Discover the secrets to building wealth and creating a lasting legacy through multifamily real estate investing with Ian Flanagan.
Ian is a seasoned multifamily real estate investor, with years of experience acquiring, managing, and exiting properties.
In this video, he shares his insights on how to find the best deals, how to finance your investments, and how to create a steady stream of passive income through multifamily real estate.
If you’re looking to take your real estate investing to the next level, this video is a must-watch.
Transcript:
Ian Flannigan 00:00
I finally got in the multifamily game. It was just a dream come true. I finally got him in my second multifamily deal and I just can’t wait to continue to grow my wealth with multifamily assets.
Ben Deal 00:13
Super excited to have Ian Flanagan join real estate hacking live. Ian is former hairdresser turned real estate agent and investor and he’s the third Flanagan Consulting and a public speaker with extensive background in investing and creative financing. Ian, welcome to Real Estate hacking live.
Ian Flannigan 00:30
Hi man, how are you guys doing?
Chris Bounds 00:32
Doing good. How you doing Ian?
Ian Flannigan 00:33
Oh, man, I’m great. I’m glad you invited me for this amazing lineup. I love hearing everyone else’s stories and we’ve all had those same challenges over the years.
Chris Bounds 00:44
You’ve developed this personally, but you also work with other investors and agents and coach them as well. I know you’d have a unique perspective here. How are you building wealth and creating a legacy?
Ian Flannigan 00:59
That’s a great question. Right? It’s kind of a what everyone else is, right? It’s real estate. I lost my you know what, investing in other opportunities and businesses over the years and always kind of came back to real estate. It was the one thing that I want to say can control but it’s a little bit more tangible, right, when you buy a property. It’s a real asset. We won’t even get into this whole crypto speculation that’s completely melted at this point. I finally got into multifamily game. I think everybody on this call has read Rich Dad, Poor Dad, right. I’ve been the employee I’ve been I’m still on the in the S quadrant, you know, somewhat with a real estate license. I finally was able to cross over into the the fast track with the big, the big the B and then also making money in the eye. It was just a dream come true. I finally got him in my second multifamily deal. And I just can’t wait to continue to grow my wealth with multifamily assets.
Chris Bounds 01:59
Awesome. Are you on multifamily? Are you on the limited side where you’re a passive investor? Are you are you also at the operator?
Ian Flannigan 02:08
I am strictly a passive investor. Just on the equity side.
Chris Bounds 02:14
A lot of people think that, hey, I’m going into multifamily is means I need to go out and buy a 50 unit or 200 unit property when there’s like this complete other side with, “Yeah, you could, but that’s work.”
Ian Flannigan 02:25
But a lot of it I’ve spent, I’ve spent days in the truck with the CEO and the sponsor, and it’s literally 16 hour days every day. I mean, but that’s the dedication it takes to drive those assets forward. For me, I just have a four year old, I hit the reset buttons. I’ve been able to build my business around my daughter’s schedule, I get up there, I go to bed with her. Anything that violates that time. I have no time for it.
Chris Bounds 02:53
Good, can be good being on the passive side. Really your work was due diligence upfront. Does it make sense? Then reviewing, I don’t know, monthly, quarterly financial statements and getting your distributions. It’s a beautiful path.
Ian Flannigan 03:10
You need to break your cash to get in the game. You need to surround yourself with really great people too. Not everybody in real estate’s great, and not everybody is willing to share, and there’s a lot of things that people will deceive you on. It’s just that you’ve got to make good decisions on who you choose to hang out with.
Chris Bounds 03:26
100%. Which is why it’s important to keep your ear to the ground and talk with folks and network. If you jump right in, it’s not. There’s plenty people with some, a nice front that may not be the best operator and you just kind of gotta be careful with that. Legacy. I mean, you’ve got family and obviously, that’s part of legacy. It can extend further than that. Some people more extensively further than that, if and when they have, like advice donor funds and charity foundations and stuff like that. But for you, how are you creating legacy?
Ian Flannigan 04:06
Obviously, the portfolio of real estate assets is a big legacy. Something that I never even saw coming was building wealth with my real estate license. And that’s something that I’ve been working on for several years now. You know, building that residual income through the cash flow and sales of other agents around the world. That’s been a huge one and the way our company is set up is we’re able to pass that through to our spouses, so my wife will be getting a real estate license. She’s on payroll with our company now. It’s just evolution of building this legacy. It’s so funny because I sound like I’m 15 years old. I’m actually 48 have been real estate probably almost 17, 18 years. Thanks, man. I’m still added every day making an effort to stay healthy. It’s more strategic now than it’s ever been in our lives. Right with with our Northwest distributional policies, everything that we’re putting into the market there, with that we have Term Life policies and a lot of the other estate type assets that you build over time. But it is definitely a focus of setting up the legacy now for the family. Because, I’m just blessed to be here another day, right? We never know, we never know when the time comes. I’m just making those strategic positions. It’s just a great blessing to know that I’ve built something over the last several years that something happens to me, my wife will be able to step right in and continue to receive that cash flow. And that’s pretty important.
Chris Bounds 05:39
This has kind of become a side question of the hour. Work ethic, I know you have tremendous work ethic being where you’re at. Have you thought about because you have fairly young children, right?
Ian Flannigan 05:54
I have a 27 year old and a four year old. My four year old. Yeah, she’s young.
Chris Bounds 06:00
How are you teaching her work ethic and building that foundation? She’s four, but you’ve thought about it. There’s little things that you just build up over time.
Ian Flannigan 06:12
Yeah, you know that’s a great question. We pour so much into her. My wife and I, we’ve done so many great things over the years of us being together. Our sister in law offered to babysit, watch Molly over New Years and we just were like, “no, we want to spend that time with her.” We did so much of traveling and partying and doing all the fun stuff, when you’re in the early days of courtship and then marriage. We pour so much into her. It’s really elevated her. I mean, she’s four years old but she can articulate things in whenever she’s around other adults. Even the ladies at the daycare, they’re just like, oh, my gosh, you’re so smart. We’re just really focused on pouring into her and it really raising her that way. She’s already in the mindset, we’re driving down the road, and I’m point at a building. I was like, what is that? She’s like, that’s a commercial building. What do we live in? We live in a house. I’m starting to really pour into her in that aspect, too. Because you know, that legacy is gonna pass from my wife to her and even my son too at some point.
Chris Bounds 07:15
Yeah, remember when we were back doing the heavy flipping, we drove down neighborhoods and our son would remember. Hey, is that the flip house at the flip house because he was walking through finished projects. It was fun. It was fun. Yeah. Yeah. I really appreciate you coming on and look forward to seeing you again soon.
Ian Flannigan 07:38
Yeah, absolutely man, anytime. I appreciate you guys. Absolutely. Take care. Bye.