Podcast #102 – Starting from nothing + Losing an Apartment + Transitioning from Active to Passive Income with Pat Hiban

YouTube Link: https://youtu.be/dSNwXUhxpLE

 

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Pardon the grammar – I’m an Engeneer, Enginere, Engenere… I’m good with math! Here are the Show Notes:

$480k horizontal income
Podcast is not simple passive cashflow
Used commissions to invest into real estate
Started out trading tome for money, working 40 hours a week, and was left with a $100 every week
Sold timeshare presentations
Danny got 3-4 of these a day and was the leader at the time and Pat beat him
Went to college and went to real estate sales where he is making commissions
Discovered horizontal lines – bought SFHs and moved to apartments and other buildings/businesses
Lost 2/3 of initial investment
LTI – After you pay your bills – currently $200K a year
Moving around current investments
18% lawyer loan, some private equity notes, apartment building syndication
Crossed over at age 46 to financial freedom number
Works 3 days a week (Tuesday-Thursday)
Chose to not work as much in 40s
Look where the poor creative lives because that is where the transitioning area is
Robert Kiyosaki says don’t buy where there are crane
Alchemist talks about the beginner’s luck – Pat started investing in non-real estate investments in 2008 – 50-100K here and there and 50% of them failed
Rip and duplicate things that are working
Real estate rockstar podcast!

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