Flip Tip Summary
What are the keys to a great lifestyle, supported by being a real estate investor? Mark McKee, successful real estate investor for nearly 30 years shares this FlipNerd.com Flip Tip with us…it’s great advice…give it a listen!
Flip Tip Transcript:
Mike: Hey, it’s Mike Hambright from flipnerd.com and we have a quick VIP Tip to share with you from Mark McKee who’s going to share the keys to a great lifestyle.
Mark: Hey Mike, yeah, it’s Mark McKee here in Las Vegas, and just a quick tip about lifestyle. You know, to me the reason you become a real estate investor is to make money, and it’s to have a great lifestyle, which means being able to do what you want, when you want. And there’s a couple key ingredients for that. Number one is you’ve got to have free time. Number two is you’ve got to have money. You’ve got to have your health, but we’ll just take that as a given.
So, you know, I know a lot of people that make a lot of money, but they don’t have any free time so that’s not good. You could also find like a homeless person who has plenty of free time, but no money. So the key to a great lifestyle is having free time and money. Now, the way to get that is with residual income or mailbox money, that’s that money that comes in no matter what. And I’ve achieved a lot of my mailbox money and residual income through cash flow real estate. I own a lot of houses, dozens and dozens of houses, and most of them free and clear. I should have all of them free and clear here in another few years.
And what that does is that’s money that comes in to you whether you’re sleeping or not, or when you’re out hiking or in Cancun, or wherever you’re at, that money’s coming in. And it just allows you that freedom to be able to live life on your own terms. So my advice to any real estate investors — because I’ve been around the block a few times — is buy cash flow assets.
I’ve seen so many people make a lot. I’ve seen people make millions of dollars a year and then something happens, something goes sideways. Something happens with them, or whatever. And then they’re broke again because they spent all their money and they never bought cash flow assets and created residual income. That residual income is the key to a great life.
Mike: Thank you for joining us for another Flip Nerd Flip Tip. We’d also like to thank our featured sponsors: Home Depot, B2R Finance, and uglyopportunities.com. To listen to more flipnerd.com Flip Tips or full interviews with the most successful real estate professionals in America, please check out flipnerd.com or the Flip Nerd podcast in the iTunes store.