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639: Creating Multiple Streams of Income

July 11, 2022bmanasseroUncategorizedNo comments

SHOW NOTES FOR EPISODE 639: CREATING MULTIPLE STREAMS OF INCOME

A wise real estate investor creates multiple streams of income to hedge their bet in challenging economic times. In today’s podcast, real estate investor, author, coach, and entrepreneur Dustin Heiner shares how he has created multiple streams of passive income that can generate a river of income in any economic season!

What You Will Learn

How you can bec0me “successfully unemployed”
Why you should never manage your own properties
Various real estate related additional streams of income
How much you should generate each month in rental property income
Three key things you should do NOW to survive and thrive in a recession
Why real estate is the best inflationary hedge

About Our Guest

Dustin Heiner

Catch Dustin’s first interview on the Old Dawg’s REI Network Podcast: 513: How to be Successfully Unemployed April 26, 2021

Dustin Heiner is a rental property expert and the founder of MasterPassiveIncome.com and RentalPassiveIncome.com. Being “Successfully Unemployed” at 37 years old by investing in properties, he is now on a mission to help people to quit their jobs and never have a job again. Dustin started MasterPassiveIncome.com from his home in 2015, while being a full time employee, married with 4 children, owning and operating 2 other businesses, and being a full time investor. Also in 2015, Dustin wrote his first book, “How to Quit Your Job with Rental Properties” which quickly became a best seller.

More About Dustin

Dustin feels very blessed
Things have been going well
Family is doing well
His wife homeschools their 4 children
He started investing in real estate back in 2007
He was 27 years old and had a full-time job
He set the goal to quit his job in 10 years, whether he was ready or not
He cashed-out his 401-K and IRA to buy real estate
At 37 years of age, he reached his goal and had enough properties so that he didn’t have to work anymore
Each property was bringing him $250 a month of passive income
He has 30 plus properties in Ohio, Texas and Arizona
He doesn’t manage any of his properties – he has property managers – to keep it truly passive
- He interviews his property managers very carefully to find the best
- His goal is to work no more than 30 minutes a month on any property
Today, his rents have doubled and he is making even more money
He’s creating “generational wealth” – with the hope of one day passing the properties on to his kids
He also invests in syndications
- He has hotel syndications

From Investor to Teacher

Friends and family saw his success and wanted to do the same so he started teaching people how to invest in real estate through his Master Passive Income coaching business
He ended up loving teaching others
He has set the goal of teaching 1,000,000 how to become financially independent
He has hundreds of coaching students
This is a new profit center for Dustin

Real Estate Investing and Other Conferences

He recently started a special conference to teach people how to invest in real estate
It’s an in-person event where people come together to learn and network
He has hired a team to put the conference together
This also is another profit center

Creating Passive Income Streams

He has been creating multiple “passive income streams”
He calls his rental properties a “passive income river!”
He now has 5 businesses to help him achieve he goal to teach 1,000,000 how to become financially independent
- Rental Properties
  - He’s locking his money into a property
    - This is a very good place for your money during inflation/recessionary times
- Coaching
- Conferences
  - The Real Estate Wealth Builder Conference
  - Crypto Wealth Builder Conference
  - Financial Wealth Builder Conference (Investing in stocks)
- His books
- Other investments (i.e. syndications, etc.)
They all flow together to creating a steady passive income stream
He has 10 or more transactions that are flowing into his bank account every day
- They he flows that money into more real estate
He’s most happy when he’s building and owning a business

How Covid Affected His Businesses

His rentals
- People were stuck home and, therefore, needed a home to live in
- Fortunately, none of his tenants had problems paying their rent
- Most real estate investors were barely affected by Covid
Master Passive Income
- March to September 2020 his coaching business slowed down a lot as people were unsure as to what was going on
- But it started picking up again after September and 2021 was great
- 2022 has also been doing well

Creating Your Own Income Streams

He recommends that you first have a steady job that creates steady income
Then start buying rental properties
- See that has helping people by providing a good, safe home for them
If you can share the knowledge you have in a book, this can be a great source of income
Create a website that can generate income for you
- Affiliate relationships
  - Recommend businesses and products you like and use and get commissions or fees for those referrals
Online classes
- Pre-recorded
Coaching
- Group coaching for small fee
Advertising
- YouTube channel
- Podcast
Conferences

Preparing for a Crash

He sees how the market keeps going up without correction
Normally the cycle is every 7 or 8 years
He knows that something is going to happen – maybe a correction, maybe a crash
When that happens, he knows that “cash is king”
- You need to have money or access to money
The real estate market has been a sellers market
He follows Warren Buffett’s advice
- “Be fearful when others are greedy, and greedy when others are fearful.”
- Because it’s a sellers market, he not really buying right now
As he sees interest rates going up, he knows prices will start going down
- As demand goes down, prices will go down
Have Cash Available
- Therefore, he’s making sure that when prices go down that he has plenty of cash to buy up as many properties as he can
Have Partners Available
- He also is making sure he has good partners available who might want to join forces with to make good investments
- Using “other people’s money” can stretch out your investment dollars
Keep Out of Debt or Low in Debt
- Less debt means more income so your ratio is high
- Having a low debt-to-income ratio so it’s easier to borrow if you have to

Looking Ahead

He is looking more and more at getting into large multifamily properties through syndications
It’s a very passive way to be a stakeholder in major real estate investing without the headaches

Upcoming Conferences

To find out about upcoming conference, go to: REWBCON.com
May 2023, in Phoenix
- Millionaires Wealth Builders Conference
- Real Estate Wealth Builders Conference
  - Both conferences at the same time
- Watch for special discount codes
- The tagline is “Gathering Together to Make Real Estate Investing Better”
  - He’s emphasizing the “community” aspect of meeting other investors, helping each other. meeting experts, networking, and more
  - It’s a “No Sales Pitch” zone
- The last event had 250 people, 30 speakers
- They expect this event will have even more

How to Reach Dustin

How to Get a Free Real Estate Investing Course from Dustin

Text the word RENTAL to 33777
Website Link: https://www.masterpassiveincome.com/freecourse

IF YOU LIKED THIS PODCAST, we would love if you would go to iTunes, Stitcher, GooglePlay, iHeartRADIO and Spotify and Subscribe, Rate & Review our podcast. This will greatly help in sharing this podcast with others seeking to learn real estate investing as a means to achieve a successful retirement.

Check out our other podcasts at olddawgsreinetwork.com.

Get a FREE copy of our 3-Minute Rental Property Analyzer at olddawgsreinetwork.com.

bmanassero

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