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SHOW NOTES FOR EPISODE 063 – HOW A MOTIVATED FORMER GI GENERATES OVER $200K MONTHLY
Do you have what it takes to generate significant cash flow from your real estate investments. In this episode, John Lee Dumas, founder and host of Entrepreneur on Fire podcast, shares his journey from Army Armor Platoon Leader in Iraq to law school drop-out to corporate financier, real estate broker to podcast host generating over $200,000 a month – all before the age of 34. His determination and enthusiasm are contagious and this podcast should motivate, inspire and ignite your desire to succeed!
What You Will Learn
- Successful people who started later in life
- How you can get motivated by recognizing what incredible opportunities we have proper here in America
- Why he chose to live in Puerto Rico
- How listening to podcasts inspired him to action
- Importance of finding a niche and building upon that niche
We have a different kind of podcast for you today. Before I introduce our guest… let me explain. Rather than feature a real estate investor or someone related to real estate investing, today’s interview is a little different.
The reason I am sharing this is because, as we look ahead to 2017, I’m sure many of you out there are looking at the New Year as the time to either kick-off your real estate investing efforts or to move it to another level. Now, for those old dawg’s out there who do believe old dawg’s can learn new tricks, I hoping this podcast will inspire you – no matter where you are in your personal season in life – and encourage you – so that you can still accomplish amazing things today that can radically shape your future.
Starting out with something new later in life may seem a rather ominous to some of you but be encouraged –you are not the first.
Here are some people who started later in life
Harlan Sanders, the Colonel Sanders of Kentucky Fried Chicken fame, was 66 when he began to promote his style of cooking and create an empire.
Laura Ingalls Wilder began writing her popular Little House books at 65.
Peter Roget invented the Thesaurus at age 73.
Daniel Defoe wrote Robinson Crusoe, his first novel and perhaps the first-ever modern novel, at 60.
Takichiro Mori was an economics professor until he left academia at age 55 to become a real estate investor in 1959. When Mori died in 1993, he was Forbes‘ two-time reigning world’s richest man with a net worth of around $13 billion
That’s just to name a few folks who started later in life…
But about today’s guest — he isn’t 50 plus, in fact, he‘s barely 30 plus, but his story is inspiring nonetheless, for people of any age.
About Our Guest
John Lee Dumas
John Lee Dumas is the Founder and Host of EOFire, a top-ranked, daily podcast featuring interviews with today’s most inspiring and successful entrepreneurs.
Born and raised in Maine. He graduated from Providence College on an Army ROTC scholarship in 2002. Upon graduation, he was commissioned as an officer in the U.S. Army. After a 13-month tour of duty in Iraq as an Armor Platoon Leader, John completed his service to the U.S. Army and received an honorable discharge in 2010.
Upon leaving the U.S. Army, he enrolled at Roger Williams University School of Law in Bristol, Rhode Island. Dropping out after one semester, Dumas took a job in corporate finance at John Hancock in Boston. Later, he went to New York City, where he worked for a technology startup until departing to San Diego in 2009.
In San Diego, he began a career in real estate. Upon a friend’s suggestion, he began listening to podcasts in order to pass the time during his long drives. He started listening to NPR, while exploring other shows such as Pat Flynn’s Smart Passive Income and Cliff Ravenscraft’s Podcast Answer Man.
After moving back to Maine in mid-2011 to pursue a career in Commercial Real Estate, John thought of starting a different venture. He realized none of his favorite Podcasts offered daily content. This gave him the idea of starting his own podcast. He developed the concept of a daily podcast that would feature the story of successful entrepreneurs. He named it EOFire, short for Entrepreneur On Fire.
EOFire launched September 22, 2012. As his subscribers grew, he published Podcast Launch in the Amazon bookstore. Podcast Launch is a guide of the exact steps he took to launch EOFire. In 2013, John launched Podcasters’ Paradise, a community of podcasters (of which I happen to be a member).
EOFire has featured several entrepreneurs including Seth Godin, Gary Vaynerchuk, Barbara Corcoran, Tim Ferriss, and Brian Tracy. The show was named Best of iTunes in 2013. EOFire generates 7 figures in revenue annually and John continues to openly share his income breakdown in a monthly report on his site, verified by a CPA. John and EOFire have been featured in Forbes, TIME and Inc. Magazine.
Well, that is one impressive resume for a young man still in his 30s.
John Lee Dumas, welcome to the Old Dawg’s REI Network. How are you doing, today?
More About John
- Lives in Puerto Rico
- Born December 1979 – 37 years old – late term Gen-Xer
What motivates John?
- Big on perspective
- Saw a lot of things in Iraq that helped him realize how blessed he is to live in America
- When he has a bad day he remembers his service in Iraq
- Military showed him how discipline would be a factor in his success
How He Organizes His Time
- Has set up systems and automations that he has taught to virtual assistants that gives him more free time
- He does a lot of batching. For example, he records 30 episodes of his daily podcast (one month of interviews) in two days (two days of back-to-back, 15-per-day, interviews)
Passive Income Plans in His Future?
- His post-military background in corporate finance for 2 years and in residential and commercial real estate for 4 years has helped him if he wants to pursue these avenues to produce truly passive income later on
- Today, with things changing so rapidly, he doesn’t look too far ahead in his future
- He is focusing more on is current endeavors – providing top quality content, increasing revenue, and being smart with current investments to build up a nest egg that will allow him to live the location and lifestyle independence he has grown to love.
Is He Concerned About the Change in Internet Governance?
- He is waiting to see
- If it doesn’t make sense for the effort vs. return, he may look elsewhere
- Impact on the world
- Moved to Puerto Rico because it has excellent corporate tax rates (4%) for business and no federal tax
Demographics for His Customer Base
- Broad cross-section of people in his demographics
- 27-45 years of age, more males than females
- Entrepreneurs
- Small business persons
- Side hustlers
- Trying to achieve their entrepreneurial dream to revenue
- Want to leave full-time job
Advice for Old Dawg Listeners Looking to Achieve the Retirement of Their Dreams
- Find your niche
- Create and grow a business around it
- Go online
- You can even keep it regional
- Stay focused on your target
How Can You Reach John
Until our next podcast, keep moving forward and God bless!
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