    Read my new, best-selling paperback: getbook.at/7moneymyths Listen to this week’s show and learn: 03:00  Understanding leverage ratios. 07:34  Hedging against leverage risk. 10:

#161: What makes you weird makes you successful. Embrace what makes you “abnormal”. Why? Because being wealthy isn’t normal. Inflation transfers wealth from lenders to borrowers. Therefore, be a smart borrower. Next, Rich Dad Advisor Garrett Sutton joins us with updates to protect yourself and your real estate with Limited Liability Companies (LLCs). His website is CorporateDirect.com. We learn about common asset protection mistakes. Garrett tells us why flip properties and buy-and-hold properties should be in separate LLCs, and more. When you establish a Wyoming LLC which presides over your other LLCs, you get better protection and you reduce your audit risk. LLCs vs. LPs also discussed. Want more wealth? 1) Grab my free E-book and Newsletter at: GetRichEducation.com/Book 2) Actionable turnkey real estate investing opportunity: GREturnkey.com 3) Read my new, best-selling paperback: getbook.at/7moneymyths Listen to this week’s show and learn: 00:50  What makes you weird? Embrace it. That’s often what makes yo

#160: You want cash flow that is stable and durable. Today’s guests, Terry Kerr and Liz Nowlin from Mid South Home Buyers, tell us how both they and Memphis, TN delivers. We discuss the 19 due diligence questions that you need to ask when you’re vetting a turnkey real estate investing provider. When you purchase real estate “turnkey”, the property is already renovated and tenanted. That way, your provider maintains more risk before you purchase the property. Learn about the neighborhood “sweet spot”, little-known differences between a $125,000 property and a $62,000 property, and the importance of in-house property management. Find out how to avoid lengthy vacancies. Does your provider mark up materials? Learn about when your provider makes guarantees about your property’s occupancy and renovation. Want more wealth?   1) Grab my free E-book and Newsletter at: GetRichEducation.com     2) Actionable turnkey real estate investing opportunity: GREturnkey.com   3) Read my new, best-selling paperback: GetRichEducat

#159: Negotiation is a substantial part of real estate and investing. We discuss exactly what you do when the tenant wants to pay the rent late. I tell you exactly how I negotiated the price and terms on the very home that I live in today! Then our guest, Kwame Christian, Founder of the American Negotiation Institute joins us. He defines negotiation as “A conversation where somebody wants something.” Three uses of negotiation: 1) Use offensively. 2) Use defensively. 3) Strengthening relationships. We discuss how you negotiate in a way where you keep a strong relationship with the other party, rather than alienate them. We talk about how to motivate your Property Manager to work hard on your behalf. In negotiation, let other party speak first. Let them make the first offer, except when you have more information. We discuss midpoint negotiation. “Anchoring” is an important part of negotiation psychology. This can help you get a better deal. Kwame and I discuss what people will pay what an item is worth to them,