Get Rich Education podcast host Keith Weinhold pulls back the curtain and opens up about his personal journey through entrepreneurship, real estate investing and designing a “location independent” and “time asynchronous” lifestyle in his dream location. He talks about his path from being voted the “most quiet and shy” person in his high school to becoming a million-download podcast host, and how he went from his lower-middle-class upbringing to becoming a wealth-building influencer and a regular contributor to Forbes and to Robert Kiyosaki’s Rich Dad Advisors blog. Keith talks about the first property he ever bought in 2002 after he read the book Rich Dad, Poor Dad and why he is bullish on today’s real estate market and personally continues to buy rental property as home prices go up. He explains the 5 ways real estate investors get paid on each rental property they own and shares his opinion on the best way to invest $50K as well as the best way to invest $1 million. Keith also talks about his off-shore investments (such as owning part of a coffee farm in Panama), his international travel, and why the Philippines is one of the most difficult countries in the world to see comprehensively, but one of the most beautiful. He then recommends a volcanic night hike over flowing orange lava in Hawaii, and talks about his #1 bucket list travel destination where he wants to go next that will likely surprise you!
Episode #02: The 5 Ways Real Estate Investors Get Paid, Time-Asynchronous Lifestyle Design, and Volcanic Night Hikes Over Orange Lava with Keith Weinhold
Episode Summary
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About the Guest
Keith Weinhold is the host of the Get Rich Education podcast which has over 1 million listens. He is also the best-selling author of the book “7 Money Myths that are Killing Your Wealth Potential”. He writes for Forbes and the Rich Dad Advisors blog, and he is a member of the Forbes Real Estate Council. Keith has been an active income property investor since 2002. He owns apartments in Alaska and single-family income property in the continental U.S. He is the owner of GetRichEducation.com where he teaches others about real estate investing.
What You'll Learn
- Real estate investors that buy rental property with a mortgage get paid in 5 ways: Leveraged appreciation, Net monthly cash flow, Tax benefits, Tenant’s rent paying down your mortgage principal, Inflation hedge.
- Having a ‘wealthy’ mindset involves investment decisions that get ‘other people’s money’ ethically working for you. Owning rental property enables you to have other people’s money working for you in 3 ways at the same time.
- Entrepreneurs should focus on monetizing their passions. You can accelerate your content creation by “thought batching”—creating content in different mediums around the same topic while it is fresh in your mind. Paying extra money to produce professional grade audio/video content is impactful when trying to stand out.
Links From the Episode
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PEOPLE AND RESOURCES MENTIONED
Keith’s Writing Contributions:
Keith’s Website:
Keith’s Podcast:
Keith’s Coffee Farm Investment Details:
Keith’s Paperback Book:
Top Books Keith Recommends:
Top App Keith Recommends:
Top Podcast Keith Recommends:
Celebrity With Whom Keith Wants to Have Dinner:
LOCATIONS MENTIONED
Place Where Matt Was Conducting The Interview:
Keith’s Favorite City and Current Home Base:
Location of Keith’s Coffee Farm Investment:
Keith’s Travel Recommendation:
Check Flight Prices to Any of These Locations:
KEITH’S SPECIAL OFFER TO MAVERICK SHOW LISTENERS
Get a Free Digital Copy of Keith’s E-Book Here:
7 Money Myths That Are Killing Your Wealth Potential
Time Stamped Show Notes
**Click the time stamp to jump directly to that point in the episode.
[3:30] LOCATION INDEPENDENCE AND LIFESTYLE DESIGN
- How Keith Designs his lifestyle to be location-agnostic and time-asynchronous
- What Keith chooses to do with his location independence
- Why Keith chooses Anchorage, Alaska of all places in the world as his base
- Why Keith feels the Philippines is the most difficult country in the world to see comprehensively.
[10:00] KEITH’S OFFSHORE REAL ESTATE INVESTING AS DIVERSIFICATION
- Keith talks about owning part of a coffee farm in Panama
- He also shares the story of how he came across the coffee farm opportunity
[14:06] KEITH’S PERSONAL REAL ESTATE INVESTING JOURNEY
- Keith shares his real estate investing journey
- He opens up about how he was voted as the most quiet and shy kid in his high school
- He explains how he connected with an “aspirational crowd “
- He talks about how he bought his first investment property, a 4-plex that he lived in, with an FHA loan.
- He shares that when he started investing he didn’t know what “equity” and “cash flow” meant.
[18:37] THE IMPORTANCE OF HAVING THE RIGHT MINDSET
- Understanding “poor”, “middle class”, and “wealthy” as a personal finance mindset
- Why a “wealthy” mindset involves getting “other people’s money” ethically working for you
- How to ethically use “other people’s money” 3 ways at the same time
[21:32] UNDERSTANDING WHEN IT’S A GOOD TIME TO BUY REAL ESTATE
- Why Keith thinks now is a good time to be real estate investor and why he is still bullish on buying property in today’s market
- Why millennials are helping to increase rental demand
- Understanding the psychographic trends of millennials
- Understanding how today’s population growth and economic trends are favorable to real estate investors
[25:58] UNDERSTANDING THE 5 WAYS REAL ESTATE INVESTORS GET PAID
- The difference between owning stocks and owning rental property.
- Understanding leveraged appreciation
- Understanding cash flow and calculating “cash on cash return”
- Understanding how your tenant pays down your mortgage principal
- Understanding the tax benefits of residential investment property
- Understanding the inflation-hedging benefit of rental properties
[35:22] THE FIRST STEPS TO BUYING A PROPERTY
- Why Keith Feels “the property” is only the 4th most important thing in real estate investing
- What Keith believes the first 3 steps should be prior to anyone “looking at property”
[35:56] KEITH’S ENTREPRENEURIAL JOURNEY AND THE ORIGIN STORY OF THE “GET RICH EDUCATION” PODCAST
- How Keith decided to start the “Get Rich Education” podcast
- Behind the scenes of “GRE episode 1”
- How to monetize your passion
- Keith shares one of his biggest mistakes
- Understanding Your “ROTI” (Return on Time Invested) and the importance of outsourcing
[45:39] HOW KEITH STRUCTURES HIS TIME AND OPTIMIZES HIS PRODUCTIVITY
- How Keith got himself exposure with other influencers.
- Why Keith pays extra money for top quality technical (audio and video) quality for the content he puts out
- How Keith “thought batches” his content creation
- How Keith published his best-selling book and the myths the book aims to debunk
[52:55] KEITH’S OPINION ON THE BEST WAY TO INVEST
- What is the best way for someone to invest a net worth of $50,000
- What is the best way for someone to invest a $1 million net worth
[53:37] BOOK, APP and PODCAST RECOMMENDATIONS
- Keith’s Top Book Recommendation
- Keith’s Top App Recommendation
- Keith’s Favorite Podcast
- The Celebrity Keith Most Wants to Have Dinner With
[55:43] TRAVEL RECOMMENDATIONS AND BUCKET LIST DESTINATIONS
- Keith’s Favorite Travel Destination in the World
- Keith’s Top Bucket List Travel Destination
[57:42] HOW TO CONTACT KEITH AND LISTEN TO THE “GET RICH EDUCATION” PODCAST
