WS1387: Creating Various Streams of Income | Joey Mure & Russ Morgan

There’s an old saying that goes, don’t put all your eggs in one basket. And this is very much applicable to any kind of investment or business. As an investor or entrepreneur, it is important to diversify your streams of income so that you can prepare for any untoward circumstances. Today, Joey Mure and Russ Morgan are back on the show and they share how they were able to create various streams of income that are now giving them the freedom they want.

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In part one of this two-part conversation, Joey and Russ emphasize that having passive income provides freedom for yourself and the people that matter to you. They also talk about the importance of creating various streams of income, the concept of infinite banking, and the difference between diversification versus focussing on your areas of expertise. Enjoy the show!

Key Points From This Episode: 

  • Joey and Russ how they’ve gotten serious about passive investing.
  • Why do we need to think through what are the most important things in our lives?
  • Why do you need to spend time with your family?
  • Joey and Russ gave an overview of their various streams of passive income.
  • What is infinite banking?
  • How to figure out where to put your money to earn passively?
  • Why is it important to understand the businesses that you are in?
  • Know how to pivot to sustain your business.
  • What are the first couple of various streams of income that Joey and Russ invested in?
  • How does partnership help in creating various streams of income?

Tweet This!

“Freedom is something that we should never put off.”

“The best way to enhance wealth is in an active, operating business. But the way to protect it and to protect everything that we’re dealing with is to create other streams of income.” 

“One of the things that we’re decent at, the way Joey and I got connected individually, you know, professional relationship, I was teaching him a concept called infinite banking which was the use of stacking cash in an insurance contract for the purpose of using it to finance the things of life.” 

“We’re not diversifying for asset classes, we’re focussing on our area of expertise.”

Links Mentioned in Today’s Episode:

Wealth Without Wall Street

Wealth Without Wall Street Community

Wealth Without Wall Street on Twitter

Russ Morgan on LinkedIn

Joey Mure on LinkedIn

WS712: Changing The Way People Think About Wealth with Russ Morgan and Joey Mure

The Family Board Meeting

About Russ Morgan and Joey Mure

Russ Morgan, aka The Idea Guy, started his career in the financial industry. With four years of planning under his belt, Russ was stunned in September of 2008 to see the DOW Jones plummet 800 points. He had no idea that the market could react in such a volatile manner and knew this was something he could never have control over. Russ began a journey that day to passionately understand more about how to take back and gain control over his money, as well as his clients. Russ believes that it’s time you stop following conventional planning methods and start thinking for yourself. He enlightens business owners and investors with the knowledge they need to make sound financial decisions. The best path to financial freedom is one that frees you to make decisions that allow your money to grow, allow you to have access to this money, and protect this money from market swings and tax regulations. Yes, all of this is possible, and Russ thrives on helping people in their journey to reach this financial freedom.

Joey Mure aka, The Stallion started his career in the mortgage business in 2003. He grew to become a branch manager with one of the Nation’s top mortgage lenders leading 25 loan officers. By 2010 he had achieved national recognition. Despite earning an impressive income he still had significant questions about how to save for the future without having to borrow from banks. How does anyone save aggressively for retirement AND simultaneously pay for automobiles, and save for college, weddings, and vacations? In 2010 Joey met Russ, who shared the Infinite Banking Concept and everything changed. IBC allowed Joey to get completely out of debt besides paying off his mortgage, he started saving four times the amount he had previously been saving, and now had a clear plan of how to save for all our life’s expenses without giving up retirement savings. Joey decided to join Russ and co-founded a company called Wealth Without Wall Street. They teach people to stop trading time for money to achieve financial freedom by following the 5 Pillars of Wealth Without Wall Street.

Full Transcript



Russ Morgan (RM): The best way to enhance wealth is in an active operating business. But the way to protect it and to protect everything that we’re dealing with is to create other streams of income.

Whitney Sewell (WS): This is your daily real estate syndication show. I’m your host, Whitney Sewell. Today, our guests are Joey Mure and Russ Morgan. They’ve been on the show before they were on show number 712, which you’ll hear us talk about. It’s a crazy that it’s been that long ago. And there’s been that many shows, however, man, they provide a lot of value today, when you’re thinking about being an operator or a passive investo. Russ Morgan, is aka the idea guy and Joey Mure called the stallion. They’re cofounders of Wealth Without Wall Street. They teach people to stop trading time for money to achieve financial freedom by following the Five Pillars of Wealth Without Wall Street. They have created an online community to learn and grow as they work to coach people on their path to financial freedom, you’re gonna hear them talk about that a lot today. We’re gonna go back and forth for a while, and they have created many streams of income. It’s encouraging, even it’s neat to hear how they have done this, how they have created numerous businesses and are staying very passive and making it happen. But you’re going to hear different things about the market, what’s important to right now to them, how to be prepared, how to be capitalized, and why maybe there’s capital in places that you have not thought of that they’re going to talk about today. But also the importance of having control over that capital. And we’re gonna go through that different ways to think about that even collaboration, you know, within making partnerships to make deals, work and other other types of businesses work that maybe you’ve not thought of. And then they’re going to talk a little bit about their mindset behind operating so many different businesses and how they’ve done that. Well. I know you’re gonna learn a lot from them today. 


WS: Joey Russ, welcome back to the show. Honored to have you back. So much has happened since you all were on, I think it was October of 2020. That’s show 712. And now we’re, I don’t know, 1400 or so. And it’s been a while and you all been very active. There are many things I’m looking forward to jumping into today. 

Give the listeners a little bit of an update, though. I know you’ve got so many businesses going on and so many things around passive income and even teaching other people and a lot happening. Give them a little bit of an update. And then I want to dive into some specific topics that you all are experts and I know everyone wants to know about.

Joey Mure (JM): Well, Whitney is so funny, just as we started thinking about the shows we’ve been on. I was like, I cannot believe it’s already been two years since we last met. But yeah, we have gotten serious about passive income and I think the reason that that’s important for anybody listening is because freedom is something that we should never put off. And I’ll tell you the reason that that hit me like a ton of bricks was it was before two years ago, but it finally took root then. 

I was taking my daughter to her little preschool one day, and she’s sitting in the backseat. And she asked me the most simplest of questions. I don’t know if you know, you had preschoolers, but they have the most simple questions that have the most insight, you know, and I’m sitting there, she says, “Dad, you go pick me up from school today?” And I said, “No, baby.” It’s almost like why would you even ask me, you know, that’s not the point. I mean, in fact, it was rare that I would be taking her to school because I was always at work. Her mom was always taken her. I said, “No baby, I have to go to work.” And she said, “Why do you have to go to work?” Again, this is so simple. “I have to pay for things, I got to go make money, we have to pay for this car or house, the food that you eat.” She says, “we already have a car, we already have a house.” Again, the most simple thing. And I said to myself, I actually called Russ and I said, “I never want to have to tell my daughter that I have to go to work.” It was just like that was ringing in my ear. And it’s so it’s one of those things that I say “man, freedom is never something that we should defer. But it’s what we’ve been told what we’re supposed to do our whole lives.”

Like there’s nothing guaranteed about the future, let alone our health or our time. And secondly, the time with our children will never get back. She’s never going to want to play Barbies with dad when she’s 26. Right? But now that she’s you know, at the time, she’s probably three, that’s when she wants that time with dad and I need to soak it up. But, you know, I had to create that freedom. I don’t know Russ, what about you? 

WS: That’s when the relationship is is built. Right? Exactly when they’re 1, 2, 3. You know, by all these special moments, I don’t know, I could plug for a book here that I’ve been recommending to everyone lately about this exact topic. I’m glad you mentioned this, but it’s called the Family Board Meeting. And it’s by a brand called 18 Summers, Jim Shields. I mean, it’s a very quick read. It’s like 10 bucks on Amazon. I encourage anybody that you got kids you should read this. It’s so worth it. I’ve done this with my children recently. And I like creating this space for time with them. It’s not really a meeting as much as it is, like a special time that set aside just for them one on one. 

And I was able to ask one of my boys some questions. I’ve done this with both of them. And but, one specifically, I mean, some of the answers, I was like, “Whoa, I would not know that if I hadn’t have asked those questions, right and had this space and this time,” but if I hadn’t been working to create some time freedom, I wouldn’t have been able to do that either.

Russ Morgan (RM): I think that there’s a lot to be said, sometimes we don’t plan right. Actually, I don’t know if you guys do this, but I have a vision board. And my vision board, I make it as a picture. And it’s my backdrop on my computers. And so I see it every single day, I have a schedule to look at that and to reflect on it. And one of the most recent things that I put on there and I think it goes to this very point that we all can learn from, I put an image of Smokey the Bear. You guys remember Smokey the Bear? 

JM: Oh, yeah. 

WS: Bear with the little pants?

RM: Yeah, what was Smokey the Bear saying? Only you can prevent forest fires, right? Well, here’s the part is think about in our lives, we spend so much time trying to go out there and put out fires. That’s not what Smokey Bear told us to do. Right? He wasn’t telling us how to pour water on fires, how to be better with sand on fires, right? He was talking about the things that prevent them from ever getting started from the very beginning. And I think in our lives, we don’t spend enough time planning and thinking out those things and thinking about what is the most important and why would we want to do that. And so whether it’s in our business, in our investment lives, or in most importantly, in our personal life, I mean, one of the things that I’m grateful that I put in my life probably a year and a half ago, and so started every Wednesday, taking one of my four kids to breakfast.

Today is a Wednesday, I just got back with my nine year old son, and we just spend that hour just connecting and finding out what’s important, what’s not, and he just flew in behind me to wave with you guys. But, you got to have that sit down. Like it’s just not going to just magically happen, you got to plan it out. So that way, it’s not a fire down the road.

WS: Being purposeful right? Now, I love that that came up and that you all are focusing on that as well. No doubt about it. And but that’s pushed you all to create financial freedom, right? When those things started happening? Sure, it’s seeing that and the need there? Because we all say we’re doing it for our families, right? We’ve all probably said that or thought that or whatever. But man, for you know, you know, Dad doesn’t get home for dinner most nights, you know, or maybe it’s been two weeks or whatever, you know, and you’re not there, you’re not spending that time. And so, you know, just even ask the listeners, you know, are you really doing it for them? You know, it may take some of that time? Yeah, you do have to put the time in the hustle all that to get started often more times than not but man, you know, there has to come a time where are they the focus? Really, you know, so I just ask the listeners to think about that as well. I’ve had to think about that and restructure my time. 

But I want to dive in guys. I know you all have, you know, you’ve created a name for yourself, right? You know, around the passive income and increasing your passive income. You went from, what, 3,500 a month 50,000 a month. And you know, that didn’t happen without being purposeful, like we were talking about, right? I mean, that took some planning and man, putting some things in place, obviously learning a lot. And I want to jump into that. I know, there’s many, many people who are listening, or we’re even wondering right now “Well, is this the time to be investing? You know, what’s happening right now? And you know, what’s happening with the economy or the market?” How are you all looking at that and those things. So I want I want to jump in. And let’s get started. Let’s dive into that. You know, maybe I’m talking about your passive income a little bit and how the growth, you know, maybe give us a brief overview of what that’s looked like, what that’s entailed, you know, so the listeners have a better understanding. And then let’s get into, you know, your thoughts on the market right now. And we’ll dive into what you’re doing about it.

RM: Yeah. Appreciate that. Thank you. And it’s been definitely a focused journey for us, something that initially was not our effort, just like probably many of you are focused on our careers, focused on the businesses, trying to grow those which are great, right? Like the best way to enhance wealth is in an active operating business. But the way to protect it and to protect everything that we’re dealing with is to create other streams of income. I don’t know where I heard it, but a long time ago heard the goal is to have eight streams of income. And I’ve always thought about that even when I didn’t have eight passive income streams. I was trying to create eight different avenues of income coming in to my existing active income business that I was dealing with. 

And that’s been the focus for us is because we know right now, it seems like right now, I don’t know if you feel this, but it feels really eerie to what it would have felt like in 2008. Right? If you had all the awareness of what was going on in the financial markets, Joey was a mortgage guy at the time. I was a financial advisor at the time so we were seeing different angles of it. It feels a lot like that right now. I feel like when the the new numbers come out, we’ll find out that we are in a recession right, which is just two straight quarters with GDP growth down. I feel like we’re at that edge. And everybody’s kind of in our conversations asking what should I do? 

So to the point is, what did we do? Well, one, we knew that this was coming at some point. And we wanted to create as many lifeboats if you will, for the Titanic as possible. And I think too, oftentimes, most people are rotting one ship, and that ship is their, their income, it’s what they do for their daily wage. And that’s great until it’s gone. It is great until it’s cut in half. Right? If you’re somebody who’s a sales professional, and you have half as many people to sell to, it’s hard to keep the income there. Or if your company has to downsize, maybe you’re part of the half that were let go. And you’re trying to figure out, how do you live on $450 a month of unemployment, which is for most of it’s just not possible. 

So for us, like the motivation for us to build all these things was with that in mind, and along that journey came into how do we identify getting access to cash so that we can prepare ourselves and Whitney, I think we probably shared this on the last time we were on the show, but one of the things that we were decent at and the way Joey and I actually got connected individually in a professional relationship is I was teaching him a concept called Infinite Banking, which was the use of stacking cash in an insurance contract for the purpose of using it to finance the things of life. 

And we’ve been doing that pretty well together, personally. And then we’re teaching it to other investors and clients that we had. And so we were building cash all the way up until 2020. We just had been kind of like most of us, when we were doing really well, we started getting lots of money stacking up in different places, checking accounts, savings account, live surance, policies, whatever it is, and we’re actually using it.

For us, the 2020, we were able to launch and I think we were able to launch well, because we had actually built up cash. We had actually created that dry powder, if you will, and opportunities had been kind of coming in around us through the podcasting and through the networking and the circles we were in. And so we were able to really jump in, we had a few things going on some syndications short, single-family homes and little bitty things. But we were able to just pour, you know, gasoline on the fire, if you will, because we had a lot of cash.

JM: Okay, let me jump in just real quick Whitney, Russell’s saying, I don’t want people to miss. Because what we have identified when we’re helping people create financial freedom, the number one issue that people have is what I had as a mortgage professional. And that was a lack of access to cash. I was a highly paid professional in the mortgage business. And I saw deals all the time. 

In fact, there was development deals, there was builders coming through, realtors bringing the opportunities. And you know, I was always putting money in the wrong place. I was putting in my 401k in IRAs, looking at 529 plans for my kids colleges and things like this. And deals would come by and be like, “Man, that sounds like an awesome deal for someone else.” Because I didn’t even fathom that I could take advantage of because I was always putting myself at the disadvantage of no access. 

And so man, when I learned about this infinite banking process that Russ introduced me to in 2009, I immediately started to say, “Wow, I need to change the flow of where these dollars are going and put them back into my control.” Right? I need to capitalize on my own sake, not for Wall Street. Thus the name Wealth Without Wall Street, right. That’s how that all comes around. And so then that really forced us to say, “Okay, now we have capital, it’s begging us to do something with it.”Right? If you don’t have capital, that question never comes up. But when you start stacking cash in a place that you can access, it’s like, “I gotta do something with this. And I don’t want to screw it up.” 

I mean, that’s the reason we have a podcast that’s been going for five years now. And we spent the first three really just being educated by other people, like guys like yourself who are coming on with an expertise and saying, “Hey, you know, you can build passive income this way. You know, maybe it’s through syndications. Maybe it’s through short-term rentals. Maybe it’s through Turo,” we just had a guy on talking about we got free mentorship that way. And that allowed us to go deeper in our journey before ever pulling the trigger on what we want to do.

WS: Yeah, I bet there’s so many listening that can relate to maybe they have a high income, but maybe they’re putting it in the wrong place. Right. But you know, you mentioned you know, you had a great income, but you didn’t have access to cash, right? And it was in the wrong place or whatever. There’s a learning curve there. Right? You had to figure out a new way. And really have your take the blinders off. 

I think many of us have been taught either at home, just keep putting money in that mutual fund or in the stock market one way or another, you know, and you have no idea what’s happening with it half the time. I don’t think. I didn’t know years ago when I was doing that as well. But that’s just what you’re taught to do growing up, right. And so anyway, I’m grateful for that, in just sharing how you all have learned even the importance of how the podcast taught you all so much, but now that you have learned so much and you all move so far now and you got numerous businesses operating. And you know, what’s your take on the market now? And you know, why is this important now? What’s happening? What’s your philosophy there? 

Many are asking the same question. And now that you’re, you know, you have many streams of income and you know, passively from different angles. What’s your thought of the market? Before you’ve jumped in and I love this question for you all, too, because you’re not just in one asset class, right? You’re doing some different things. And so I know the listeners are wondering, hey, well, how are you all preparing or looking at the economy?

RM: And here’s the thing I will say this, and this goes back to our financial planning days as well, that the world teaches us diversification right now, you know, you need to be in small cap stocks, large cap stocks, value stocks, International, right? You need to be in real estate, oil and gas. And the concept was well, and I used to use this, you said mutual funds, right. And, Robert Kiyosaki has a great little comeback to mutual funds. They’ve never been, they’ve never been mutual in nature. They’ve always been one sided against the consumer. But I used to use this when I was in the financial planning days, I’d say, you know, if you threw a rock through a pane glass window, right, if it was just one big sheet, it just all comes down. But if it was all divided up, then only you had to replace that little section. And so I would use diversification without knowledge and understanding. 

So when you look at our business, you think, “Oh, well, these guys are diversifying, they’re land flipping. Oh, they’re in crypto miners. Oh, they’re in syndications and the multifamily space. Oh, they’ve got ecommerce businesses. Oh, they’ve got an information company.” We’re not diversifying for asset classes, we’re diversifying, are focusing on our area of expertise. I guess that’s what I would say. 

So when you ask me about the market, I feel really comfortable in the areas that we’re in. And not because those areas are what I feel like are going to be recession resistant or recession proof. Right? I just understand the business that we’re in, I understand what makes it go up, what makes it goes down, I understand the ways to pivot. And we prepare for ways to pivot, right, like for those we were coming in, we started our short-term rental business, for instance, in July of 2020. So we didn’t go through the shutdown. But we still were dealing with COVID. And we were learning from people who are pivoting through the shutdown of what they did, of how they were able to pivot from international travelers or, you know, worldwide or just national travelers to just local first responders who didn’t want to go home. Right? They were figuring out ways to fill their units, just we’re thinking differently. 

So for us, we’ve learned our businesses very well to know this is the thing that even when things go crazy, we know how to pivot to sustain. And I think that that’s where, for us as we look at the marketplace, like if you’re asking me, I’ve worked out in old guys don’t read my shirt that says Wealth Wihtout Wall Street, they’ll come up and ask me the other day guy came up says, Hey, what you think about PayPal? And like we collect a lot of money through it. I don’t know, what are you asking? Right? And he’s like, “Oh, well used to be at $300. And now it’s at $70, don’t you think it’s a good deal and 70% of his institutional,” I have no idea. And I would not invest $1 in it not for any other reason than I have no idea. 

What we tell our mastermind members is, let’s one be really good at what we know. And we need to understand it, what we call our investor DNA, where we match our personality style and the things that we’re interested in. Because what you’re interested in is what you’re going to study, right? Like I was never interested in mutual funds, I was a Certified Financial Planner, I did not study mutual fund, they were boring to me, because it’s just buying an old left and right. And that’s just not exciting. 

So I spent no time or effort invested in that. And I think that that’s where most people are. But what you do get excited and interested and you spent lots of time, you start talking to people, you start learning things about the business that most other people don’t know. So if the short-term rental business, for instance, starts to fall apart, I feel really confident we’re going to be one of the few that are still standing because we have been educating ourselves so deep in this space and networking so deep in this space, I feel like we’re in the top one percentile of people that exist, not that we’re immune to non-ravelers, but we can be the people that when people will travel, it just will be a difference. Are they using our units or using somebody else’s?

WS: What were the first couple streams of income from, you know, first couple businesses you started? And would you recommend doing that now? You mentioned like eight streams of income earlier. But what were the first couple of businesses or first couple streams from and would you suggest others do the same? 

JM: Well, I’ll say this, 2018, we actually had started investing in Ethereum mining computers. And here’s the deal, Russ and I couldn’t spell Ethereum at the time. I’m pretty sure Russ still can’t. But beyond that, we knew the people at the ownership level of company and they had very specific connections internationally for video cards and things like this that would really drive the mining capacity of computers. And so we were interested in it from a standpoint of like the the focus was, and this is like having a rental property with no termites, no tenants, anything like that, like you have a maintenance cost to this computer, you pay for the computer, you have maintenance costs every month, and it should be creating more Ethereum at the equivalent of US dollars than ever, what it would cost you to maintain. And that was awesome for about a month. And then three months later, it started producing less than what it was costing us to maintain the computers. 

And at first glance, were like, “This is a terrible idea. What were we thinking, right?” We put all this money into these computers. And we thought this was a passive income and fast forward into 2020, so two years later, all of a sudden, Ethereum starts to take off, right? 

WS: So you stay down? 

JM: Yeah, we stayed in, like I was actually still mining the whole time. And I was actually paying to mine like I was not making any money. And then all sudden, all thisEthereum comes roaring back. And I was able to sell it for US dollars to get all of my initial investment back and then some. And then we met somebody who actually knew what they were talking about with crypto. And they said, “By the way, why would you ever sell a cryptocurrency for a US dollar?” They opened our eyes to the fact that we were really mining a currency not just a cash flow, if you will. 

So I’m grateful we did that because it opened our eyes to see what’s possible. But I wish we would have had the perspective to begin with that this is a really an alternative currency we’re holding for the long haul, I still recommend it.

WS: How’d you find that person?

JM: The funny part is I went to college with him. And he saw me posting something online. And he’s like, “Hey, can I take you to lunch?” And Russ and I had lunch with him. And he kind of softly shared this with us. And I was like, I feel like the biggest idiot of all time. But beyond that we have one of the guys that’s been in our passive income mastermind who helped [inaudible] the country of El Salvador swap their national currency to Bitcoin. And so he knows a little bit about cryptocurrency, too.

WS: No doubt about it. Well, the reason I ask is like all of us need those people in our life, right that are way ahead of us. And whatever asset class or whatever business we’re in, it’s so helpful. I just wondered how you made that connection. But it’s interesting, this person’s by you knew, you know, and reached out to you, you know, want to keep driving forward a little bit. What was your what was another income stream? Or what did that look like when you’re getting started? And would you recommend that now to other people?

JM: Well, I’ll say again, this was before 2020. So I’m still kind of catching up to where we were, I had a single family condo that I had owned since 2004. And just rented it. I mean, it was barely cash flowing for ever. I mean, it’s like $100, maybe a month. And then I’m glad that I did it, though, because it was the first unit that we used as our trial run for short-term rentals. 

I had the guy, June 2020, basically, that I’ve been renting to, I didn’t renew his lease, we renovated the property, furnished it and in July started our short-term rental business as like a test run, we’re like, “Okay, we’ve heard all these things. Let’s just see if this works.” And immediately in the month of July, we made something like $2,300 profit. 

And I thought this is brilliant. I’m so glad we did this. But in the back of my mind, before that, I was like, “I could turn around and sell this condo, if it doesn’t work, you know.” So I’m glad I bought the asset, even though it didn’t really make me a lot of money for a long time. And now it was like the linchpin that helped us to really take off and our short-term rental business.

WS: Interesting, it’s wow, I think credible story too. Yeah, for that with that one unit and how you turn that around? Are and ctually, you know, you’re talking about your streams of income, what would you recommend a couple of streams, you know, for the investor that’s listening right now, you know, you all done so many different things. Now, man, what’s the first one or two things they should be focused on, to start creating this passive income, right? And so they can have that freedom we talked about?

JM: I would tell you one of my favorites is our land flipping business. And if you’re not familiar with land flipping, it’s very just how it sounds, buying raw land at a discount, typically 25 cents on the dollar, turning around and paying cash for it from an existing seller turn it around taking that that land and selling it on the retail market for terms. So, in a sense, owner financing that that property back to the end buyer, making it affordable for them. So you’re solving the problem of people want to buy land, but they don’t have large amounts of capital and so that they can afford a monthly payment. 

And so, for instance, would be you could buy a piece of land for $1,000, turn around and sell it for, you know, four to $5,000 on terms for let’s say, you know, $250 a month for 60 to 80 months is usually the timeframe. And you just do this over and over and over again. Then you start building a massive monthly note income using land as the collateral. And the reason I love it is one, it’s not going out of style anytime soon people want to own property, you’re making it affordable for the vast majority people to be able to do it. There’s no upkeep to it at all right. And if they default on the loan, there is no foreclosure process. It is literally, “okay, it’s a land contract for deed. If they do not pay, I immediately take it back and resell it.” And my basis on that property is that much lower based on the payments that they make. 

So the benefit to us was, we have a relationship with the land geek, Mark Podolski, I’m not certain if you’ve ever had him on the show, we went to him and we said, “Man, we want to do this at a high level. But we can’t do this ourselves.” Like it’s an active income until you build a whole entire system of virtual assistants and all that and we just didn’t have the time. And so, we partnered with his team in a done for you land business, that actually our passive income masterminds get access to this with him, but it now is done completely by their team. And we have a partnership in that.

RM: Joey, you’re not doing it a good service there. You’re not telling Whitney how creative you and I were to make this happened. Because the reality is, is that we knew that it was such a great thing, Whitney, we had to be a part of it. And we knew that you’re better off partnering with someone who’s excellent already. And when we brought this idea to Mark, we were like, “This is gonna be amazing. You’re gonna love this partnership.” And he’s like, “I don’t think I want to do this.” I was like, “of course you do.” He goes, “you know, we sort of tried this once before it was a disaster, the guy that we were partnered with, you know, he wanted to start collecting money in the next one to two years. And that just really wasn’t a good fit for all the time it takes to put it together.” And we’re like, “look, we are in this for the long haul. Like we’re trying to create passive income for the next 100 years. So we’re we want to see cash flow, but we don’t necessarily need to take it and put it in our pocket tomorrow.” 

And he went through and I mean, to his credit, and built out all the legal stuff to make this stuff happen. And when he did, it started working. And the only thing Joey and I are good at if good at anything is telling people that what we’re doing. And we started telling people that what we’re doing, and they just started calling him up and say, “Mark, when can we get on this program, rest of joy keep talking about this done for you model,” they’re showing us their passive income report every month. It’s like 5,000, 7,000 10,000. Now we’re over 21,000 a month in passive income from the notes that come from flipping this land, we got to get in on this. And that was the beauty of that relationship. But that’s where partnerships really help right is when you can connect with somebody who’s an expert, you already have a vested interest knowledge, we’ve spent all the time as Joey said, learning the concept we knew it will work, we just needed to figure out how we could get somebody to work for us. 

WS: That’s incredible. You know, I had forgotten about that process. I’ve had him on the show. It’s been a long time. And I forgot you actually keep the land and you become the bank essentially. 

JM: Yeah. 100%.

WS: I was thinking, you know, you were selling it, you know, completely through a realtor or whatever, you know, and you don’t have you’re not attached to the property anymore. And you’re just taking a profit. I didn’t realize, man, you’re just cash flowing that and becoming the bank long term. That’s incredible.

RM: Joey knew that right like Joey worked for a mortgage company forever. The the first deals he did was become a bank. He started lending to people own homes that they couldn’t buy because they didn’t have bank worthy credit, right? And we’re like, this just makes so much sense. We’re just gonna be the bank in the transaction and buy dirt. I mean, Kiyosaki says, there’s the five G’s to invest in and one of those G’s is ground. So here like, we’re in the money, this makes sense.

WS: So thank you all so much for your time with the listeners and myself. Tell them how they can get in touch with you and learn more about you.

RM: Yeah, I’d love to send you to, if you’re an accredited investor, I’d say go to what forward slash club 200. That’s where we spend, Joey and I spend the most of our time and if you’re not, I would say go to forward slash GPS. And we’ve built out a 6,000 person off social media community that is focused on what we’ve talked about today, building financial freedom that exceeds your monthly expenses. And when you get in there, you can download the app right out of the App Store with Wealth Without Wall Street and that’s where we spend our time interacting with people that is not in our mastermind would be within that community. 



WS:  Thank you for being a loyal listener of the Real Estate Syndication Show. Please subscribe and like the show. Share with your friends so we can help them as well. Don’t forget, go to where you can sign up and start investing in real estate today. Have a blessed day.


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