If you’ve ever read the book Rich Dad, Poor Dad, you probably know that the author, Robert Kiyosaki gained his wealth in Real Estate Investing (REI). Since the release and rise of popularity of the book, there’s been all kinds of methods revealed to the general public about how to make passive income.
There are two passive income quadrants: Investing (I) and Business (B).
When it comes to passive income, we’re usually thinking of the B quadrant.
For example, most of us are familiar with the thought leader approach. They create content, develop a tribe, and provide services or products to that tribe to help them achieve more. The larger the tribe, the more potential one has of making a good income.
Yet others might be more familiar with drop shipping through eBay or Amazon. Pretty much the same idea, but instead of developing your own tribe, you sell to the customers on those sites. Because of that, you have to share a percentage of what you earn with the company.
A hybrid of both of these is using Facebook ads to get your name out there to Facebook users so that they can convert in your sales funnel.
As for the I quadrant, it tends to stay off limits to most people who are seeking passive income.
Mainly because most people think that to work in that quadrant, we have to have money available to invest.
Truth is, that’s not necessarily the case.
In fact, today’s guest, Chris Prefontaine, has one of the coolest systems I’ve seen to help people develop wealth in the I quadrant.
In this session of the AoL Podcast, Veronica and I learn how it’s indeed possible to build a passive income portfolio without using money from banks or our own pocket.
SPECIFICALLY, YOU’LL FIND OUT MORE ABOUT:
- What did Chris learn from being around his dad’s business growing up? 9:06
- What are some of the benefits in having a family owned business? 10:17
- How does Chris enable those in his business to succeed? 11:30
- What’s his perspective on helping charities with a new business? 12:44
- How was getting started in Real Estate Investing (REI) different than it is today? 15:01
- What are some strategies he recommends for people just entering the market or already have holdings and don’t know what to do next? 20:31
- Is there a way to prep oneself for another recession? 22:37
- What does it means to buy and sell on terms? 23:58
- What’s Chris’ advice when it comes to working with agents as an Real Estate Investor? 30:49
- Is there ever a good time to get into commercial real estate investing? 32:00
- What’s the day to day operation look like when you have to hang onto an investment property for years? 34:03
- Is there a good way in keeping up with all the laws, ordinances, and taxes? 35:32
- What’s Chris looking forward to in the not too distant future? 37:21
- What podcasts have influenced or inspired his own podcast? 38:33
- What’s a book, film, and song he’d add to the national curriculum? 39:45
- Is there something he’s learning about right now that he’s looking forward to implementing? 40:49
- What’s one thing every high school student must know? 41:32
- How can someone be a difference maker in their community? 41:51
ITEMS and PEOPLE MENTIONED IN THIS EPISODE:
- Chris Online: Website, Facebook, Twitter, LinkedIn, YouTube
- Cohost: Veronica Kirin
- Session Sponsor: Smart Real Estate Coach
- Chanakya and the Art of the Getting Rich
- Predictive ROI
- Onward Nation Podcast
- Mitch Stephen
- Shoulders of Titans
- Principles by Ray Dalio
- AC/DC – Thunderstruck
- Get Your Free Smart Real Estate Coach Book here
- Check out the Free Smart Real Estate Coach Webinar here
SHOW NOTE EXTRAS:
What does it take to Crush It in REI?:
How to Communicate with Buyers
Deal Structure Sunday: Part of the SREC Origin Story
SREC Podcast Episode 103 with Mike Makredes
Thanks for Listening!
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