Do you believe the only way to earn more is to work yourself harder? I used to think that way. Until I found a way to more than double my passive income by leveraging the talents of my friends and colleagues.
You can do the same kind of magic I did to create something out of nothing in your earning capability. Let me tell you how I made this happen so you can learn from it.
I had been coaching real estate investors as a way to earn extra income as my own passive income had slipped (like it did for most people from 2008 to 2011). In 2011, I quit the coaching business even though I was barely covering our living cost. I went to an event with my mastermind buddies, David Osborn and Pat Hiban. David told me, “Tim you have to go back to work! Your income has slipped below what it is costing you to live. Read the tea leaves Amigo!” Of course, Pat had to lay into me as well. They were fierce in telling me the truth I did not want to hear. They were right! I had taken my eye off the ball and was not focusing on bringing in more income while my current income streams slipped. I was not tending my garden. It was full of weeds.
David and Pat asked, "what are you going to do? Go back to work flipping homes? Coach more students? Sell real estate again?" ARGHHH the horror of going backwards!
I loved my semi-retired lifestyle. I didn't want to go back to life as I knew it before 2008.
I asked myself, "What can I do to leverage someone else’s hard work and expertise?" I thought about all my friends, people I had coached, and those I ran across in business. My friend, Andrew Cushman, immediately came to mind. I had coached Andrew when he was just beginning to invest in real estate. He was hard working, diligent and honest as the day is long. Andrew had done a few apartment investments successfully and was looking for big money to fund his next deal. I went to my wealthier partners David and Pat to pitch the idea of forming a syndicate and starting a business with Andrew to fund this deal. They went for it! We formed a syndication partnership called DAPT. David, Andrew, Pat and Tim. (Do I care my name is last? Heck NO!)
In the past ten years we have bought more than 12 apartment complexes all over America. We have made ourselves and our investors a lot of money. I’ve done this type of partnership a few times since, including starting a cool mastermind company called Gobundance.
I helped create something profitable out of nothing. I leveraged my connections with my knowledge of real estate and masterminds to put these entities together. I used my past expertise to move my future forward.
YOU CAN DO THIS TOO!
Think of the “data points” in your world where you can put something like this together. Who do you know that has talent? Who do you hang out with that actually enjoy spending time with (and they like you back!)? Who do you trust immensely? How can you cross pollinate your skills, finances, connections, and talents to make something out of nothing? (Like we did with DAPT!)
What would this look like? Think about it. Write it out. Contact people in your world who can help you and talk it through. It takes a lot of work at first to find the right “vehicle” or the right key that fits the lock. Just keep “failing forward” till you succeed. Be aggressively patient along the way. Oh, and DO enjoy the journey. It’s a marathon, not a sprint.
2021 Update – We just invested in a 50-million-dollar deal and have taken this partnership to another level. We raised 12 million dollars in 28 hours! The demand for DAPT apartments is off the charts!
It all starts with a dream, and a desire for more. Use your “Wizardry” to make the things you want in life happen by playing YOUR game!
Go Get Life’s Goods by Doing the Shoulds!
~ Tim Rhode