Flip recaps five weeks of lessons on making money passively, LP and GP roles, tax-efficient wealth transfer, building to your first million, and defining freedom. Week 12 actions included issuing another LOI, finalizing loan options on a 48-unit property, and passing on an apartment complex with red flags.
Hey, everybody. Flip here, one of the co founders of the Freedom Real Estate Group family of companies. And welcome to another episode of our podcast, which is called Freedom through Passive Income. Good thing I am the one that edits these videos. Dani's on assignment this week, so the team and I are covering her for her this week. So if you're not watching and you're only listening, what you heard was Danny. But actually what you see is just me. So good thing that you're just listening and not watching. But welcome to another live episode of our podcast. This one is our Week 12 Dolce Week 12 recap and key takeaways. And today is March 25th and happy Friday. As you can see, I got Fun Trick Friday going on. So let's go back to episode number 78, which was a lesson from Warren Buffett. If you don't find a way to make money while you sleep, you will work until you die. Stop trading your time for money or you'll work the rest of your life, plain and simple. One of the other things that he said was every day lost is a lost opportunity. It's important for us to express how important action is, no matter how little the action might be. The next One was episode 79, Limited Partner versus General Partner. A limited partner is somebody who invests capital into the deal, but they're not a part of the major decisions. They're a passive part of the deal and have limited liability, which is cap at their investment amount. Another key takeaway is the general partner. And now they're the ones that are doing the work. They have full management control and unlimited liability, 100% liability for everything. Episode number 80, General. That was easy for me to say. Generational wealth. Part three key takeaways for this one was the step up in basis is going to reduce potential capital gain taxes for. For the beneficiary. Another key takeaway is this is one of the most tax efficient ways to accumulate and pass on wealth for future generations. Next episode is make sure this is correct. Yep, episode 81, how we made our first million. Now, we were so excited about doing this episode. We thought about it late one night. We're like, we need to make that into an episode. So key takeaways is there is no rule that you have to make your first million in a certain amount of time or by a specific age. This was, we started in 2008, just what, 14 years ago. A lot of people say, oh, well, you know, they were millionaires when they were 30 and I'm already 45. There's no rule book. There's actually I saw an article about how many millionaires that became millionaires in their 60s. So again, there's no time limit and no specific age limit either. Another key takeaway is the reason we have the confidence to purchase an acquisition of that size is because of everything we built up to that point. Episode number 82, what is Freedom Day? This is a good one for me. Freedom changes with time and is different for each person. Freedom Day is the day that you can afford to have money, not be in primary factor and deciding how you spend your time. And then this also goes into our week 12 live. The recap or the review that we did yesterday that I did yesterday is talking about freedom. Freedom is not just about money. It's also about health. It's about many things, but health is also a key factor in freedom. Making sure that you're taking care of your health. And this is something that Danny and I are doing as we speak. But for the week 12 live, again, we did another LOI on another apartment complex. We're finalizing the loan options or the loan on the 48 unit that we've been talking about. And we did say no to another apartment complex. We did say no to that one, which was very important because it shows that making sure that you're not being emotional about these purchases and you're making sure that you pay attention to every single red flag that pops up. So again, we do like to keep these as short as possible. Make sure you're joining all of our groups out there on Facebook and LinkedIn. Make sure you're subscribing on YouTube. Make sure if you're watching or listening on any of the other mediums, make sure that you're definitely giving us five star reviews. Commenting Give us recommendations. If you think there's something you want to know about regarding passive income, tell us. Maybe we'll, we'll make that into an episode. But we hope that you have a great day out there. But again, we always like to end all of these 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 individualized advice. Opinions and information on this show are not guaranteed. All investment strategies have the potential for profit or loss.
Y' all.
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