Mastering Passive Income with Real Estate | Dustin Heiner

Today’s episode features Dustin Heiner from Master Passive Income Dustin vividly remembers a march to the boss with kids waiting at home, knowing he was about to lose his job. He knew from that day, he needed to build his own income streams away from traditional employment. 30 real estate properties later and he had the freedom he always wanted. Listen, learn, and let us know what you think about this awesome episode. Episode Summary Dustin’s Background Dustin is a serial entrepreneur Websites, pizzeria, graphic design, and even a skateboard manufacturing gig He refers to a traditional job as “Just Over Broke” During this journey, he stumbled upon real estate investing His first one was profiting $350 per month and he was hooked Dustin learned the hard way There weren’t any good courses or coaches out there at the time He talks about how much he learned from his mistakes Breaking Away from Tradition Dustin also went to college just because it was what he felt like he should do This led to a ten-year career in IT at a government agency He walks us through the fearful moment when he realized he didn’t want to rely on someone for employment ever again. That fearful moment was when Dustin got laid off with 4 children He did continue to work in IT but he swapped his perspective From then on, he would introduce himself as a real estate investor 9 years and 30 houses later, he was able to step away from that traditional career Dustin could have stepped away earlier but admits it is tough to walk away from stability Dustin’s Real Estate Investing Dustin started out living in California Prices didn’t make sense there so he looked out of state He was investing in Ohio, Texas, etc Out of all the houses he’s purchased, he’s only traveled to see one in person This requires a network of people you can trust The key here is the property manager, they are the quarterback His requirement for a house is a minimum of $250 per month profit We also talk about renting vs owning 401ks & Real Estate Investing Dustin talks about cashing out or borrowing from 401k to buy real estate He actually doesn’t like investing 401ks at all This comes off his assumption that he can make so much more from real estate So his argument isn’t that 401ks are intrinsically bad Common Real Estate Mistakes Not accounting for paying for a property manager Not putting back money for repairs Buying a house with really small margins Buying a home in an area where everyone is leaving In general, overestimate expenses and underestimate rental income Key Takeaways Your Paycheck is not your value: Companies pay you just what they need to so that you stay but they’re as profitable as possible. Overestimate the bad, underestimate the good: Dustin recommends this mindset when looking at real estate. Call to Action Look into real estate as an investment. If your stuck on the fence, especially due to prices in your local area, then do like Dustin did and grab a property manager to invest out of state. Join the Community We’d love to hear your comments and questions about this week’s episode. Here are some of the best ways to stay in touch and get involved in The FI Show community! Sign up for our exclusive newsletter Join our Facebook Group Leave us a voicemail Send an email to contact [at] TheFIshow [dot] com If you like what you hear, please leave a rating/review ! The FI show on iTunes The FI show on Android Check out our Partners Express VPN is one of the leading virtual private network service providers in the industry. Before I learned about Express VPN, I used to use incognito mode when I wanted to protect my information and browsing history. But I was wrong. Your internet service provider can actually still legally sell your information even if you’re using an incognito browser. But when you use Express VPN to surf the web, the software encrypts your web traffic and masks your IP address to give you real privacy. Use limited-time offer ExpressVPN.com/FiShow for 3 months off a 1-year subscription. Start protecting your privacy today! Dustin’s Information Website: Massive Passer Income Twitter: Dustin Heiner Instagram: Dustin Heiner Learn More About Your Hosts Fly to FI (Cody’s Blog) Saving-Sherpa (Justin’s blog)