#127 My Three Takeaways From Financial Freedom Through Real Estate (PIMDCON)

Foreign welcome to the Passive Income MD Podcast where we talk about creating your ideal life through multiple streams of income. I'm your host, Peter Kim. If you enjoy hearing about this stuff, make sure to hit subscribe so I can bring it to you every week. Now let's get on with the show. Hey everyone. Hope you're having another great week. I'm recovering personally. I'm recovering from an amazing weekend. So many of you were there. We just had our second live pimdcon. We did that virtual It's a Financial Freedom Through Real Estate Conference 2022. We did it live and it was amazing to see hundreds of doctors, high net worth individuals get together in one room here in Los Angeles just to talk real estate, to talk mindset, to share tips, to share strategies. It was so awesome to see that community come together. If you were part of it, you remember how felt. We were able to walk away with action steps. We were able to walk away with some takeaways and some key points and ways that we're actually going to take what we learned from that conference and actually make something of it and take action from it. If you remember at the beginning of that conference, for those of you who were not there, wanted to give you a little bit of a preview of some of the things we talked about. We talked about where we are in this economic cycle. We are in an interesting place and I think most people there agreed that we're on some sort of downslide. We're over the point where we're all euphoric, the height of the market. We all realize whether it's coming, you know, it comes to stocks or whether it comes to real estate, we're on some sort of downward slide. Whether people said it was or wasn't, people thought, okay, we're in, we're close to recession if we're not part of it. And honestly, both sides are right, we're in a recession, we're not in recession, it doesn't really matter. At the end of the day, things are happening to our economy, things are happening to real estate, assets, whatever it is, and we're all going to be impacted by it. So the question is, what are we going to do about it? And we spent a good amount of time there at the conference talking about it, looking at different graphs, trying to understand where we're at so we can better know what strategies to use from here on out, what kind of mindset to have to take advantage of. What we call the maximum, well, the point of maximum financial opportunity. That's where we Seem to hit that rock bottom where everything seems to go up from there. Now I know that I was talking to a lot of people. I felt like that too, that I missed the boat, at least the last one. Of course, in 2020 with the pandemic, there was like a quick blip. But many of us feel like we are late to the game. And that's something that I heard over and over again, that people felt that we missed out on a previous opportunity, whether that was back in 2008 all the way through. The funny thing is I heard that all along the way for the last 10, 12 years, people could have jumped on at any point. Many of them didn't take action because they felt like they were there at the wrong part of the cycle. I Remember back in 2015, just a short time after I started investing in real estate, I remember people saying, Wells Fargo is saying that this is the peak right now, so this is a bad time to get in. Well, if you didn't invest from 2015 to 2021 or at least the early part of 2022, you missed out on some amazing opportunities, a huge run up that you could have taken advantage of. And there are many people who sat out this market. And I think a lot of this comes down to education. It comes down to having the right mindset, to being to be ready in terms of financially to take advantage of these opportunities. And one thing that I kept saying again was that I believe that you only get a couple of these types of opportunities when you're at the peak of your prime years. You only get it once or twice. Where you get to ride this cycle from the point of maximum financial opportunity and ride it through, to be able to create a tremendous amount of wealth, to create tremendous amount of income for yourself, your family, be able to do what you want with your time, give and contribute as much as you can. You only get one or two of these opportunities in your lifetime. Maybe I missed that other one. Well, I took advantage, but I didn't take advantage of it fully because I was coming out of residency, I was coming out of training, and I was still learning and educating myself. But I'll be ready for the next one. And again, I'm not a fortune teller. I'm not can't tell the future. But if I listen to people that are a lot smarter than myself, the next 12 to 18 months will be key. And a recession happens every so often. But Since World War II, they say that the typical recession lasts 11 months. So 11 months is when you have that Opportunity to see the bottom, the opportunity to, you know, in spite of all the fear that's happening, for you to be able to jump in and take advantage and start at the very bottom. And my hope was that for everyone who participated in pimdcon, both live and virtual, and anybody who's listening to this, that we all help each other to get where we need to be, to take advantage of that. I mean, I would say most people here are on a journey to get somewhere else, meaning that they're happy with where they're at, but they want to continue to see progress, they want to see growth and they have different goals in life for their income, their time and that sort of thing. And so at pimdcon, we talked all about active real estate. We talked about passive real estate syndications, funds, talked a bunch about short term rentals. We talked about the mindset necessary to scale your time, to scale your business, to scale your investments. I thought that was amazing. We had a really awesome keynote by Brandon Turner of Bigger Pockets and most people agreed. We had a great time with that. For those of you who were there, we played a really fun game too. And we got to talk about the economy and these are things that aren't typically talked about at any sort of doctor conference. We were talking about medicine globally, but we aren't talking truly about medicine. We are talking about our lives as doctors and how we can really live the full, rich life that I think most of us feel like we deserve. And we aren't taught any of this in medical school, we're not taught any of this in residency or training. It's up to us to figure it out and for us to help each other as a, to get there. So in any case, I'm going to talk about my top three takeaways from pimdcon. So right before I do that, I want to remind people that this is the last week for you to join our community called Passive Real Estate Academy. In this course, in this community, we really try to help people get to the place of confidence when it comes to investing in real estate, especially passive, to invest in real estate without being a landlord. As many of you know, learning to invest well is a process and it helps to have others guiding you along the way who have been there themselves, providing the nice framework for it, creating a roadmap, and then having a community afterwards who can help support you, share deals, vet deals together. So we do all of that within a four week course called Passive Real Estate Academy. I hope you can join in with us. We have Several thousand physicians, doctors, dentists who have participated in this course with us. And now part of our amazing community. We love to live life together and help each other get where we want to be. So if you want to join that, check out www.twitterrealestateacademy.com and you'll find out all the information there. Now to get back to my three takeaways from pimdcon. There were so many takeaways. Everyone who was there, we asked them to really write those things down so they knew exactly what they would be walking away with. But here were three of my biggest takeaways from this conference. Number one, people are starving for connection right now because of the pandemic. I think we all really learn to appreciate the, the face to face and what we used to have in terms of normal communication, the opportunity that we had before just to hop on a plane and talk to people, get together in conferences, see each other face to face. So many of us have gotten used to talking to each other virtual, which is an amazing thing now. It's an amazing resource that we have things like Zoom and all of these platforms to connect face to face from all over the world. I mean, a lot of what we did in terms of the Leveraging Growth Summit, all our Financial freedom conferences in the past, it was attended by thousands of people because people could just log in through their computers. So I don't discount the power of being able to do things virtually. In fact, many people there I felt like I became friends with. I don't know if any of you listening to this feel like you've made some friends over these past couple years that you've never met in real life, that you know them virtually, you know what they look like on camera. And the thing is that when these people were able to meet in person, it was just amazing to feel the energy of that for many people, they said it was their very first conference that they've attended in the last two to three years. And it was really cool to see all of that come together in one space. And we felt really honored to be able to create that space for people to come together. You know, one of the funniest comments that I heard was that the one thing you don't get a sense of when you interact with people virtually is for their height, their size, that some people that were extremely much taller than you expected, and next thing you know, you were looking up at their chin instead of like face to face. And I thought that was really interesting because people look a little different from different angles. So some people. I actually had a harder time recognizing people because I'm used to seeing them kind of face to face like this. So we tried to create as many of those opportunities for people just to meet, to talk over coffee, over food, over meals. And we actually had sessions where we had people talking and just really finding out more about each other. And it was just really, really cool to watch all that happening. Number two, the talks were amazing and they were great, and they were full of so much content and actionable strategy. But I found that a lot of the most powerful and best ideas and the change that happened as a result of them happened in face to Face, just conversations. We had mastermind sessions where people were able to talk together. I had a really great mastermind group. If you were part of my mastermind group, I think it was Emil, Meredith, Don. It was so fun to hang out with. You just talk about different business ideas. I learned so much from that short period of time. And many of you said that this one conversation we have with someone that changed the way you were looking at your business, your practice, your life. And it just came in the simple passing conversation over coffee. And it's so cool to see that happen because it's happened to me. When I think about my journey and I think about how I've gotten, where I've at, I'm at, and where I want to continue to grow, I will say that a lot of these key pivot points where I feel like my trajectory accelerated, a lot of those happened over just a quick conversation with someone, whether it was over coffee, over lunch. So I try to have as many of those meetings as possible because I believe so much magic happens in that, because, you know, when you're talking to someone, you relate with each other, something resonates. You catch something in a conversation that normally comes out, that may be in a more formal type setting, like a classroom setting or maybe even a course that might not come out. So we try to allow for as many of those conversations to happen. And I know many of you felt like a lot of things that you heard were new to you and you made that connection, and now you feel like life is a little bit different. And lastly, my third takeaway. Now, this is something that I've absolutely known, but once you actually see it in person, then it really becomes real and makes sense. It's really that community is the most important thing. To help you accelerate, to help you get where you want to be, to make sure you're right in the right mind space. There's so many people that I talked to this conference that said that, you know, they listen to the podcast, they do these kind of things, but they felt they were in their own world a little bit, that they couldn't talk to people at work about it didn't seem like either they were interested in talking about it, maybe they felt uncomfortable talking about it with people, people and so or they did talk to some people and those people would tell them all the reasons why things wouldn't work or it wouldn't go well. So they felt discouraged from it. But when they came to this type of community, heard these ideas, heard people talking about their first time investing in real estate, what happened that allowed them to get over that obstacle, to get over that hurdle. Then they realized, wow, there are other people that are doing things and possibly I can do them too. So it was amazing to show people the opportunities to help, show them what's possible. And this happens when you're in the right community. Now, I've talked about this in previous podcasts and blogs that I absolutely believe that you are the average of the five doctors, the five physicians you spend the most time with. Of course the five people. But especially when you're trying to do things as a physician doctor, put yourself in the right community of people, the five people that are very like minded, that will continue to support you, encourage you, help you dream, help you take those action steps to get where you want to be. And this is something that you choose. If you don't find yourself in those circles today, I just want people to feel empowered that you can find those, whether it's at a conference like ours, whether it's at some of our meetups, whether it's at other groups of meetups, maybe something that you find online, a big group and you say, hey, anybody local to my area? But those people are out there. I wanted people to understand that our tribe or your tribe is out there. Maybe some people felt that within, you know, our community, many of them ended up joining our prea and Platinum investor club, but maybe that some of them can find them locally or through another group or organization. And so the goal is to find other people who will hold you to a different standard. At the end of the day, they will hold you accountable for what you said you're going to do and you're going to take action on. That is the key to helping people accelerate and get where they want to be. I found it super instrumental in my life and if I can trace again certain inflection points, one of those Inflection points, really, when I found myself and surrounded myself by my little mastermind group of five people that again, we talk and connect, share ideas, share resources. So I recommend that you find that if you cannot find that and you've had a difficult time, let us know. We can always try to connect you to our community and the other things that we're doing. In any case, I just had an awesome time this weekend connecting with so many people. If you were not there, you still have the opportunity to obviously watch it virtual. There are ways to get that@pimdcon2022.com but nothing would have mattered if people came to that conference and nothing changed afterwards. So we made sure that we left people with a goal, we left people with a challenge. And I don't know if you were there, if you remember what it is before I say it, hopefully comes up in your mind. It was three things. It was one strategy, one connection, and one resource. And all of these things, this one strategy, this one connection, this one resource that would help you get where you want to be. And the thing is, these things don't necessarily just come to you. You have to actually go out and seek it. Hopefully we laid it out in a way that people were able to find that at the conference. In fact, when we had a show of hands at the end, it seemed like every person had found that. If you're sitting at home, I still want you to take on that same goal and challenge. I'm going to challenge you as well. If you're listening to this, find that one strategy, that one connection, mutual connection of mutual benefit that can help you get where you want to be. And then that one resource, maybe it's a course, maybe it's a conference, maybe it's a business or something you invest in that will help you get further to your goals. You have a couple months left in this year. I challenge you to find that soon, take action on it, and ultimately make things happen. It was an awesome event and it was great meeting so many of you. I hope you enjoyed it as well. If you didn't make it, you're still next year. We'll hope to see you there. Thanks, everyone. Have an amazing weekend. Take care. Enjoy the show. Let me know by dropping a review in the podcast app you're listening to us in. And if you haven't already, make sure to hit subscribe. Are you part of our community yet? Join thousands of physicians who are also on this journey to creating their ideal lives through multiple streams of income. You can join us on our Facebook group PassiveIncome Docs, and you can always learn more at our website passiveincomemd.com thanks again for allowing me to be a part of your journey. See you next time.