Ep 87 – Achieving Financing Independence by Working with Others
On this Independence Day, let’s talk about how you’re going to achieve your own financial independence. Real estate is a proven way for you to get there, but it’s not something you can do all on your own. Trying to be a one person show is a great way to burn yourself out and end up making bad decisions or letting yourself slide on some goals.
Adam Schroeder takes today to discuss how you can rely on others to help you achieve the independence we all desire.
Hey, Rent To Retires, it’s Adam Schroeder here with another episode. Happy Fourth of July to everyone out there! We are putting this out on Independence Day rather than on Sunday. Because I felt it’s important, you know, the whole independence of our country. Independence of us as people, leads to the whole idea of financial independence, which is what everybody is striving for the ability to work when you want, not because you have to work. So, the way that pretty much everybody here has chosen to do it, is with real estate investing, because we have seen time and time again, that real estate is the way to make wealth in this country and pretty much around the world. You don’t want to trust in the stock market to stay good for you. You don’t want to trust in hiding your money under your mattress, or, you know, just hoping that something goes REITs that you can strike it rich, in the end, you definitely don’t want to be relying on the hope that pensions will still be around. Because who knows what’s going to happen there, you don’t have enough control over it.
So, we look to ourselves. And we look to see what we can do and how we can you know, solve our problems ourselves. And that leads to the need, I’ve done YouTube videos on it before the need to have a team to put in place, you need to have the people lined up for you, so that you can reach success. And if you’re not reaching success, you need to have people that you can talk to about that. You need to have people who know what you’re trying to do, and are there to help you reach that goal. Look, most likely, this person is not going to be your next-door neighbor, your best friend, they need to be somebody who is striving to do similar things to you. If you’re wanting to do real estate, and your friend is a stockbroker, or a teacher who just believes in putting money in their pension, or a government worker who was relying on that 401k or something like that.
If they’re not focusing on the same thing as you, they probably aren’t the best choice for helping you achieve what you’re trying to achieve. They’re not they’re going to say, you know, oh, Adam, so what? So, you didn’t buy your three properties this year? You know, you can make it back up next year. You know, you can do this, you can do that next year? Well, no, you need somebody who’s going to sit down with you and say, “Hey”, you said you were going to buy three properties this year, you bought one? Why didn’t you buy two more? Was it because your finances changed? Was it because you got scared? Was it because of this? Was it because of that?
Tell me a reason. Give me a good reason. And justify it. Because if you can justify it, if it’s actually real, you know, let’s say you lost your job or, you know, something came up where you had to put a whole lot of money into, you know, your home because something horrible happened, maybe you’re flooding inside your home that wasn’t covered by home insurance, I don’t know, something like that. If something came up, that was realistically impacting you, then, okay, but you need to have somebody you can go to who will hold your feet to the fire, who will make you accountable. Because I’ve said it, and Zach has said it on this podcast before. Real estate is not a solo one-person game. This is something that you need a whole team around you, helping you get where you want to go.
And that’s why we’re here. I mean, realistically, we’re here to hold your feet to the fire. If you tell us you want to do something. Our goal is to help you do that something. Our goal isn’t to say, you know, Oh, it’s okay. pat you on the back and say, “you know you’ll; you’ll get them next time champ.” No, what we’re here for is you didn’t get it this time. Why not? How are we going to make sure this doesn’t happen again? Because if you sit around, and this year, you don’t do anything about how you missed. If you miss it in this coming year, are you going to do anything and on and on and on until suddenly you have achieved none of the goals this year, and that’s impacting your life down the road? You can’t just look at this year and say, “Oh”, I’m just going to write it off. You know, it’s fine. It didn’t happen. You know, forget about it. No, remember it. Remember it didn’t happen. Because if it wasn’t for a good reason, you have now delayed the rest of your life. You are hurting not just yourself today but yourself 510 15 years from now because your person your future yourself is relying on your current self, to achieve the goals you want to achieve. And your current self shouldn’t be letting your future self-down. And that’s why you have, you know, collaborators.
That’s why you have mentors. That’s why you have somebody you can trust, someone who preferably isn’t too close to you. So, they can give you the harsh truth to say, “Why is this happening? Why is this not happening?” If you bought five properties, and your goal was three? Great, let’s talk about it. How did you achieve the extra two properties? And is that repeatable? Maybe it’s just because you got to, you know, $100,000 bonus at work, and you bought two properties with it, but probably isn’t happening again. Okay, fair enough. Well, let’s not change your goal for next year, then, because of the surprise expense, or surprise influx this year. Let’s look and see what’s reasonable for the next year, let’s make our goals, let’s stick to them. Because the way that you’re going to get independence is by working with other people is a little backwards, I know. But you can’t get there alone, you have to have people with you. If you think this is a world, where you’re just going to come in, find deals, get them move on, and everything’s going to work smoothly, I’ve got bad news for you, you’re wrong. You’re very, very wrong. This is a world where people work together, work towards a common goal and achieve it, you can see it, you can see people out there achieving their goals, making it happen, achieving the life that they want, achieving the financial independence, you know, the whole fire movement, financial independence, retire early. Well, you don’t achieve financial independence, and you don’t retire early.
If you don’t have a roadmap. You know, if you haven’t looked at a map, if you haven’t plotted out where you’re going, you won’t get there. You know, if Google isn’t in the car with you, if Apple Maps in the car with you, if you haven’t MapQuest it, if you’re old enough, if you haven’t gotten a paper map, if you’re older, if you haven’t done that, if you think you’re just going to get on the road and drive and get where you want to go. It might work out every once in a while. But in reality, you need a plan, you need a group of people, and you got to strive to achieve that goal. So, on today, Independence Day of our country, start planning the Independence Day for yourself. It doesn’t have to be a specific target date. You don’t have to say in 2027, I’m going to be financially free. You can if you want, that’s great. But what you need to say is 2022, what am I going to do 2023? What am I going to do 2024? What am I going to do? And where am I getting? Am I going to end up with 10 properties with 20 3040? You know, am I going to end up with five multifamily complexes?
You know, how am I going to get there. So that is one of the big things that we do at rent to retirement that is why I am called an investment strategist, the strategy part is getting in touch with you and figuring out with you what strategy you need to have to achieve your goals. And then we need to look at the market conditions. And see if we need to adjust your strategy on the fly. If your goal three years ago was to buy a whole lot of $100,000 homes and build up your portfolio. Well, I got news for you those $100,000 homes are now 130 140,000 After the two, three years of appreciation we’ve seen. So, you need to ask yourself, is the $100,000 home still something you’re wanting to do? Because those homes used to be 65 70,000? Are those the types of homes you want to buy? or now do you need to adjust and buy the 130 $140,000 homes? You need to look, and see? Does my current situation with the current cash flow? Does it make more sense to buy a more expensive home and get more of the tax write offs? And maybe a slightly lower cash flow?
Your strategy has to change as market fundamentals change. We’ve discussed that multiple times before and your strategy can change. It might be you know what my first five properties are just going to be high cash flow properties because I want the cash flow. Okay, fine. Let’s do it that way. But then let’s look at the end of five. Let’s look at 6789 10 and see Should we keep going this route? Do we need to start planning for other types of properties? You know, is there a better mark? Get to get into let’s look at the equity in these first five, can we utilize it anyway? Help yourself, achieve the independence you want, by relying on others by relying on your property relying on your tenants relying on your property manager. These are the things we have to do.
If we want to actually achieve the goal that we’re setting forth for ourselves. Take advantage of it. Talk with me a talk with one of the other investment strategists here is free. And we will help you plan out your way we want to hear about your journey because we are here to help you achieve the goals you want to achieve. It’s all free. Obviously, we’re hoping you buy a property through us. But that is not the only reason you have to talk to us. We are here to help you get where you want to go. And the only way you can do that is by working with others to achieve your independence. So Happy Fourth of July everybody, head on over to rent to retirement.com CR inventory schedule a call to talk to us about your real estate journey. We look forward to helping you we have thoroughly enjoyed talking with everybody out there who’s come to us so far. Really appreciate the trust you’re putting on us. Head on over your podcast platform and leave a review we would greatly appreciate it helps a lot. And if you have any questions, you can email us podcast at rent to retirement.com That’s podcast at rent to retirement.com and we’ll talk to you on the next episode.