#244 The Journey That Started Passive Income MD

Hey everyone. Hope you've had another great week. We've had so many people coming to the PIMD Passive Income MD community over this past year. Whether it's through, it's some things online, whether it's through our conferences. We've had so many people ask us about the original story of pimd, how we got started, what are our goals, what do we do here, what are some of the things we focus on now that we've been around, around eight years? Might as well just share our story again. Share, share what we do, share how we connect people, share about our communities and support and thought you might enjoy just listening to that. So if you want to know who we are and how we got here, stay tuned. Welcome to the Passive Income MD Podcast where we talk about creating your ideal life through multiple streams of income. If you enjoy hearing about this stuff, make sure to hit subscribe. Now, let's get on with the show. Hey everyone. So PIMD Passive Income MD was never this thing that was initially a great plan, fully built out. It was literally a point in my life where I was learning how to invest in real estate. I was starting to see some success from it, started to see some passive income coming to my bank account. I was super excited, started sharing it with as many people as I could in my close community. And those are a lot of my colleagues and my friends and somebody recommended and said, hey, why don't you talk about this online? There aren't any physicians at that time really talking about real estate or passive income and it'd be great to learn and see how someone is doing it. And of course with a lot of fear in my mind and a lot of second guessing because, you know, I'm not a writer, I've never done these kind of things. In spite of those things, I decided to start a blog. So I figured out what it meant to write a blog, how to publish it, and I started doing that and I started just talking about my own experience in terms of investing in real estate, what I was learning, what people were sharing with me, the good things that were happening, the mistakes that I was happening. And that's really how all of this started. And I would say officially when it came out, it started around 2016. And the reason I call it a passive income MD is that just to keep it really simple, this is Passive Income Strategies for Physicians, Doctors. And now of course, our community has grown beyond that. And so thanks to everyone who's part of this community. But the concept is we are typically high income earners because we make a great hourly wage, meaning that we work hard for our income, and our income is dependent on the time we put in, meaning that if we step into the hospital, we step into clinic, we get paid. But if we take vacation or we do these other things which are important to our life as well, we don't get paid. And that formula we your time is linked to your income can ultimately, you know, be good for a while, but then you feel like you're on this hamster wheel. And as we all know, insurance has changed, reimbursements have changed, physician salaries have changed, the cost of living has changed. And with all of these factors, sometimes you just feel like you're running harder and harder and harder, and you're not getting any further in life. You're not getting closer to your goals. You're not getting closer to the promised land which you thought you would reach when you became an attending, what you thought your life would be like, a life of freedom and control. And so many of us have hit that wall, and I have as well, too. And so I just started sharing about what I was finding when I was investing in real estate. I was investing both in my own properties. I was investing passively in other people's deals and syndications. And fortunately, many of those deals were doing really well. Some of them had some challenges, too. And so I learned from those and figured out how to invest better and smarter. And I'm constantly doing that, even through this period. But I started sharing that with people in the form of a blog, and that took off pretty quickly. I guess it resonated with our community, and the blog got shared around. And so thank you to all the people that have shared our blog, our podcast, all the content we produce. And as I mentioned, that blog became a podcast, became this podcast that you're listening to, because I want to share a little bit more on a personal level, allows me to share some stories and things on a deeper level sometimes than a blog. And so this podcast came about, and the next thing that happened is people wanted to learn about deeper ways to invest in real estate in a more formal setting. I guess we're used to taking classes and such. And so we created something called Passive Real Estate Academy, which is still going strong today. And now our new course in Academy not only teaches people how to invest in real estate without being a landlord, investing it passively how to do the proper due diligence to invest in syndications and funds. Not only does it teach you, and we now have an added coaching element where we get Personalized coaching to not only get this information that's curated to you in a way that's digestible for you, that makes sense for you, that you can do on your own time. But now we have coaches help you figure out your portfolio, crystallize it, figure out how it works for your life, give you the direct intention that you want. And so that's been an amazing part and evolution of passive Real Estate Academy. And we've had thousands that have been part of this community. And the community doesn't end when you take the course. The community of smart investors are able to share their wins, their losses. And let's be honest, sometimes there are some mistakes, there are some challenges, especially with the real estate market that's happened. But what have we learned from it? How can we do better as a group? We really feel like everything that we're doing when it comes to passive income Maryland it's a team sport, meaning that we all can learn together and get better together. We're building this amazing community of more intelligent, more informed, smarter investors who are trying to take control of not only their finances, investments, but of their time and their energy and the things that they do in life. And that's what we're doing together. Finding a financial advisor who truly understands real estate and financial independence, it can be a challenge. Many advisors that I talk to, they lack the knowledge or resources to integrate non traditional investments into your financial plan. Now Waystone Advisors, they stand out because they help combine real estate alternative investments and intentional wealth design. Founder Austin Dean and the Waystone team, they developed a flexible, cash flow focused approach to financial planning that allows you to enjoy life now while building wealth. And you know, I love that. Now with clients all across the country, they help investors bridge traditional, non traditional investments, grow wealth creatively, leave leave an intentional legacy and access a network focused on financial independence. So if you're ready to rethink wealth building, schedule a complimentary consultation@waystoneadvisors.com w a y-s T-O-N e advisors.com now, financial independence. Trust me, it might be closer than you think. Quick disclosure. Waystone Advisors LLC is a registered investment advisor. Advisory services are offered only to clients or prospective clients where Waystone and its representatives are properly licensed or or exempt from licensure. Now back to the show. Now after that course, we decided to get together in person. We created a conference that we do every single year called pimdcon. It happens in the fall. Many of you are part of it. If you are somewhere and you're Hearing this, just raise your hand, say I was there, I've been there. In the past. We've had thousands and thousands of people participate this in the past. Whether you've participated live or virtual, the goal of PMDCON is to put together this community, bring together some of the smartest people I know in real estate to talk about their investments, talk about what they're doing and learn from each other, share stories. And a lot of the value has actually come from the community that's built up around it. People have come up to me and said, I met this person at PIND Con 2, three years ago and it changed everything. I was able to invest in short term rentals or whatever it was, created massive income for myself and made a huge difference in the way I practice today. And it's such a fun place where you actually get to go to a conference that's a medical conference of, you know, physicians, doctors. And you're not talking about medicine, you're talking about how to create your ideal lives. If you want to get together with like minded people, it's so fun and it's such a great place and great energy and I highly encourage people, if you can make it next year, please go ahead and do so. But we were able to build this conference in this community and it was so fun to do that. We what ended up happening over time was that there were so many physicians that were part of our community that were not only thinking about real estate, but they were also quite entrepreneurial, meaning that they were creating businesses. Let me tell you, your practice, if you are a solo practice or with a group and you're in a partnership, that is a business that you're running and many of you who are entrenched in it and you have to look at the P&Ls and think about staffing and insurance, you recognize it is a business that you're running. So whether you own your own practice or you're running other businesses, there are many who are gotten into building their own products and inventions, people who are doing, coaching, people who have figured out ways to create their own courses or expertise or taking their expertise and figured out ways to share that with other people. There's so many businesses that I've seen physicians create over time. What ended up happening was many of you are part of this. Back in 2020, we decided to start this other summit. It's a virtual summit called the Leverage and Growth Summit where we decide to. Where I decide to interview people who are doing some amazing things inside and outside of medicine. Leveraging their medical degrees to create their ideal lives and do really, really cool stuff. And over the last couple years, we've interviewed hundreds of physicians doing businesses anywhere. Again, from the ones I mentioned to plush dolls, to becoming social media influencers, you know, to becoming expert witnesses, to starting their own health insurance companies, any of these things. We've seen amazing physicians do all these things. And the one thing that I had to give you the punchline on all this stuff is that physicians are capable of doing anything. You've got your medical degree, you know what it means to learn, people respect you and you have a mind. You've already shown that you're ambitious and creative. If you could take that and if you want to, you can harness that to create impact on an even larger scale, if that's what you want. And so we share that through our summit. And so many people were inspired by that. We had over 10,000 as part of our first conference. And many people said, this is our tribe. We haven't met other people like this out there. It's impossible to find these people. And so we started a community around that called the Leverage and Growth Accelerator. A lot of times we call that lga, where physician entrepreneurs get together, share resources, help each other out, help each other with the mindset, things that it takes to, to stay resilient. When you start a business, everyone knows you go through the ups and downs. So how can we support and help each other through that period? And so we have hundreds of people in our Leveraging Growth Accelerator who we've been able to guide and also create accountability for us to help us build these businesses. We see some amazing results from it. And a lot of those people are able to share what they're doing in this other virtual summit that we do called the Physician Accelerator Summit. You know, last year we did in the summer and it'll probably be again this summer where people are able to kind of share their own mini TED Talk type style session where they're able to share something they've learned from starting their own business. So look out for these. The Leverage youe Growth Summit and the Physician Accelerator Summits are virtual summits that you can watch from the comfort of your own home, listen to it in your car while you're walking your dogs, whatever it might be. It's very accessible and we make it super simple and easy. So look out for those if that's something that you're interested in. And because our community start to grow so much in that area of the entrepreneurial space, and we saw the things that were happening in real estate and we realized a lot of people were doing both. They're very like minded, mean that it's more about taking control, taking agency, realizing that you have so much more to offer than just showing up and doing what somebody tells you to do, that you're able to create your own ideal life, that you're creator, not just a manager of all the things that you have to do. So we decided to add that element to pimdcon. So if you come to PIMDCON now, it's is called the Physician Real Estate and Entrepreneurship Conference where we bring in both of those worlds, bring in both tracks of real estate and entrepreneurship. People go back and forth between both. Many people are involved in both. And so you get to meet people from all sorts of different areas with different ideas. It's just a cool gathering of physicians that are doing some really, really cool things. And of course we added CME component to it. We added a wellness component, a CME component so that people would be able to take advantage of that. And that's been a really cool addition to pimdcon as well. So that's how this whole world came together with the real estate side and the entrepreneurship side really converging on our big conference every year. Pimd. Now there are some people who wanted to go deeper and wanted to raise their standards even more, make a level of commitment where in a year they were going to make the absolute most of it. Whether they want to accelerate their businesses, build their real estate portfolios, get accountability, help and support each other and really change what their life looks like. And they really want to accelerate that, leverage all the resources that they have, leverage the resources that PIMD has. So we started a mastermind group called the Momentum MD group. So many of you have been asking me what that's about. Somebody joked and said that's the Navy Seals of people who are part of our P community. And in a lot of ways I feel like that those are people who are committed to making the most happen a short period of time. If you're part of that, shout out to you if you've been part of it as well too. And we've seen massive impact from that, from creating the accountability of group that meets together on a consistent basis to help each other. I'm part of this. I get to see the transformations help guide. But we're all learning from each other. You know, there's some really famous masterminds over time with some of the biggest tech giants, with some of the people that were the biggest innovators in the past, the biggest bankers, the people who ruled the world. They would get together in these masterminds and really figure out how to support, support each other and, you know, feed each other information and get smarter together. And you saw huge impact on that. I've done it in my life. And so we created here Momentum MD, where we have about 20 to 30 physicians. Get together on a consistent basis, both virtually and in person. Create amazing effect. We've capped it. It's been a really tight community. Just one of the most fun things I do at PID to watch these people grow and just a privilege to be part of this. Just to give you some insight, someone asked me if I do any personal coaching. And yes, I've done some personal coaching where I've helped people build their real estate portfolios, build their businesses, set up systems, help people shape their ideal lives, impact their family and their relationships. Something called that elite coaching with pimd. And there's two spots get filled every year. And again, we limit that to two spots just because of the bandwidth. And people are personally interacting with me constantly just to make sure they get their outcomes. It's something again, that I get the privilege of being part of and I get to really support people and help them achieve their outcomes, whatever that might be. Now, outside of all this, some people also ask, I want to be able to get connected to great resources. I want to see good deals. What are those? We have sponsors that we bring in that we often I interview on my podcasts or I will have them at pimdcon, or I'll have them present their own deals in something called a deal room. Or I'll share some of the opportunities in our special newsletter called the Real Estate Insider, which you have to subscribe for. It's free, obviously, but you can just go and subscribe for that. We just put out deals when we see them. And these are opportunities for you to get connected to great resources. Because we want to be a place where you not only get educated, but also you get an opportunity to get connected to great resources. Now it's up to you to continue to do your own due diligence. I will say the majority, if not most of these sponsors I invest in personally, but you have to make sure it works for you, for your risk tolerance. And so hopefully, through this community, we built confidence you're able to get the tools and the information and the education necessary to make great decisions, which makes sense for you. And then when you get presented to these opportunities, you can make a great, informed decision. And so that's the universe of P in a nutshell. If you want to get plugged in. The only thing I didn't mention is our Facebook group called Passive Income Docs. If you want to be part of a community that's sharing information, learning about these things, we have so many different communities. At whatever level of commitment that you want to come in at, whatever your goals are and your outcome, we've done our best to try to build it. And we built these things based on your recommendations, what you need, and so that feedback that you give us when you email us and you let us know how we can support you. I say that almost on every podcast. It really means a lot to us because it helps us design things to to help you get what you want in life. If any of these sound interesting to you, I'm sure in our show notes we'll have links to all of these things. We're here to support you all along the way. We're excited for everything that we're building. We're excited for our new year, and we can't wait to get to know you better. In any case, have an amazing week and let's talk again soon. Thanks everyone. 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. Join thousands of physicians who are also on this journey to creating their ideal lives through multiple streams of income. Learn more at our website, passiveincomemd.com thanks again for allowing me to be a part of your journey. See you next time.