Get Rich Education

#137: GRE listener Eric Pratt is today’s guest. His passive monthly RE income is $3,600, soon to be $4,600.

He bought turnkey income properties: 6 in Memphis, 1 in Atlanta, and soon expects to close 1 in Birmingham. He carries 7 mortgages.

Eric is in his 40s, married, and is a police officer in Anchorage, Alaska. Learn about how GRE has changed his life, and learn about one speed bump that he hit on the way.

This show has been on the air every week for more than 2 ½ years and it’s changing lives. It’s time to hear your story. Keith tells you how you can be on the show with him.

Keith brings you today’s show from Anchorage, Alaska.

Want more wealth? Visit: 1) www.GetRichEducation.com to grab our free newsletter.  2) www.GREturnkey.com for actionable turnkey real estate investing opportunities.

Listen to this week’s show and learn:

04:23  Today’s guest, Eric, had never heard of a podcast before learning about GRE.

06:04  Growing up in a financial family: Dad - banker; Stepmom - accountant.

09:34  Eric’s first investment property was bought in Las Vegas in 2001.

14:20  Eric used to invest out-of-state without knowing about turnkey RE investing. He previously tried to put the “team ingredients” together himself.

15:25  His first turnkey investment property was bought in Memphis in 2015 through Mid South Home Buyers.

16:45  Some think turnkey real estate investing is too good to be true.

19:01  Guest’s former mission to be debt-free changed to becoming financially-free.

24:40  Paid 6 ways at the same time?

26:26  Eric self-manages one property. Lesson learned: buy from a provider with in-house management rather than third-party management.

29:17  Paying $61,000 cash to own a Memphis property free-and-clear.

31:12  Carrying 7 mortgages.

32:06  Offering full asking price on turnkey properties?

33:21  Eric’s passive monthly RE income is $3,600, expects it will soon be $4,600.

38:23  He has an employer pension.

39:27  The Abundant Mindset.

41:32  Birmingham, Alabama’s surprising revitalization.

43:50  Eric leaves his personal e-mail address for you: pratts@ak.net

Resources Mentioned:

MidSouthHomeBuyers.com

Birmingham Turnkey Property

NoradaRealEstate.com

HighlandsMortgage.com

GetRichEducation.com

GREturnkey.com

Guest E-mail: pratts@ak.net

Direct download: GREepisode137_1.mp3
Category:general -- posted at: 4:00am EST

#136: Get a pay raise from your employer with this innovative approach.

Also, increase your rental income with this technique. Learn how to raise the rent on your tenant without losing them. It starts with you thinking about how your tenant is thinking. Use this “3 Options Strategy”.

Think about your “Salary Reduction Plan” vs. your “Salary Increase Plan”. Don’t ask your boss for a raise. You’ll learn how to give yourself one.

Keith also has a fresh take on property management.  

Keith brings you today’s show from Philadelphia, Pennsylvania.

Want more wealth? Visit: 1) www.GetRichEducation.com to grab our free newsletter.  2) www.GREturnkey.com for actionable turnkey real estate investing opportunities.

Listen to this week’s show and learn:

01:32  Raise the rent on your tenants in this innovative way.

03:59  Lease Renewal Options Form - give your tenant three rent amount and duration options.

05:34  Justification for increasing your rent: higher property tax, hazard insurance, utility costs, etc.

08:39  Why a subtle 3-5% rent increase helps you more than you think.

10:23  How to get a pay raise from your employer.

13:14  Negative cash-flowing property: perspective.

17:56  Don’t even ask your boss for a raise.

23:55  Property Managers - you want one, but yet you don’t. Discussion.

26:45  Subway restaurant analogy.

30:54  How many income properties could you own if you self-managed?

32:36  Find the right income properties through: www.GREturnkey.com

Resources Mentioned:

Keith's Whiteboard Video: Cash Flow vs. Inflation

NoradaRealEstate.com

TheRealAssetInvestor.com/GRE

HighlandsMortgage.com

MidSouthHomeBuyers.com

GetRichEducation.com

GREturnkey.com

 

Direct download: GREepisode136.mp3
Category:general -- posted at: 4:00am EST

#135: From $50 million to zero. That’s what happened to the net worth of today’s guest, Rod Khleif, in the mortgage meltdown of 2008.

His mistake was that he focused on real estate appreciation rather than cash flow, and he lost control. He’s owned 2,000 single-family homes and multifamily units.

Rod is a motivating guy. He talks to us about Single Family vs. Multifamily Property, self-management of property, and the psychology of success and fulfillment.

Keith brings you today’s show from upstate Pennsylvania.

Want more wealth? Visit: 1) www.GetRichEducation.com to grab our free newsletter.  2) www.GREturnkey.com for actionable turnkey real estate investing opportunities.

Listen to this week’s show and learn:

02:40  Single Family vs. Multifamily.  

09:09  Professional management vs. self-management of property.

11:31  Self-visualization and motivation.

15:51  Goal-setting. The psychology of taking action. Visualization.

20:52  Gratitude.

22:46  How to find achievement and fulfillment.

29:49  Trade-offs: Single Family vs. Multifamily.

32:18  Should you ever self-manage property?

34:53  Giving yourself a pay raise at work and increasing your rent income on your properties.

Resources Mentioned:

RodKhleif.com | Text “ROD” to 41411

NoradaRealEstate.com

TheRealAssetInvestor.com/GRE

HighlandsMortgage.com

MidSouthHomeBuyers.com

GetRichEducation.com

GREturnkey.com

SpotCrime.com

 

Direct download: GREepisode135.mp3
Category:general -- posted at: 4:00am EST

#134: Tom Wheelwright, Rich Dad Advisor and Founder of ProVision talks with Keith about classifying income property repairs vs. improvements.

We discuss how 401(k)s are for people that care little about involvement in their financial future.

Will taxes ever get simpler? Tom says no.

Classifying repairs vs. improvements is a big deal. There’s a $2,500 threshold distinguishing the two categories.

Want more wealth? Visit: 1) www.GetRichEducation.com to subscribe to our free newsletter.  2) www.GREturnkey.com for actionable turnkey real estate investing opportunities.

Listen to this week’s show and learn:

03:40  Early civilizations collected taxes: Ancient Egypt, Imperial China, the U.S. vs. Britain.

07:22  Income tax hurts employees most, beginning in 1944.

09:03  Will taxes ever get simpler? No.

11:30  Classifying repairs vs. improvements. “The $2,500 Rule.”

23:53  401(k) participation. Why would educated people be interested in one?

30:10  401(k)s are Salary Reduction Plans.

32:22  Before-tax vs. after-tax rates of return.

34:06  How to find the right tax advisor.  

Resources Mentioned:

TaxFreeWealthAdvisor.com

NoradaRealEstate.com

TheRealAssetInvestor.com/GRE

HighlandsMortgage.com

MidSouthHomeBuyers.com

GetRichEducation.com

GREturnkey.com

 

Direct download: GREepisode134.mp3
Category:general -- posted at: 4:00am EST

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