July 7, 2022

JF2865: Best Ever Advice from the Actively Passive Investing Show



For episode 100 of the Actively Passive Investing Show, Travis announces that this will be the final episode of the series. He will be launching a new series on the Best Ever platform titled Passive Investor Tips. Episodes will be shorter in length, featuring Travis as he breaks down passive investor topics to provide as much value as possible while simplifying the passive investing philosophy and mindset. 

For the APS series finale, Travis highlights some of the Best Ever advice he’s given on the show: 


1. Earn as much as you can using your highest and best potential, whatever that is for you.


2. Live on as little as possible for a period of time. Get serious about building your financial independence.


3. Avoid bad debt. Try to pay off any credit card debt, student loan debt, or personal/car loans. 


4. Don’t forget the old-school principles that got you to where you are today. Focus on the fundamentals and double down on what is working for you.


5. Write down 10 things that bring you the most fulfillment. Passive investing is about building up your income sources so that you don’t have to trade your time for money and you can focus more on those things you love. 


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6. Try to go to bed a little wiser than you were when you woke up. That compounding effect over a lifetime makes a significant difference. 


7. Cash flow is king when investing in real estate. Look for a way to generate passive income out of your investments. If you’re saving money and you’re not investing, inflation will eat you alive. 


8. The velocity of capital is the simple concept that your money has to continually be moving. You have to constantly be reinvesting, reallocating, and moving money around. 


9. Buy assets to pay for your liabilities. When purchasing a liability, make sure you invest in something that produces cash flow or passive income that covers the expense.


10. When learning something new, it’s important to keep in mind that one person’s opinion doesn’t matter as much as the information you get from surveying many successful people.



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Travis Watts: Welcome back, Best Ever listeners, to the final episode, the season finale of the Actively Passive Investing show. I'm your host, Travis Watts. We, my friends, have finally come to the end of a series.

Today marks the 100th episode of the Actively Passive Investing show. I'm humbled, I'm honored, I'm grateful that you're here with me to celebrate the conclusion of this series. You know, Theo Hicks and I-- Theo was my co-host on this show when we first launched it; as the pandemic set in, I was actually busy before the show, doing in-person conferences and real estate meetups, and so our world changed, and we thought we still really want to get this value out to people. We still want to get the education out. We still want to help others and to add value. So that's what this show was. That's why we created it.

For those of you newer to tuning into the show, just finding these shows now, for the last 40 episodes or so I've been the solo host of the Actively Passive Investing show. Theo went to pursue other passions that he had, and I have been honored and grateful to be with you every week. I've learned an incredible amount over the years through doing this show, and one thing that I realized with this show, in particular, is I pay attention to all of your feedback, all of your comments, and we had a lot of positive feedback on the shorter episodes, where maybe I take a complicated matter, whether that be the economy or how to vet a syndication, or how cap rate or IRR works, and then make it a very short, consolidated episode.

So with that in mind, I am happy to announce that I will be launching a new series under Best Ever. I'm not retiring. The new series is going to be called Passive Investor Tips. Now, that coincides with my social media handles on Instagram and Facebook @passiveinvestortips. By the way, if we haven't connected yet on social media, let's do so - BiggerPockets, Linkedin, Instagram, Facebook. I'd love to be a resource for you.

So let's talk about this new series that I'm launching that I'll be starting in the next week or two. It's going to be I think about five to seven minute episodes as compared to 15 to 30-minute episodes, where I'm just breaking down passive investor topics. The goal is to provide as much content and as much value as possible in a consolidated timeframe, and to simplify the passive investing philosophy and mindset.

So the way I like to think of this is it's like a free mentorship or a free coaching program. There's going to be one episode per week that gets released. And just like with the Acively Passive Investing show, we will have a playlist dedicated to passive investor tips, where you can go and look at all the previous episodes and pick and choose what's most relevant to you.

And all of this, as a quick side note, is just part of what I like to do to give back these days. I've been asked a lot when I'm on other people's podcasts, what's your best ever way to give back? Or whatever the question may be. To me, it's giving back my time. There was a time in my life where I had no spare time. I was a W2 worker, 100 hours per week, trying to do active single family all on my own, and I couldn't do it. I wanted to help people; I didn't have the capacity to do it. So that's how I give back now. I do it through complimentary phone calls, I do it through connecting on social, I do it through being a guest on people's podcasts, I do it through this podcast. There's a lot of different ways I give my time back to others.

I'm not directly compensated for doing any of these things in particular. They're just things I like to do to help others, because when I was transitioning as an active investor in real estate to a passive investor around 2015, I reached out to people, I was seeking out mentorship, coaching, maybe just a peer who he or she was investing in syndications, and I couldn't find it. All I ran into was, "Buy my program. Buy my book. Buy my course. Join my conference." Everything was paid, everything felt like an upsell. There wasn't anyone out there really doing what I'm trying to do for you guys. So that's where this comes from, just so you know. I digress...

With this episode, I had my team pull some highlights from the past three years of this show, basically, and make a little highlight reflection reel for you, pulling some of the best-ever advice out of these episodes. Thank you so much for being a loyal listener. Keep following my content under Passive Investor Tips, exclusively here on Best Ever. I'll see you soon. Enjoy the highlight reel.

Back to the concept of enough. I think my takeaway from this study was just realize what is enough for you. What's more important? Retirement, or perhaps early retirement, time freedom, all those things, or eating out at restaurants, driving fancy cars and buying bigger and bigger homes to impress people that really don't care about you.

This whole thing is about finding things that bring value and happiness into your life. You know, we used to be on the rat race. We used to, you know, bigger homes, the fancy cars, but as we began to educate and learn and really think how much value is being created out of all that, hardly any with the luxuries, hardly any.

The four things that I subscribed to that worked was earn as much as you can earn using your highest and best potential, whatever that is for you. Two, live on as little as possible for a period of time, not your whole life, but call it 5 or 10 years. Get serious about building yourself financial independence. Three, invest in something. You've got to invest in something. So for me, it was single-family real estate in the beginning, and nowadays it's multifamily syndications, multifamily real estate. And I like cash flow. Last but not least, avoid bad debt - credit card debt, you have student loan debt. Really evaluate that. Try to pay that off; if you have personal loans, car loans...

Don't forget the old school principals that got you to where you are today. Focus on the fundamentals. Michael Jordan is a great example of this. So at Michael Jordan's prime, he was, quite frankly, the best basketball player that there was when he was playing with the Chicago Bulls, and he was notoriously known at practices for focusing on the fundamentals. He would dribble, he would pass, he would sit there and just do some easy layup shots and things like that... But why is he so focused on just the simple things that he's already the best at? Well, there's a lesson there to be learned. He always went back to the fundamentals. And if the best of the best, quite frankly, is focused on fundamentals and doubling down on what's working, why shouldn't you and I consider that as well?

Anybody listening right now, seriously hit Pause and do this if you can. If you're driving or something, make a note to do this as soon as you can. It's a simple exercise, but it means a lot. It can mean a lot. It's life-changing. Write down the 10 things that make you happiest, the 10 things that bring you the most fulfillment either daily, weekly, monthly, annually. You choose your timeframe. Try to understand better what's bringing you fulfillment.

I just can't help but share... This is what's made the biggest impact in my life. This is the foundational piece to what I teach and what I'm passionate about, and it's investing for passive income, whether that's cash flow from real estate, whether that's interest from note lending or other sources, whether it's dividends from the stock market, whether it's royalties from music or oil and gas, or different sources... The point is building up income sources you don't have to trade your time for, so that you can focus on more of the things that you love - time freedom, financial independence, financial freedom. I don't know, just whatever you want to call it.

This is what I do to get through a book in roughly an hour - setting some blocks of time aside to read. When you make this vague commitment, like "Hey, this Saturday, I'm just going to read all day" or "I'm going to read this afternoon", and there's no clear timeframes or timetables, we often get distracted, right? You might get 45 minutes in and then, "Oh, I got a phone call. Oh, I forgot about that email. Oh, I've got to go cook dinner", whatever. So I think blocking out an hour per day. And it doesn't have to be every day. Think about yourself, your schedule, your routine... Make it sustainable. Maybe it's 10-minute intervals, three times a day. I don't know.

Step two is just decide ahead of time on what you want your outcome to be for the book that you're reading. That's really important. I don't think a lot of people do that. Highlight sections, key concepts, topics, things that really stood out, things that were really helpful. Read the front cover. The back's actually got quite a bit on here. This kind of gives you clearly what this book is about.

A lot of books have a jacket. There'll be some text in here. Definitely read that after you read the front and back cover. Definitely read the introduction. Most books are going to lay out the land for you in chapter one - this is what this book is about. This is why I wrote it. They're making the case for what it is. You're going to skip all the way to the last chapter for the same purposes as I just pointed out for chapter one. Often in the last chapter, there's going to be a recap, key takeaways, this is what the conclusion is. And a lot of people are phased out in the middle anyway, right? We're not going to retain a lot of that. So this is just getting right to the point, highlighting, bookmarking, taking notes, all that good stuff.

Here's the very last step that you do. Go all the way back to the table of contents in the book. And here's the key, find one or two, maybe three, at the most, of chapters that you actually want to read, that are going to help you accomplish your outcome or your goal. You're going to be so much more organized than most people who read. Of course, you can read the full book if you're really that into it and you love it. But the concept here is you put five books on your table and that's overwhelming sometimes. You think, "Ah, that's going to take me a year to get through all that, and here's a way to do that in a week. At the end of the day, what's the takeaway here that's practical?

To get started, that doesn't necessarily mean get started investing, although you could perceive it that way, but get started on your self-awareness. Write down your strengths and weaknesses; only you at the end of the day knows you best, and only you can make that decision.

My advice would be the same as your advice. If anybody listening to this episode or any of our other episodes can just take one practical takeaway, just take one thing and work on it a little bit; my rule to myself when I read a book - I have to at least take one action step based on new knowledge that I've obtained. Like Charlie Munger says, try to go to bed a little wiser than you were when you woke up. That compounding effect over a lifetime that makes a significant difference; that coming from a billionaire, great advice.

Number one, if you're saving money and you're not investing, you are getting eaten alive by inflation and you will continue to be eaten alive by inflation. You are losing the purchasing power of the dollars that you do have, that you're holding onto. Number two, cash flow is king when investing. I say it all the time, I'll say it again, cash flow is king when investing in real estate. Look for a way to generate passive income out of your investments, not just buy low, sell high and hope things always go up. Number four, invest in something that's a hedge against inflation. It doesn't have to be real estate, but seriously consider something that hedges inflation. That would be my suggestion, is focus on cash flow versus the buy, hold and pray that the stock market just goes up forever.

It's out of your control. Let it go. All you can really do is control your behavior, your reactions, and place a meaning on things as they occur. And I think a lot of us, myself included, struggle over things out of our control. I mean, we spend this time beating ourselves up in our head, when in reality, most of those things never actually occurred. It's very interesting to see so many billionaires and multimillionaires living the simple life, but being fulfilled and happy. It's not all about keeping up with the Joneses.

The Daily Stoic is the book I'm reading right now. It's by Ryan Holiday. It's 366 meditations by the ancient stoics. It's a very practical book.

The velocity of capital is just this simple concept that your money has to continually be moving. You have to be constantly reinvesting, reallocating, moving money around. The minute that you start taking cash and shoving it under a mattress or putting it in a safe, putting it in the bank, it begins to die. So you could think of it like electricity. So electricity, electrical current has to constantly be moving. The second that it stops moving, it starts to dissipate a road and go away and die. But that's the same with your money. So think about it that way.

Robert Kiyosaki has talked about this for years. When he puts money into an investment, his objective is to pull that money back out as soon as possible, and then redeploy it into something else. This is the snowball effect. This is how, effectively, the rich get richer.

Break: [00:16:23] to [00:18:10]

Travis Watts: So let's say that you're going to flip a house. Why is that speculation and not investing? Well, you're speculating that your rehab budget is going to cost what it's going to cost. You're speculating that it's going to take you about three months to turn that property over. You're speculating it's going to sit on the market one month after that. You're speculating the purchase price - someone is going to be willing to pay for that. That's a lot of speculation and that's why it's not investing. You have to constantly be repeating that process and gambling, in a sense. It's an educated guess, hopefully, but it's still speculating.

Who's an investor then? Well, cash-flowing real estate. I mean, primarily. Because what are you banking on? You're banking on the current income. You're actually buying an income stream. You actually have tenants in there right now. You have a long history of people paying, and what the collections have been... So that's what you're really banking on. So it's still a little bit of speculation. That would be the speculation that people are going to continue renting your property over the next few years. That's your speculation, but it's a lot more conservative.

The investing game to me is very simple, and it is that you invest in things that produce passive income or cash flow. You use that to enhance your lifestyle. I mean, 101 at its basic bones, that's really what I believe and that's really what I do and that's really what I teach. If I go to a casino and I have $1000, and I go place a $1000 bet and I end up winning, I now have $500 more than I started with. I still have the 1000 plus the 500. So if I take the original 1000 that I had first bet and I put that in my pocket, and now I only have 500 left in my hand, now I'm playing with house money. I mean, what is my risk at this point? So I can go to zero, but ultimately I didn't lose anything, right? Because I still have the $1000 I walked in the door with.

So you can play this game without being a gambler, in terms of being a real estate investor. So if I'm going to invest in a new development deal, I need to understand that I should be expecting potentially a higher return, versus buying something, to your point, turnkey, already stabilized, already occupied, already has a long track record of being rented; there's less risk in that, because you're essentially making money on day one. As soon as you close, there's money rolling in the door. So you're probably going to have a lower return because of that. So it's understanding where you stand in this balance, understanding what those different types are, and what you're comfortable with.

I went way too hard, too fast, hardcore in 2015, where I just read a ton of books, and it was almost analysis paralysis. Your brain can't do all of that. So you need to really be choosy with what you're going to read and what you're going to study and what mentors you're going to put in your lives. And a big reason why I chose a passive approach to real estate eventually is because of this, because I didn't like having so much active real estate that held me down to a particular area, geographic location. I always had to attend a closing or turn a unit or deal with something.

Generally, a limited partner or a passive investor lacks the time to frequently monitor investments, meaning if they have to be involved on a daily basis or even on a weekly basis, quite simply, they just don't have the time to do it. They're a doctor, a dentist, a lawyer, attorney, athlete. We speak about that kind of stuff a lot; a business owner... The reason that they're choosing to be a passive investor is because they don't have the time to go do it themselves, so they're going to partner with somebody else that does have the time to go manage all that themselves, and they're just going to participate in that kind of offering. They usually do enjoy, though, keeping up with financial news, looking at the macro level. What is the Fed up to? What are interest rates doing? Where are people moving to and moving from? That's generally on the minds of passive investors.

And the other thing is - the way I phrase it, they like to own a little bit of a lot. In other words, more simply put, diversification. So you are taking some risk, because you are relinquishing control as a passive investor, but the benefit is you get to participate in a multitude of things, right? You could live in San Diego, California. You could have investments in Texas and Florida and Georgia, Ohio, the Carolinas, and you could be in self-storage and mobile home parks and multifamily... So it's kind of cool to be able to diversify. But I think at the end of the day, if people get real, [laughs] which most are, it's that you're seeking to match, but not necessarily beat just the overall real estate market. You just want to be involved. You're just looking to get some cash flow, and hopefully some equity upside, and just in general, a nice risk adjusted return.

I like to draw the parallels to the stock market all the time. It's more like an index fund investor. I'm going to put some money in like an S&P 500 index. I'm just going to participate among all these different companies, and hopefully, I just get this averaged, upward trending return when it's all said and done. Hopefully, real estate's perhaps a little better for you, but I don't know.

Buy assets to pay for your liabilities. This is what's worked for me and what I think is very powerful that I want to share with you. If you're going to buy a new car, there's three ways to do it: you pay all cash, you lease a car, or you make a down payment and you finance the car, and you make payments every month. So here's how I look at it. If I want to buy a new car, $50,000 is the car purchase price. So if I'm going to pay all cash, this is my rule to myself - I have to have an investment in my portfolio that I am selling this year, like stocks, bonds, and mutual funds that are liquid, or that is selling, like a syndication or something, where I'm going to get at least $50,000 in a gain, in a long-term capital gain or a short-term capital gain to pay for the liability. So the investment was made first, it already did what it did, and now I have to be able to extract a gain to offset 100% of the purchase price of my liability, which is the car.

Let's say I want to finance the car. So I'm going to make a small down payment and then I'm going to have monthly payments thereafter. Same principle for the down payment, but see it's going to be a far less hurdle. So let's say the same car, 50k. I need to put $10,000 down. That's 20%. So now I just need an investment where I can extract $10,000. And then for the payment that I'll have every month, then I need an investment in my portfolio that produces cash flow, positive, passive income on a monthly basis that covers the payment that I'm going to have.

And so the last example is leasing the vehicle. I need an investment; in this case, it doesn't have to have any kind of game. I just need to first take my money and invest it in something that produces cash flow or passive income, so that I can make the payment for my liability, and I don't have to eat away or sacrifice my principal.

I tend to focus on the B asset class, for the most part. In general, A class is new development, new construction, luxury, highest rans, great areas, all that good stuff, right? It's the best of the best, the cream of the crop. B usually still has some nice amenities - a gym, a pool, a barbecue area, a dog park, these kinds of things, but it's an older product. Maybe it was built in the '80s or the '90s, or the early 2000s. C - you start dropping off all the perks. Maybe it doesn't have a pool. Maybe it doesn't have a gym. Maybe the gym's super outdated or super small. Maybe the ceilings are real short. Maybe it was built in the '50s, '60s, '70s, that kind of stuff. And D, to your point, is usually no amenities or very little, and in a bad area, so to speak. And so again, higher risk, higher return. It's nothing against a D property. It's if you got a great team that specializes in that niche, they might be able to turn that thing around and make a lot of money. So just know where you stand on the risk scale.

Net operating income is the primary driver to the value of what someone's willing to pay for a multifamily property or self-storage or mobile home parks or whatever. Five years to me is kind of a sweet spot. It's much easier to predict what may happen in a particular market over the next five years than it is to go into a deal indefinitely, where you might be holding it for 20 years, looking forward at the next decade. So you want to be in something, in my opinion, that's an inflation hedge. And if you're leveraging, like we're talking about, if you have a mortgage and debt, you are locking in today's dollars in that debt, and then paying them off with cheaper dollars. The more we inflate and the purchasing power goes down, the more money we have to pay off that preexisting debt. So all in all, big fan of real estate in general, but multi-family for those reasons.

One cool thought to me is one day you might be able to fully fund a new investment every year, just by using your passive income from all of your other investments inside the account. Let's suppose that we get down the road and we have 10 of these investments pumping out $5,000 per year; that's 50,000 per year in passive income. At the end of the year, we could do a new $50,000 investment without having to put our own capital into it. So I think that's a pretty cool strategy myself. And again, not telling you what to do, educational purposes only, not financial advice, but I just think that's a really cool strategy, and I just wanted to share in case you hadn't really thought about that.

When I'm learning something new - let me give you an example unrelated to this; let's say something I don't know much about that I'm certainly not an expert in that I want to learn, so let's say interior decorating. [laughs] It's not really my thing. So if I were to want to know what to do with a house or a room or something, what I would do is I would hire not one person and get one opinion, I'd probably hire three people and get three opinions, and I would do my own homework and due diligence and whatnot. I would end up with maybe let's say 10 different ideas, and then I would find the commonalities. So let's say out of ten different opinions on a living room, seven people said, "You know, you really ought to paint this wall a lighter color", I'm going to take that and hone in on that. That's what these three points are, are interviews with thousands of real estate investors, and finding the commonalities. How many people say "Buy for cash flow, be conservative in your underwriting, have adequate cash reserves." That's what these are. This isn't just one person's opinion, "Here's what I think about real estate." That doesn't really matter. I think what matters is the survey of many successful people. And that's something to keep in mind and why we did this show.

Sometimes, early on, if you're young or you don't have capital, it's going to be frugality, it's going to be your budget, it's going to be your choices of how you spend money that's going to have the greatest impact. We can always get money back in life. We cannot get back our time. That's been one of my underlying messages to the world, is passive income can help you free up what I call time freedom. That just means freedom over your time. Most, if not all the richest people in the world have some form of passive investment or passive investing in their portfolio.

The key is to balance the risk and reward ratio. Is it possible I could go make some kind of investment out there and maybe double my money overnight? There are investments like that, but there's usually a chance in that same investment I could lose all my money. So it's a balance between that and saying, "Well, I don't want to take any risk at all. I want the safest thing on the planet." Well, okay, products like that generally exist, you know; insured bank deposits and stuff like that, but I might also get 0.1% interest per year on that investment. So is that going to get me to my goals? It's trying to find the equilibrium to say, "Alright, I'm getting a healthy overall return and I don't feel like I'm taking too much risk while doing so, and that suits me well for my goals and my lifestyle, and what I'm trying to achieve." That's what you've got to think about for you.

Here's the holy grail, the thing I really wanted to share on this episode - I invest in deals that have both cash flow and equity components to them. So you take real estate, for example, I'm investing in something that's stabilized and occupied where I'm getting monthly income as we go along, the rents are going up, and so we're forcing some appreciation there. And on top of that, hopefully the market is lifting it up and inflation is lifting it up. There's your buy low, sell high; but then also I've got cash flow the whole time.

Theo Hicks: Your mentor doesn't need to be necessary -- it can be someone who kind of labels themselves as like a mentor or a coach, like that's kind of like what they do. They have a business where they do coach people. But at the same time there's a lot of value of having a mentor who doesn't necessarily label themselves as a mentor. And Travis kind of gave a perfect example about just some guy who's just been doing it, and Travis asked him for-- asked him questions, asked him for advice, for tips. He didn't have to sign up for a full program and get access to a portal to give the information. He just talked to him. I think when people hear mentor, that's what they think about; they don't think about the story that Travis just told, of someone that he met at a meetup group, who he spoke to and he said that that's one of the mentors who had the biggest impact on his journey.

Travis Watts: These are gold. These are absolute gold. So one, is identify your goal. Two, is identify your investment criteria. Number three is educate yourself, find a mentor. And number four is take action. That's all I got.

There's a quote that has really stuck with me. You can be twice as rich by desiring half as much. You want to increase happiness. That's usually the end goal at the end of the day. Why do we do the things we do? Why do we go to jobs? Why do we work up corporate ladders? Why do we save? Why do we invest? It's to have a fulfilling and happy life. And a couple of years ago, in fact, on this show, I talked about getting stuck in the success cycle, where once you have 1 million, then you need 2, and once you have 2, you need 4, and 4 to 8, and 8 to 16, and it just never stops. You're on this hamster wheel till the day you die and you look back and you think, "It was just money. It was just money. Why was that so important when I missed out on so many other things?" It's about perspective. It's about humility. It's about self-awareness. It's about understanding you. It's about understanding your own goals.

I want to leave you guys with this final thought, which is that if you have something that you want to do or accomplish in life, don't put it off until you're 90 years old. I'm an advocate for time freedom. I'm an advocate for building a lifestyle that you want to live, on your terms, by using passive income. Most people, they wait their whole lives, and it's always good intentions that, "Yeah, one day I'll do that trip. And one day I'll vacation." But if there's really a goal or a mission that you want to accomplish, I encourage you to start on that now, and not later, even if it's in small form. If you want to travel the world, for example, don't keep putting it off until, quote-unquote, "retirement". Start taking an international trip once a year now, today, so at least you're getting some of that fulfillment along the way. It's never too early, but it can sometimes be too late. So put your plan into action today.

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