Are you torn between your passion and your profession?
Many people dream of earning passive income and achieving financial independence without being tied to jobs they dislike. It can seem like these are two mutually exclusive concepts, but fortunately, there are ways to make it work.
In this episode of The Mentee Podcast, Justin Donald shares his experiences in the real estate ventures sector and offers advice on becoming a lifestyle investor. He also talks about buying back your time and how your passion and profession can both lie on a single plane.
Here are some power takeaways from today’s conversation:
- Continuous cash flow is key to financing the lifestyle you want
- Choose who you involve in your business ventures wisely to get the best offers
- Quality trumps quantity when managing your team
- Buy back your time and earn back your life
[9:15] Justin’s Journey of Becoming a Lifestyle Investor
Justin’s humble beginnings in entrepreneurial investing date back to his college days, when he first had to fend for himself and keep his expenses in check. He started his own company, which was under the umbrella of another company, and he quickly realized he was good at working with people and inspiring them.
Justin learned that organizations that provide room to scale higher are harder to leave. The desire to maximize determines the kind of life you will build, and it really worked for him.
[12:35] Lifestyle Investing Tips
The more money you have to spend, the more you can increase your lifestyle investments. You can start with a simple income-generating opportunity and grow it to meet immediate cash flow. With a continuous cash flow, you’ll be able to finance the lifestyle you want.
[18:09] Justin’s First Trailer Park Business Venture
The first trailer park Justin bought only had one park-owned home in it. He proceeded to buy some more from someone who had owned several homes and wanted to quit the business. Justin later realized he made a great mistake because mobile home park investing requires you to break even on home rent.
[22:07] Running a Maintenance Company
Justin is the co-founder of a single-family home rental maintenance company called IFM Restoration. They started as a service-based company with few employees but gradually grew as demand for their services did.
With the addition of their own proprietary software, IFM Restoration transitioned into a tech company. Having raised funds from various S3 ventures, they grew to be one of the largest vendors and service companies on the market.
[27:27] Venture Capital Investing
Today, Justin stands among the top owners of mobile home parks in the US and is actively buying more. For those looking to join the business, he advises that you buy from baby boomers and retirees directly without getting a broker involved for better offers.
[35:48] Managing Your Team
It’s not about having a bigger team; it’s all about having businesses that can operate themselves. Justin’s company has managers for certain regions, operation managers, CFO’s, and executive assistants.
You don’t have to manage all the teams. Instead, delegate work to other people, companies, and groups.
[47:07] The Importance of Buying Back Your Time
You can do whatever you want when you buy back your time. You don’t have to overwork yourself at a job you don’t even like. Running your own business gives you the freedom to do what you want. The passion for doing it will then come automatically.
Resources Mentioned:
https://justindonald.com/book-order/
https://summaries.com/blog/the-lifestyle-investor
https://www.amazon.com/Lifestyle-Investor-Commandments-Investing-Financial/dp/1636800122
