MB 253: Don’t Follow Money, Make Money Follow You – With Keith Weinhold
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Yes, work ethic and taking action are key in becoming a successful real estate investor. But mindset is even more important. Before you can start working toward the life you want, you have to conquer middleclass thinking. You have to stop following the money and start making money follow YOU.
Keith Weinhold is the real estate educator, entrepreneur and investor behind Get Rich Education, a platform designed to help people achieve financial freedom through real estate investing. An active member of the Forbes Real Estate Council, Keith is known for his expertise around buy-and-hold real estate, and he transacts 100-plus properties per year. Keith is also a bestselling author and host of the wildly popular Get Rich Education Podcast, a show with more than 3M downloads in 188 countries.
On this episode of Apartment Building Investing, Keith joins cohost Garrett Lynch and I to explain why mindset is crucial in becoming a successful real estate investor, describing how to overcome middleclass thinking and make other people’s money work for you. He weighs in on why delayed gratification is overrated, challenging us to cultivate an abundance mentality and start living the life we want right now. Listen in for Keith’s insight on the ‘shadow demand’ in the housing market and learn why inflation is a good thing for YOU as a multifamily investor.
Key Takeaways
Why mindset is crucial in becoming a successful real estate investor
- Don’t live below means but EXPAND means
- Make outsized decisions to live outsized life
What inspired Keith to move to Alaska and invest in real estate
- Go after what you want or you’ll never have it
- Rather than following money, make money follow you
Why so many people settle and never take action to invest
- Peer group reinforces doing safe thing
- ‘To change yourself, change your five’
The first steps to improving your quality of life with real estate
- Get honest about what you really want
- Live beneath means vs. live well
The problem Keith sees with middle class thinking
- Work for money and have little left to invest
- Make money work for you (vs. other people’s money)
How real estate makes other people’s money work for you
- Tenant’s money for income
- Bank’s money for leverage
- Government money at scale
Why more people aren’t investing in real estate over Wall Street
- Best product but worst marketing
- Lack of financial education
Keith’s mission through the Get Rich Education platform
- Financial freedom through real estate
- Live better and give better (abundance mindset)
Why Keith thinks delayed gratification is overrated
- Subpar quality of life until old enough to retire
- 401(k) = life deferral plan
Why the property is the 4th most important thing in investing
- Decide what want real estate to do for you FIRST
- Carefully consider market and team of professionals
Keith’s short-term outlook on the real estate market
- Strict criteria to qualify for eviction moratoriums
- 95%+ rent collections
Keith’s insight on shadow demand in the real estate market
- More household formation as economy recovers
- Demand increase with population growth, immigration
The 3 ways inflation is good for real estate investors
- Price inflation
- Debt debasement
- Cashflow enhancement
Connect with Keith Weinhold
Resources
Learn More About Michael’s Mentoring Program
Keith on Apartment Building Investing EP034
Ted Benna on Get Rich Education EP197
Pew Research Statistics on Young Adults Living with Parents
US Bureau of Labor Statistics Consumer Price Index
Keith’s Inflation Triple Crown Video
Keith’s Free eBook 7 Money Myths That Are Killing Your Wealth Potential
