Ep 267 - Coffee Talk III - Get Rich Slow VS Get Rich Quick

Hey, everybody.

Flipping.

Danny here and our special guest star, Ben. We are part of our podcast and our podcast is called something. What is our podcast called?

Freedom through Passive Income.

There we go. We started this a little bit ago. We've done two so far. And, and the premise was, you know, hey, what if I took Flip and Danny out for coffee or adult beverages? You're probably going to get more out of us with the adult beverages. I'm just saying, you know, what would you talk about? And so we called this Coffee Talk. And so this is episode three Yo Chris. Three yo. Yes, Coffee talk.

Thank you, Ben.

Chris, Chris, take it away.

All right, so this question we start off with. What do you mean by get rich slow in real estate? You don't get rich fast, you get rich slow.

Yes. You want to take this one?

For those of you not watching, that was me just giving a deadpan stare to Danny, shaking my head no.

Well, FCI is like the perfect example of this right now because we're going through it. But investing in real estate is a get rich slow thing. You know, unless you're flipping, you're not going to get a huge chunk of income anytime soon. And flipping, quite frankly, is active income, which, Ben, you did a great job of going through those first few podcasts talking about active versus passive, and that there's stages of your life in which you want to be preparing for the moment when you want to stop getting money actively and you want to start earning it passively. So if your focus is truly on that last step and getting more passive income, you have to know that this is a long term game. And particularly I apply that to fci because right now we are foundationally building this and we too aren't getting lump sums of cash. You know, we're buying a multifamily property knowing that in three to five years we're going to start having more passive income from it. And then the other multifamily property over here, it's going to do the exact same thing. We all know as a group that in three to five years we're going to have so much money coming in and we're just going to keep on compounding on it. But it's something that happens over time and you just have to be patient with it. But it's the best wealth builder there is.

I was going to say the same thing, but I mean, it's funny too, because, you know, there's all the get rich quick schemes out there and, you know, it's just like get rich slow.

Do you think that adds confidence to viewers who are just entering into real estate investing to know that our objective is not to say, hey, we're going to test your boundaries of belief by saying you can get rich quick. This is solidly backed by real estate. It's going to take time. It's this savings snowball that takes place where your net worth and your passive income just slowly continues to grow.

I absolutely think so. It's the opposite of what you hear all the time. Make this much money, I just made $20,000. Look at this big ass tech. It's, there's a refresh. It's. I'm going to say it this way, it is refreshing. If I got to talk to you and you said, hey, that's not what we do here. This is something that, where you're going to invest in and over time it's going to accumulate and it's going to your power of 10% example. That would give me peace of mind. I now don't feel like I'm possibly getting hustled. Right. Can it work? Can it work for me? Okay, did it work for you? Who else did it work for? I always question a lot of those get rich scenarios, but a get rich slow scenario where you give me the numbers and give me the facts and give me the history and the track record and all of that, I feel very, very safe in your hands.

How does that change your mindset from. And I think you touched on it just a little bit just now. How does it change your mindset of this get rich slow versus get rich quick?

That's a really great question.

Well, it's just the. You hate it when I always say it because I always look at you. Patience is a virtue and good things come to those who wait. Yes, of course.

For sure. You know, I feel like the mindset shift is. I feel like it's true. I feel like there's, there's more power and the get rich slow, I feel like it's really going to come to fruition and I will see that money, the get rich quick I, I'm hoping and I'm praying and I'm not quite sure if it's gonna happen or not. And that's why I feel like the get rich slow is refreshing and it's reliable because I have more faith in it because it just seems like it, that it could be true. Right. I don't know what I have against get rich quick stuff, but I just don't ever have enough confidence in it that I might try it. But My faith isn't there. So I think that's the mindset shift for me. I rely on the slow method, the quick method. I'm going, maybe it's going to work, I don't know.

So let's talk about my crypto account. Let's not.

Is there a level of control associated with the two? Like for instance, in the market, which I keep thinking of this roadside sign that's on 75 right now. I75, which is make quick profits flipping stocks. How many things are wrong with this side you right now when I do this? But is there a little bit more? Do you feel that generally speaking, there's more control on what happens in this get rich slow with real estate versus with a lot of things like whether it's stock market or whether it's other things you hear about, you're depending on some external force, some external people to be able to somehow bring these profits to mind as opposed to, here's a real estate asset that's just going to perform over the next 10, 15, 20 years.

You know, I think that is largely based on operator experience to the reliability of it. Right. Because I think that depending on the situation, you need to see, for example, our first 56 unit, we didn't know what to expect. It was our first 56 unit. We had no idea of the type of income and when it was going to come. We just knew we had control and we knew that we trusted in us and our ability to get it done. So there was faith there. There was faith by our investors who, you know, invested along with us. But until you have that track record and, you know, you've got an operator who understands the variables and can perform those metrics every single time, I still think that there's some. Not. Not that it's not reliable. There's a question mark of when is the money going to come in, how much is going to come in? You know it's coming, you just don't know when. Right. And so what we're trying to actually build and think through this, and I'm glad we're having this conversation, is we're trying to build the operator strength that we do have this return that is, you get it every single month, boom, boom, boom, like clockwork. Because we've strategically aligned ourselves with the people that know and understand, have done this long enough that it's predictable and at that point. But when you're brand new, I don't think it is at all.

Excellent.

Oh, is that it?

Yeah. Are we done with Coffee Talk 3 that's it.

It's in the coffee can.

Well, thank you for joining us for Coffee Talk. Again. Make sure you're heading on over to our website, freedomcapitalinvestments.com to join the investor club. And then make sure you're checking us out on Facebook, LinkedIn, Instagram, TikTok, YouTube. And there's a smarter something. Smarter Smart. Snap, Snap, Snapchat.

No, I have no idea.

I have no idea either. But anyway, we like to end all of our episodes with Invest Smart, Live Happy. Bye, everybody. Nothing on this show should be considered specific personal or professional advice. Please consult an appropriate tax, legal, real estate, financial or business professional for individual individualized advice. Opinions and information on the show are not guaranteed. All investment strategies have the potential for profit and loss.