Breaking Even is a Lie | Mentoring Preston – The Industrial Salesman – Session 1


This is mentoring session #1 with Preston – The Industrial Salesman. Preston lives in Mobile, AL, has dabbled a little into real estate and unfortunately has had some partners that didn’t work out.  His fiancé is onboard with the whole real estate investing idea (KEY!) and main goal this year is to add $4,000 in Gross Passive Income from rentals. 

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Key Takeaways:

  • Long Distance Investing – What Are Your Thoughts?
  • Where Do I Start to Raise Money?
  • What Would You Tell Your 25 Year Old Self?
  • Spend Time Developing Investing Criteria
  • Where is This Hot Market Going?

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Gary Vee’s Voice is Annoying | Mentoring Nick – The Corporate Recruiter – Session #2


This is mentoring session #2 with Nick – The Corporate Recruiter. Nick currently lives in New Hampshire but is in the process of relocating his young family to Texas and with one turn-key rental in his portfolio, he is looking to house hack a small multi-family. 

Subscribe to our podcasts and THANK YOU for providing a Rating & Review on iTunes. It takes about 2 minutes with this link.

Key Takeaways:

  • Primary House Under Contract – Buyer Wants Most of The Furniture
  • Facing Your Fears, Focusing on Constructive Criticism
  • Atlanta is an Hour Away From Atlanta
  • Being Honest When Cancelling a Hotel Room Will Cost You
  • Radeon Air Inspection 
  • Stronger Offers = Larger Down Payment
  • Using LinkedIn to Expand Your Network

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Forever Home and Dream Home Are Absolutely Obnoxious | Mentoring Eric – The Small Business Owner


Today I’m joined by Eric, small business owner near Palm Springs, FL, for his first recorded mentoring session. Eric has never purchased a house but is anxious to get into REI so he can pursue more time being a missionary with his church and other organizations he is involved.

Subscribe to our podcasts and THANK YOU for providing a Rating & Review on iTunes. It takes about 2 minutes with this link.

Key Takeaways:

  • Rich Dad Poor Dad is foundational, required read.
  • Real Estate puts a positive mark in your asset column that helps with tax liability. 
  • The phrases Forever Home & Dream Home are absolutely obnoxious. 
  • Goals change as you progress through chapters in your life. 
  • Eric walks a duplex with an inexperienced Realtor. 
  • Eric looks for partners for a down payment. 

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The New England Patriots Love Winning | Virtual Coffee with Gino Barbaro


Today I’m joined by Gino Barbaro from JakeandGino.com. Gino is an investor, business owner and entrepreneur. He has been investing in real estate for 15 years and has grown his multifamily to over 1100 units in just 6 years with over $70MM in assets. Gino is the best selling author of ‘Wheelbarrow Profits’, graduate of IPEC, a Certified Professional Coach and currently resides in Florida with his beautiful wife and six children. 

Key Discussion Points:

  • How Gino Sets Goals
  • Equity Hounds
  • Ultimate Goal of Financial Freedom
  • How / When to Teach Your Kids About Financing & Saving
  • Accepting Societal Change Input From Your Kids
  • The American Dream is Dying, if not Dead 
  • Gino’s Best Advice to Raise Money
  • Gino’s Best Advice to Stop Exchanging Time for Money
  • Gino’s Thoughts on Market Direction and if He is Worried

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Every Day You Are Building Wealth or You Are Not with Holly Morphew


Today I’m joined by Holly Morphew. She is a successful Financial Coach, Real Estate Investor and published author. Holly began teaching personal finance in 2006 as a service project with Rotary International. She received the prestigious “Rotarian of the Year” award in 2007/08 for her work in financial literacy. After a successful career in real estate and finance, Holly founded Financial Impact in 2016. Holly is recognized for her unique approach to money, which reinforces core values while creating wealth. Through workshops, courses, and masterminds, Holly has coached thousands to peace of mind and confidence with their money.

Subscribe to our podcasts and THANK YOU for providing a Rating & Review on iTunes. It takes about 2 minutes with this link.

Key Discussion Points:

  • Hiking Fourteeners and Finding Plane Crashes
  • Difference Between Financial Coach & Financial Advisor
  • Missing Link to Financial Education
  • Go To School, Be a W2 Earner, Consume Debt – NO!
  • Establishing a Lighthouse Fund
  • Consumer Debt is a KPI of Our Economy
  • Know the Highest/Best Use of Your Time/Income
  • Discover Your Impact Factor
  • Buying Rental Properties on Credit Cards?
  • Performing vs. Non-performing Debt
  • Pillars of Financial Independence
  • Seasons of Building Wealth

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How To Calculate Your Net Worth [Spreadsheet]

Growing our net worth is one of the main reasons we invest in real estate. I also think it is important to calculate your net worth on a routine basis; I calculate ours quarterly. This helps me keep track of our goal obtainment and also encourages me when months go by where we’re paying down debt but haven’t made an acquisition.

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how to calculate net worth

I referenced The Millionaire Next Door by Stanley/Danko in a recent post titled How Do You Know How to Invest in Real Estate? . In their book, they discuss a simple formula to determine two types of people: Prodigious Accumulators of Wealth (PAWs) and Under Accumulators of Wealth (UAWs).

To determine if you’re a PAW or UAW, their formula looks like this:

Your Age / 10 X Current Salary

Those with a net worth greater than the result of this calculation are labeled as PAWs and those with a net worth of < the result of this equation are considered UAWs. For example, if I’m a 30 yr old, making $60,000/yr, in order to be a PAW, I would need to have a net worth greater than $180,000. I certainly recommend the book, but in short, PAWs typically operate on a budget, live within their means and don’t have a high consumption model of “stuff”.

REI Strategies. Lessons Learned. How-Tos. No Spam…Learn More. 

How do you calculate net worth?

Spreadsheets make this easy, but essentially all you do is total your assets (cash, savings, auto, jewelry, real estate, mutual funds, etc) and subtract your total liabilities (credit cards, mortgages, car loans, student loans, etc). What comes out as the difference is your net worth. And yes, it is possible to have a negative net worth – scary territory here (me in my early 20s). If you have a negative net worth, hopefully you’re calculating it wrong, but if not, major life changing spending habits are needed.

Contact me via the form on this website or email [ jay@helmsREI.com ] and I’ll send you a copy of the 3-Tab spreadsheet I use. 

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Growing our net worth is one of the main reasons we invest in real estate. I also think it is important to calculate your net worth on a routine basis; I calculate ours quarterly. Using the spreadsheet I’ve adopted, it takes me approx. 15-20 minutes to do. This helps me keep track of our goal obtainment and also encourages me when months go by where we’re paying down debt but haven’t made an acquisition.

Related Articles:

#REI  #RealEstateInvesting #HelmsREI

How Do You Know How To Invest in Real Estate?

As I continue to talk with more & more people about our buy & hold real estate investing in Pensacola, I find myself running into a similar question: How do you know how to do this? How do you know how to successfully invest in buy & hold real estate?

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Fair question. I have spent most of my career in the IT world, I did not study REI in a MBA course, and we just started actively investing in 2014. Self-education is the actual answer; self-education and being strict on the tripod of acquisition criteria that we have adopted.

Years before we purchased our first Pensacola property we started learning. Learning about the Pensacola market, different ways to invest, and trying not to repeat what I consider a false start to my real estate investing career in 2006. It seems like Real Estate has always interested us and it really wasn’t until after our first full year of investing did our focus become clear – thanks largely in part to the REI social network @ BiggerPockets.com.

We’re not trying to reinvent the wheel, just follow the pros!  The best source of learning is from people who have and are successfully investing. At the time of this original post (I’ll add more books as I continue to educate myself), I’ve listened to over 250 hours of audiobooks & podcasts that are focused on real estate investing/wealth building and held countless conversations with local realtors, lenders and real estate attorneys.

Below I’ve listed the books/links that I credit the most in helping shape my mind around our real estate investing. As I run across additional, paradigm shifting material, I’ll be sure to update this post. Enjoy!

 

real estate investing pensacola fl

The Total Money Makeover – Dave Ramsey

Biggest Takeaway: Create a budget that will assist you in meeting your financial goals and stick to it.

 
 




real estate investing pensacola fl

The 10X Rule – Grant Cardone

Biggest Takeway:  Write down your goals often and dream big! Being financially successful is my duty & obligation. #DBALB

Biggest Takeaway: Overall different way of looking at money and putting validation around making your money work for you. This book is a perfect gift for anyone, especially new fathers. 

Biggest Takeaway: All about stats.  Create a budget and not a flashy lifestyle; live within your means. Focus on being an exemplary builder of personal net worth. Exemplary Net Worth Equation: 

Exemplary Net Worth > Your Age / 10 X Current Salary

real estate investing pensacola fl


BiggerPockets Podcast & Social Network 

Biggest Takeaway: Too many to count here. Always great to have a network of like minded people seeking similar goals to bounce ideas and directly learn from. Free to join – send me a colleague request. They have published a few Amazon Best Selling Books on REI

 

Related Articles:

#REI  #RealEstateInvesting #HelmsREI