Jake: Hey everybody, Jake and Gino here from jakeandgino.com with another Time For Action Tuesday, and today we want to talk about making your money work for you. That’s right, we’re talking about passive income and what it means to us. This was the goal. We wanted to create long term wealth for ourselves and our families, and we wanted to become buy and hold investors, because we knew that the big gold pot at the end of that rainbow was passive income. So guess what? Passive income is we’re making money while we’re sleeping. The tenants are paying our mortgage for us. It’s any point of the day, we’re making money and necessarily we don’t have to be there. We’re shooting this video right now and guess what? Tenants are paying their rents this month, and money’s going into the bank.
Gino: The only way I can describe it is passive income becomes addictive. I was in the restaurant business. What happens when it snows? Not getting paid. People not coming in, not getting paid. It became really frustrating for me, I said to myself, what’s going on here? I said, let me go into fix and flip. Fix and flip is great, you get this big chunk of cash, but at the end of the day, it’s a job. You gotta go out and buy another house. There’s nothing wrong with that, if you get that big chunk of cash, you invest it into what we’re doing, we’re creating that passive income. That’s the pot of gold at the end of the rainbow.
Jake: It’s sometimes to put into words, but once it starts happening, and you’re starting to get those checks every month, and you realize that, you know what, the tenants are paying the mortgage every month, you’re getting owner draws, and you know what? The building is appreciating in value and you’re writing off the accelerated tax depreciation. It is a beautiful thing. I think you’re right, I think we’re a little addicted to it at this point.
Gino: You guys might be saying, how do I get started? Jake and I have a website, go visit us at jakeandgino.com, check out our stuff. We’ve got a bunch of products that will help you out. We’ve got a real estate book where you can start out, just start reading about it. See if you like our framework. We’ve got this great framework. It’s buy, manage, and finance right. We’re gonna teach you guys how to actually create this passive income.
Jake: I’ve said this before but two things I’m certain of: one, multi-family is not rocket science, and two, it’s the place to be.
Gino: I always say to myself. Something that’s simple. It really is not difficult. It’s simple, but it’s not easy. So guys you get a recipe, it’s like baking a cake. You get all the ingredients, you wanna be able to cook at a certain temperature. You follow that recipe, you’ll totally be successful. Following the recipe might be difficult, but you have that recipe. Jake likes to refer to it as the yellow brick road.
Jake: That’s right, yellow brick road to multi-family investing success.
Gino: So guys, check us out at jakeandgino.com, I think you’ll love our information.
Jake: See you on next week’s TFAT.
Gino: See you there guys.