Looking to generate a steady stream of income without actively managing a real estate property?
Passive investing in multifamily real estate might be just the thing for you! In this beginner’s guide, the speakers cover everything you need to know about passive investing in multifamily properties, from the benefits of this investment strategy to how to get started.
Discover the power of passive investing in multifamily real estate and start building your wealth today!
Transcript:
Chris Bounds 00:00
On multifamily. Are you on the limited side where you’re a passive investor? Are you are you also the operator? I’m just gonna turn that
Ian Flannigan 00:06
I am, I am strictly a passive investor. So just on the equity side,
Chris Bounds 00:12
there’s a lot of people think that, you know, 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 was, yeah, you could but that’s work
Ian Flannigan 00:23
oh yeah make a lot of money out of it I’ve spent, I’ve spent days in the truck with the CEO and the sponsor, and it’s it’s literally 16 hour days every day. I mean, but that’s the dedication that takes to drive those assets forward. And for me, I just have a four year old, I hit the reset button. So I’ve been able to build my business around my daughter’s schedule, so I get up there I go to bed with her. And anything that violates that time. I have no time for it.
Chris Bounds 00:51
Yeah, good. Good being being on the passive side. Yeah, really your work was due diligence upfront. Does that make sense? And then reviewing, I don’t know, monthly quarterly financial statements and getting your distributions. It’s, it’s it’s a beautiful path.
Ian Flannigan 01:07
It is. Yeah, it is you get you know, you need a brick of cash to get in the game. And you just surround yourself with really great people too. So you know, 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 01:25
100% 100% Yeah, and that, which is why it’s important to keep your ear to the ground and talk with folks and network. Because yeah, if you jump right in, it’s not there’s plenty people with with some some nice front that may not be the best operator, and you just kind of gotta be careful that so legacy, I mean, you’ve got family, and obviously, that’s part of legacy, it can extend further than that, in some people more extensively. further than that, if and when they when they have, like advice, donor funds and charity foundations and stuff like that. But for you, how are you creating legacy?
Ian Flannigan 02:04
Yeah, you know, obviously, the portfolio of real estate assets is a big legacy. And 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, you know, several years now. You know, building that residual income through the cash flow and sales of other agents around the world. So that’s been a huge one. And the way our company is set up is we’re able to pass that through to our, our spouses, so my wife will be getting a real estate license. She’s on payroll with our company now. So this is evolution of building this legacy.
So it’s so funny because I sound like I’m, you know, 15 years old, I’m actually 48 have been real estate, probably almost 1718 years looking good for 48 Thanks, man. You know, I’m still at it every day making an effort to stay healthy. But you know, it’s more strategic now than it’s ever been in our lives, right, with our, you know, with our Northwestern Mutual policies, everything that we’re putting into the market there with that we have Term Life policies, and, you know, 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, you know, I’m just blessed to be here another day, right? We never know.
We never we never know when the time comes. And I’m just making those strategic positions. So 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 that cash flow. And that’s pretty important.