You Can Create Freedom by Investing in Real Estate

Anyone who has heard me speak or read my book, The Lifestyle Investor, or read any other writing knows the one thing that I want everyone to know. When you build your life around a lifestyle of what you get paid, rather than building your pay around the lifestyle you truly want — you are limited in every way.

There are only 24hrs in a day, and few people can’t really live on the earned income model. So you must make other plans for your financial life to live well and help other people in the way you’ll want to throughout your life.

Create Freedom by Investing in Real Estate

You will love hearing the show with Dr. David Phelps. We talk about David’s dental practice for over 20 years on this podcast. While in dental school, David started investing in real estate. They bought their first property and sold it three years later. As a result, David made a $25,000 capital gain share and leveraged it into 31 properties that produced a $15,00 monthly net cash flow.

Think how that strategic move freed David to make all other choices in his life from that point on.

In this podcast, Dr. David Phelps tells about his belief that the “working to live” mindset is completely broken. He says it so well you will want to hear him explain the “whys” and “wherefores.” We also discuss the nest egg approach to investing and how that system is flawed, and how to avoid the trap of earned income in that space too.

Nationally Recognized Speaker on Freedom Creation, Business Building, and Real Estate

If you ever get a chance to hear Dr. David Phelps speak, take advantage of that opportunity. He is a most inspiring teacher who freely gives valuable information on how to build a life of freedom through real estate investing.

David is doing so many great things in the world and fantastic stuff for the dental profession, and he has such an extended arm of influence on this planet. One of my favorite quotes from him is as follows:

“The snowball effect of compounding equity wealth in assets has so much more benefit, and it’s a force multiplier that your active income can never keep pace with.” –Dr. David Phelps

David Phelps talks about curiosity and the difference that makes in life. After the podcast, I often reflected on what David taught me that day. He didn’t come from a place of need or scarcity in his life — but his parents made him earn the extra cash he wanted for his childhood upgrades. Like David wanted Stan Smith shoes and a good gut string tennis racket, not just a nylon string racket, and his parents made him pay for those items. Kid-upgrades — I love it!

It Felt Like Slave Labor Back in the Day

David Phelps tells about when he was a kid. “I was always trying to figure out how to make money because my parents — fortunately — didn’t give money for nothing to us kids. I mean, they gave us a paltry allowance, and that was to do all the massive chores, which was slave labor back in the day, but I appreciate it. I appreciate what we had to do.”

As a kid, I sometimes thought I had to do slave labor, too. “Before you take off with your friends, make sure your room is picked up.” (Yup, slave labor.)

Selling Items as a Kid is a Tough Way to Go

Learning about selling and marketing is always a challenging way, but it teaches a person the ability to think differently. You learn to get past the rejections, and the no’s, and you learn to keep going. You think and work and plan and figure out your numbers game so you can buy what you believe you need as a kid.

David always wanted to know how money worked. He saw his dad making a lot of money, but his dad was making a wonderful life for the family, yet as a surgeon, he was mostly absent. David wanted to be present in his own life and that of his family.

We’re Not Your Bank

When I was young, my mom said, “We’re not your bank. If you want money, you need to go get a job,” so I did. I loved having so much freedom with the money I made and the autonomy that having the job provided. So I started selling newspaper subscriptions door-to-door. You know, my buddies had paper routes, but I wanted to be able to make more than that, and I wanted to be responsible for my income based on sales.

But even as a kid, I knew that there had to be a better way, and I wanted to find it — even though it took me a long time to find it. Things didn’t happen by accident — I worked at it, and eventually, I had an epiphany — It was wow! What am I doing spending so much time earning money when I can do this differently?

You Need to Elevate Your Skills

This is a true statement no matter what space you are currently in or where you pick it up. David Phelps realized, just out of dental school, that he had to advance his skills in clinical skills, and at the same time, he kept upping his skills in financial and real estate knowledge. He always asked, “How can I multiply that?” With all David learned, he knew he had to have appropriately used leverage and use leverage as the critical multiplier of assets

Use Mentors

You will always hear me speak about mentors — I can’t emphasize that enough — and David brought up the same thing in the podcast, so I wanted to mention it here again. Find mentors — those who are willing to teach you what they know. It wasn’t like it is now, and David Phelps couldn’t easily find mentors back in the day. But, he didn’t let that stop him; he read books, books, and more books.

There were no online forums and no Internet back then — so David would look in the back of the books and find newsletters. Then, in the newsletters, he would discover seminars and attend those to find out what people were doing. But, he says at first it was hard to find the right people who weren’t just trying to sell you something.

Conclusion

From the podcast, you’ll learn about the numbers game — how to find the right seller with the right motivation, build trust, and document the deal, so it’s secured correctly. You’ll also learn to get sellers to carry back the financing and make those “crazy term deals.”

I want everyone to understand that what David has done, what I have done, you can also do, and it’s just about playing the numbers game, getting out there, and you can use this strategy and do this process at any age.

Image Credit: Sebastian Voortman; Pexels; Thank you!

Related Posts

You Can Make a Culture Out of Achieving Your Dreams

You can make a goal for yourself and your organization to make a culture...

Your Residential Real Estate Can Provide Passive Income

Last September, I met with Marco Santarelli for a podcast interview about creating passive...

You Can Create Freedom by Investing in Real Estate

Anyone who has heard me speak or read my book, The Lifestyle Investor, or...