In this episode of the Millionaire Mindcast, it's the first time in our podcast to have three (3) clever guests in one episode.  We have David Lawver, Mike, and Jake who share incredible information on how to build wealth, the best way to position yourself in the market, how to prepare for the next downturn, and thrive during those tough times!

David, Mike, and Jake are experts in wealth building mastermind, and building wealth in all areas of life. They are the 3 of the smartest investing and wealth-building minds who excelled in financial and wealth pillars. Also, these amazing individuals are hedging and positioning themselves to capitalize on for the next downturn. 

David Lawver is a Mortgage Lending Expert, and a Real estate Investor. David started out in real estate lending 15 years ago, and 7 years ago started getting into real estate investing. He believes that everything depends on your goals and skill set, market and resources that you’re in. Therefore, surround yourself with the right people, and ask questions. Ask and extract information but also take action with it.

Mike is a broker, investor, and also doing property management in LA. He was in the cosmetic industry before he got into real estate focusing on multifamily since 2002. He was looking for different types of investment he can invest in. For him, Multi-family is very management intensive and is the best way to build wealth over time. Mike believes that anybody can enter these markets, and you don't have to start with a ton of money.

On the other hand, the real estate market is a slow-moving market that we can look for indicators in the overall economy. For that reason, you can have plenty of time to make adjustments before the market gets too far away from you. Though it’s very hard to time the market, the only certainty is that there is a crisis coming.

Jake is a data machine and a data cruncher.  He does private equity real estate and is currently investing in the secondary and tertiary urban core. He believes that there’s urbanization of downtown America everywhere. Jake looking forward to the next recession so focus on reflecting debt, and putting an opportunistic fund right now.  

Believed in yourself. There’s no one better and smarter than you. Don’t be afraid to take action. Go, invest, and learn more. It’s better to try than guessing what might be with that deal. 

Some Questions I Ask:

• Give us a little background of who you are and what you do? (00:49)
• David and Jake, in all the asset classes, what do you believe is the best investment vehicle out there? (06:28)
• Mike, why do you like multi-family so much? (09:39)
• How did you guys allocate your wealth in those different areas of your portfolio? (13:33)
• What are you guys thoughts about the media of what they are saying right now about the next recession? How are you protecting your wealth and repositioning yourself to capitalize on that? (19:19)
• Mike, are you more scared or more excited about the potential next worst crashed that we’ve ever experienced? (27:20)
• What is your practice and your discipline on a daily basis when it comes to strengthening your best chance and positioning yourself? (35:09)
• If you could go back and do it all over again from ground zero, what would you do differently or what would you tell to yourself? (43:14)
• As you can see the recession is coming, do you feel like it’s important to use debt, pay cash, and partner with people? How do you approach those opportunities? (51:46)

 

In This Episode, You Will Learn:

 

• Different ways of making money in real estate versus owning stocks. (09:53)
• Multifamily versus other types of investment - (from the risk standpoint). (12:35)
• How is Jake preparing for the next recession? (18:25)
• David’s rule of keeping things. (20:18)
• Why the next recession will be the worst recession or depression we’ve ever seen. (24:08)
• Why gold and silver are so important. (25:51)
• How did Mike prepare for the next recession? (26:26)
• The possible effects of the next recession in the society. (28:33)
• How to determine where to invest your money. (30:51)

 

Quotes:

• “Multifamily is the best way to build wealth over time.”
• “I like to do things that are always preparing for the worst-case scenario.”
• “The stuff I’m taking because I can’t let go with that.”
• “Being in tune with what’s you got.”
• “I’ve got my limits on what I do.”
• “It’s very hard to time the market.”
• “This next recession whenever it occurs may end up being the worst recession or depression we’ve ever seen.”
• “I do think that there is a crisis coming.”
• “Invest like the best.”
• “These best gifts are on the market.”
• “The person that tells about story wins.”
• “Find the success in the current environment.”
• “There are ways to get in.”
• “Anybody can enter these markets.”
• “You don’t have to start with a ton of money.”
• “Everything you do is not by accident.”
• “We don’t know when that next recession is going to be but I know we’re one day closer to it every day.”
• “Real estate is a slow-moving market.”
• “Keep in cash reserves up.”

 

Resources Mentioned:

• Mastering the Market Cycle book by Howard Marks

●     Aftermath book by James Rickards

• Timing the Real Estate Market

  book by Robert Campbell

• Big Shifts Ahead book by John Burns

• The Tim Ferriss Show - Podcast

• The Meb Faber Show - Podcast