All entrepreneurial activities are not created equal. Running a service-based business is an active pursuit. You’re managing employees, making sales and then following through with high quality work. But in real estate, once you do the initial legwork, the money comes in automatically with very little effort on your part.
Pete Schnepp is the successful entrepreneur behind Envision Painting and Roof Coatings, Bug Science Pest Control and PRS Properties. Pete got serious about building a real estate portfolio in 2017, and today, his rental income covers his family’s living expenses, and he is financially free.
On this episode of the podcast, Pete joins cohost Garrett Lynch and me to discuss what sets real estate apart from other kinds of entrepreneurship. Pete walks us through the steps he took to build a portfolio of properties and explains why his family continues to live below their means despite having achieved financial freedom. Listen in for Pete’s advice on revisiting your goals every day and find out how he is building generational wealth with real estate!
Key Takeaways
What inspired Pete’s interest in real estate
- Realized people with money involved in real estate
- Needed Plan B to protect family financially
The steps Pete took to build his portfolio
- Listened to podcasts and books while driving
- Lived below means to save up
- Made offers on 10 properties in single weekend
How Pete achieved financial freedom
- $10K/month rental income covers living expenses
- Goal to hit $20K/month by 2023
Pete’s insight on living below your means
- Pay self salary as business owner and live on that
- Maintain modest lifestyle even now
How Pete and his wife got on the same page
- She supports his big dreams
- Prioritize time with family over expensive things
Pete’s future goals when it comes to real estate
- Use to create generational wealth
- Hold existing properties for passive income
How real estate differs from Pete’s other small businesses
- Painting and pest control = active
- Real estate = passive and easier to scale
Pete’s advice for aspiring real estate investors
- Get clear on 5-year goal
- Focus on goal daily
Connect with Pete Schnepp
Resources
Register for Michael’s Platform Builders Masterclass
Learn More About Michael’s Mentoring Program
Join the Nighthawk Equity Investor Club
Think and Grow Rich by Napoleon Hill
