Building Passive Income through Real Estate with Dustin Heiner
The Jesse Mecham Show
YNAB
4.7 • 1.1K Ratings
🗓️ 22 September 2021
⏱️ 35 minutes
🧾️ Download transcript
Summary
Jesse chats with Dustin Heiner, a real estate investor who quit his job five years ago after building a passive income stream sufficient enough to live on. Dustin received a wake up call several years ago when he was laid off from what he thought was a stable government job when his department lost funding. Although he was able to find a new position in a different department, he vowed to never be in that position again, so he put his energy into building a sustainable business out of real estate.
Dustin argues that most people have real estate investing backwards -- they look for good properties, buy one, then try to figure out how to make a business out of it. He works the opposite way, building systems and an operating model for the business -- how he will find tenants, how he will contract with property managers, how he will finance the property purchase, etc -- before buying a single property. Once the business is worked out, he can buy as many properties as he likes and slot them into his inventory. At the end of the day, the property is not the business, he says, it's inventory for the business!
Dustin has started a website and coaching service to help others learn to invest in real estate and build passive income streams. You can find him at:
https://www.masterpassiveincome.com
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Transcript
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| 0:00.0 | Hello Wine Evers, my name is Jesse Mekum, and this is podcast number 530 for Wine Eber. |
| 0:09.4 | We teach you four rules to help you stop looking paycheck to paycheck, get out of debt |
| 0:12.8 | and save more money. |
| 0:14.8 | I am pleased to have on the podcast today Dustin Heiner, he is a real estate investor focused |
| 0:20.9 | on passive income. |
| 0:23.4 | And what's interesting in chatting with Dustin is one, you can tell that he's very passionate |
| 0:27.1 | about it. |
| 0:28.1 | He had a bit of a wake up call as he well experienced a shaky foundation in his what |
| 0:34.9 | should have been very secure and stable job and that kind of just jared him into action. |
| 0:42.6 | He speaks about real estate investing in a way that is refreshing to me because he is |
| 0:49.1 | all about building the business of real estate versus going out and buying a property |
| 0:55.9 | and kind of hacking you way through the thing. |
| 0:58.0 | So I really appreciate that. |
| 1:00.0 | This coming from a guy that went out and bought a property and kind of hacked his way through |
| 1:03.4 | the thing for a little bit. |
| 1:05.1 | I kind of stumbled into, oh, this needs to be a business, it needs to have some process |
| 1:09.0 | later down the path, but he makes a very good analogy to kind of instruct on how you |
| 1:16.7 | should think about it and basically everyone thinks about it backwards. |
| 1:19.2 | And again, raising my hand here, I did that and wish I would have had his advice to get |
| 1:24.1 | struck a little differently. |
| 1:25.3 | Anyway, we discuss very briefly what passive means and that it doesn't mean no work ever. |
| 1:31.9 | I discuss, you know, why not just do index funds or something that are really crazy passive |
... |
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