Late night infomercials make it seem like real estate passive income could be a little shady, but when it’s done right, alongside people of integrity, it’s anything but. On this episode of the Cashflow Hacking Podcast, Casey speaks with Ross Stryker, a man who spent many years as an Orthodontist only to discover that he wasn’t satisfied with the lifestyle it afforded him.
As he began looking into ways to create passive income through real estate investing, he discovered that his stable income all those years enabled him to get started with greater momentum. This is a great story of how one man took steps to educate himself, work with great people, and put himself in a position where he’s now helping others.
Video Version of the Podcast
Outline of This Episode
- [0:56] How Ross stepped out of orthodontics into a passive income lifestyle
- [5:40] Why creating passive income requires that you work with a team of people
- [8:48] Varying time frames for replacing your current income with real estate
- [12:05] The power of having a good credit history by having a W2 income
- [14:22] Why is investing in yourself important?
- [19:53] How Ross is working to help others achieve what he has
- [23:36] Learning the basics from Ross’ blog and webinars (nothing for sale)
Resources & People Mentioned
- Freedom Founders
- The e-Myth by Michael Gerber
- The Cashflow Quadrant by Robert Kiyosaki
- Rich Dad, Poor Dad by Robert Kiyosaki
Connect with Ross Stryker
- Ross’ website: https://www.SmartAssetOpportunities.com
- Ross on LinkedIn: https://www.linkedin.com/in/ross-stryker-1563a5159/
- Get a copy of Ross’ book by mentioning the Cashflow Hacking Podcast via the blog
Create real estate passive income by working with a great team
No matter what you do to expand your streams of income, you want to ensure you’re working with people you know, like, and trust. And if you don’t feel like you have people like that in your life, you need to go looking for them. Find the experts in the areas you want to learn about.
That’s what Ross did, connecting with a group that taught Dentists how to expand their income beyond their practices. From there, Ross learned rapidly and began applying what he learned. His point is clear: don’t try to go it alone. Find that team of people you trust, learn all you can, and take action.
Your current job is a great asset when it comes to getting started in real estate
Many times individuals who investigate real estate investing are motivated to get out of their present employment because they don’t enjoy it. There’s nothing wrong with that motivation, but be careful. If you’re feeling that way yourself, you don’t want to abandon your current job too soon. The income that a normal 9 to 5, 40 hour per week job provides is a strong basis for your credit history, which in turn is something lenders care about a great deal when it comes to giving you loans to purchase real estate.
In this conversation, Ross explains how the wise stewardship of the money he was already making set him up for success in real estate – much faster than he anticipated. It required him to reallocate certain investments, make new investment goals, and shift things around in his portfolio, but he was able to do it.
You may find yourself in a similar place. What could you do with your existing IRA, 401K, and other retirement vehicles that are gaining minimal interest? Ross explains powerful ways you can put that money to better use in real estate, on this episode.
Investing in yourself is the best way to move toward passive income
The main thing that holds people back from getting started in real estate investing is that they don’t know where to begin. There’s much to learn. But the good news is that most people who are reading this are smart enough to learn what they need to learn. You have to believe in your own potential and be willing to invest in yourself.
When you do, you’ll find that you’re gaining the most important asset – an education. During this conversation, Ross explains how he put himself under the tutelage of trustworthy people who had the knowledge and experience he was lacking in real estate. As he learned, his ability to understand terminology and do the work of real estate investing grew. You can do the same thing. Don’t miss this episode.
Connect With Casey
- Website: https://caseystubbs.com
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