Invest in real estate rental properties.
Dustin Heiner is the Founder and CEO of Master Passive Income.
Master Passive Income offers a free course that shows you how to achieve financial independence through real estate investing.
Learn more about how Master Passive Income can help you realize your financial independence by listening to this episode of The Thoughtful Entrepreneur above and don’t forget to subscribe on Apple Podcasts – Stitcher – Spotify –Google Play –Castbox – TuneIn – RSS.
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Welcome to The Thoughtful Entrepreneur Show. I'm Josh Elledge, Founder and CEO of UpMyInfluence.com. We turn entrepreneurs into media celebrities, grow their authority, and help them build partnerships with top influencers. We believe that every person has a unique message that can positively impact the world. stick around to the end of the show, where I'll reveal how you can be our next guest on one of the fastest growing daily inspiration podcasts on the planet in 15 to 20 minutes. Let's go.
All right with me right now I've got Dustin Heiner, Dustin, you're the Founder and CEO of Master Passive Income. You're also a podcast host. And again, someone can find your podcast very easily by just searching Master Passive Income in their podcast directory. Is that right?
Cool. Well, hey, thank you so much for joining us. And, and so Dustin, if you were to say, you know, there's a Few things that I do better than maybe 99.9% of the people on the planet and what would those things be? Ah,
well, go ahead.
You don't have to be shy around here.
Well, taking care of my family, definitely, number one, I love I love my wife, I love my kids, I love being with them and traveling with them. But one thing that I really enjoy doing is or I guess, the way I can explain it is, if I'm not really good at it, I usually just kind of move on. And so a few things that I really enjoy doing, I really enjoy the game of making money or, you know, just having a business and, and finding ways to make money. I just love doing that. I also love exercising, I love doing Olympic lifting, things like that. But I'd say out of everything, it really comes down to real estate. I love buying real estate, holding onto that real estate and making passive income every single month where I don't work. Other people work and I make money every single month. So that's probably if you have to boil everything down. It's my family. My exercising and my real estate investing business?
Well, I was hoping that you would include real estate in there because I think that that's what most people know you for in the world, I was worried you were gonna like throw sodoku in there or something like that. And then that was gonna be it's like, wait a minute, you know something about real estate, don't you? So So you've built up a really great brand for yourself, you've produced a pile like a mountain of content around this through master passive income. And so if you want to kind of follow along the person who's listening to us, you can go to master passive income.com And not only is there just a chest a ton of content, articles and audios and videos and, and of course, you've written many, many, many books. They can also kind of get to know your story, you and your story. But what was your first foray into real estate Dustin?
So I think it started when I was Well, first time buying was like in 2006 when I first started investing, but before that my dad was a contractor. And so I went through high school working in the summer in the blazing heat on hot slabs building and framing houses. So that got me kind of interested in real estate in general, or homes in general. But then fast forward to where I'm working a job. I so I got really quick story. I had we just had a fourth kid, I went on maternity leave, I get back a week later of working. So I'm off a week, and then I worked for a week and that Friday, Friday at like 330 I get a phone call from my boss's boss's secretary. Hey, Destiny come to the office. I thought what is going on? What? Okay, I don't think I did anything wrong. So let's let's walk over there. And as I'm walking, I'm realizing, before I had left, there was some rumors of layoffs happening. I was like, Oh, those are just rumors. There's there's no way that's for me. And as I'm walking, I start realizing that this could be it. Then I started feeling I'm feeling like Oh my goodness. What am I Gonna do so I get closer and closer I get to my boss's office this area. And I see the Secretary and she very sheepishly says Dustin, would you please have a seat? And I said, Okay, and I take a seat and as I'm sitting there, she says, okay, he'll be just a minute. He has somebody else in there right now. And as I'm sitting there, I immediately start to feel like a failure. I feel like, oh, my goodness, if I'm getting laid off, I've been working my whole life trying to get really good at this job and get better and better at the job. And I started thinking, What am I do with my family? How am I going to provide for them? I'm a failure as a husband, lo and behold, the door opens up, a lady walks out with a piece of paper and says, she doesn't say anything. She's just noticeably distraught. And she's walking out and I realize this is it. So I get up. My boss calls me and he says, basically, we don't have any money for your position. I thought I had plenty of seniority. I thought everything was great. Long story short, I get back and I realize it's time for me to change. Instead of working for somebody else. I need to be successfully unemployed. So I became an investor That day and I said, I am now an investor Even though 100% my money comes from my job, I got a job after that, which was great. So I was able to, you know, keep providing for my family. Yeah. But even though 100% of my money came from my job, my value my worth came from what I put out, not my job. If somebody says, what do you do, I'm not gonna say what I what my job is, because that's my side job. Even though 100% of my money comes from my side job. I'm an investor. And so from that point forward, I started buying more and more real estate and changing my life. And so in six years, I had a total of 19 properties, bringing in 90 or 90 $500, in gross rents, I was clearing like 60 $500 in passive income, and then eventually quit my job a couple years later, and now I would never ever look back but buying that first property, that was the hardest, but after that everyone kept like dominoes kept growing and growing.
No kidding. You know, you pointed something out there and it's like, you know, for reasons not really in your control. You attributed that to you Worth, and it's just kind of the way that things are, which is, you know, I'm a big fan of, you know, philosophies like iron Rand Atlas Shrugged, we talked about, and it's like, you know, at the end of the day, man, there's they're always going to be challenges that come up and some of us, you know, we just get hit on unfairly and it but it's just kind of the way that it is. But it's our job to succeed despite these outside forces and if you want more control over your outcome, then you need to take more ownership over the revenue generation as opposed to just saying, Oh, well, my boss is always going to take care of me. I'm just going to show up and trade eight good hours for eight good hours of work and you know, we have, we're just going to keep it you know, keep a great relationship like that for life. There's no promises with that.
Not at all. Not at all. In fact, I am so I work for the government who gets fired a letter from the government, but I did it. So yes, it can. Absolutely. And there's a saying that I love and I never thought it applied to me. Because I worked with the government. It says it's not if you lose your job, it's win, because it's just going to happen. And it's statistically it's like two or three times in your entire life, you will literally lose your job would be something like that. And I said, after this one time, I'm never gonna let anything like this happened to me again. And I started investing in real estate. Now, money literally comes in without me working. I probably worked 30 minutes a month, an entire month, I worked 30 minutes, because all I'm just doing is reviewing the statements that I get from my property managers. Money comes in without me working. In fact, I travel for six weeks out of the year with my family, my wife and my four kids. We went to Japan for six weeks, we went to Europe and saw 11 different countries for six weeks. We just went to on the east coast. We're from the west coast. We went on the east coast from Florida all the way to New York City on a four week trip sightseeing like a field trip. It was fantastic because I don't have to work at all because my rental properties make me money.
Now everybody's very happy for you Dustin. You get to have this lifestyle. But okay, so I want that everybody wants that. So explain to me kind of how you got the ball rolling. Or if you are a new person today that said, Man, I want more freedom, what would be the first steps that they should take.
So I before actually buying the property there's so many things like when I'm coaching my my coaching students in real estate and show me how to buy properties. First, we need to figure out finances and help them to understand finances because in order to be wealthy, you have to think like a wealthy person. So here there's so much more to get into it. And I covered this extensively on my website and my podcast, but here's the basics. Number one, you need to cut your expenses. Number two, you need to increase your income however that looks there's so many different ways to do that. Number three, you need to get up that number 14 is save for investing. If you start working on that and you start getting money to where you can put aside maybe $100 a month or $200 a month or 10% of your income every single month saving to buy a rental car. Which is what I did. I never saved. When I was growing up. I was never taught to save. I was taught not to have debt, but I was never taught to save. I was blessed when I got married, my wife had about $10,000 that she had saved up and we save some more. We got a little presence here and there. And I took $17,000 of our money and bought our first property. Now I did everything wrong, absolutely everything wrong. Now there's right I figured out this actual system, how to do it. But all that to say, you need to start with your finances, because I'm wealthy because I don't just don't spend lavishly. We have plenty of money. But like when we're driving home from church, a few Sundays ago, my daughter says, Hey, Daddy, give me go to that place to eat lunch. I'm like, No, that's expensive. We have food at home. Even though we have plenty of money. It's just like, I'm teaching them the value of money, just like we need to know the value of money from there. Once you have started having enough money to start investing, then you need to look for properties in different areas of the country. We invest, I invest and my students invest all over the country, but it's not location dependent. If you live I live in California and I'm In Ohio, the very first time I have Ohio and Texas and Arizona, I have students investing all over the country. So you don't have to be location dependent, you can invest anywhere. So if you get up the next day where you can start investing, and then buy one property, and then don't spend that money that comes in, because we only invest in properties that make $250 or more a month, now with a $250, it rolls in, don't go and spend that now if you need to, you need to, but you utilize that. That's 250 more dollars to buy the next property. And so after six years, I kept doing that over and over again sacrificing everything. And in six years, I had 19 properties. And I was making like I said 90 $500 a month in gross gross rents. So the way you start is get your finances in order save up and then we had to buy that first property.
Can I just get rich quick using other people's money though Dustin?
I know that absolutely say yes. But it's really really, really hard. That's why everybody wants to do it, but nobody actually does it. There are ways to do it, but I absolutely do not suggest that So my suggestion is, this is a get rich. Now let me take that back. This is a get wealthy plan. It's not a get rich quick, quick scheme or slow. It's a plan you're going to get there. It's like a roadmap. If you follow the map, if you follow the all the directions I have laid out for you, you will eventually get there. In fact, I just had, just last night, I got a text from one of my students. Hey, I'm getting into my second property. He, I've been working for maybe four months, he's already bought his first property. He bought it for $60,000 cash. Now, not everybody has that. So but just follow me. This is one. This is advanced strategy. This is one of many strategies that show I even show how to get it with a really low money. He bought it was 60,000 cash. Then in a month later, he's refinancing that property and pulling out like $58,000. So almost every bit of his money, and he's going to buy his second property in the next like, I think three, three weeks. So long story short, it's a get wealthy plan. If you follow the plan, you will get wealthy
now, so I mean, really, you know what I don't want someone to do You would be to hear this and go, Oh my gosh, this is going to take years and say, Well, I don't want to do that that's too much work. I mean, doesn't where you're talking about is like, Listen, you could continue to work in your job. And you probably have to go from job to job because you're probably not going to keep that job for the rest of your life. And you're going to continue to work for 40 more hours or 40 more 40 more years. Or you could get really serious about this. And you could potentially replace your income in, I don't know, three, four or five years possibly. And then you could really start to get wealthy, especially if they have help from, you know, lots of people who have been there and done that, you know, to help them shorten the learning curve. I mean, imagine a 68 year retirement plan as opposed to a 40 to 50 year retirement plan.
You're absolutely right now everybody who works a job as soon as you start Working job when you're, I don't know, 20 years old, you immediately sign up for the 40 by three plan. So you work 40 hours or more a week, every single week for 40 years, and then you retire on 40% of what you struggle to work for or to live on, and that you made every single month you're going to have so you work for 40 hours a week, 40 years of your life and retire on 40% and that doesn't sound good. I don't want to work for 40 years and have been what i was i would say I've even had students quit quit their jobs in like three or four years. I have had students in like six or seven years. I personally I could quit at six years. But it was scary because I didn't have anybody showing me how to do this. It was scary to give up that w two job you know that paycheck that security blanket got and so it was year nine. I was 37 years old. I finally quit It's been three years and I will literally never ever work a job again.
Yes. So what was great was as I was quitting my job, I had no idea that I would want to teach any of this. I just wanted to quit my job. That was my ultimate goal is quit my job. But as I was getting closer and closer, I was telling everybody, hey, I'm gonna be quitting, or we're gonna, I'm not gonna be working people say, How in the world? Are you going to be able to do that? You know, what are you gonna be doing getting a job? I know, I have rental property, I have investment, I don't work and I still make money. And immediately, two questions. How did you do it? And can you teach me those are the two questions I got friends and family. And so I started teach people one on one, and I got my friends and family to actually quit their job by investing in real estate. Now, it took so much time it's the everybody has beginner questions. They're great questions, but they're beginning beginner questions and I kept answering the same things and just kept taking more time. I thought There's got to be a better way. And so I found online teaching, like showing people how to do everything through to online podcasts, and blog posts and articles and books as like, you know what, these are all great questions. Everybody has the same ones. Let me answer them. So I started that and now because I have I don't, I literally don't work. I literally don't have a job. I now think, you know what I can just give back now. And so that's why I created master passive income to show people how awesome it is and how they every single person can actually do this, if they put their mind to it.
Did you have any insecurities about becoming a guru that was going to teach people how to build wealth, and that like I you know, even though like with savings Angel, so, um, you know, with that company, I was just teaching people how to save three $400 a month at the grocery store and we had a membership based system. You know, we ended up doing seven figures a year in that business. And you know, we we did that, thanks to our media, like how I was able to get in the media and so on. gotta tell you though I like I was so insecure about, you know, teaching other business owners and other solopreneurs and that sort of thing, how they too, could get in the media and make a, you know, eventually hopefully make a lot of money. I felt like I was like, man, I don't want people to think of me as some like snake oil salesman or whatever. Did did you deal with
that at all? Absolutely. And so I just thought, you know what, I'm going to take every barrier way. And especially I was teaching people how to quit their job. I started this about a year before I quit. And I was like, man, I had to quit my job. And I teach people how to quit my job. Kind of like, you know, scam you like you said, but what I did, literally on the top right hand corner of my website, there was a countdown timer. I had somebody program a countdown timer for when I was actually going to quit just to get that like, number one, get myself to actually quit but to show people Hey, this is serious. But yeah, absolutely. Now what's great about the longer you like, once you get started once you start doing it, the longer you do it, the less you feel like Like your here's a big thing impossible. Yeah, I don't want to be a guru. I just want to help people. I just want to just show you what I did. And so as soon as I changed that perspective, from being, in my own mind, from being a guru to being somebody, hey, if it's the if you want help, I'm there for you. If you don't, no big deal, I'm not gonna pressure you at all. In fact, I get him on potential coaching calls with people want to have coaching, I say I tell them everything about it. And I tell them the cost and everything I say, you know, so it's up to you. Go ahead and talk to your wife or talk to your spouse come back to me no pressure at all. I'm not doing I make my money from real estate. This is just for fun for me. So yes, you absolutely get that but the more you do it, the more you realize, you and I like we have a message. We have something that can help hundreds or thousands of people. And if we don't share that we need to get that change in our brain. If we don't share that we're being selfish, right. And we're just being looking at ourselves. Like, you know what, I'm just going to keep it to myself, but I haven't So many people, because I've got that out of my brain. And I said, you know, what, I'm there to help other people, you know,
think of the consequences to, if somebody doesn't get your message, and that's the thing, that's what really drives my moral imperative. You know, like, I, I have to do what I do at this point, because if I don't do that, then business owners suffer, or they might get you know, hosed over, you know, hosed by some, you know, PR firm that's using outdated techniques is going to charge them $20,000 I'm like, I have to stop that, you know, and of course, I made mistakes. And so it's like, listen, learn from my mistakes, which I know that you teach quite a bit of having had some of those opportunities to to learn, you know, and make those rookie mistakes. You know, you've helped other people from making those same ones.
Absolutely. And I love doing that because I've made almost every single mistake you can make in the real estate business, and I've learned from it and so everything that worked, I kept in the business, everything, it didn't work, I pull it out. So when I get on coaching calls, I'll be able to say, this is what I did. And this is what's going to happen because it happened to me. So I'm able to show everybody in fact, one of my coaching calls, I think, two days ago, I was working with my student, and I taught I showed him how to negotiate how to get the price down. So I saved him a couple thousand dollars. And then once he was closing, I said, Hey, looks like the roof might need to be replaced sometime soon. What you could do is you're still in escrow, call it the seller, or have your realtor called the seller and say, Hey, the roof needs replaced, it needs to be fixed. We want the seller to pay for half lo and behold, he did so he saved another $3,000 just by the coaching call, he wouldn't never have done that. But I pointed out to him, I said these are my wins. Let me show you how to do it and he saved another $3,000 so paid for the coaching and then some.
That's one thing and Dustin I know you believe like I do. You know I believe in in surrounding yourself with really, really smart, experienced people. And it's really just simply because I don't I don't want wasting. I don't like losing money. And I don't like wasting time. Like I have a mission at this point. And I know that you've learned from a lot of experts out there. I wanted to ask you this before we end here and that is so what do you offer the market now just in terms of through master passive income?
What do you mean off of the market?
Well, what do you what do you mean? How do people get what are different levels that people can engage with you?
Oh, got it. So I have masterpassiveincome.com, obviously. And you can go there, you can have a contact me, you can definitely get a hold of me there. I have my podcast, The Master Passive Income Show, so you can look for that on everywhere. But I also have you mind if I give everybody a free course that they can if they see that they want to get started? They can get that and just check to see if they want it?
Nope, nope. No freebies on this show. Yeah, yeah,
please. Yes, of course. Absolutely. So I have a free course because the hit there. Like I said from the beginning. There are so many beginner questions. They're great questions. But everybody asked the same questions because we all No anyways, long story short I have all these answers and I even show you how to do this business how to calculate the numbers how to find properties all that good stuff I have the free course go to masterpassiveincome.com forward slash free course, all one word forward slash free course, and I will get you personal I'll get you that free course you can really just get started right then and there so absolutely please take full advantage of that.
Awesome very cool and Dustin one more time on the name of your podcast so people can engage with you
The Master Passive Income podcast brilliant brilliant. So the very
same podcast director however you're listening to this show it's really easy just find little search term the little search box there master passive income you'll find Dustin's podcast hit subscribe listening you're going to learn a lot you know the reason does the events are successful not just as an ambassador yourself but you know as a brand and helping other people is because you give away value and and that's truly what works today. It's it's not that you're just gonna Throw up a bunch of Facebook ads and put people onto a sales page where you say, Listen, I'm not going to tell you anything unless you give me you know, 299 or 2999. You know, you give the people you give people so much opportunity to to build a relationship with you. And you know, you've produced hundreds of hours of content you just give away for free, which is I truly just such a great way to do business today. Thank you.
Yeah, I appreciate that night. I even just today, I was on Facebook, a friend of mine posted something I posted a funny comment, and somebody else saw it. And she said, Oh, I know you I listened your podcast every she literally commented, I've never met her before, but she saw me and she's I love your stuff, you know, and so anyways, yes, and I appreciate that. That's something I just it's just like you and I, we just want to help people like I literally make my money through real estate. So this is just fun.
Yeah. Well Dustin, you are known as the man who is successfully unemployed and you are the Founder and CEO of Mastery Passive Income on the web at masterpassiveincome.com. Thanks so much for joining us.
Thank you very much. I appreciate it.
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