Life Lessons on Prosperity with The Wealthy Gardener author John Soforic

 

Life Lessons on Prosperity with The Wealthy Gardener author John Soforic

 

Guest: Dr. John Soforic was a once chiropractor with 200k in student debt. He retired at 49 with a retirement income of $240,000. He then wrote a book for his son in college: The Wealthy Gardener: Lessons on Prosperity between Father and Son. The book became an Amazon bestseller, hit #46 worldwide on audible, and has been translated into 6 languages.

 

Big Idea: Generational Wealth is not just money, equity, or numbers on the balance sheet.   One very critical component of wealth his the knowledge on how to steward that wealth, a critical piece missing from so many estate plans.  John viewed this challenge in his own life as he sought to inspire his 19 year old son to absorb and learn the wisdom he’d discovered over the decade of building his own wealth.  And so The Wealthy Gardener was born.

I listened on audible myself and then found myself immediately recommending the book to a few friends of mine who are early in their real estate investing career.  I’d describe this book as the “Rich Dad, Poor Dad” for the new generation, but with a greater focus on real estate and the mindsets needed to create a wealthy life.  John and I discuss real estate, my juvenile delinquent past, our shared experience of having a child attend Temple University, and of course his book, The Wealthy Gardener.  Please enjoy this conversation with John Soforic.

 

    

Dan Breslin: Welcome to the R.E.I Diamond Show. I’m your host, Dan Breslin. And this is Episode 200 with Life Lessons on Prosperity with The Wealthy Gardener author John Soforic.

If you are into building wealth through real estate investing, you are in the right place. My goal is to identify high-caliber real estate investors and other industry service providers. I’d invite them on the show and then draw out the jewels of wisdom, those tactics and mindsets, and methods used to create millions of dollars or more in the business of real estate.

Dr. John Soforic was once a chiropractor with more than $200,000 in student debt. He retired at age 49, with a retirement income of $240,000 per year. He then wrote a book for his son in college, The Wealthy Gardener: Lessons on Prosperity Between Father and Son. The book went on to become an Amazon bestseller. Hit number 46 worldwide on Audible and has been translated into six languages.

Generational wealth is not just money. It’s not just equity or numbers on a balance sheet. One very critical component of wealth is the knowledge on how to steward that wealth, a critical piece missing from so many estate plans. John viewed this challenge in his own life as he sought to inspire his 19-year-old son to absorb and learn the wisdom he discovered over the decade or more building his own wealth. And so, The Wealthy Gardener was born.

I listened on Audible myself and then found myself immediately recommending the book to a few friends of mine who are early in their real estate investing career. I describe this book as the Rich Dad Poor Dad for the new generation, but with a greater focus on real estate and the mindsets needed to actually create that wealthy life.

John and I discussed real estate, my juvenile delinquent past, our shared experience of having a child attend Temple University and, of course, his book, The Wealthy Gardener. Please enjoy this conversation with John Soforic.

 

Episode Sponsored by the Deal Machine:

Driving for Dollars Software to Build a Team of Drivers, Manage Routes, & Even Automate Marketing.  Free Access at  http://REIDealMachine.com/

 

Resources mentioned in this episode:

https://WealthyGardener.com/

 

John & I Discuss Life Lessons on Prosperity:

  • How to Pass on Generational Wealth

  • Overcoming Challenges in Life

  • Building a $20K Per Month Portfolio

  • The Wealthy Gardener


    

Relevant Episodes: (There are 200 Content Packed Interviews in Total)

 

The transcript of this episode can be found here.
Transcripts of all episodes can be found here.

The iCandy Realty Fix & List Model with Steve Budzik

 

The iCandy Realty Fix & List Model with Steve Budzik

 

Guest: Steve Budzik is the managing broker & founder of iCandy Realty, a Boutique Real Estate Brokerage in Mokena, IL serving the greater Chicago Real Estate Market.  Steve is also an accomplished high volume fix & flip investor.  Long time listeners will remember Steve’s past REI Diamonds episode where we discussed high dollar house flipping.

 

Big Idea: Steve developed the fix & list program to help his brokerage sell houses faster & at a higher price.  The experience and contacts he developed flipping houses has dovetailed neatly into this new program.  Steve has built both his brokerage & real estate investing business with a priority on high level service to the market place over high volume advertising.  Our conversation begins with Steve’s evolution to the fix & list business model, his views on how to mitigate risk both as an investor and as a real estate agent, as well as a few reasons he believes every real estate agent should offer a program like this.  Let’s begin:

 

    

Dan Breslin: Welcome to the REI Diamond Show. I’m your host Dan Breslin and this is episode 199 on the iCandy Realty fix and flip model with Steve Budzik. If you’re into building wealth through real estate investing, you are in the right place. My goal is to identify high-caliber real estate investors and other industry service providers, inviting them on the show, and then draw out the jewels of wisdom. Those tactics, mindsets, and methods, used to create millions of dollars more in the business of real estate.

Steve Budzik is the managing broker and founder of iCandy Realty. A boutique real estate brokerage in Mokena, Illinois, serving the greater Chicago real estate market. Steve is also an accomplished high-volume fix and flip investor. Long-time listeners will remember Steve’s past REI Diamonds episode where we discussed his high-dollar house flipping strategy. Since then, Steve has developed the fix and list program to help his brokerage sell houses faster and at a higher price. The experience and contacts he developed flipping houses along the way have dovetailed neatly into this new program. Steve has built both his brokerage and real estate investing business with a priority on high-level service to the marketplace over high-volume advertising. Our conversation begins with Steve’s evolution into the fix and flip business model, his views on how to mitigate risk both as an investor and as a real estate agent, as well as a few reasons he believes every real estate agent should offer a program like this. Let’s begin. All right, cool. Welcome back, Steve. How are you doing today?

Steve Budzik: Good, good. Thanks for having me on the show, Dan.

Dan: Yeah. Absolutely. I guess it’s been maybe what? 2017 or something like that? Maybe in 2016? One of the early guests of the REI Diamond Show is returning.

Steve: Yeah. Absolutely, man. I love it. I love it.

 

Episode Sponsored by the Deal Machine:

Driving for Dollars Software to Build a Team of Drivers, Manage Routes, & Even Automate Marketing.  Free Access at  http://REIDealMachine.com/

 

Resources mentioned in this episode:

http://www.SteveBudzik.com

http://www.iCandyRealty.com

 

Steve & I Discuss the Fix & List Real Estate Brokerage Model:

  • Generating Faster Sales & Higher Prices (& Higher Commission!)

  • How to Generate 80% of Business from REFERRALS

  • Landlords Using the Fix & List Program

  • Listing a Property Per Week with NO Ad Spend


    

Relevant Episodes: (There are 199 Content Packed Interviews in Total)

 

The transcript of this episode can be found here.
Transcripts of all episodes can be found here.

Flipping Houses in Florida with Viktor Jiracek

 

Flipping Houses in Florida with Viktor Jiracek

 

Guest: Viktor is a full time real estate investor focused on flipping houses in Florida.  He also coaches new investors on how to find off market deals then fund, fix & flip those deals.

 

Big Idea: If you’re just getting started in real estate investing, constructing a plan to earn $100K per year flipping houses is a good place to start.  This was my own plan back in 2006 when I just got started.  It turned out pretty well so far.

Viktor & I discuss how to find & fund that first flip.  We also talk about finding and managing contractors, avoiding costly mistakes, and of course everyone’s favorite type of deal.

 

    

Dan Breslin: Welcome to the REI Diamond Show. I’m your host Dan Breslin, and this is episode 198. On flipping houses in Florida with Viktor Jiracek. If you’re in the building wealth through real estate investing, you are in the right place. My goal is to identify high-caliber real estate investors and other industry service providers, invite them on the show, and then draw out the jewels of wisdom. Those tactics, mindsets, and methods used to create millions of dollars and more in the business of real estate.

So Viktor is a full-time real estate investor focused on flipping houses in Florida. He also coaches new investors on how to find off-market deals, then fun, fix, and flip those deals. So if you’re just getting started in real estate investing, constructing a plan to earn $100,000 per year flipping houses, is a pretty good place to start. That was my own plan back in 2006 when I got started and it’s turned out pretty well so far. Viktor and I discussed that plan as well as how to find and fun that first flip. We also talked about finding, managing contractors, avoiding costly mistakes. Of course, everyone’s favorite type of deal. Shall we begin?

All right. Welcome to the REI Diamond Show, Viktor. How are you doing today?

Viktor Jiracek: I’m good. Thanks for having me.

Dan: Cool. I think we’d start with a location drop a pin in your market and kind of talk about where you’re doing business first and then, maybe as part of that, you could talk about, how you got in real estate and what your business looks like today?

Viktor: Sure. I live in Gainesville, Florida. I flipped in the surrounding area so mostly Alachua County but a little bit like if it’s a good deal we’ll go a little bit farther but I like to keep it private within an hour driving distance is how I typically look at it. Yeah, so I primarily do fix and flip. So by it, fix it up, sell it, is how I typically do it. I got started full-time out two and a half years ago. I was working full-time, that wasn’t working out. Just wanna make a shift in real state, I’m happy, and I don’t wanna look back. I’m happy about this. This is it. This is the goal.

 

Episode Sponsored by the Deal Machine:

Driving for Dollars Software to Build a Team of Drivers, Manage Routes, & Even Automate Marketing.  Free Access at  http://REIDealMachine.com/

 

Resources mentioned in this episode:

www.SellYourGainesvilleHomeToday.com

 

Viktor & I Discuss Flipping Houses in Florida:

  • How to Find the Best Deals

  • Funding your 1st Deal

  • Impact of Design on Resale

  • Building a Funnel of Contractors


    

Relevant Episodes: (There are 198 Content Packed Interviews in Total)

 

The transcript of this episode can be found here.
Transcripts of all episodes can be found here.

How to Invest in a Franchise Business with Jon Ostenson

 

How to Invest in a Franchise Business with Jon Ostenson

 

Guest: Jon is a consultant, investor, author, and international speaker specializing in the area of non-food franchising. Having served as the President of an Inc. 500 franchise system and now as a multi-brand franchisee, himself, Jon is uniquely positioned to educate others on franchising and franchise selection. In addition to serving as the CEO of FranBridge Consulting, Jon oversees FranBridge Capital where he and his partners own multiple service franchises.

 

Big Idea: Real Estate investors rely on the next deal in order to remain profitable.  With the tightening of the real estate market over the past 2 years and deals becoming harder to find, some investors are turning to franchise business ownership.  Jon & I discuss opportunity for consistent cash flow by investing in non-food franchise businesses.

 

 

    

Dan Breslin: Welcome to The REI Diamond Show. I’m your host, Dan Breslin. And this is Episode 197 on how to invest in a franchise business with Jon Ostenson. If you’re into building wealth through real estate investing, you are in the right place. My goal is to identify high-caliber real estate investors and other industry service providers, invite them on the show, and then draw all out Jewels of Wisdom, those tactics mindsets, and methods used to create millions of dollars or more in the business of the real estate.

So today’s guest, Jon, is a consultant, investor, author, and international speaker specializing in the area of non-food franchising. Having served as the President of an Inc. 500 franchise system, and now as a multi-brand franchisee himself, Jon is uniquely positioned to educate others on franchising and franchise selection. In addition to serving as the CEO of FranBridge Consulting Jon oversees Franbridge Capital where he and his partners actually own and operate multiple service franchises.

So today’s episode is a little bit of a different avenue than we normally go. But it ties in because real estate investors like me and you, rely on the next deal in order to remain profitable. I’m always hunting for the next deal. I’m sure you know the feeling. And with the tightening of the real estate market over the past two years and deals becoming harder to find, some real estate investors are turning to franchise business ownership. Jon and I discussed an opportunity to get consistent cash flow by investing in these non-food franchise businesses.

We also discussed Jon’s building of a portfolio of franchise businesses. The reasons why exiting, meaning, selling a franchise business is often more profitable and much easier than exiting a business that you’ve constructed yourself and why you should run from food franchise business models. Normally, what most people think of when you hear the word franchise. Please enjoy this conversation with Jon Ostenson.

 

Episode Sponsored by the Deal Machine:

Driving for Dollars Software to Build a Team of Drivers, Manage Routes, & Even Automate Marketing.  Free Access at  http://REIDealMachine.com/

 

Resources mentioned in this episode:

www.FranBridgeConsulting.com

 

Jon & I Discuss How to Invest in a Franchise Business:

  • Building a Portfolio of Franchise Businesses

  • Franchise Business Exit-there are a Pool of Qualified Buyers

  • Opportunities that Require Just 10-15 Hrs to Run

  • Why to RUN from Food Franchise Businesses


    

Relevant Episodes: (There are 197 Content Packed Interviews in Total)

 

The transcript of this episode can be found here.
Transcripts of all episodes can be found here.

Passive Investing in Apartment Syndications with Camilla Jeffs

 

Episode: Passive Investing in Apartment Syndications with Camilla Jeffs

 

Guest: Camilla Jeffs is the founder of Steady Stream Investments a company focused on providing investment opportunities in large multi family and senior housing communities.

 

Big Idea:  When investing in syndications, choosing the right Operator is as important, if not more than selecting the right market.  While you’re technically investing in an apartment deal, you’re really investing in the people running the deal.  By this line of reasoning, your ability to select profitable investments hinges on your ability to select people with whom you’ll invest.

 

 

    

Dan Breslin: Welcome to the REI Diamonds Show. I’m your host, Dan Breslin. This is episode one hundred and ninety-five on Passive Investing in Apartment Syndications with Camilla Jeffs.

Camilla Jeffs is the founder of Steady Stream Investments, a company focused on providing investment opportunities in large multifamily and senior housing communities.

When you’re investing in syndications, choosing the right operator is as important, if not even more important, than selecting the right market or asset. While you’re technically investing into an apartment deal, you’re really investing in the people who are running the deal. It’s probably obvious. But by this line of reasoning, your ability to select profitable investments hinges on your ability to select the right people with whom you will invest.

Camilla brings her background, her experience in the corporate HR world, her ability to select professional talent to the apartment syndication investing business. She also acts as a general partner on her deals. We double click on her investment team, selection process, favorite asset classes, and markets to invest and more during this episode.

Let’s begin.

All right. Welcome to the REI Diamonds Show, Camilla. How are you doing today?

Camilla Jeffs: I’m doing great, Daniel. Thank you so much for having me on.

Dan: Yes. Absolutely. I know a little bit about you. But for anybody who may not recognize the name, could you kind of go through – we’ll call it – the origination story?

What did you do before real estate? How did you find real estate? How did real estate investing evolve into Steady Stream Investments in your business model today?

Camilla: Yes. Perfect. I started real estate investing when I was quite young. I got my first property at the age of twenty-two. It was a house hack that we did.

We didn’t know about it. It wasn’t a cool term back then, house hacking. We just figured out we want to own our own place, but we didn’t have enough money to own our own place, basically.

So we bought a home that had a basement apartment in it. We rented it out. It worked out perfect. We only paid about one hundred dollars a month in rent to live there. It even had a pool in the backyard. It was so cool.

 

Episode Sponsored by the Deal Machine:

Driving for Dollars Software to Build a Team of Drivers, Manage Routes, & Even Automate Marketing.  Free Access at  http://REIDealMachine.com/

 

Resources mentioned in this episode:

www.SteadyStreamInvestments.com

 

Camilla & I Discuss Passive Investing:

  • Investing in 100 Unit+ Apartment Deals

  • Market with the Most Promise

  • Identifying the Biggest Risk in a Syndication Deal

  • Understanding Whether You should consider Syndication Investing


    

Relevant Episodes: (There are 195 Content Packed Interviews in Total)

 

The transcript of this episode can be found here.
Transcripts of all episodes can be found here.

Getting High Return on Investment through Co-Living Rentals with Johnny Wolff

 

Episode: Getting High Return on Investment through Co-Living Rentals with Johnny Wolff

 

Guest: Johnny Wolff is the CEO & Founder of tech Company, HomeRoom.  HomeRoom is one of the fastest growing co-living companies in the U.S.  Johnny founded HomeRoom after a career as an analyst in Silicon Valley and then relocating to Austin, TX.

 

Big Idea:  Investors can obtain outsize returns by investing in co-living housing.  Co-living is a trend where many young people prefer living with roommates for social & economic reasons.  This trend exists throughout the U.S. and a new industry is arising to provide a professionally managed experienced to both residents & landlords.

 

 

    

Dan Breslin: Welcome to the REI Diamonds Show. I’m your host, Dan Breslin, and this is Episode 194 on getting high return on investment through co-living with Johnny Wolff.

Johnny Wolff is the CEO and founder of the tech company, HomeRoom. HomeRoom is one of the fastest-growing co-living companies in the US. Johnny founded HomeRoom after a career as an analyst in Silicon Valley and then relocating to Austin, Texas, where, in both markets, he actually lived in co-living situations.

Today’s discussion centers around how investors can obtain outsized returns by investing in co-living housing. Co-living is a trend where many young people prefer living with roommates for both social and economic reasons. This trend exists throughout the US, and a new industry is arising to provide a professionally managed experience to both the residents and the landlords. Shall we begin?

All right. Welcome to the REI Diamonds Show, Johnny Wolff. How are you doing today?

Johnny Wolff: Good, Daniel. Super happy to be here and thanks for having me.

Dan: Nice. It’s an interesting business model. So when the booking agents connected us and floated you as a potential guest, I noticed this like, renting rooms kind of a thing, and it probably would be helpful to hear the origination story. Maybe what was the background, some of your experience, even pre-real estate investing? Certainly, a business model now. And then cap it off with kind of the business model as it stands today.

Johnny: Sure. For the last few decades, I’ve lived with about fifty different roommates. I think it’s kind of ongoing growth. I still live in roommate houses. But it really started after college. I lived in Silicon Valley. I worked in finance for technology companies and startups in the bank. And when you’re in Silicon Valley, you rent rooms. You don’t buy houses because they’re all million dollars.

And so we kind of developed different ways of finding new roommates on Craigslist and betting them, and then having really cool dinner parties. And honestly, our roommate house is like the hub. Some people lived alone, but they were boring. And people that lived in roommate houses, they’re the fun ones, and they had the cool stuff going on.

So I move to Austin, Texas in 2015 to invest in real estate more actively. I have been investing in single-family homes in Texas since 2008, which was about a year after I got out of college remotely and wanted to do that up close. And so I moved to Austin, bought a number of properties there in 2015, and turn them all into roommate houses.

And it was difficult to cash flow. It’s impossible to cash flow in Austin or very difficult. We can do it with home remodel, but it was pretty hard back then, too, with a standard rental and good area. So by renting by the room, I was able to get a lot more rent, and that enabled me to buy more aggressively while I was down there.

I moved to Kansas City in 2018 to kind of do it again with a different type of property. I kind of think of Austin as a really awesome appreciation potential market, but Kansas City is really stable as it gets cash flow. So I wanted to balance my portfolio.

And then when I moved here, I had a lot more trouble finding roommates than I had in Austin and San Francisco and thought maybe it’s about time that someone figures out this whole find-a-roommate situation where it’s not through Craigslist or Facebook Marketplace, and it’s not sketchy and weird and uncomfortable.

So that’s why I started HomeRoom in 2018, and we’ve, since then, housed over four hundred roommates in Kansas City, Austin, and Dallas. And yeah, we’re pretty happy campers on the tenant side. Now, we’re partnering with investors to buy these properties in these cities and happy investors as well.

Episode Sponsored by the Deal Machine:

Driving for Dollars Software to Build a Team of Drivers, Manage Routes, & Even Automate Marketing.  Free Access at  http://REIDealMachine.com/

 

Resources mentioned in this episode:

https://LiveHomeRoom.com/

 

Johnny & I Discuss Getting High Return on Investment with Co-Living Rentals:

  • How to Get 20% more free cash flow than conventional rentals

  • Tech Stack Developed to Run HomeRoom

  • Risks involved in owning Co-Living Rental Property

  • Scaling to more than 325 Rooms in Several States


    

Relevant Episodes: (There are 194 Content Packed Interviews in Total)

 

The transcript of this episode can be found here.
Transcripts of all episodes can be found here.

How to Rehab a House the RIGHT Way with Van Sturgeon

 

Episode: How to Rehab a House the RIGHT Way with Van Sturgeon

 

Guest: Van Sturgeon owns more than 1,000 rental properties throughout the U.S. & Canada.  He’s rehabbed even more-picking up countless methods along the way.

 

Big Idea: Rehabbing houses is a breeze for highly successful real estate investors.  Buying property cheap, due to condition, then renovating them to force value is one of the most powerful methods of real estate investing for compounding wealth.  BRRR, or the buy, renovate, rent, & refi strategy is one of real estate investor’s favorite strategy for building a large portfolio with a limited amount of capital.

 

 

    

 

Dan Breslin: Today’s guest, Van Sturgeon, personally owns more than 1,000 rental properties throughout the US and Canada. He’s rehabbed even more, picking up countless methods along the way. Rehabbing houses is a breeze for highly successful real estate investors. Buying property cheap due to the condition, then renovating those properties to force value is one of the most powerful methods for compounding wealth. The skill of rehab is crucial to the BRRRR method. You know, the Buy, Renovate, Rent, and Refi strategy is used to build a large portfolio using a limited amount of capital. During this episode, Van and I will dive deep into the renovation aspect of the real estate business along with other topics such as large multifamily investing and market selection. Let’s begin.

Van:  I went off to University. Graduated. I had an opportunity to go off and become a lawyer. Got accepted to several law schools, but my heart wasn’t in it. And I had a very difficult conversation with my parents saying, “Hey, I just don’t want to do this. I don’t see myself being a lawyer. I really enjoy Real Estate, really enjoy being a junk contractor.” And so, that’s where they begrudgingly gave their approval, and I went off in Chicago and became a general contractor. I started knocking on doors, started to network, started to create relationships with individuals, and trying to grow this business. Thankfully, the early 90s was a period of time that I started to get busier, and one of the things I kept running into were these career Real Estate Investors. People that this was their means of business, whether they were buying and flipping properties or buying and adding them to their portfolio. I started to network with these people. Start to see what these people are doing, and then I got around to actually doing it myself.

The first property, I remember it like it was yesterday, I purchased it for $43,000 or $44,000, something like that. It was a real beat-up little bungalow. I still have some decrepit, little photographs of it for what I did to it because I was so proud of it. I bought it and I renovated it. And several months later, it cost me around $17,000 to $18,000 at the time to renovate it, I put it up for sale. I sold it for 90 something thousand dollars. All in all, I made $30,000. At that time in 1991, to make $30,000, that was a heck of a lot of beans, because the average salary was around $25,000 to $30,000 and I made that in four, five months.

So I immediately got hooked on it and I was like, well, this is something that I wanted to do. So it was sort of, it ran in parallel. I was growing just the general contracting business and at the same time doing flips on the side and growing that side of the business. I’ve been very lucky and fortunate in my life and through real estate, I was able to create a number of successful businesses where I’ve been. I’ve built subdivisions, custom homes, real estate developers, property management companies, and do also restoration work on commercial high-rise buildings. I’ve done everything that you can think of under the sun and I’ve been truly, truly blessed to the point where I’ve got over a thousand properties across North America that I look after and that I collect income from. So it’s been a great ride.

 

Episode Sponsored by the Deal Machine:

Driving for Dollars Software to Build a Team of Drivers, Manage Routes, & Even Automate Marketing.  Free Access at  http://REIDealMachine.com/

 

Resources mentioned in this episode:

www.VanSturgeon.com

 

Van & I Discuss How to Avoid Capital Gains Tax:

  • Market Selection-according to an International Real Estate Investor

  • Van’s best deal-which turned out even better for the next buyer

  • Why you should own a property management company

  • How to renovate a house on time & on budget


    

Relevant Episodes: (There are 193 Content Packed Interviews in Total)

 

The transcript of this episode can be found here.
Transcripts of all episodes can be found here.