Show notes
GUEST BIOWe are joined in the lab by Eric Martel, a real estate investor, entrepreneur and the founder of MartelTurnkey. Eric gifts the middle class with a guide to achieving financial freedom through real estate with his book “Stop Trading Time for Money”. He is the author of the popular “Break Away From the Rat Race” YouTube channel and podcast and advocates early retirement by building passive income.Eric purchased his first multi-family property when he was 18 years old. When he witnessed firsthand the crash of corporate pension plans for long term employees as a management and business consultant, he decided that there had to be a better way to retire early and build wealth at the same time.In this episode, we discover how to break free from the employee bubble and get positive cash flow for residential turnkey rentals and joint ventures. If you are looking for a rewarding tradeoff from a 401K and finally become the owner of your own time, let's tune in to what Eric has to say.HIGHLIGHTS OF THE EPISODE02:07 - Background of the guest06:53 - First family business - low carb grocery store11:56 - How every store is different13:39 - Making money for business strategy17:40 - Delegating task within the family businessKEEPING IT REAL24:38 - The importance of having a passive income28:55 - Transitioning into Real Estate38:00 - Doing business without losing money45:40 - Return of Equity52:22 - What is Portfolio financing54:20 - Biggest MisconceptionRAPID FIRE QUESTIONS55:51 - Favorite Book - What got you here won’t get you there by Marshall Goldsmith56:26 - Favorite Habit - Consistency56:46 - Best Tool - Excel or Spreadsheet57:16 - One 300 unit apartment vs 100 Turnkey Properties - 100 Turnkey Properties58:01 - Cash Flow of Equity - CashFlow58:47 - Self Managed or Outsource - OutsourceBOOKS MENTIONED IN THIS SHOWMillionaire FastLane by MJ DemarcoStop Trading your time for money by Eric MartelWhat got you here won’t get you there by Marshall GoldsmithNOTABLE QUOTES (KEY LESSONS):“For me, passive income was key because I knew that it was inevitable, eventually I want to retire and I want to travel. And being an independent consultant, for so many years, the connection between hours that you work and the dollars that you make is very, very tight.” “As an entrepreneur, sometimes you have to do the things you’re not comfortable with.” CONNECTING WITH THE GUESTLinkedIn | YouTube | Facebook | InstagramWebsite
