Accredited Investor Coaching call w/ Dr Kim

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If you get a good tenant, they'll stay in there for a long time. And that's really very magical moment when that happens. This

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is a story about a dude named Lane he moved to the mainland and bought one place to stay. And then one day he went try to rent them out. And then he became one real investor Tell me

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a simple passive cash flow listeners. Today we are going to be doing a live coaching call with a physician who is fits in the category of a lower net worth but a high salary. Definitely be on the road to being an accredited investor here in the next few years. Introducing JP Kim who took me up on the offer to record their coaching call, which is still open for folks and if you guys haven't connected with me, please sign up for the investor club at simple passive cash flow comm slash club and I reach out this cam. Thanks for doing this. I want you to give folks a little bit of quick background on You know, or you have kind of been doing the last 20 years of your life

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for the last 20 years. Okay.

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Well, I, I was a non traditional medical students so I decided to go into medicine enter medical school in my late 20s. And then I graduate from med school after five years and then I did my residency training. I got out of training about five years ago and then I've been working as a locum tenens traveling physician, seeing geriatric patients in three states, California, Arizona and Indiana. So I I started my job as a 1099, you know, independent contractor physician, so I'm not I'm not in a hospital. I'm not a hospital employee or clinic employee. I'm considered an independent contractor person. So I I only get paid when I'm working. You know, there's no like paid time off or anything like that. The company That I work for, luckily pays for my travel likes, if I had to move to a different state, the airfare, the hotel accommodations, and then the rental car expenses are all paid for. So as a single person, it's been a really exciting journey past five years. The money just keep stacking up,

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right? I mean, no

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expenses. I don't really have any expenses. So like, I don't have to pay for my own primary residence mortgage or rent, because it's all you know, being paid for by my company. Yeah, I know, I don't have a car payment. I used to have a car that I sold because I don't use a mic my own car anymore. I always get to use a rental car to drive around. So it's a very unique situation. But then, in about four years ago, I started noticing that, you know, I'm only making money while I'm working. And even though I like to travel and stuff like what if something happened and I can't work anymore than My income will stop coming in. So I had read Robert Kiyosaki his book, Rich Dad, Poor Dad and the cashflow quadrant. And it really made sense to me that like I should start, you know, buying income producing assets that bring in positive passive income. So even when I'm not working, I still have enough income to pay for all my expenses so that I can help maintain a good quality of life. So I started taking, like the rich dad education seminar, I started attending some of these conferences, and I hired some mentors, who were really successful in real estate investing and learned that buying and holding cash flowing income properties as a way to is the way to get started. I was initially in California when I was working in 2017. That's when I was going through all the real estate investment education. And I tried to buy a house there, but it was it was extremely Very expensive and competitive to to get a good deal. So after trying for several months, I kind of gave up there but then I started my fellowship at University of Arizona in Tucson. So I would go to Tucson and I noticed that in Tucson It was so much more affordable to buy houses there in comparison to California. So I thought, I thought okay, maybe I'll buy my first single family home in Tucson, so I just kind of found a property that was going to cash flow. And I got it under contract in in late 2017. And then I closed on it using a conventional loan with 20%, down in early, early 2018. And then I was able to find a property manager who could manage it for me while I'm traveling. And they found a tenant right away and then so the tenant moved in and then they were paying down the mortgage. So it's been pretty good and then right after that, I decided that I had since I didn't have a primary residence, I learned that some people do house hacking. So they can use an FHA loan. So a very low downpayment loan to purchase up to a four Plex. So you can you can purchase your primary residence, that can also be a rental property at the same time. So the rent, you can live in one unit and then rent out the other three units and have that rental income from the other three units cover for all your mortgage, your expenses. So that's what I pursued for the next few months after I closed on my first property in 2018. And this is all under the guidance you had paid like quite a bit of money right for like, quote this coaching, right? Yeah, yeah. So I spent the entire like 2017 going to all these symposiums How much did

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you spend like for all this stuff? And why?

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That $26,000 plus traveling fee, I would say about like, 30 grand on that.

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Yeah,

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I mean, I mean, I'm actually calling on my mission just kind of destroy these type of companies out there taking this money. I mean, I think you're fine. Like you you had money to invest. So it kind of made sense. I mean, it's a starting point, right? What a problem like a lot of these guys, they cater towards people without any money. And you've kind of reached the, the limits with them kind of where your net worth, or earning potential is, like a lot of these guys, like the best stuff they have for high paid working professionals is the house hacking thing or quadplex, which I think as you're seeing as you kind of go through our group, I mean, it's it's the tip of the iceberg, what the wealthy people are doing, and they just don't have any insight into that type of world.

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Right, right. But because I had never bought a house before and I never owned any property before. I think it was a good learning experience, just to know, just to get to know how your qualifying for loan works and how to how to put it off.

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right and i think you know, like that. Just kind of Your profile here we have a lot of folks that are kind of in your category where lower net worth kind of starting out in wealth building, again, net worth of a quarter million dollars. And but very high earning potential. Your current active income is about $20,000 a month. So do the math that's around, you know, quarter million dollars. I mean, most, most doctors are making over, you know, specialists, especially they're making over three to 500,000 at least a year. So a lot of this is, you know, I think you found this at the right time, and we'll get you to where you need. We'll take you from 25 miles an hour up to 70 pretty quickly here.

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Well, yeah, that's great. That's Wait,

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that's the plan.

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So um, here's the big question. I asked a lot of people, so we have your net worth here. And then your active income is about Not quarter million a year. But you know, with your expenses right now how much you actually stick in the bank every year? How much of it Do you not spend on like food or your lack of car, you said,

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save a lot of money because I don't really, I don't have kids yet I'm not married. And I don't have to spend money on utilities or car payment, like car registration fees or insurance. So I would say like, maybe like 70 of my 80% of my monthly income, I'm saving in the bank, and I'm using it towards either downpayment for for investing or I'm using it for going to these networking events, conferences for real estate investing. I'm also in the process of learning how to build an online health business as well to build another stream of passive income. So for that, I mean, I'm, I'm pursuing like a mastermind group as well, mastermind education So I basically I spend most of my money on on those things, educational activities and self development, growth books, courses,

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just to get it sounds like it's, you know, 80% of a quarter million. I mean, you're able to put away 150, at least a year, which is phenomenal. I mean, I, let's say most people in our investor club, some of the beginners are at 30,000 a year, some of the ones are a little bit better than most are about 50 a year. But I mean, in theory, you're able to buy 123 probably five turnkey rentals a year, right, which is phenomenal. Not saying I mean, you wouldn't want anything to do with rental properties. I mean, it's just not scalable for your, your, your earning power at this point. But I mean, just it's just the kind of thing.

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Yeah, so owning the single or

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have a good property management company employees. And I had I had to go through a lot of trials and errors during that because because good ones, they got burnt out easily and they quit after a few, you know, a few months, and then I would get a new property manager on that I never had a rapport with and then they would do something that would just that wouldn't be in alignment with my my investment goals. And then I've had a lot of turnover from with my, with every single one of my properties. And that's been costing me a lot of money. So I'm noticing it wasn't, I mean, it's so much headaches that I don't really feel like I want to pursue buying more or more of these properties anymore. by attending some of the events where there's more seasoned real estate investors, I learned that people with high net worth and you know, billionaires, they tend to invest in syndications. They network with people who find a really good deals. So it's like a totally passive investment so you don't have to be so involved in managing your property manager so that you You can just do invest your money sign that sign the documents and then you just get your your cash flow and then your your appreciation and then all the tax benefits coming in but without having to deal with those headaches. So right. I just learned about that in October 2019 by going to Hawaii and that's where I met you lane. Right. And then I learned about your syndication deal. So, in February 2020 right before the covid pandemic hit us I I invested my you know, in my first syndication deal, which has been good so far, right?

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Yeah, yeah, checks are coming out here soon.

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We after we read after we closed on the deal, so my goal for the rest of the year is to network with other syndicators and then just learn about these syndication projects and I'm hoping that I can sell these the single family home And for four Plex. Luckily, the Tucson market has been pretty hot. And the the property values have gone up. And I've met with the, with a realtor or listing listing agent who who did, who kind of did the comparative marketing market analysis recently. And she says that I will be able to sell those properties at a significant profit. So my goal is to sell those in the next within the next month or so and then use the game to to participate in more syndication deals by the end of this year or early next year.

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Well, and, and a lot of, you know, I would say you're, you've got a lot more time on your hands than the average folk out there. So you're able to kind of go around and network a lot more travel around the conferences, which is exactly what you need to be doing as a passive investor since your network is your net worth. But for those of you guys listening, you know, that's why We have the passive investor accelerate mastermind, it's our online group of it's kind of a pay to pay program. But you know, it's the way of building relationships with those, you know, high net worth mostly accredited investors to get deal flow that way and build relationships. jp, let's you had some, you know, a few questions you had, I think the first one was like about student loans, once you kind of go over, like what you what you are doing in that category for you up to now and then we can kind of talk through the path for it there.

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Yeah, so when I was grad when I graduated from medical school back in 2011, I had about a little bit over $200,000 in student loans. You know, during residency, I was only paying off a little bit like minimum amount and it was only paying off a little bit of interest, so kept on going and growing and growing. So once I, you know, finished, got finished with residency training and started working as a local physicians, you know, making like six figure income was paying off my loans back then the loan payments, the monthly payments were over $3,000 a month, I thought it was kind of high. So by then I had established better credit, my credit score went up. So I checked in with some, like student loan private student loan companies, and they were able to refinance me at a lower interest rates. So it was able, I was able to lower my monthly payments down to 1200 and $48 a month.

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What What did the rate go from? And then now it's what 5.8 All right. Well, yeah, initially,

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my my student loan rates were like 8.75% when I came out of med school, so now I refinance, to like 5.875%

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were those first loans, the higher rate ones were they like government subsidized or like kind of like a Stafford Loan or anything like that. Or would they just privatize government subsidized loans? Yes.

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Okay. So I think I think that's, there's a lot of US companies like so fi that will do it. And we have some of the resources on my website that will do this for folks with a lot of student loans. I'm a little skeptical, though. I mean, I think I mean, everything from the high level looks fine, like the interest rate lowers, and obviously, that lowers the monthly payments. But what I'm concerned with, and I mean, what you've done already is done, it's over. But if you guys are listening to this in the future, I think something to look into, is where you're going from like a government subsidized loan to a privatized loan. I don't know. I mean, even if it's a lower interest rate, you may or may not be worth it. But just something to think about if you guys are doing this in the future, if you guys are listening to this, but did you did you do any kind of research on that? I mean, I mean, you just kind of looked at the interest rate. I mean, you're gonna pay it off. Anyway, I guess. It's just more about payment,

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right? So I was debating if I should focus my efforts on, on paying off the student loan first before jumping into real estate investment. But then when I hired the real estate mentor, she mentioned that dumping all that money into trying to pay off the student loan first is actually it's a sunken cost. And because if you if you find good real estate investments, and you can bring these income producing assets that will bring in more cash flow than the monthly payment, or student loan payment, so even if I were to not work, the income producing assets will pay for my student pay down my student loans, and then when the student loans are all paid off, I'll still have those assets. Right.

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Right. Exactly. And, you know, kind of, for me to explain it in a different way. A lot of you know, just interest rate arbitrage from a certain extent So, I mean, I have an article at simple passive cash flow calm slash returns, where I kind of just break down the returns that you get from just a typical turnkey rental and you're looking at 20 plus percent. I mean, 20% is greater than 6% here, so it's a no brainer, right? But, you know, most people are able to make more than eight to 10% in their, you know, crappy stock investments, right? So you can see why for most people, it would make sense to pay off your your student loans or pay down your mortgage first, but I mean, maybe since I mean, you've come to this, this realization, what was for you that kind of tipped the scale in your head that kind of get it? If you think kind of remind remember, sick kind of lot of people are just on the fence, right?

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Well, I mean, there's always an opportunity cost of doing something so if you spend all your effort on paying off your student loans, your that's going to delay being able to buy income producing assets. If you Like, like my mentor said, if I if I'm able to buy a income producing asset that not only has good cash flow, but also appreciation, and then the tax benefits, then that really Trumps you know, the interest rate of a student loan. So she was telling me just set you know, refinance my student loans to the lower monthly payment. So you can always pay more if you wanted to pay sooner, but if you but if you keep your student loans at a, you know, higher monthly payment, what if something happens, you lose your job, you get sick, you get into a car accident, then you can't make your loan payments, and you're more likely to default on it right? It looks better on your credit. So she was telling me it's easier if you just kind of refinance it and minimize your monthly payments. And then if you feel like if you're making good money at certain points in your life through your cash flowing assets, then you can choose to make extra payments to pay down your principal and paid off sooner. But like it just gives you more options to refinance it and minimize your payment obligations as well.

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Well, so good doctor, well said.

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And this kind of carries over also to the whole argument of you do like a 30 year mortgage or a 15 year mortgage mortgage. Right? Like, I mean, like you said, in our camp, we do the longest that we can. And if we choose to, we can pay it off, but debt elimination and is not really correlated with financial freedom. But yeah, I agree. Yeah, delay, you're paying off your your student loans as long as you can, you know, a lot of people are doing they do this like 10 year, and they work in like a low income area, and they forgive other student loans. Have you kind of looked into that option?

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I looked into that option, but I also heard that if even if you get your loans forgiven, you get taxed on that amount. So you're gonna have to pay tax during during that time when you get forgiven and it's really hard to qualify for that too. Yeah, I mean, I've heard people you know, spending all that time doing public service and then after After the term, they realized they didn't qualifier so

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Yeah, I,

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I've heard of this, this these companies that they'll put your stuff in like an LLC, and then they create a nonprofit. And then what they're doing is they're gonna show it give you a kinetic excuse to write it off for a nonprofit for 10 years, which I think is kind of shady. Or you can create your own nonprofit and kind of do it but that's like, you know, that's more more technical, I guess, then what we're looking to do. But, yeah, I mean, any other questions on the student loan thing or what's kind of the next issue at hand that you want to tackle?

21:46

So I have different arguments about you know, so my rental properties right now I'm going through some turnovers because one of my tenant died. She was an old lady. She was really good paying tenant and then now that she died unexpectedly. In May, we're having to find a new tenant we're dealing with, like, you know, turning over the property. We are, of course, increasing the rents, but it's going to take, I don't know, maybe it's going to take maybe a few days or weeks to return it over. There might be more than maintenance issues. I'm kind of waiting for that call from a company manager about what's going to happen about maintenance issues. So is it really worth keeping those properties? So I'm right now I'm deciding if I want to just sell them,

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when which which property? Is this or what's the what's the monthly rents on this one?

22:34

Or if some people were telling me I should keep those rental properties because I have direct control over it? Because, you know, sometimes if you get involved in syndication deals, sure. It's passive, but you might lose control over your money.

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Which which rental property are we talking about here? Just the 1200 a month one?

22:53

Well, I was thinking about selling both

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and what are the rents now

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single family home brings in 11 $95 per month of rent, and then the mortgages 860. And then the four Plex the rents are like 30 $100 a month and the mortgage is 1600 and $9.

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So, I mean, just to kind of follow my logic here, like with your net worth and your kind of your, your high value in time as opposed to money. If you had, like $60,000 property pieces of junk, I would say yeah, unload it, like yesterday, near single family home, it's probably it's a decent property, right? It's more of a B class property and then your duplex and that's probably a lower class asset. But you know, I mean, it's there's some decent scale on that thing. I would say you know, right now you're you're kind of one foot in the syndication private placement world in the other foot still in direct ownership, right? You a lot of investors in my group They're kind of been very the same thing. And at some point, and I think we could both agree maybe in the next three, five, certainly before you know, you retire, you're going to be all in on the private placements and syndications. But, look, I mean, you got to just when you're comfortable, you know, you sell these assets. But I have no problem. You know, you kind of holding on to it a little bit longer. You know, if you have enough time, right? If your life gets busier, then yeah, you unload them, but I wouldn't be buying more properties. You know, I mean, like direct ownership. And yeah, if somebody had the same situation, but they had like, lower crop class properties, more headaches. Yeah, I would try to unload them as soon as possible. That kind of makes sense.

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Yeah, so I'm looking into maybe selling the four Plex because the type of tenants that I've been attracting were like lower income people and then we had to go I mean, we had to deal with evictions.

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Which is Not so cool.

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Yeah. And I get the feeling like just your personality, you kind of, I mean, you're not too bad. But you know, you stress out about this stuff a little bit, right? Like you're kind of a hands on person in a way.

25:12

No, I like to have a little bit of control over my properties. But at the same time, I didn't like I really did not enjoy it hassle dealing with the eviction, like my property manager. I mean, she was a new new person that I'd never met before. So I had to kind of wait and see to see if we had an a rapport. Sometimes we had some conflicts, and that that caused a lot of stress. So I'm kind of debating if it's really worth having to deal with that situation anymore. So luckily, I will be making a lot of profit if I if I were to choose to sell this in the next month or so. Because the Tucson market, they weren't really affected too much by the pandemic. I mean, they're their business are still operating and people are still working. So The tenants had been paying rent, you know, a lot of people are still paying rent. And they say the rental market is pretty hot these days. So they're able to find tenants right away good paying tenants. So, if the listing agent turns out that she's able to market the property really well, that I will be able to sell it at a pretty good price, and then move that money over to doing more syndications in the future, you know,

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yeah, so what I mean, I made this decision that I was going to I was in one foot in syndication one foot and my 11 single family home rentals back in 2015 16. And then, in 2016, I kind of made that defining point. You know, I think your podcast ad I think was that was that point where I just where I kind of made that decision and for you, this could be three to six months from now, right? When you finally make the decision, it could be a year or two but I took it took me all of 2017 the cell actually hurts yet 2018 to sell seven properties 2019 to sell two and 2020 to sell the remaining two. So you don't really need to sell this right away. But I would say, maybe the best strategy for now I don't, I don't, you know, you don't need to do something out of haste, but maybe put the duplex on the market and just let it sit there for whatever it takes six months to two years and get your price that you want. You know, you can be that unmotivated seller and maybe do that the same thing for that single family home. I mean, with a single family home, what I would do is if the tenant if you have a good paying tenant, those guys are gold. Maybe you haven't realized that yet. Because people get it they internally understand that after about a few years of rental property landlording if you get a good tenant, they'll stay in there for a long time. And that's it. Really very magical moment when that happens. But if you might have that in this property, and if so that's cool. But as soon as this current tenant moves out, what I would do is I would fix it up to go retail. So you might have to put in 1020 $30,000. But you're going to sell this to a nice retail buyer who's an emotional buyer is going to pay, you know, potentially over 200 250,000 for this thing, and that's your exit strategy. But you know, that Domino could could topple six months from now, three, four years from now, we don't know. But your destiny is shaped in your decisions, as Tony Robbins says, and yeah, you've made the decision, you're going to move to private placements, but you don't need to take the action on it now. Just let it let it happen. Okay. But I think that's the by doing that strategy, you're able to extract the most amount of dollars out of it. And, look, I mean, there's still good rental properties or cash flowing for you. I would say the other question I had that maybe it may impact this decision. is how much liquidity Do you have right now? And how much dry powder? Do you have to invest? sure the deal come up, you know, next month in the in the syndication deal. I'm just looking. Yeah, that number kind of at the top of your head, how much liquidity you have to go?

29:18

Well, assuming that I'll be continuing to work. I mean, luckily, my job. I mean, I didn't really get impacted so much with the COVID-19. I know a lot of doctors got furloughed and we had to stop working. But for me, I was doing telemedicine, I had consistent income. So I still making money and I'm still going to be working. I'm still working. So I will continue to have $20,000 $20,000 per month.

29:44

Yeah, you're saving what 80% of that amazing, right? But currently, I'm just I mean, looking at some of these accounts. I'm in it looks like you have not including our self directed Roth which you can take that out context free. Because you've already paid the taxes and penalty free on the on the contributions, but, you know, you probably have about 100 grand on liquidity. So that's enough to go on to two deals at 50 grand. I mean until you burn through that I wouldn't I see no reason for you to unload these two rentals. I mean, maybe if you had no liquidity then it would be you'd be a little more motivated but yeah, just you know, this is where your your lazy equity is not doing anything. Get that working first before you you get this stuff for me and for the bottom as much money as you're able to save. You may never run out quiddity

30:43

is a cool place to be.

30:44

Yeah, but it's assuming that I'm still healthy that I never get coronavirus infection, you know, and I'm still you know, working at my hundred percent capacity. Yeah,

30:52

I mean, you know, you know, you're you're kind of amazing because most doctors I come across, they have this false sense of self Security where they think that well they make so much freakin money. Right? And they never think to invest outside of the normal financial planner stocks. I mean, it's good that you're investing in this stuff that you're very unique.

31:13

Right? Well, I made that mistake during residency. So I What, what I did was that I did contribute to my 401 b during residency training. And the residency director had some some GL advisor, like some company who was like a financial manager company for physicians. They came and gave a presentation and they talked about how they can manage the doctors money because the doctors are so busy

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doctors, which is a complete scam. Usually these guys get kickbacks for that. And

31:44

so I actually hired them to manage my money and what happened during those during those several years that I was in residency, they were managing me money, I would maximize my contribution to my Roth IRA, 401 b and everything. And then they were they were invested. That into like mutual funds, but like, the money wasn't growing, you know, except for me country contributing. And then towards the end, like after like a year after I got out of residency all of a sudden I found out that that company was prosecuted because they were they were caught frauding with the investors money so they totally like went out of business and all of a sudden my my 401 b money and then my Roth IRA account money was left without a manager without a financial manager and I was like, holy crap, what am I supposed to do and I had no knowledge about finances. So that's when I like started reading, you know, Rich Dad Poor Dad cash flow game, and that's when I started scrolling through Facebook to look for information about real estate investing. And then when I you know, that's when I went, Oh, you know, with mutual funds and stocks, you really don't have any control over your money, right. And then You can't stick it out until you're certain age, whereas real estate you can, you can really find the right cash flowing investments and start making money right now start making cash flow right now that's generating passive income that can cover for my student loan payment. So that's, that's the route that I took after I after making that huge mistake. But luckily, during that time, we just kept it at, you know, at the same amount

33:24

when it comes to something. That's an amazing story.

33:28

I mean, I don't know where's your Where's your headspace on it. I mean, in in hindsight, I was probably the best thing to happen at the time. Right. So you know, you live and learn, right? Yeah, I mean, so many doctors out there that are just totally still believing in the Easter Bunny and the tooth fairy is going to give them money. 401k is going to work right. You know

33:48

what, like a lot of doctors, you know, when they were hit by COVID. They're realizing

33:54

everyone's just kind of in a panic mode. Right now. We're like learning how to invest in generate other You know, multiple students with passive income so a lot of doctors are getting into the investing world right now, like outside of stocks and mutual funds. Realize like our job is no longer secure anymore and like, the way like the hospital ministration cheated a lot of doctors like rolling doctors and cutting, arbitrarily cutting their salaries to like, you know, if I have a lot of private practice doctors, you know, the doctors, orthopedic surgeons or neurosurgeons or, you know, plastic surgeons, they a lot of they make all their money through elective cases and they're not able to operate their business and they, they still have to pay their employees, you know, you know, fixed salaries, but they don't have any revenue coming in because the COVID-19 and now they're all realizing, oh, you know, we're not no longer high income earners anymore, you know, during this pandemic, so, I think a lot of doctors are scrambling right now to learn about other other passive income generating opportunities.

34:56

Yeah, I mean, we have like a lot of guys in our kuih that work. You know, general dentists and they were all out of the job. And yet they were the ones gone through life in residence or all their training, thinking that everybody's going to need their teeth clean come hell or high water, but well, boy, were they wrong. But I mean, at the end of the day, it's

35:17

like, multiple streams of income is what reigns supreme.

35:22

Right? And there's no guarantee in anything, right? Yeah.

35:29

But um, let's say you have one last thing here. I wanted to get to you have you you're in a place in life where you're not, you know, you're not accredited yet in terms of network. But you're going to be there very quickly. And I like how you kind of like you have some bigger goals, right, that are kind of bigger than yourself, where you want to build enough wealth to build a new medical school at your alma mater, maybe talk to us about how that idea came about. And how, how kind of you're pulling yourself to that goal,

36:01

well like for me, like personal experience, I went to college on a full scholarship. So when I graduated from college, I didn't have any debt. But when I went to med school, I had to take out like significant amount of student loans like more than $200,000 even though I went to a public school in California, and it just really it's been, you know, weighing down heavily on my chest like I always feel like I have an elephant sitting on my chest and a lot of doctors come out there to like he said, You know, my my medical school, going going to medical school, I had to take out a lot of student loans and coming out of training, I always felt this heaviness in my chest with that debt, burden of debt, and, and then the lack of financial education. So I really want to contribute to the society by utilizing my knowledge of business investment. To starting a medical school that focus on integrative medicine but also like on business and investing education so that the future doctors can come You know, they're not only good clinicians but also really savvy business investors too.

37:16

So what's um, how much money are you going to need for that? Or what's the what's the plan timeline like that.

37:24

In the next 10 years I you know, want to build wealth through doing real estate. It's mostly like passive syndications and also network with other high net worth people and collaborate so it'll be about at least 100 million dollars to do that project of building a new medical school and also want to make it very tuition free for all the students who get accepted. So I'll have to have like a scholarship foundation as well which is like a nonprofit. So once I have a you know, a nice vehicle of money making money More money every year, that can be a lasting legacy that, you know, continues on and on even after I die, you know, I can hire people who can carry on the legacy. I mean, if I have a goal like that, that will keep me motivated to keep pushing through all the hardships and challenges in life. Right?

38:18

Right. Right. And you know, kind of very similar, just different, you know, different end goal. I don't want to make a medical facility but I would rather I'm trying to create like a financial education program that's more free and affordable for networking professionals. The LLC is called f5 for the worthy you will find that financial independence is not for everyone, but I kind of want to bring it to the working financially responsible for masses. So yeah, I mean, exactly what you're doing, you know, trying to put my own oxygen mask on for for now, pretty much there. But um, you know, you need capital to make these big dreams happen, right? So, so for me maybe would be a few more years, maybe 510 more years to get myself up to that point where I'm set up personally and then maybe even the next year or two, I start the nonprofit LLC. I know you're a little familiar with that. But um, yeah, I'll let you know how it goes. I mean, the that's really how big things happen and how money can grow tax free. There's so many benefits of being a nonprofit. And it's all predicated, of course, you using that money for good, right? Not just personally benefiting from it. But if you have some bigger dream, that nonprofit is the way to go. But of course, um, you know, there's definitely going to be some learning lessons down the road, but I'll let you know how it goes.

39:44

Yeah, yeah. I mean, we're both. I mean, we have

39:49

tax advisors and CPAs who were really

39:54

they specialize in, you know, real estate investing and then setting up these business entities and nonprofit organizations to protect you from having to pay too much income taxes, right? So I think that helps to, you know, legally minimize income taxes and you can generate more profit and then use that money towards investing in more income producing assets and go from there. So, I think we're all learning,

40:19

right? And if you guys want to, um, I have a little working page on this whole concept of a nonprofit and simple passive cash flow, calm slash legacy has a whole list of things on there that the benefits to having a nonprofit, you know, like, just kind of reading some of them real quick. I just looked it up. Actually, I don't have it up. But like things like you until you look forward. Like you don't realize how many like tax benefits nonprofits have and that really helps you grow your money on restricted to kind of do these bigger, bigger things. But um, Miss Kim, anything else you want to talk about or think for now?

40:59

Oh, Do you have any recommended resources to, for me to keep expanding my network? You know, I need to I mean, in order to get to where I want to be quicker and faster, I need to leverage, you know, good people, right good network and people with the knowledge, the skills and then people who have already have good networks.

41:21

Yeah, I mean, like the, like, the best thing that my guidance for that is like, you got to start with the right people, right. So people with money, and going to the local Ria, and, you know, a lot of free internet forums out there, we all know those websites are some of the worst places to go, because they're just the cheapskates that are trying to get rich get rich quick. I mean, I've I've been fortunate to do this podcast where I just attracted you know, all these passive and high net worth passive accredited investors and I find the ones that are kind of thinking the same way as us and, you know, they join my passive investor accelerator mastermind, you know, maybe we can move Work out something I mean, as a current investor in the week club, you know, we can talk offline about that. But for other people listening in you know, that's that's kind of the option, right? Like you can either fly I mean, I did it for years, right? You go to all these silly like real estate conferences and you just find it's a big pitch fest with people on the stage. They're really not that proven. It's just like there's all these Internet's and ships and stations overnight in real estate and you start to realize that you go there and you meet you meet a lot of cool people, you have some cool drinks but like you, you you go home with like a dozen business cards, and never never formulates to anything and you wasted like $1,000 in the conference and other thousand dollars on the hotel and food and all your time you spent you wasted that you only have so many vacation days. I mean, you really have to be selective. I mean, you know, I would I would invite you out to like the hooey mastermind that we have once a year in January. Last Yeah, last time we did was you can check out the video at simple passive cash flow calm slash QE three. Sure the next one will be called hooey for. But yeah, I mean, just I try and cultivate a group of like high quality genuine people, you know, that have, you know, bigger goals outside themselves. So it's a good community. And, you know, we kind of kind of play watchdog out for each other, but that'd be my suggestion. Yeah, I mean, other than that, you know, you have the other options are going to the country club, or I know some guys they go to like the cigar room, and they kind of rub shoulders with high net worth people. But the problem there is you're meeting with a lot of second third generation wealth, right? Like you and I are first generation wealth. We're kind of building this legacy now. We didn't nothing really got given to us. So it's a different mindset. They're the very narrow band of people you're trying to find. Yeah, thanks for doing that. So we can do do a little check in next year to you probably get a lot different place, I mean, you'll probably be very well fit the next three years. If you kind of keep hitting on this trajectory,

44:12

we'll see how it goes like I will I do want to attempt to sell these rental properties that I have so that I have more cash and more liquidity to kind of jump into the good syndication deals in the next few months or so. So keep me in the loop please. Okay, okay.

44:31

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interests.