Today’s REI Classroom Lesson

Gene Guarino emphasizes that how you manage your life is a choice. With real estate investing, you have the ability to be financially free and can choose to live outside of the market they’re investing in..

REI Classroom Summary

For investors looking at residential assisted living, you have baby boomers all over the US. With the right management in place, you can have them handle the day-to-day affairs while you’re anywhere around the world.

Listen to this REI Classroom Lesson

Real Estate Investing Classroom Show Transcripts:

Mike: Welcome back to the REI Classroom, where experts from across the real estate investing industry teach you quick lessons to take your business to the next level. And now, let’s meet today’s expert host.
Gene: Hey, this is Gene, the founder of the Residential Assisted Living Academy, and your host for this episode of the REI Classroom with FlipNerd. You know, today we’re going to be talking about freedom.
Mike: This REI Classroom real estate lesson is sponsored by, FlipNerd’s private investor coaching program and your blueprint to investing success.
Gene: Freedom of time and freedom of your life. You know, it’s a choice. You’ll notice I’ve got my panama hat on, and I got it in Panama. I didn’t go down to Walmart’s and pick it up, although I probably could have. But this is straight from Panama, because this year my wife and I, we went to Panama on business. We had a little fun as well, but we were there because we have control, freedom, of our lifestyle.
What we do and how we do it, it’s a choice in how you manage your life. And the reason why we went to Panama is a couple of things. One is, I was invited there to speak on the topic of residential assisted living. And that’s what I do, that’s what my expertise is. And people all over the world want to learn about this and get involved in this. So I was invited to speak there for the second time on this topic, because the baby boomers are literally all over the world. And a lot of people have moved from the U.S., and they’ve chosen a style of life where they’ve moved to Panama to be free of the U.S. taxes, and government, and hassles.
So they’ve chosen their freedom there, but they can still operate their business in other locations. And see, that’s part of it. The reason why I’ve got this hat is just to point it out to you, you don’t have to be in your business to own that business. You don’t have to work in that business day-to-day. As a matter of fact, with the Residential Assisted Living Homes that I own, I may not go see them for an entire month or more.
I’m in contact with, over the phone, Skype, email, with the managers and so on, but I’m not there on a day-to-day basis. My job is to manage the managers. And if I do a good job, they’re given the authority, the tools to be successful. They now have the ability to do a great job as the manager, but my job is to manage the manager. And if I do my job right, I can do everything that I do in 5 to 10 hours a week operating a number of these care homes.
And you can do it in another state. Because I get people asking me this all the time, “Gene, if I’m in this state can I operate the home in another state?” Answer is short. You don’t want to be hands-on anyway. You’re not stirring the pot, cooking the food, doing the laundry. Somebody else is. You don’t have to worry about those things. Your management team should be.
So this whole concept of freedom and the idea of choice. If you’ve got that management team, and we teach that in Italian, so I use my hands here. A pyramid, right? A triangle, where you are on the top, you’re the business owner. That business owner, you’re also probably, and I’m going to suggest you should be, the business manager. Don’t give up the day-to-day money part to somebody else.
Your job is to make sure the money goes in and the money goes out. So make sure you’re in control of that. If you pass that on, a lot of things can go wrong. That’s the 5 to 10 hours a week. Everything underneath that, the day-to-day operations, the caregivers, the schedules, the residents, the families, that’s somebody else. And if you’re doing it properly it’s running like a top.
Now, sure things are going to go wrong, and occasionally there’s more time involved. But it’s a matter of identifying that, putting the right people in charge. So you have the right people on the bus, in the right seat. So you are driving that bus, but actually you’ve hired a driver to drive it so you can go to Panama and enjoy it.
When I was in Panama I was on a golf course, and it was really interesting, because we were staying in an all-inclusive resort, right on the beach. It was awesome. So as my wife was at the spa and on the beach, I went to the golf course. And unfortunately there was nobody else there to play with. I had the entire beautiful, gorgeous golf course all to myself. I say unfortunately, because I love people, and I love to hang out with them. But fortunately for me I got to get a whole round of golf in, 18 holes in about two, two and a half hours. So it was awesome. And my panama hat, my cigar, and beautiful weather, and, you know, the ocean breeze was beautiful. And I want you to be able to enjoy those things too.
So put yourself in a position so you can do what you want, where you want, when you want, with who you want, for as long as you want. That’s your choice. Freedom is a choice. So make a good one.
I’m Gene, I’m the founder of the Residential Assisted Living Academy, your host for FlipNerd’s REI Classroom this episode. But I’m going to come back for another one, and I want you to come back too. There’s a lot more to learn, so stick around. I’ll be right back.
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