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Welcome to the West Side Investors Network, WIN, your community of investing knowledge for growth. This is the Real Estate Professionals Investing Podcast. For Real Estate Professionals by Real Estate Professionals. This show is focused on the next step in your career....... investing.
Welcome to the Westside Investors Network. WIN, your community of investing knowledge for growth. This is the real estate professionals investing podcast for real estate professionals by real estate professionals. This show is focused on the next step in your career, investing. Thank you for listening.
Intro speaker:And please, if you like our content, rate us on your podcast provider. Just a quick disclaimer. The views and opinions expressed in this podcast are for educational purposes only and should not be construed as an offer to buy or sell any shares or securities, make or consider any investments, or take any other action.
Trent:Welcome back to another episode of the deal deep dive segment on the Westside Investors Network podcast. I'm your host, Trent Werner. In this segment, our featured guests will share their unique stories on a specific deal they've invested in. We will dive deep into finding the deal, financing the deal, writing an offer, and the due diligence. Do us a solid and smash that subscribe button, leave us a rating, and share this episode.
Trent:And now let's dive deep. Welcome back to the Westside Investors Network podcast. I'm your host, Trent Warner. On today's episode, we are joined by Joey Mure, partner and cofounder in at Wealth Without Wall Street. Joey and I are gonna have a great conversation, and he's gonna share how his roadmap has created a financial independence future for him and his family.
Trent:We're also gonna talk about how you can start and take this first step into taking control over your financial future. Instead of dumping money into money traps like a lot of people in our world do. And he's gonna share some alternative investment vehicles and assets aside from Wall Street that are some of his favorite ways to generate passive monthly income. Now let's welcome Joey Mure. Alright.
Trent:Joey Mure joining the Win podcast. Joey, thanks so much for taking the time to have a conversation with me today.
Joey:Man, I love being in the room with winners, so let's let's do this thing.
Trent:Well, I think both of us like to win and are competitive. Before we get into how Wealth Without Wall Street, who you are a cofounder of, can help investors become financially independent, I want to hear about Joey Mure and one, how you kind of started your investment journey, and what ultimately led you to being a co founder of Wealth Without Wall Street.
Joey:Man, great, great question. And it goes back to the fact that I was just like everybody else who is listening to this show right now. I was a highly paid, overworked guy on the corporate ladder. And you may not be somebody that's in the corporate world, you may have, you may own your own business. And you may feel like I'm tied to this business, I own my job almost in, but that that's what was happening to me.
Joey:I was in my late 20s in the mortgage business, and man making over $300,000 a year was better than I anticipated at that age, you know, in my life. And I started to kind of have these experiences, where I was like, this isn't really what I signed up for, you know, like, I'm making good money, but that doesn't really that hasn't equated to me feeling either financially successful, or like, I would have more freedom. In fact, I remember this, you know, Trent, we were talking about kids before the show. And I told you I have five daughters. And at the time, I didn't have five, but I have a young family and we were at the beach.
Joey:And, and I told this just like it burned into my brain. So I'm just sharing this with you. I tell my kids and my wife, I'm like, Hey, you guys go on down to the beach. I'll be right behind you. Just had this one more phone call.
Joey:And what would happen? Four hours later, I'm walking down the boardwalk behind the beach house down to the beach. And there's my family walking back the opposite way, right? And all I can see is their face. And they're just disappointed.
Joey:You know, let down. Dad is with us physically on vacation. And he is mentally miles away. Right? And, and what I realized, I didn't know the answer at the time.
Joey:But I knew that wasn't what I wanted. You know, I knew I didn't want to work fifty, sixty, seventy hours a week, and have no true time off, I was always on. And what I realized in 2009, is that there was a different way, there was something that I hadn't been doing. I was the only asset at work creating income. And therefore, I was the I had to keep my foot on the pedal at all times.
Joey:And what I needed, I needed my money to be at work as hard as I was producing passive income. And so we can dive into that. But that was really like the origin of how I started to become an investor, how I started to, to create what we call now the passive income operating system. And so we can dive into all that. But that's, that's really where it all started for me.
Trent:And one thing I'll say, because being in the real estate industry myself, you know, whenever you go on vacation, that's when all the deals start start exploding and you got to keep them together. But even when you're not on vacation, you feel like you have to be there for all your clients and all the files that you're working on. You can never, like you said, take a break and one, that'll burn you out really quick and two, it can cause some disappointment within the family, especially when you're supposed to be on vacation and your your clients won't allow that to happen.
Joey:Exactly. And and some some people may be experiencing other things like if they're if you're working at a job where you have this just internal pressure, like I can't leave, even though I might could get away with it, I just can't leave to go to that ballgame. Or in my world, like one of my daughters plays golf. And for me to be like to get away and just go for five hours to watch her watch a golf, you know, play at a golf tournament. I mean, not everybody can do that.
Joey:And there's this just this internal kind of turmoil, like, that's really what I want, because I'm gonna regret not being able to be at these things. They're not going to be here forever. You know, like, I told you, one of my oldest is 19 right now. And she's not calling me up and wanting to hang out all the time. You know, like, she's busy with her life.
Joey:It's not like that season has passed. And did I make the most of that? And I think most people would say, I'm not. And I don't, I don't really have a way out, I don't really have a path to get myself there. And that's what, you know, now looking back in hindsight, Russ and I, you know, Wealth Without Wall Street, have been able to determine what did we do?
Joey:Well, what did we screw up along the way? And how can we help people do it in like half the time, you know, getting to this point of just, man, I get to set my calendar, I get to be here to share this with you, because I chose to be here, not because someone dictated it, or required me to be here. And so anyway, that's, that's really what our hope is for everybody listening is that they get to that point, and they can fill in the blank with whatever those things are that they really want to make happen, the impact that they want to have.
Trent:And I think a lot of people are either at that point or have been at that point for who knows how long. You and Russ just decided to do something about it and make that change. You're already working hard as it is, so might as well work hard for the plan that you've created. When you were ready to make that change, what was what was going through your head and what changes did you feel you made that led to ultimately being where you're at today?
Joey:Well, I'll tell you this, I'm, I'm pretty slow and pretty hardheaded. And, and so I didn't immediately make any changes. I was just kind of like, yeah, this doesn't sit right. You know? And I think that that's, that's part of the process is you have to determine that there's a problem.
Joey:If there's no problem to solve, there's really nothing for you to do. And so I was like, man, you know, there's an issue here. And then I got introduced to a book in 2009 that I read, and it changed everything. Changed. It's like, oh, I really should be the one who controlled my finances.
Joey:I need to quit giving my money up to places like Wall Street, who are going to invest my money for me on my behalf. And, you know, we're always told that other people have had training in reading the market, they understand the volatility, they understand the different portfolio theory and all this sort of garbage that Wall Street tries to confuse you to think that this is way harder than you can do. So you need to give your money to us. We need to hold on to it as long as possible so that eventually, can retire. And the truth of the matter is in this book, he outlines, it's like really not that hard.
Joey:It's pretty simple. If you think about it, if your passive income exceeds your monthly expenses, you're totally free. Like your time is your own. Right? And so it just, it just depends on now, what do I invest in?
Joey:How do I produce that passive income consistently? But it all started with you asked for what steps do we take? One, I read the book two, it showed me that there was a better place to park my capital, which put it into my access, right? Most people and if you're listening to this right now, and you're saying you're nodding your head like, Yep, yep, yep. We were told get a good, you know, go to school, get good grades, get a good job, and fund your four zero one ks.
Joey:Right? Put that money in there, because you're going to need it one day in when you're old and gray, and it's going to just grow and grow and grow and grow. And it's going to be there when you need it. And the reality is, if you really change the way you think, you're no longer looking to retirement, you're looking to financial freedom today. Right?
Joey:Like Trent, you're saying I'm about to have my second kid. And you're going to look down the road twenty years from now, and they're both going to be grown and moved out potentially. And you're still not going to be free if you don't make changes today. And you're going to miss those times with those kids, right? Well, retirement has this allure that man eventually one day I'm going to defer my life until I'm in my 60s or 70s, and then I'm going to start living.
Joey:Well, first of all, the Bible is really clear. You're not promised tomorrow. Number one. And number two, how many people actually live that very, very few. Because once you get to that point, your health, a lot of times has declined to the point where you're not really wanting to live and go all over the world and all the things that you're deferring at that point.
Joey:But the other part of it is, is it goes against the idea of abundance. Because in a four zero one ks or in a an accumulation model, let's just call that when I'm just stacking up cash and putting it away and hoping for a good future, I'm actually having to live a little bit more scarcely in order for that to happen. Right? I just got to, I just don't, I can't spend it all today. I got to keep more and keep more, keep more, keep more.
Joey:And then do you think after forty years of doing that, all of a sudden you're in your 60s and you're like, man, now I can live abundantly. Heck, no, you've been training yourself to live a certain way. And so you're not, you're not living abundantly, you're penny pinching, because you're on a quote unquote fixed income at that point. Like, the whole mindset had to shift for me and for you who are listening, your mindset has to shift from retirement being taken out of service, that's what that means, is not the answer. The answer is take control of your finances today and create financial freedom today.
Joey:Like you can do this within a few years. If you really put your head down and you apply what we're talking about on this show, you can actually get there so much faster and have a much richer abundant life to have the impact that you really want. And so anyways, it started with the book. It started with putting money into my control. And then I had to become an investor.
Joey:We can dive into any one of these things you want, but those were really the steps that it took.
Trent:I really like how you phrased that of, yeah, I mean, everyone's heard, get a good job, get, you know, fill your four zero one ks and then your money will be waiting for you. But the way that you said, get my money back in my control, cause a lot of people just give it to someone else to invest for them because they're the professionals, right? And it's so complicated and so hard to learn how to manage your own money that everyone is afraid to do it and take the time and I guess, just trust themselves with their with their money because they're afraid to lose it. But I've never heard it phrased like that of just, you know, as simple as that was, get your money back in your control, which is a foreign concept for me because I've always controlled my money being a, you know, a self employed business owner. Right?
Trent:But my wife has been a nurse for eight years, so she has the four zero one k and all that. And at one point, it's funny that you talk about this, but at one point, I basically told her, I was like, we need to do the minimum because they'll match it, all that, but, like, we're not gonna go anything crazy in your four zero one k because the wealth that we have created by ourselves in the same time period of you being a nurse in your four zero one ks, like 400 Xs what your four zero one ks is versus what our, you know. So I understand that on a deep level, but I've never heard that phrased almost as simply as that was.
Joey:Well, I'll tell you this, if I haven't already peed in somebody's Cheerios, I'll I'll continue the path. But we call those things money traps for a reason, right? 401ks, IRAs, equity in your home, money stuck in your business, and money in the stock market. These are all money traps. Because if you think about it, these are things that we're putting money into for something.
Joey:And I'm going to mention one thing you just said, hey, we put money, we're going to put in the minimum because they at least match it, you know, that's free money. But the reality is, is in the same timeframe, you just said it in two breaths. And we're going to put money in there just to get the match. But in the same timeframe of eight years, we've been able to 400 x what you've been able to do in that four zero one ks through our own methods of building wealth, obviously, through real estate and other things. So every dollar I put in there, if they're going to match it, I'm actually losing the opportunity to use that to four 100 x.
Joey:That's like saying, hey, I want to put a dollar in to get a dollar back when I could have had taken the dollar and gotten a 100. It's like, which ones that's actually costing me money. Right? And but but people don't think about it because it's it's the greatest marketing ploy in history. Wall Street, and your employer and everybody around you has said this is to your benefit.
Joey:You know what, get to defer taxes on that. And it's going to get a match. And look at the performance of this fund and blah, blah, blah. We will hold on to your money as long as possible. But guess what?
Joey:You're giving up cash today to potentially get access to it forty years from now. In the meantime, what does Wall Street do with that money? Do they sit on it for forty years? No, they get fees on it every single month. Why?
Joey:Because cash flow is more important than cash accumulated. They know that. And they've duped us into thinking that it's the opposite. We got to stop thinking like the way that the world is trying to tell you to think. We have to start thinking about freedom today.
Joey:When I can create passive income that exceeds my monthly expenses, I'm free. And until then, I gotta I gotta quit putting money in money traps, right? People will tell you, man, pay down your house as fast as you can, you know, to take a thirty year mortgage and pay it off in fifteen. These are legit people on the radio and everything else, you know who I'm talking about. And they tell you this is to your benefit.
Joey:In the meantime, if you go like I worked in the mortgage business, I had a guy who was in his 50s. And he's like, man, looking down the road, I want to pay this thing off super fast. I'm like, okay, whatever you want to do, you know, refinance them into a fifteen year mortgage. Literally less than a year later, he lost his job. He had over 50% equity in his house.
Joey:Okay, call it a $300,000 house, he had 150,000 of equity, he lost his job. He calls me back. He's like, man, this payments really high. I can't keep paying it. I won't have a job.
Joey:Do you think there's any way I can get some of the money out? What do you think my answer was? Dude, you're not, you're not bankable. Like you don't have a job. How can I give you a loan?
Joey:He's like, well, you don't understand I have 50% equity. Like, this is not a crazy loan. There's a lot of collateral here. And I'm like, yeah, we already have it. Like, I wish I could help you, but there's no reason why the bank wants to give you money right now.
Joey:And so by trying to pay that mortgage off as fast as possible, he actually put himself in more risk than if he had just put the money into his own control, right? Where he could access it. And so anyways, we can dive into all these money traps if you want, but keeping money in your business, putting money in the stock market, there's no the all those things keep you away from your money and don't put you in control so that you can get to freedom today.
Trent:Another thing that I liked what you just said was cash flow is more important than cash accumulated. And when you think about Wall Street, there's very few chances for cash flow. Yeah, there's cash accumulation there, but there's dividends and stuff like that. But those dividends are typically pretty small and maybe on a quarterly basis, I guess sometimes monthly. But with percentage of that dividend that you're actually getting, I feel like it'd be very difficult to create a financially free situation for yourself by completely banking on dividend paying stocks.
Joey:There's no doubt. There's no doubt. And the vast majority, you know, Russ used to be a CFP. He used to be the guy separating people from their money. The financial advisor, he thought he was doing them a favor, right?
Joey:Doing them a good job. He said, But do you realize, like, the vast majority of people have no money in individual stocks? These are in mutual funds, in ETFs, and other vehicles like that. They don't have any of those types sort of benefits. And they're on like, auto management, you know, through these systems that there's nobody looking at your money, and managing it quote unquote, for you.
Joey:They're just saying, hey, this is what happened last quarter. If we tweak this, it might go up. That is literally what somebody is doing on your behalf. And they're making you feel like they're better qualified to do it than you.
Trent:Well, not to mention my brother in law's in the financial sector, not not a CFP, but one thing that he's brought to my attention is if you have someone managing your money, and like you said, they're kind of on autopilot or auto management, you might own Your portfolio might have five, seven, 10 different mutual funds in it, and you might own Google stock five, seven, 10 different times, all in those same mutual funds, call different names instead of just owning the Google stock, you know?
Joey:Yeah, exactly. Mean, we can beat up on Wall Street as much as you want, Trent. Like, the bottom line is, is, is more about you taking control of your finances, and you determining that I'm not going to buy the retirement idea, I'm going to create value today, that gives me my time back. And if people are okay with their time being what it is, there's nothing to solve, right? If you really want to buy into that, keep doing the Wall Street thing.
Joey:But what I'm calling people out to is, and open your eyes, there is a life is is passing you by very quickly. And if you're not in a position that you're like, stoked up every day, I get to go to work, I get to help people do this one thing or impact them in some way, shape or form, then there's alternatives. And that's what we exist for, right? We're not going to help everybody, nobody can. But we're here to help those that are like, Okay, I'm fed up.
Joey:And something's got to change if something's going to change. And so it's on you to take that step. And now here's a word from our sponsor.
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Trent:Well, and let me ask you, Joey. So if someone is willing and ready to take that step and they say, you know, I'm I'm not gonna keep dumping money into Wall Street, I'm gonna take control of myself. I need to go find some assets and investment vehicles that are going to make sense for me. How would how would someone get even started in that in that road?
Joey:Well, I'll tell you, we have a very clear path that we walk people through, Doesn't have to be our path. Go do this on your own. But we start with building a passive income operating system. What we determine, Trent, is most people, one, they're shocked by what I just shared with you about the money traps. They're like, never thought about those things.
Joey:Right? So we have coaches that walk people through and help them objectively say, is this helping you get closer to financial freedom or further away? And they walk through. And if those money traps are keeping you from what you're trying to get to, you then know how to make the change. We don't tell you what to do, but we offer up, Hey, this may not be the best that lines up with what you're trying to do.
Joey:The second thing we do is we set people up in an investment hub, right? A way that they can then get access to more of their cash, we use a concept called the infinite banking concept. That's what Russ and I got our start with in 2010. 02/2010 is when we both got started. And again, I didn't know how to be an investor at that point.
Joey:But I knew how to implement this and start putting cash, large sums of it into my control. And then once you do that, it changes your mindset. Because if you ever think about it, man, I've got a bunch of cash. It starts asking you, what do you want to do with it? Right?
Joey:Cash doesn't get managed by somebody else. It comes to you and says, Hey, by the way, knock, knock, I need to do something. Need to go go to work. And if you don't know how to tell it what to do, then you're, you're going to figure it out. Right?
Joey:It's like, you're about to have a child and you've already had one, but that first baby, let's just talk about the first one. You get that new baby. And I don't care if you've never read a book on parenting, a blog or videos or whatever, you hold that baby, you're not saying, Man, this whole parenting thing seems really hard. I don't know if I'm really that good at it. I'm just gonna hand this baby over or just have, know, somebody else should probably raise it.
Joey:No, you're not gonna say that. You're gonna say, dude, I don't care what it takes. I'll figure this out. Right? I will go to mentors, and I will get books and I will, you know, my wife and I will work together on like, we're going to make this thing happen.
Joey:Because this is too important. Well, the same is true when you have cash. You're like, I got to figure this out. I'm gonna go and become an investor. And this is the thing I think I mentioned to you ahead of time, is most people start with that question, Trent.
Joey:And they say, well, what what should I invest in? Y'all are wealth without Wall Street. You have a bunch of options of things that you do. So what's the highest ROI? And that's that's literally the question we get all the time.
Trent:And I'm guilty of that too. Trust me. I know a lot of people are we chase ROIs. I just wanted to throw that out there.
Joey:Well, but it's it's the fact that we that's what we've been trained to look for. But the issue is not ROI. It's what is the investment that lines up with who you are and what you're looking for. Okay? And so if it's okay, I'd like to break that down.
Joey:Like these are the things that I think about. And what we walk people through in like the second part of what we do. You have to take some form of an investor profile. Okay? I'm not talking about a risk profile.
Joey:That's what Wall Street tries to tell you. Oh, how big is your risk? And how old are you? And how long do you have? Blah, blah, whatever.
Joey:I'm talking about how has God created Trent to see the world? Right? He's given you a specific personality type For a reason, he's giving you experiences that you have only experienced not everybody else. He's given you certain resources and skills that apply to you only. So why would you invest in the same things that I invest and expect to have the exact same results?
Joey:It's just not going to always be the case. So what we do is we take people through the investor DNA, we call investor DNA profile, And it helps people figure out, am I a driver type? Am I an influencer? Maybe they're a steady and loyal type of investor, or a really conscientious and cautious investor. And then we we take them through it about a sixteen sixteen line matrix of different passive income streams.
Joey:And we say, hey, if you're a driver type, you're going to really like this about this investment type. And you're probably going to hate this, right? The pros and the cons of this particular one. Just to kind of flesh it out for you. I'll give you an example.
Joey:So someone who's a high driver type, okay, they're, let's say type A, they really want to be in control, they want to get their hands dirty a little bit, and they want to make sure that they can influence some of the outcomes of what they're doing. You put that person in a traditional long term rental. And they're like, this is the worst investment ever. Like it's so boring. Right?
Joey:I hate this because I, you know, I can only get $300 a month on this deal, whether I want to or not, right? They can't really be involved, they have a property manager, they everything's kind of done for them, so to speak. And so but then you compare that to somebody who's a really cautious and detail oriented type person, and they get the same long term rental. And they love it. Why?
Joey:Because they could do the due diligence on the front end, they could do the math on what's the you know, what's the return going to look like on this deal. They know that they have a property manager in place, and they can go by checklists and all this. Like they love the steady, reliable, consistent income. Both the same investment, both the same outcomes, but very different experiences from the type of person that you are. And so you start it, we always say like start with investor DNA, and allow that to then build your investor buy box.
Joey:If I build an investor buy box, I do that for two reasons. One, I know what to say no to immediately, because guess what, You start looking at a pitch deck, everything sounds amazing. Like, have you ever seen a pitch deck that you're like, this is garbage, why would you even put this out there? No, everything looks pretty. But if you don't, if you're saying, man, I really want cash flow in the next six months.
Joey:And this deal is a heavy value add, I think we're talking about some of the projects you guys have done. And it's going to take two years to stabilize. I don't care what the end ROI looks like. If it doesn't give me the cash flow in the next six months, it doesn't check the boxes in my investor buy box, I'm out. And I can confidently say no, just as easily as I can confidently say yes to the ones that do fit.
Joey:And I think that there's very few people have done those two steps. And so they just start investing after ROI. And guess what, they get really disappointed. They get really bad results. And they say, I don't know about this whole investing thing.
Joey:But they started on the wrong step. Does that make sense?
Trent:Absolutely. And I think I think a lot of people can get discouraged, especially if, you know, I I know a lot of people aren't breaking it down like you just did, Joey, of the investor DNA and and choosing and being confident with your investments rather than chasing a return. Because at the end of the day, if you're enjoying it and you're happy with what you're doing, you're going to do that a lot longer than if you're getting beat up and not having fun, you're probably not gonna wanna continue to do that. And then you'll eventually quit or take a serious step back and have to start from ground zero again, when if you go with this whole process that Joey just explained, you can probably avoid some of those headaches and those gray hairs that you get when you're trying to do it on your own and figure everything out for your first time by yourself.
Joey:Yeah. And I'll tell you once we unlock some of these things, Trent, we do not pretend to be the smartest guys in the world. I'll just tell you we're two rednecks from Alabama and two rednecks from Alabama can uncover some of these things and go from like, literally report this on our podcast every single month, our passive income in June 2020 was about $2,500. Fast forward eighteen months later, because we figured some of these out. We started unlocking our investor buy box, our investor DNA, putting money into our control, all the things I'm telling you, we now are over 50,000 a month in passive income.
Joey:And again, it's not because we invested in what everybody else said to do, we determine which ones are going to fit us. And we made some mistakes along the way, we're happy to share those too. But those have made the biggest strides in getting us to a point where we can speak from results, not just being thought leaders, we want to be result leaders, helping people get to where they want to be.
Trent:And let me ask you because I think a lot of people, especially as they're as they're trying to take more control, they are influenced by the internet, by the media, and they see people investing in different types of vehicles that they might think are going to be heavy hitting returns, looks fun, all these things. We talked before we even started recording about flipping houses. I have flipped double digit houses in my career. I enjoy it because that's, you know, what I like to do. But I know that it's not passive.
Trent:I know that it's, it's, there's an ability for a good ROI. And I enjoy construction. So that's why I do it not because I know it's passive. So what would, what would you tell someone that would be looking at doing flips as taking control of their money, they're going to go invest in a flip, because that's what they see on HGTV and online and all these things. Is that I mean, I just said it's not passive, but what would you tell someone that that wants to go just start their own business, for example?
Joey:Well, so let's talk about the flipping for a second. And I'm actually going to liken it to something else I see as a major trend in investors, because they're chasing the wrong thing. At the end of the day, if you've identified that my goal is financial freedom, I want passive income to exceed my monthly expenses. Flipping houses is not the answer. You're I mean, that is going to potentially take your capital and grow your capital into a larger amount that then you could then turn into cash flow at some point.
Joey:But, know, if I'm buying a deal today and it's gonna take all this work and then get it marketed and get that money back six to twelve months from now, that's a, that's a lumpy unknown, lots of variables type of scenario. I'm not saying it can't grow your capital, but it's not cash flow. It doesn't produce freedom. It produces a deal that could potentially give you more of your money back, or you could actually lose it. Right.
Joey:That's, that's also part of the equation that I've heard many, many people share The sec, the other thing I would say is the other investment trend is crypto. Oh, man, it's like this. It's like this siren song in the investor world, like, Oh, man, what you know, what coin are you investing in? Like, and they want to share their like, man, I just man, this thing went up 150% in three days. I mean, it's amazing.
Joey:I'm crushing it right now in crypto. But again, does it produce freedom? It doesn't, because it's not cash flow. It's lumpy, chunky, unknown, many variables types of investment. And if that's what you're after, go for it.
Joey:That's fine. But it doesn't produce freedom. And if we're talking about that is what you want, those things are off your list, right? Now, if someone is trying to fund a flip, and they need a private money lender, and they're going to pay you monthly, and they're going to give you an equity upside, hey, that actually plays pretty well into this idea, you know, like, I lend you $100,000 And you're going to give me, you know, 12% on my money paid monthly. Hey, that's actually pretty, pretty solid, you know, but that could actually produce freedom.
Joey:But if it's just man, I hope that this thing comes back in six months, whether it's crypto flipping, whatever those things are, those are the fancy, you know, you get to tell a good brag story at a cocktail party. If that's what you're after, that's not going to produce freedom.
Trent:Yeah. Well, so going, going to the passive income vehicles or streams or assets, whatever you want to call them, what are some of the common investment vehicles that you and Russ and your guys' community have invested in?
Joey:Yeah, good question. So as long as we covered the previous stuff, then I can tell you the actual investments because you know, otherwise people would be like, oh, Joey said to do that. So that's what we should do. One, I think probably our favorite is what we call it's a land investing business that we're the capital partners in, and we have three operating partners. And so seventy-thirty kind of split that we have with them.
Joey:But we buy raw land at 20 to 30¢ on the dollar, we turn around and sell those properties for retail value on terms. And so it's really a lending business disguised as a real estate business. If you think about that, we may buy a piece of property for $2,500, turn around and sell it for 10,000, but do it on terms of a thousand down and, you know, a $100 a month for however many months that is, or $200 a month for fifty months, whatever the number is. And we just create these notes against this raw property with no improvements. And we do that over and over and over again, when that money comes in, we stack it up, we go buy another piece of property, we sell it on terms, keeps going over and over.
Joey:We learned this from the landgeek.com. If you know, Mark Podolsky, you know, he's, he's actually the group that actually helps us manage this. And man, that, that one business produces over like twenty three, dollars twenty four thousand a month for us. And so it's really been fantastic. It has, you know, collateral behind it.
Joey:It has very low loan to value, you know, in terms of what we've acquired it for. And it's just really consistent. And if people stop paying, you don't have to kick them out with, you know, like a normal kind of residential property and go through all the hoops and hurdles. It's literally like a land contract, they quit paying, you take the property back and you sell it to somebody else. There's no, you know, really frustrating foreclosure process or anything like that.
Joey:So I think that's probably our favorite. Some other things that we have done, we've been in some different syndications, multifamily being one of those mobile home parks, oil and gas funds we've done. I'll tell you, one of the interesting ones of late is we've been buying Turo cars. So cars that we can put with an operator in a Turo business, and they rent the cars on our behalf. They clean them, they keep them updated and, you know, make a maintained.
Joey:And we get to keep everything above a certain fixed payment that we pay the operator every single month. And I'll tell you that the first vehicle I did that with was a minivan that we were getting rid of anyway. And I gave it to him and I said, hey, let's just see what happens. And over the course of two years, it produced about $12,000 in net income. And I could have sold it at the time for 15,000.
Joey:But I ended up selling it two years later for 10,000. And made the extra, you know, 12,000 in the meantime. So it was a really great hands off way to, to again, create passive income. And I've since flipped that into now three other cars. And so it's just, this is a unique way that we're doing that.
Trent:Well, the thing about having a like a Turo business or a short term, I guess short term rental isn't very passive unless you have a manager for it. But businesses like that, I mean, term rental, we'll say maybe you're buying single family, small multifamily, and you're running it under businesses. Is there's other benefits aside from just revenue and cash flow potential? You have those tax and entity business or entity benefits that I'm not a CPA and all that, so you can do your own research on it. But I know that I've reaped some of those rewards by having my own entities and LLCs and businesses that it's not just the revenue side that can be helpful, especially if you're coming from a corporate or w two world where, you know, you don't really pay attention to these tax side of things.
Trent:You just pay your taxes, you're they're withheld all these things. But once you get into understanding that the tax code can be used for your benefit, I think that's when a lot of people start kind of diving headfirst into like, man, this is fun. I want to keep going. And I want to increase my, my success and my and my rewards that I've created for myself.
Joey:Yeah, and I think what you just hit on is one of the biggest, the biggest unknowns that I think we see top investors miss is understanding the tax code, and how it benefits them. And so we, we actually started working with a family office in the last year to two years. And during that process, they started helping us put on some tax intensives where we bring some of the top people in our world that are in that boat that are like, man, I'm paying $23 500,000 in taxes every year. And my accountant doesn't have any answers for me. I mean, let's just be real.
Joey:They, they report taxes, they don't actually strategize with you about how to reduce taxes. And so by working with our family office, we've been able to have people I mean, literally, this is not an exaggeration, come in and be able to just tweak a few things about their scenario, and walk out with over 100 to 200,000 in tax savings, out of the gate. Like, oh, man, do you know, you realize your accountant actually made this, this and this mistake on your account or on your tax return? They're like, what? How does these guys are supposed to be the accuracy, you know, gurus.
Joey:I don't know how to double check them. And so they learn how to read their return. And they learn where the gaps and the possibilities. And man, so that's just a, that's probably a three zero one application of what we do at Wealth Without Wall Street, but it's been super beneficial for those that have engaged with it.
Trent:Yeah, and I that's something that we at Uptown and the Win podcast have really dove into the last six months is the tax benefits of different types of assets and ways to become the most efficient when it comes to taxes. And once you go down the rabbit hole, it's really hard to get yourself out because there's so much information. But it's important to know because like Joey said, a lot of the times your accountants are the reporters of your taxes, they're not the helpers with your taxes. They will use the information that they're given to compile it and make it look nice. But they're not necessarily the ones that are gonna be helping you strategize and become more efficient when it comes to taxes.
Trent:So I've learned that the hard way. Unfortunately, I've paid a lot in taxes over the past few years. So now I am trying to be better when it comes to my tax strategies. Joey, do we have anything else that you wanna talk about specifically Wealth Without Wall Street or just this overall plan and strategy and roadmap of someone going from, I'm putting my money into all these different money traps to, I'm able to live now abundantly, instead of praying and hoping that I'll be able to do that in the future.
Joey:Yeah, I think the what's been said is, is challenging enough if you're the right person, like if you're, again, if you're okay with the status quo, you're not really wanting to break out of whatever you're in. None of this really matters. And you probably aren't still listening, just to be honest. But for the person that's like, this is like, you're reading my diary right now. Like you're, you're literally saying, I am, I'm frustrated with where I'm at.
Joey:I don't really know a way out. And I need some objective kind of third party to look at my stuff and say, here's some tweaks along the way that can get you to where you want to go. And here's the training and the the proper information that will help you get there. It's never, we're never a good fit for somebody that wants it done for them. Right?
Joey:I just want to hand you Hey, can you guys just manage this? No, we don't do that. Yeah, right that this is your deal. This is your kid, you raise your kid. I'm not going to raise your kid.
Joey:And so man, how can we partner with you in that? I'll just tell you, we've got some things that we can give away trend if it's okay, for people. They go to wealthwithoutwallstreet.com/win. So wealthwithoutwallstreet.comwin. You got my contact info on there.
Joey:There's some free resources. I want to say there's even a webinar that you can get access to that can go into more detail of what we were just talking about. And yeah, hopefully make the path clearer because man, I know it's not, it's kind of like cobwebs until you see it. And then as you mentioned in the tax code, you can't unsee it after that. Yeah.
Trent:Well, I appreciate you sharing your journey and honestly just so much good information and and honestly challenging information. I I appreciate you challenging the listeners because I know I've needed it in the past. I know you've probably needed it in the past. Everyone can can grow from a good challenge and just taking that internal look at their situation and whether or not they're at where they wanna be or they're working towards where they wanna be. So Joey, I appreciate your time today, and I'm excited for our listeners to hear this.
Joey:And thanks thanks again for the opportunity.
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