From $100K in Debt to Millionaire Real Estate Investor with Jaren JD Sustar | The Jake and Gino Show

Jake & Gino: Real Estate Investing & Multifamily

Jake & Gino

Commercialrealestateinvesting, Realestateinvesting, Cashflow, Smartinvesting, Apartmentinvesting, Investingsmart, Management, Buyingrealestate, Entrepreneurship, Business, Realestateinvestment, Multifamilyrealestateinvesting, Makingmoney, Buyingapartmentbuildings, Jakeandgino, Investing

4.9 • 842 Ratings

🗓️ 25 March 2024

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Welcome to another enlightening episode of the Jake and Gino Podcast. Today, host Gino Barbaro is thrilled to have Jaren JD Sustar, a remarkable real estate investor and the vibrant host of the Finance Cowboy Show. By 30, Jaren flipped his financial script from being $100,000 in debt to building a net worth of over a million dollars through astute real estate investing. Now, he's on a quest to help others achieve financial freedom. Takeaways: Increase your income and reduce expenses to overcome debt. Focus on experiences and relationships rather than material possessions. Seek mentors and network with successful individuals in the real estate industry. Take action and overcome fear to start your real estate journey. Building a strong relationship with your spouse is crucial when pursuing financial goals. It is important to communicate effectively and paint the picture of your financial vision. After buying your first rental property, the next step is to continue investing and scaling your portfolio. The BRRRR strategy, which involves buying distressed properties, rehabbing them, renting them out, refinancing, and repeating the process, can be a powerful method for growth. Raising capital for real estate investments can be done through family, friends, coworkers, and hard money lenders. Building a brand and showcasing successful deals can attract potential investors. Leaving your job should be a thoughtful decision based on your financial situation and personal fulfillment. It is important to create autonomy and have the optionality to choose whether to continue working or pursue other interests. Reading books on personal finance, real estate, and business can provide valuable knowledge and insights for building wealth and achieving financial freedom. Looking forward to the future, it is important to enjoy the fruits of your labor and focus on increasing your present happiness and fulfillment. Chapters: 00:00 Introduction 01:12 Starting with Debt 03:16 Increasing Income and Reducing Expenses 04:31 The Impact of Spending Habits 05:23 Finding Motivation to Overcome Debt 06:19 The Role of Material Possessions in Happiness 09:01 Entering the Real Estate Journey 10:17 The Influence of Mentors 11:21 Paradigm Shifts in Real Estate 13:11 Preparing for Real Estate Investment 15:17 Building a Financial Foundation 18:32 The Importance of Accountability and Mentorship 21:12 The Time and Patience Required for Real Estate Success 22:21 Building Trust and Alignment with a Partner 23:14 Difficult Conversations about Debt and Spending 23:21 Building a Strong Relationship with Your Spouse 26:50 Painting the Picture for Your Spouse 26:57 The Next Step After Buying Your First Rental Property 31:20 Raising Capital and Building a Brand 34:33 Leaving Your Job and Creating Autonomy 38:29 Book Recommendations 39:20 Looking Forward to the Future 41:09 Gino Wraps It Up

Transcript

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0:00.0	Hello and welcome. My name is Gino Barbaro, one of the co-founders of Jake and Gino,
0:14.7	and today's guest is Jaron J.D. Sustar, real estate investor and host of the Finance Cowboy Show. By the age of 30, he went from
0:23.0	100,000 in debt. I wonder what that 100,000 in debt is. Maybe it's student debt. We'll talk about
0:28.3	that to a net worth of over a million bucks thanks to his side gig of real estate investing and is now
0:34.2	a mission to help equip others to do the same. Without further ado, welcome to the show, Jaron.
0:40.3	Gino, thanks for having me, man. I'm so excited to be here. It's nice to reciprocate because I was on your show.
0:47.1	And look at all the swag that Mr. Jaron sent me. Yeah, brother. I want to say big thank you. I don't want to send you a letter. I just wanted to say go giver,
0:54.8	massive gogiver. And I think he understands, he's in the real estate business. It's all about
0:58.4	networking. It's all about net worth. And that's how you grow your net worth and relationship.
1:02.6	So I want to give you a big shout out. But dude, let's let's rip it back a little bit. G and dead. Where did that debt come from? Oh my goodness, man. I started like all millennials do,
1:11.9	way behind the eight ball. I don't want to say it's all millennials. I'm sure people for a while I've
1:15.8	been struggling with this, but I went to play my old life's dream was to play Division
1:20.5	One baseball. That was all I wanted to do. And so I got an opportunity to play at Charleston
1:24.5	Southern University, Division I, small, mid-major school.
1:32.3	And I had, I don't know, call it 40% baseball scholarships. So the way baseball works,
1:36.6	you got to fill a roster of 40, but a school our size only had nine full scholarships.
1:42.5	So 40 men, nine scholarships, you got to divvy it up. So I had 40% scholarship. Well, that mean I had to cover the rest. My dad's a pastor.
1:45.0	So I don't come from money.
1:47.5	And so, you know, I wasn't going to get paid for there.
1:48.5	So we took out student loans.
1:53.4	And so by the time it was all said and done, graduated with about $65,000 in student loan debt.
2:01.1	Then I had to buy my wife an engagement ring, a girlfriend at the time, and engagement ring. Then, of course, I'm from South Carolina, so you have to have a jacked up truck. So I had to go buy the Ford truck with the nice tires. And so that puts me
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