Dude, Where's My House? (Jimmy Vreeland)

Jimmy Vreeland went from being an active duty Army Ranger (thanks for your service Jimmy!), to concentrating on building passive income thanks to Robert Kiyosaki's little purple book. His first deal wasn't a home run at first, but the longer he held it the more he realized it was turning into a grand slam. And that's what he loves about real estate, as a long-term asset it's almost impossible to screw up. You just need to buy at a decent price and hold on to the property. And if you think that's exaggerating, Jimmy actually forgot he owned a house but held onto it long enough that he still made money on it.   Resources Mentioned In The Video: ======================== Want to learn how to combine the VAULT life insurance strategy with Real Estate investing? https://reiclub.com/cashflowtactics   Rich Dad Poor Dad - Robert Kiyosaki https://www.amazon.com/Rich-Dad-Poor-Teach-Middle/dp/1612681123   Rich Dad's Conspiracy of the Rich: The 8 New Rules of Money - Robert Kiyosaki https://www.amazon.com/Rich-Dads-Conspiracy-Rules-Money/dp/0446559806   ⏰ Key Moments in this Episode ⏰ ======================== 00:00 Jimmy Vreeland - Real estate investor 02:00 Secrets the Wealthy Use To Print Money 03:15 "Throwing Darts at the MLS" 04:28 Newbies Survive the Great Recession 06:30 2 Huge Mistakes in Real Estate 08:40 The 4 Ways to Win in Real Estate 10:36 Forgetting You Own a House 12:27 CashFlow Tactics & Turn-Key Rentals 14:36 The VAULT & Velocity of Money 16:10 How Politicians Create Wealth 18:34 Interest Rates Doubled, Asset Prices Tripled?   Transcript Jimmy Vreeland: I forgot about a house I owned. I literally forgot about it. was still paying the mortgage, but didn't, was not, it wasn't in my property management software. I did. Wasn't in my mind that I owned this house. I drove by it like every day too. George Uno: Hey guys, this is George Uno from REIClub. Thank you so much for joining me again for another episode of First and Worst. Now today my guest is a guy who went off to West Point then he got deployed overseas, Iraq and Afghanistan serving our country. And he actually read the little purple book over there overseas and got into his mind, hey that passive income sounds really good compared to what I'm doing right now. So while he was still on active duty, he started building up that passive income, and from there things just snowballed and took off. And before he knew it he was, you know, had 60 doors of his own and was like, wow, this is amazing. but Jimmy, let's get to know you man. How are you doing over there in St. Louis? Jimmy Vreeland: Good , how you doing, man? George Uno: I'm doing great. So how many deals you guys have going on right now? Jimmy Vreeland: so, we'll, we'll do 120 turnkey, and we'll do around a hundred wholesale this year. So we got 20 to 25 deals going on at any given time. George Uno: That's crazy. All right, well so that's probably a lot to manage so I don't wanna keep you too long, but take us back. Take us back. So you're in Afghanistan, or sorry, Iraq. You read Rich Dad, poor Dad. And how does that change the way you're looking at life and, and planning for things? Jimmy Vreeland: Growing up, I thought the only way you could become wealthy was to be like to be famous. So, you know, maybe politician, I realized with my mouth and my time in the military politician was out. Actor I'm not pretty enough to do that. And then athlete, which is what I really wanted to be, but not talented enough for that. So I was just like, oh, you know, I'm just gonna live this like nice life, you know definitely not gonna be wealthy. But then Rich Dad, poor dad opened me up to the fact that hey, the wealthy don't work for money. The, you know, the wealthy create and think and buy assets. They don't trade their time, they buy assets and then their assets buy, essentially buy their time back. So that was like paradigm shifting for me. George Uno: Yeah, that's crazy. I mean it's just funny that that's, everybody kind of gets that mind shift out of that book and so many investors have read that book and was their catalyst. You read the book, you say, okay, assets are what it's all about. So how do you decide on real estate and what, where'd you go from there? Jimmy Vreeland: And then I, I think I went home for leave and so Kiyosaki, I don't know how my mom actually sent me the book. I don't know how my mom found the book. I'm assuming it was when he was on Oprah. I'd have to ask her. But, so she knew about Kiyosaki, she wanted to get in on this, and then my brother was in medical school at the same time. Then he read it and he is like, yeah, let's get in on this. And I'll never forget this. So you know, interest rates were like at six and I'll never forget my mom being like, interest rates will never be this low, we gotta buy now. And they were at like six and a half