"Inspired to Invest" Real Estate Investing Podcast

Wealth Management Strategies To Consider As You Grow Your Real Estate Portfolio | "Inspired To Invest" Ep52 with Frank Hanna

June 19, 2024 Serena Holmes Episode 52
Wealth Management Strategies To Consider As You Grow Your Real Estate Portfolio | "Inspired To Invest" Ep52 with Frank Hanna
"Inspired to Invest" Real Estate Investing Podcast
More Info
"Inspired to Invest" Real Estate Investing Podcast
Wealth Management Strategies To Consider As You Grow Your Real Estate Portfolio | "Inspired To Invest" Ep52 with Frank Hanna
Jun 19, 2024 Episode 52
Serena Holmes

Wealth management strategies, let's talk about them!

Welcome back to "Inspired To Invest" episode 52. To watch rather than listen, go to: https://youtu.be/kOt-uHEqUno

Get ready to embark on a transformative journey with Frank Hanna as he shares how and why he pivoted from the high-pressure hospitality industry to the expansive world of real estate investing and wealth management. 

Throughout the episode, Frank peels back the layers of his life-altering decision to leave the restaurant business behind, seeking a richer life with his family and unearthing the strategies that catalyzed his success. 

We traverse the intricacies of 1031 tax-deferred exchanges and glean wisdom from Frank's experience, offering a treasure trove of knowledge for those poised to reshape their career toward personal wealth.

Stepping into the realm of financial advisory, Frank illuminates the pathway that led him to create alluring investment opportunities for the smaller investor. We probe into the diverse landscape of real estate investments, from the bustling student housing market to the robust self-storage industry, with a keen eye on favorable locales like Florida and Texas. 

The conversation underscores the unparalleled value of steadfast client service and the sheer determination required to surmount the early challenges of entrepreneurial endeavors.

As the episode culminates, we ponder the pursuit of financial freedom and the art of scaling a business, conscious of the risks and triumphs that accompany such a venture. The tangible allure of real estate stands in stark contrast to the fickleness of the stock market, as we discuss the compelling benefits of tangible assets. 

Concluding with an encouraging note, we invite listeners to seize the opportunity for enlightening conversations on state trust, asset protection, and the potential of real estate investments. 

For those inspired to take control of their financial destiny, Frank and I stand ready to guide you on your journey.

Tune into this inspiring episode Wed., Jun. 19/24. 

To connect with Frank, go to @revxwealth on social & https://revxwealth.com  

Thank you to Jordan McGregor from Property Cast for bringing us this month’s episodes of “Inspired To Invest? Learn more about this amazing program to help real estate investors underwrite properties. Go to https://propertycast.io?via=serena

“Inspired to Invest” is proud to support the Beyond Success Program, a not-for-profit financial literacy program for students, launched by More To Give & MAK Investments. Find out more at @more2give.ca & https://more2give.ca/beyond.

Join us again on Jun. 26 to hear from a dynamic guest who is focused on strategic success solutions for real estate investors! 

Thank you for tuning into “Inspired To Invest”, hosted by @serenaholmesrealtor & remember, "when you invest in yourself, the sky's the limit!"

Sign up so you never miss an episode! https://serenaholmes.exprealty.com/ask/896312e0f685fdd06401c1e53ca6fd17

To connect with our host, Serena Holmes, go to https://www.linktr.ee/serenaholmes.

To buy a copy of The Accidental Entrepreneur, go to https://www.linktr.ee/serenaholmesauthor and for a free copy go to https://serenaholmes.exprealty.com/ask/f813c4efdfaead4980a467b614d73604

And, for everything related to real estate and real estate investing, please make sure you've subscribed to @serenaholmesrealtor on YouTube & other platforms. We also have a page dedicated to this podcast at https://instagram.c

Support the Show.

"Inspired to Invest" Podcast
Become a supporter of the show!
Starting at $3/month
Support
Show Notes Transcript Chapter Markers

Wealth management strategies, let's talk about them!

Welcome back to "Inspired To Invest" episode 52. To watch rather than listen, go to: https://youtu.be/kOt-uHEqUno

Get ready to embark on a transformative journey with Frank Hanna as he shares how and why he pivoted from the high-pressure hospitality industry to the expansive world of real estate investing and wealth management. 

Throughout the episode, Frank peels back the layers of his life-altering decision to leave the restaurant business behind, seeking a richer life with his family and unearthing the strategies that catalyzed his success. 

We traverse the intricacies of 1031 tax-deferred exchanges and glean wisdom from Frank's experience, offering a treasure trove of knowledge for those poised to reshape their career toward personal wealth.

Stepping into the realm of financial advisory, Frank illuminates the pathway that led him to create alluring investment opportunities for the smaller investor. We probe into the diverse landscape of real estate investments, from the bustling student housing market to the robust self-storage industry, with a keen eye on favorable locales like Florida and Texas. 

The conversation underscores the unparalleled value of steadfast client service and the sheer determination required to surmount the early challenges of entrepreneurial endeavors.

As the episode culminates, we ponder the pursuit of financial freedom and the art of scaling a business, conscious of the risks and triumphs that accompany such a venture. The tangible allure of real estate stands in stark contrast to the fickleness of the stock market, as we discuss the compelling benefits of tangible assets. 

Concluding with an encouraging note, we invite listeners to seize the opportunity for enlightening conversations on state trust, asset protection, and the potential of real estate investments. 

For those inspired to take control of their financial destiny, Frank and I stand ready to guide you on your journey.

Tune into this inspiring episode Wed., Jun. 19/24. 

To connect with Frank, go to @revxwealth on social & https://revxwealth.com  

Thank you to Jordan McGregor from Property Cast for bringing us this month’s episodes of “Inspired To Invest? Learn more about this amazing program to help real estate investors underwrite properties. Go to https://propertycast.io?via=serena

“Inspired to Invest” is proud to support the Beyond Success Program, a not-for-profit financial literacy program for students, launched by More To Give & MAK Investments. Find out more at @more2give.ca & https://more2give.ca/beyond.

Join us again on Jun. 26 to hear from a dynamic guest who is focused on strategic success solutions for real estate investors! 

Thank you for tuning into “Inspired To Invest”, hosted by @serenaholmesrealtor & remember, "when you invest in yourself, the sky's the limit!"

Sign up so you never miss an episode! https://serenaholmes.exprealty.com/ask/896312e0f685fdd06401c1e53ca6fd17

To connect with our host, Serena Holmes, go to https://www.linktr.ee/serenaholmes.

To buy a copy of The Accidental Entrepreneur, go to https://www.linktr.ee/serenaholmesauthor and for a free copy go to https://serenaholmes.exprealty.com/ask/f813c4efdfaead4980a467b614d73604

And, for everything related to real estate and real estate investing, please make sure you've subscribed to @serenaholmesrealtor on YouTube & other platforms. We also have a page dedicated to this podcast at https://instagram.c

Support the Show.

Speaker 1:

Welcome to the Inspired to Invest podcast, where we're sharing stories from real estate investors and how investing has changed their lives. Thank you to PropertyCastio for bringing you this month's episodes of Inspired to Invest. Hey everybody, welcome to the Inspired to Invest podcast. I have Frank Hanna joining me here today from Philadelphia, so he's got some snow, just like we do here. He is a CHFC private wealth advisor and he's a leading specialist in estate planning, business succession and wealth management for individuals, executives as well as business owners. Back in 2007, he launched a financial consulting firm with his family providing guidance in real estate development, so obviously that'll be a really interesting thing to dive into here.

Speaker 1:

Tax management and private investment. He has successfully taken all of his years of investing experience in running his own companies and applying his business acumen and lessons so that he can also share these challenges and concerns with clients so that he can help them get to the next level with their investment and their wealth planning. It also gives them a very unique perspective that a lot of financials may not otherwise have, since he's straddling finance and real estate. So thank you so much for being here today. How are you?

Speaker 2:

I'm great Thanks, Serena Excited to be here.

Speaker 1:

So obviously you've got quite a wealth of experience. No pun intended, but can you tell us a little bit about what you were doing before you went down this path?

Speaker 2:

Sure. So I grew up in kind of the restaurant hospitality industry and field. So my father knew that he wanted to do that from a young young man, and all my life up until about 30 years old, I was told, hey, this is what you're going to do and you're going to be successful and it's great, it's great. So I I did get a lot of benefit out of about 15 years in the restaurant business but ultimately decided, hey, I don't love this, it's not my passion and I I realized I wanted to. You know, um segue into something else.

Speaker 2:

With that being said, because of our um, our success in the restaurant business, I did get kind of a secondhand viewpoint at a lot of aspects of real estate investment and high level estate and tax planning and I had an interest there and I said you know what? I think I have some good relationships here. I identify kind of a void in our marketplace for objective, independent guidance on that front. So ultimately I started a boutique wealth management firm to really kind of create a service for individuals that you know were lacking that type of guidance.

Speaker 1:

Yeah, now obviously real estate and hospitality are very, very different. I guess they can both be a grind in different ways, but if you're working in restaurants, you know obviously it can be a lot of evenings and weekends and stuff like that. So what was the exact catalyst that kind of propelled you into this new direction?

Speaker 2:

I was married with two young kids that I didn't see at all. I was working a hundred hours a week and I ultimately just said, hey, the clock's ticking. Although 30 is a young age, I don't think you're ever too old to um, you know, take a new path. And I just, yeah, I saw my life flashing before me and I was kind of at a sideline seat, so I took, took a big risk to do that and, uh, it was the best move I ever made and I'm a big believer and you know, if you love what you do, you're never working a day. So, started, started about 2007, 2008,. When the you know world was cratering. Yeah, perfect timing. I came in on the back end of that and, yeah, have learned a lot and have some good mentors and ultimately built this practice up. And you know, now we have four offices all within the US. We manage over a billion dollars of client assets and a variety of different strategies, a lot of which are securitized real estate that we've kind of packaged, and now it's been great.

Speaker 1:

Now, in terms of when you first made this decision, did you straddle both for a little while? Or did you just rip off the bandaid and you're like okay, like this chapter is over, let's move along? Like I'm just curious to see how people you know do that A lot of the times. It's necessary that they do this part-time for a while, so Megan sheds some light on that as well it's necessary that they do this part-time for a while.

Speaker 2:

So Megan sheds some light on that as well. Yeah, no, it definitely did not happen overnight. I say it took me about four years to have the courage to walk away. I you know, I kept going to my family, people around me and my father told me I was an idiot and.

Speaker 2:

I regret it for the rest of my life and him, and I talk about that moment now and I I say thank, thank God, you made my life so miserable working for you. I wouldn't, I wouldn't have had the you know, the courage to leave the business. So, yeah, it took, took a lot of time and ultimately it was probably the scariest thing I ever did, but the best thing I ever did as well.

Speaker 1:

So, in terms of building your real estate portfolio, what did that look like in the beginning and where does it sit today?

Speaker 2:

So we started while I still worked for my family. We were buying some commercial real estate, some single tenant triple net lease properties. We also had kind of a multifamily build to rent home, single family home portfolio. We started with one and we ultimately grew that to several, I'd say, sizable communities, maybe like 50 homes, and ultimately, you know, got some really nice cashflow, some appreciation realized we didn't love being in the day-to-day management of that type of thing. So we ended up selling a lot of that, doing 1031 tax deferred exchanges, and now we have the benefit of being an American.

Speaker 1:

Yeah, yeah exactly what's that? I said I wish we had that here.

Speaker 2:

We don't have any, I know I know, I know it's it's, it's crazy because there's good opportunities up north and I just, yeah, that doesn't make a whole lot of sense, but yeah, so we took advantage of the tax laws that were in place and ultimately, you know, grew that snowball of dollars and deferred the tax over and over again and now we have, you know, a lot of assets, still with the family.

Speaker 2:

But as I kind of segued into the financial advisory space still with the family, but as I kind of segued into the financial advisory space, you know, I was introduced to some really successful groups and partners across the US and basically said, hey, you know what these guys are doing, some special things. Why don't we utilize again the tax laws and securitize or package some of these really attractive deals? You know, use our experiences and our due diligence and our systems to make sure the deal is, you know, conservative and has a high probability of success, but then package that and offer that to smaller investors. You know, in some cases for as little as you know, $25,000, you can invest and are these typically like apartment syndications?

Speaker 1:

Are they land development Like? What would that typically look like?

Speaker 2:

Yeah, so we do a little bit of everything. So I'd say, you know, the bulk of our deals are probably multifamily, student housing, industrial self-storage. You know, we basically, probably about 10 years ago, went out to the marketplace and said who are the major players in each asset class and let's find the top dog in those groups and make sure again, their investment philosophy matches what we're trying to do there, and then struck a deal to kind of package those deals and we're more the middleman, the legs on the street that go and fundraise and take our relationships that are moving quick and almost all of them have their own real estate, but then say, hey, you know, is this something that you would have interest in?

Speaker 2:

if you don't have the appetite for the stock or bond market and the volatility that comes with that.

Speaker 1:

Now, in terms of the location, I know you're in Philadelphia. Is that specifically the area, or are you open to just markets anywhere for these kinds of deals?

Speaker 2:

Yeah, no, I'd say not. Many of our deals are actually in Pennsylvania. I'd say the bulk of our deals are in pro-business, tax-favored, pro-growth states. So I'd say our target markets right now are Charleston, Nashville, Charlotte, Richmond, all over Florida, Texas, Arizona, Georgia. So those are kind of the bulk of the states that we work in. We're not doing anything in New York or California or in the states that are highly restrictive, states that are, you know, highly restrictive. So we, like we, you know we do a lot of, you know, demographic studies and there's a good storyline before we even entertain a deal. And then, you know, ultimately we pursue a deal where we think again, people are moving too and there's good, there's good data that backs, backs.

Speaker 1:

Why we, why we support the deal, yeah, yeah, I know that makes sense, and it's amazing, even here in Canada, is how different things can be from province to province. Like I'm in Ontario, but I've never been in Ontario, so it's a combination of the landlord-tenant board laws.

Speaker 1:

But it's also just doesn't make sense from a cashflow perspective that it's so expensive to buy here now. It just really doesn't make any sense unless you're going to like a northern community or something like that. So I think for a lot of people they've shifted to like mid-term rentals, short-term rentals, student rentals, things where you don't necessarily have those same laws. But yeah, it's very, very different for us here now. When you look at um, you know your past in the last, say, 15, 20 years. What do you think that you define as your biggest success to date? Um?

Speaker 2:

I think you know just making that move and not giving up. You know, like when I did that move, you know, regardless of the industry you're in, you know everything's tough right. It'd be easy if everybody you know did the same thing and ultimately I had a wife and two kids so I couldn't afford to fail. So in our businesses, whether you're in real estate or financial advisory or any other career, there's a ton of rejection, there's a ton of reasons to turn our tails and head in the other direction and I don't know if I would have stuck it out if I was single or younger.

Speaker 2:

I just I had to put food on the table and I took the work ethic and the things that I had done within the restaurant hospitality business and applied them to what I do now. So I still I'll answer a call from a client in any time of day and email. You know they they joke and ask you know, do you ever sleep? Because I'm used to that, like I. I I feel like clients deserve that type of prompt response if they need something or have a question. And I think again, that separates us a little bit from some of the guys we compete with.

Speaker 1:

Yeah, I know I understand that. I had my own business for 18 years and a lot of the business that we landed was just our attention to detail and how responsive we were. So it could be five in the morning or 10 at night, like if you see the email come through, you don't just ignore it. You at least acknowledge that you got it, let them know when you can deal with it and stuff like that. So definitely a line there. Now you talked about, you know maybe, some situations where you could have felt like you would have walked away.

Speaker 1:

What would there have been a time that you sat back and you're like, oh, like, if I did the right thing here, like, and you came close.

Speaker 2:

Only five or 10 times a week there for about two or three years, that's all.

Speaker 2:

Yeah, I just, you know, when I first got in the business, you know you're trying to sell yourself, you're selling a service, right, and this is the same in every field. And you've got to have that confidence in yourself that what you're doing is important and people need you, whether they know it or not. But yeah, in the business, and I started calling everybody I knew and most of the people I thought would be, you know, responsive, stopped answering my calls, didn't return my voicemails and I'm like I'm that guy, I'm that guy that nobody's ever going to want to talk to again, and that was tough. And then just, yeah, just the old rejection of making a phone call and getting screamed at and hung up on. But I would joke, by Friday afternoon I felt pretty good about my week and then by Monday morning I was scared to death that I didn't have enough going.

Speaker 1:

And I wasn't going to be. When you're repositioning yourself right, it's almost like you've got to prove yourself first before people are willing to trust you with their earnings and stuff like that. So it takes time to build a foundation.

Speaker 2:

Yeah absolutely yeah, no, even family friends. I thought you know, hey, they're going to give me a shot and ultimately the last ones. They ultimately were like hey well we don't know.

Speaker 2:

You might quit the business or fail out of the business in a year and be selling rags on a corner. So why am I going to put my money there and then have to deal with that after the fact? So I get it at this point now and you know there's definitely people that I didn't think were going to give me a shot. They gave me a shot, and vice versa. But I love what I do. It's the best move I've ever made and it makes you like appreciate. You know, when you go through those challenges and run through brick walls, like because it's not easy, you're you know you feel that much more self-satisfaction when you get the smallest of victories right.

Speaker 1:

Yeah no for sure. Now, when you look back at things and you think of lessons that you've learned, what would be some of the biggest that you have learned, maybe the hard way? And looking back, is there anything you think you would have done differently, maybe to have had a different outcome at that point in time, or maybe so the lesson would have been so hard to stomach that time?

Speaker 2:

Yeah, I mean, as far as making the move, I wish I had done it sooner. As far as being in this business, you know, not every deal we've invested in has worked out perfectly. I think you know I'm a trusting individual, but you, you, you have to, you know, dig into the details on everything you're working on. So when I first got in the business, I, you know, I, I let a few people, you know, smooth talk me and promise the world and took their word as gold and ultimately, you know realize that, um, you know, everybody's selling something and, uh, just just because it's available doesn't mean it's good.

Speaker 2:

So you either have to do the due diligence on your own or partner with somebody like you, serena, or me, that has some years of experience, that can kind of guide and say hey, listen, you know, real estate's fun and exciting until it's not right and it it's risky, and especially if you're, you're tackling something on your own. So I argue, I argue all day long, listen, nothing in life is risk-free. But I can almost promise you that, you know, taking a relatively small amount of money and participating in one or several of our deals, versus you taking, you know, several hundred thousand dollars and chasing an asset on your own. You know, I would, I could back like sitting in a mutual fund or something like that.

Speaker 2:

Yeah, diversification is king and you know you got to find the right individuals that can guide you until you're confident enough to do it on your own.

Speaker 1:

Yeah, no for sure. So, with that being said, we're just going to take a really brief break for a word from our sponsors and we'll be right back. Inspired to Invest is proud to support the Beyond Success Program. In today's complex world, it's absolutely crucial for our youth to learn how to take charge of their financial future. We believe that every young person deserves access to accurate, practical financial information. Designed to bridge the gap, the Beyond Success Program leverages a comprehensive educational boot camp to equip young minds with essential financial literacy skills. At Beyond Success, it's not just about teaching financial literacy. It's also about fostering a foundation for a prosperous and empowered future. Join us Together, we can build a brighter financial future for the next generations. Join us Together, we can build a brighter financial future for the next generations.

Speaker 1:

Thanks again for following along with this episode of Inspired to Invest. In addition to real estate investing and running my own brand experience agency for 18 years, I also published a book called the Accidental Entrepreneur in October of 2021. This is my story and it chronicles how I turned tragedy into triumph to embrace my destiny in entrepreneurship. If you're interested in picking up a copy, you can find the link at serenahomesrealtorcom and you can also find my link tree with all of the retailers in the details below. Thanks again for your support. Hey everybody, welcome back to Inspired to Invest. I have Frank Hanna here with me today, from Philadelphia, and he's sharing some of his experiences in terms of how he went from hospitality and restaurants into real estate development and wealth management. So thanks again for being with us today. You've obviously talked about how you got into this business, some of the crazy things that have happened along the way, but when you look back, what would you say is actually the craziest of all the things that have happened so far?

Speaker 2:

Oh, that's a good question. Yeah, I think just the success we've had is just something that I that's a bit crazy yeah.

Speaker 1:

You used to be talking about things burning down or other things yeah.

Speaker 2:

We've weathered some storms. I mean we've gone through. This is back when I was in the restaurant or bar business but we've had lawsuits, you know, not enough and I would say we did wrong. But when you're, when you're in a business that has, you know, thousands of patrons coming through your door every day, there's, you know there's a lot of risks there. We've had, you know, lawsuits and, and you know, deaths and all types of stuff that have happened, that you've kind of gotten through. And then you know in my business now you know again, the more success that you have and the bigger you grow and the more clients you take on, the more you know, the more susceptible that you are, yeah, you more exposure you have, that you know something bad could happen or somebody is going to come after you for X, y and Z. So yeah, I would say, but but again, at the end of the day, like just just, you know, doing a 180 and going down a career path that I never intended has been, has been pretty rewarding.

Speaker 1:

Yeah, now in terms of learning the lay of the land. So have you been invested in any real estate education or mentorship and, if you have, what would you say some of the best advice that you've received from an organization like that or a mentor?

Speaker 2:

Yeah, I would just say a lot of great mentors, a lot of good educational, you know, platforms that we participated in, and I think information is a good thing, right, so not everybody's style is going to be the same. So you tell anybody that's interested in this or even involved in this at this point is just, you know, the more information you can absorb is incredible and I think, keeping your capital working for you. There's never a perfect time to invest in anything, let alone real estate, but I'm a big advocate of just keeping those dollars working for you and I love real estate above everything else. So, even though I'm a big advocate of having your dollars in the stock market and the bond market at times, there's nothing like real estate where you can get the tax benefits, the income and, almost certainly, the appreciation that's there.

Speaker 1:

Yeah, I mean I'd have to agree. I feel like one thing that always drew me to it is just the tangibility of it. Not to say that there's anything wrong with investing in stocks and mutual funds, but for me it is just the tangibility of it, like not to say that there's anything wrong with investing in stocks and mutual funds, but for me it just there's so many things that can shift it right, like could be the weather, it could be a speculation, it could be a war, like you know. And at the end of the day, like I've seen people that have lost a lot of money and, you know, in some cases almost their entire life savings. And it doesn't mean that that can't happen in real estate, obviously, we saw 2008, but at the end of the day, it's still bricks and mortar. I feel like it will rebound at some point where with a stock it may not, you know. So I think that there's always that value there, the inherent value there.

Speaker 2:

Yeah, that's a great point. So we, you know a lot of the deals that I've mentioned again are syndicated right, and the pushback when you're investing in maybe a mutual fund or some type of non-tangible investment is hey, what do I really own? I just see a ticker symbol and a price that goes up and down and all over the place.

Speaker 1:

A quarterly.

Speaker 2:

Yeah, real estate it's funny, I say this story all the time. So we do a lot of 1031 exchange planning and most of your listeners probably know what that is, but it's a it's ability to, you know, not realize gain or loss on a real estate sale as long as you reinvest the capital in a fixed period of time. So a lot of our, a lot of our deals are 1031 exchange eligible. But I always tell this story we had an individual sell a farm that he was not working. He loved Charleston, so we had a student housing deal and a self-storage deal that he did a 1031 exchange into two of our deals and him and his wife drive down there to Charleston from Delaware, which is not a short drive, and he goes into the deals and he has no management, no involvement, nobody knows anything about it.

Speaker 2:

He goes down there and he asks the girls at the front desks what's going on. Yeah, the people that are walking by looks at how clean the facility is, takes pictures, then calls me and says, hey, you know, I I went into my self-storage uh building and my student housing and everything looks great. And I joke with them. I say, you know, you might own the sidewalk out front based on the total value of the deal, but um, that's just the store. Like I do the same thing Cause I invest in a lot of our deals and I love being like hey, you know what, however large an investment I made in that deal, I own a piece of that and it makes people excited or proud, or you know.

Speaker 1:

Yeah no that makes perfect sense. Now, one thing I always like to ask investors that I'm interviewing is what their financial freedom number is and and what's really next for them. If you're comfortable sharing that and it doesn't have to be like a specific dollar value, it could be number of doors or it could be return on time you know, everyone has a kind of their different way of answering it.

Speaker 2:

Yeah, I would say.

Speaker 2:

The way I would put it is until my passive income meets my active income, right, so my active income has gone up every year we've been in the business, but ultimately reinvesting those dollars when my investment income can match my active income, meaning my, you know, my dividends, everything that I've invested in, once that dollar amount, you know, reaches that number, I think I'm I'm free, but I still, I still won't stop, but yet no times.

Speaker 2:

Times are changing and it's it's one of those things where typically we do a lot of retirement analysis and it gets. It's typically, you know, there's not an age, it's typically either a number or an income stream. And you know a million dollars, either a number or an income stream, and you know a million dollars, $2 million, three, whatever that. However, that big that seemed decades ago, it's just not the same, especially in this hyper inflationary environment. So people need to need to plan early and think ahead. And you know we run into people that are in their 50s, 60s, 70s that say, hey, I'm planning on retirement in a couple of years and we look at their figures and say no, you're not.

Speaker 1:

Yeah, yeah, yeah. I think it's actually amazing to me, like how few people you know maybe it's like the baby boomer generation that just didn't necessarily think ahead like that and nobody probably expected inflation to be the way that it has been and stuff like that. But I know investors that even started when they were 50 and they've moved into things like multifamily and land development, all these crazy things, in their senior years, but now they've been very successful at it, Right, just because they were trying to create that safety net and all of that. Now, in terms of how real estate investing has changed your life, can you shed some light on you know what your work-life balance looks like now compared to what it was like before and all those good things?

Speaker 2:

Yeah, Well, I'd say I have a life now, um, where before I didn't, and a lot of that is due to just real estate investment.

Speaker 2:

Again, when I build up a little cashflow or a little cash, I look at all the opportunities that are out there, many of what you've put together, and I just take, you know, small amounts of money and continue to, to invest, you know, in a variety of different deals. Yeah has allowed me, you know, financial freedom. You know, when you are in your business, as scary as it might be, you know you're your own boss, but you're, you know you're also betting on yourself. So I, because we've got that passive income strong enough and we've, you know, diversified and we've, you know, worked hard over, you know, 15, 20 years in this business, we it. It affords us the ability to, you know, enjoy the finer things in life, like ice hockey tournaments in Ontario and driving through a blizzard in Buffalo headed back to Philadelphia. But now, if I could never have done that, I used to have to request off from my father six months in advance if I wanted off a Saturday night, and then that Saturday, that weekend, would come, and he said I don't remember you asking about that.

Speaker 1:

Yeah, yeah, yeah, yeah, yeah. I think people that work in the restaurant industry it's definitely got to have challenges on their personal lives, like you. Just you're always working when everybody else is playing Right.

Speaker 2:

So yeah, yeah, exactly, but.

Speaker 1:

I do. In terms of the podcast itself, obviously it's called Inspired to Invest, so I always like to ask people what their favorite inspirational quote is. Do you have one that comes to mind?

Speaker 2:

Let's see inspirational quote. I would just that. One that I mentioned earlier is one that's resonated to me, and you know, you never work a day, you never feel like you work a day in your life if you enjoy what you do.

Speaker 1:

Yeah.

Speaker 2:

And I would just tell people that, whether it's real estate or anything else like, if you truly don't enjoy what you do, you know your life's going to suffer. And don't be afraid to take a chance and bet on yourself and, you know, swing for the fences and try something new. And I switched my career at 30, which I thought was late in the game at that point in time.

Speaker 1:

Now you're like that's not late Now.

Speaker 2:

I got man. I wish I was 30 again. That was a good time in my life. But I would say, if you're 40 or you're 50, there's it's never too late to to change and um, I would encourage people to, to, to not be afraid to do that.

Speaker 2:

Yeah, no, absolutely, you know is there anything in closing that you want to leave with the listeners? I would just say, if we can help you in any way, happy to have a conversation. We don't charge a fee or a cost to have a conversation to see if there's something we could help you with. So whether it's, you know, state trust, asset protection type planning, whether it's, hey, how do I save money in taxes, how do I protect my wealth, or hey, I've got a little cashflow and I might be interested in investing in some real estate deals, happy to have that conversation. I can guarantee you a 15 minute conversation with us. You'll get value out of that, regardless if we decide to work together.

Speaker 1:

Yeah, and I think that's the most important thing, even when I talk to people about different things that I've learned, you know, and just encouraging them to have the conversations and just understand what's out there and what's possible. And so often some people just won't have the conversations, like they seem all interested and they want to learn more but then when it comes push comes to shove, they like shut down and they won't even have the conversation. Like but you're not pressured into doing anything like but it could expose you to like something brand new and it could totally change your life for the better. Right.

Speaker 2:

Yeah. You don't know what you don't know.

Speaker 1:

You don't know what you don't know. Make the connection and just try to learn as much as you can. Now, in terms of getting in touch, what's the easiest and best way for someone that's watching or listening to get a hold of you?

Speaker 2:

Yeah, I would say probably email. So my email is Frank F-R-A-N-K. H-a-n-n-a at R-E-V, as in Victor X, as in x-ray wealthcom.

Speaker 1:

So Frank Han at our rev X wealthcom Great and we'll include that below in case anyone had a bit of a tongue twister there, of course. Thank you for your time being here for today and for anyone that is watching or listening. Thank you for your time. If you like what you've just seen or heard, please make sure that you like comment and subscribe and, of course, above all else, make sure that when you invest in yourself, the sky's the limit. Take care Great, thank you.

Speaker 2:

Yeah, thanks a lot.

Speaker 1:

In terms of the recording. I'm just going to end it here. Give me one sec. Thank you to property cast IO for bringing you this month's episodes of inspired to invest to. Views represented on this podcast are for general information only and does not constitute investment or other professional advice or an offering of securities. The host and guests featured on Inspired to Invest make no representations as to the performance of any particular investment. Should you decide to make an investment, you are responsible for conducting your own review and analysis. It is recommended that you obtain independent legal accounting and tax advice from licensed professionals.

Real Estate Investing Success Story
Real Estate Investment Strategies Discussion
Real Estate Investing and Financial Freedom
Investment and Inspiration