How To Become A Millionaire Through Property Investing with Michael Dominguez

00:00 In this episode of the Team Super Dad podcast, I find out how property investing or real estate investing for our American friends can make you a millionaire. You're going to love this chat with dad and author of Armchair Real Estate Millionaire Michael Dominguez. Roll theme! Welcome to Team Super Dad. Real dads creating their best lives ever! More time, more money, more fun You are not alone you're on team super dad Welcome dads, friends family Team Super Dad members. It is good to have you back on the team super dad podcast My name is Jonnie Jensen of course founder and creator of the Team Super Dad and the Hero Academy program We are a irresistible community of men modern men creating the life of our dreams not the life that we feel stuck in And it's great to have you here on the podcast however You have come to find us its great to have you onboard

01:02 And if you're listening again, if you're a subscriber then it is brilliant to have you here as always. For anyone who regularly listens, you'll know we missed this week's wrap-up. Glenn was actually on a date! Can you believe it? So if you are an avid listener of the wrap up pay close attention –we're hoping to get one recorded Some time before the weekend so that we can then record one again on Monday. See, that's the problem with a weekly podcast it's... you gotta stay on your game and And that's a nice little intro into Team Super Dad staying on your game Wake up dads! This is- We get one time around this crazy rock and I am here to make sure that you make that trip as good As it can be, as brilliant as it can be

01:53 If you've not been around Team Super Dad before, then you will not know what we do. We have a community over on Facebook. We have our power list which is emails and guidance information from our experts and coaches. And literally we are involved with creating happy lives... Creating happy lives The And it takes something to get out of our funk, to put ourselves around good men. To get a change of scenery, different environment go fire walking, go bungee jumping basically push the extremes live a little feel that excitement on the back of your neck and because when you are the best version of yourself then you can be the best dad and husband for your family

03:06 Today's episode we are talking about... Oh by the way, if you want to come and get involved come to teamsuperdad.com forward slash group that's teamsuperdad.com forward slash group And we do have a happy dad five-day challenge coming up in a couple of weeks So be sure to come and register for that So yeah, back to today's episode. Michael Dominguez is a property investor from the States and actually hold tight because I dropped this clanger right at the start of the conversation he's not from the states double clanger! He's Canadian man, he's Canadian same twang slightly softer you've got to watch out for that if you pay attention it's kind of obvious when someone's Canadian and if you just walked straight into they're American then

03:53 Some Canadians don't appreciate it, let me tell you that. So be careful get it sorted! Thankfully Michael was okay with me saying he's from America but is actually from Toronto the cool thing about Michael is he's just an everyday guy like yourself and I his property investing journey didn't really start until he was in his 40s You know he says himself it was kind of by accident. He tried other ways to make money and it hadn't really gone that well, and then he found himself As a real estate investor or a realtor as they call them over there, an estate agent. But that led him to becoming a property investor he's now into his 60s I think he said 60 and He's pretty much retired but by choice is financially free And he lives the life that he wants on his terms which ultimately is what we're all up for

04:51 And Michael's just written a book, that's how we came to have him on the show. I don't always have people on that have written a book because some of them A.) The book isn't really that relevant and B.) when i go and listen to some other podcasts they've done they're crap! They're boring! Michael was not so it's good to have him on. Just real down-to-earth guy and he's made his money through diligently learning Buying property. He says you'll see share his tips, you know good properties for good people in good neighborhoods so listening I hope you get a good value out of this it's what we do at Team Super Dad it's all about making money being fit having a family that works and having fun as well bloody hell more than anything it's about having fun! So enjoy this episode and I will see you on the other side

05:49 Hey Michael, good to have you with us today. How's it going? I'm really happy to be here thank you. Brilliant! Obviously as i said real estate and property investing You're joining us from America whereabouts in the States are you? Actually I'm from around Toronto Canada actually Oh he's done that awful thing that people do... So to all our Canadian friends, family and Team Super Dad members welcome. And so you are Canadian yeah? I am Canadian yes. You live up near Toronto wow! Were you anywhere near the real crazy heat earlier this summer? No no that was more in the west coast we had like you know our typical 26-28 degrees Celsius type days but nothing like what was being reported at West Coast

06:39 You'll be happy to hear, if you like to see other people having less of a fun time as you. You'll be happy to hear that it has pretty much rained all summer here in Britain. Hey! I'd rather be anywhere than...I need to get away and travel again. I was in a British Isles tour two or three years ago and thinking oh I'm gonna go back again No one's traveled anywhere in the last couple years. No, exactly and let's hope we can get back to some kind of normality I've got friends and family in Chicago and I've got family in France so yeah missing everyone for sure

07:22 Well, today Michael we are going to be talking about property investing or real estate investing. You've just got a book out, Armchair Real Estate Investor? I think you're gonna... Millionaire! Yep. Millionaire, armchair real estate millionaire brilliant and completely transparent with my listeners as I am Your PR company or your publisher? Who was it that reached out to me? Yeah, the PR. Yes. The PR company so yeah and I get lots of those So not all people don't even check out who they're sending it to half the time but your guys did and you know I said to them okay well does this apply to the UK and you came back with loads of examples of different ways that it did apply

08:17 I kind of feel like the wonderful thing about property is wherever we go, it's there. That's a good way of describing it, absolutely. And you know it was one of these things that I really didn't understand. I was always a wannabe entrepreneur for all my teenage years to the time when I was in my 40s and I tried and pretty much failed at almost everything I did and honestly the act of purchasing cash flow generating real estate has just literally changed my life nothing short of that

08:52 That's amazing. And I know that the Team Super Dad members are excited to hear about that and one of the things that appealed to me when chatting to Lauren, you know, I've been to those events You know, the millionaire maker event. I've broken boards on stage and that's the good thing about those events. The bad thing about those events is run to the back of the room because they've got you all jacked up or promises of being a millionaire. They got you all jacked up then you run to the back of the room and then you get out your credit card spend money that you don't have I literally went home to my fiancé like Jack and the bloody beanstalk. She said, how was your day? I said it was bloody amazing! I've just spent £4000 and she did not think that was quite so amazing

09:46 Yeah, it's a you know and that's the thing that's so amazing about this industry is that you don't necessarily need to spend tens of thousands of dollars or pounds in order to get ahead but there is some base knowledge and investing smarter. I can tell ya when I first got started in this industry I purchased what I was told was the right stuff to do And so when I got a little bit education It really did set me in the right direction So I'm looking forward to chatting about that for sure Yeah, yeah and I put in the blurb for our conversation today. So we're live on most of the socials and if you're watching then welcome good to have you here please feel free to check in We can see comments from most platforms And you can say a little hello You can ask a question If I do two things at once which apparently men can't do Ask a question like this with a little smiley

10:41 I can share that and just illustrate how people can do that. If you're listening on the podcast, well then sorry you can't do that but by all means you can bring your questions over to The Team Super Dad group or to message me and Michael and I will be keeping in touch so you won't be left alone out there. And in fact let's get this up front because people always leave it till the end of the podcast and people don't always like listen at the end of podcasts Where can people come and get a copy of the book? Where can people come and connect with you? Let's get that out there now so people don't worry about that. Absolutely, again the book is called Armchair Real Estate Millionaire and nice and simple it's armchairrealestatemillionaire.com is our website and you can reach out to me at infoatarmchairrealestatemillionaire.com

11:31 Honestly, as simple as Amazon is a greater place than anything to purchase the book. It's about $25 CAD or $20 USD. I don't know what the pound rate would be... That's about $16.99 in Canada. There you go! We'll talk more about the book itself but It's not designed for someone that is hoping to buy a hundred or thousand properties or anything like that. As little as two or three properties when purchased correctly, is essentially a side hustle that can truly change your life doing it properly and leveraging correctly you could actually become a millionaire through just as few as 2-3 properties in the right market. Yeah! And when I was kind of

12:21 I've been checking you out and listening to a couple of podcasts that you'd been on. The ease of which you chat about it. And I think it's important when all these opportunities that people just read lots of books come around to have them on your podcast, It can seem like a little bit of a parade show and not all those conversations end up being much value but I know this one will be because so many people ask about property investing Real estate investing. And there's just an avalanche of it on YouTube, on Facebook those kind of events that I was speaking to so and i think that for all the people who want to do it that can put some people off because its overwhelming So I think theres two camps that people fall into is The first question if you go oh surely its too late to get into property investing

13:16 They've already decided before they even get the answer to that question whether they're going to do it or not. And then there's a second group, and I probably fall into this second group where there is so much information out there you think, I don't know where to start? Someone says it's really easy someone says I need a load of money someone says join my group someone says go for it and do buy-to-rent let...do for business property You just go oh! I think I'm just gonna carry on doing my job As you just alluded to there It can be quite easy, you can start quite small and it can turn into nice money. And that's either for retirement as a side hustle or a main source of income? Is it now your main source of income now?

13:59 It's never really been designed to be my main source of income. I was a realtor, and well I guess I still am a realtor but not very active anymore and real estate has allowed me to build enough wealth What i've always done for real estate is it was never meant to be a cash flow play for me early on, it was meant to be a wealth generator And so what I would do is, I would refinance many of my properties as they appreciated in value and I forced the appreciation. And then I used that money to buy another one and another one. For 10 straight years, I bought 1 investment property essentially. It sounds like a crazy ask to do that when you're looking to buy your first one but things start falling into place pretty quickly in appreciating market

14:45 And so as a result, my cash flow was never incredible because every time I refinanced it that would increase my debt load which would lower the cash flow. But what it did do is these properties appreciated, it added like you know $1 million, 2 million, 5 million dollars to my net worth as results of these properties. It's been quite a run Yeah, I live in the southeast of the UK and about 20 years ago now they built a high-speed rail link which is part of Channel Tunnel to Paris stuff. Which connected up these coastal towns with London via high speed train like 45 minutes an hour. So not too long ago literally three or four weeks ago they had this property which become most expensive

15:37 So, I'm going to start with the first one. Down from London. What's an EFL? D, D, D-F-L. Oh okay! Down from Londoners. Oh down from London okay alright They basically buy this property somewhere on the coast you know and it's either their weekend retreat or they've decided to escape London and now they're living there because they can get back to work within 45 minutes Well and there is no question that commuting has

16:34 And You know what?

17:21 I think I exaggerated, it's actually 600,000. But still even if it was a quarter million that is an okay ROI let me tell you So let's, I want this to be of real value for people today. There are some core concepts to your journey which anyone can kind of emulate really. I put in the blurb knowledge consistency network with intelligent people and if we can get across to people today some of the ways to get started some

18:00 Stupid things that perhaps first-timers can avoid. And then I dare say there's some value that you can add because you've gone from not just dabbling in it to actually being, as you said, armchair millionaire so that we can make it of a value to some people who perhaps may have one or two properties anyway. Are you are family man Michael? I have a now 24 year old son and actually if it's okay, I'd love to share a little bit of my backstory. I normally don't share all of that but being Team Super Dad fan, I thought I've been waiting to share this story with you.

18:43 Much like many of you, I was as a teenager. As a matter of fact, I had aspirations and I was a bit of a snarky kid where when people asked me what I wanted to do for a living, I would say that I wanted to be a millionaire which again, I didn't want to be a fireman or policeman but I wanted to be a millionaire So, you know my 20s come and go and I meet a girl. I get a job. I finish school Have a child get a promotion get another promotion And before you know it i'm stuck in middle management or upper-middle management and my twenties go by Yeah I was a territory but same idea. And 20s go by and I'm in my mid 30's and coming close to 40, and you know now recently divorced. I've got a young well I guess getting about 10-12 year old child

19:41 Still in the same middle management or upper middle management business I was, my net worth is essentially nil and I'm closing it on 40. I'm saying how the hell did that happen? Like how did that happen? And so you know... I was able to find a new girl and start to turn my life around. We had an opportunity to purchase a house here, and I decided at that time to become a realtor and started the journey towards real estate. It was more of an accident as much as anything else.

20:17 I started snowballing from there and I always had those career aspirations. I always had those wealth aspirations, but everything I'd ever tried prior to that really didn't amount to a hell of a lot and then all of a sudden I just fell into real estate And I was that C&D student that all of a sudden became the leader for Real Estate investing in my region so it was pretty cool Yeah you've got off You've been wrecking They call it awards and recognize all your peers for how effective you are at this. And it's not just about having a trophy and stuff, It's actually nice to get that peer acknowledgement but its testimony to the success thats available for everyday people

21:06 Yeah, it really is. And you know if I could give any advice is that if you are recently divorced and looking for another spouse find somebody who has more wealth than you there's a tip for today so you can take it. So instead of me supporting my wife it was the other way around for little while and allowed me to spur on and move forward and get going. That was a great start! I'm joking by the way guys but just sharing... Speaking for someone who's divorced and in a happy relationship at present, the pressures that were on that search in late 20s and 30s is now off.

21:51 And so I plus, I've got the experience of being divorced and having lived in a painful marriage. Not just as much down to me as it was her but we weren't compatible and uh...and i can see now that making the right choice about a wife or partner when the pressure's off about children and marriage and life expectations you can actually start to tune into values I'm

22:44 Well said, honestly. I went in with a mindset almost stealth-like where I was a chart maker and so they needed to have the certain qualifications for me to move forward. There was a girl who is just a gorgeous knockout who was reaching out to me but she worked part-time at Kentucky Fried Chicken and unfortunately, she didn't meet my criteria. So you know looks as nice but having somebody What was the first

23:37 How do you want to take this? Do you want it, do you want to go through like the journey or like the first one. Yeah a little bit honestly I'm not gonna lie to you guys I didn't have this millionaire mindset when i bought my first property. I was a realtor and and I focused on working with investors so I thought to make myself more appealing to real estate investors. I said, hey maybe I should buy one too and I saw some of the people that were taking action and they weren't any smarter than I was and I thought okay so i bought what I was told to buy and that was sort of dilapidated buildings that were under market value in secondary or tertiary markets and it just seemed to make sense because they were great values

24:23 Well, it was a royal pain in the ass because not only was the tenant profile very poor and we weren't always collecting our rent but even if we did fix them up it was hard to attract nicer tenants because all of the buildings around it and the neighborhood around it really wasn't conducive for a premium tenant. Yeah nice people want to live in nice places, nice neighborhoods... Really is the case! And so I ended up Really an aha moment for me was I started to focus on buying If I could buy a quality property in a quality neighborhood, I can attract quality tenants and It becomes a very easy part-time job. I could hold on these properties for a long time And in real estate the real win is when you hold onto those assets for a long time and that led to quality profits

25:16 The Jonnie Jensen Show, Jonnie Jensen, Michael Dominguez, Team Super Dad, Less than five hours a month in activity. So it's a real part-time side hustle and And it's gotten to the point where I can have so many more choices in life At 55, I was able to semi retire or retire if I wanted to because the revenue that Real Estate has afforded me Has now put me at the point where I don't need to work anymore

26:04 And what you just said there answers that question about is it too late? Have I left it too late, have I missed the boat. If you're holding on to it for 10 years or more, you kind of can't miss the boat and then is there any periods in history where properties over a ten year period have not gone up I suppose if you looked hard, there's times where the values have sort of stagnated for a period of time. But what I want to share with you is it's not like... If i ask you what is the weather in the UK? You're going to say well that depends on where in the UK you live! The weather in Scotland is very different than the weather in London It's just the way it is. The same thing with real estate

26:48 What's the real estate market like in the UK? It is a false comment to even ask. Real estate is regional and so if you invest in a quality market, London let us use as an example. Actually let us jump over to the American side New York City I love New York City If you have ever been in New York it is one of the greatest cities in the world The problem with New York right now is it's going through a major population decrease. It was even happening prior to COVID, but even since COVID it has dropped even more. Why that such a big deal? Is that now there simply more housing than there are people

27:30 And as a result, housing prices are starting to fall. And so I speculate that it's already happened over the last five years New York prices are actually lower than they were five years ago and i think five years from now they still won't be up to the prices of 10 years ago comparison wise Toronto is one of the fastest growing cities in North America and so honestly I could buy So, let's get started.

28:15 The Jonnie Jensen Show, Jonnie Jensen, Michael Dominguez, Team Super Dad, Team Super Dad, The Jonnie Jensen Show, Jonnie Jensen, Michael Dominguez, Team Super Dad. How the hell am I going to manage it if it's that far away? Am I going to be wanting to spend the weekend with my kids but actually having to drive another five, ten hour round trip. Does it make sense to buy property that far away from where you're based? Obviously its ideal to have something thats close but if the market your in is just simply stagnant and up in the middle of nowhere

29:11 The Jonnie Jensen Show, Because you're focusing on quality real estate and I'm a big believer in having a power team. And your power team could include a property manager, and that property manager does the day to day operations of your building. Yes that's going to affect your cash flow little bit But at the end of the day, all you have to do is manage the property manager and that may be something you only need to do once every few months to monitor and make sure everything is going well. The beautiful thing about quality real estate is you don't need to be going up with that property every other week. Some of our properties we go up every six months. That's all we do. Well since my divorce I'm still renting. I've lived here five years and I'm like a dream tenant because

30:14 I've spoken to my landlord, i'm not kidding if it's more than 10 times in five years. I'll be amazed yeah so that's every six months give or take yeah there you go so spot on yeah exactly And he went and moved in with his girlfriend, and just rented this place out. So he's not like a professional landlord so when people ask him how it is going... He must be like, It's the easiest thing I've ever done in my life! Well let's say that he lived 10 hours away from you in terms of drive-wise, it wouldn't have affected his ability to be your landlord because how many times? You've spoken to them ten times, you probably seen even less than that

30:57 Oh, yeah. Totally. I've probably seen it three times now. And that question's gone out of my brain. Oh yeah! Property management and stuff...I've seen videos and spoken to other property experts and they say when they're talking about creating the business, creating the lifestyle then All of the little jobs that go into managing the property, let's say cleaning it or tidying up after someone moves out. Then you'd be mad to try and do all of that yourself and exhausting yourself when actually if you build into the calculations then its just part how your business works in... AKA how your life works and designing your life as you want it to be. Yeah

31:49 And this isn't just real estate, this is in general. If you think of it there are $10 jobs, there are hundred dollar jobs and there a thousand dollar job per hour and so like for me at ten dollars an hour job is or yeah 10 to 25 dollars an hour is mowing the lawn or in Canada shoveling snow or cleaning the apartment those are smaller tasks One of the things that's really helped me grow my net worth is through being in real estate sales. That something that's a thousand dollar an hour type task, if I can do that effectively I could make a lot of money The people that struggle in their business life they're focusing so much on the minuscule tasks that take up you know that are worth ten to twenty five dollars an hour that they don't have enough time to focus on the big stuff

32:43 The Jonnie Jensen Show, Jonnie Jensen, Michael Dominguez, Team Super Dad, Team Super Dad, And right down the line, and that's not even with regards to our real estate portfolio. It's just in general and so that would be something I would advise to anyone That's really trying to get ahead is To look at everything they do on a daily and weekly basis and try to eliminate the things That other people could do At a reasonable price that's not going to change your life A heck of a lot and then focus on stuff that can really build wealth Yeah, and... I often say that

33:30 The secrets of success are not that secret. It's just that only a few people do them, and what you've just shared there was echoed by George McGarrin when I spoke to him and it's Efficiencies. And you know, if that wasn't obvious to people 10 $10 jobs have cost a hundred dollars If you could earn 100 in an hour or 1000 in an hour You're ahead by outsourcing those or paying someone else to do those and that person's quite likely grateful for that work because That's the work they're looking for

34:07 And it's funny, my neighbors always tease me because like we've got constantly an array of people coming through the house doing little tasks and they say you know how do you afford that? In my mind, I'm recycling money. I'm helping out the community and getting more employment out there and oh by the way what i've been focusing on in the last couple years is well obviously writing a book uh... and also focusing on option trading and value investing of course real estate investing and then educating so like those are my thousand dollar-an hour jobs and so if i could And so

35:02 Let's talk about how people can find money. Like, you know the idea that we're going to suddenly buy a property and invest in property I think an obvious question this brings to people's mind that perhaps stops them from even researching and looking at how they can do it is well i'm never gonna be able get their monies together so im not even gonna bother starting what's the solution then? Yeah, there's you obviously do need a starting salary or starting down payment. If you're if you've got if you don't have two nickels to rub together then you're likely not going be able to buy with nothing down they talk about the concept of buying with nothing down but it's the more realistic way of doing it is to have at least enough money for a down payment The one cool thing about real estate is that in

35:52 Real estate, I believe is an unfair advantage over other wealth building opportunities. And what i mean by that is well they actually just in Britain they've just passed a law or rule that you can buy a property with as little as 5% down and with an amortization of 40 years in the right situation so So if let's say a property is half million pounds, it's not like you need to come up with a half million pounds. You'd need to come up with perhaps as little as 5% of that which is more like 25 thousand pounds so still not nothing but we're not talking anywhere near half billion pounds either and I'm a huge advocate of using leveraging in order to build your long-term wealth

36:40 So if you're in a position where you've got enough money to put down as a down payment, if it has the right market fundamentals, you're certainly ahead of the game for sure. So using leveraging and using long-term advertisement are things that I advocate for sure. Yeah Grant Cardone he often says something...I'm going to get this slightly wrong but he says I would invest in four houses and made that money back in however many years basically.

37:16 Yeah, obviously Grant Cardone's at a whole other level. Honestly when I hear...I've heard Grant Cardone speak in person and it's almost tiring. His 10x policies and his ideas and stuff like that like honestly As simple as purchasing, if I was in my 30s right now in Britain 100% I would use house hacking as a means of building wealth. Currently about 31 percent of millennials in the UK currently own their own houses which is well below the world average

37:52 House hacking is a term that is used for living in either one component of the house or if it was a duplex, one half of the house and then renting out the other. It could be a matter having a tenant in the place even though they're just renting a room letting a room That's a way of doing it. And what that does is it reduces the amount of money they're paying on a monthly and annual basis on their debt financing, and it allows them to get into the house so using you as an example if you could have purchased the place you have right now you'd be five years ahead in terms of buying the place or wealth. Funny story when I was a student

38:37 I was this close to having a genius idea, but the problem was I said it in a hazy pot smoke filled room. I said we should take our student loans and buy a house together! And like next year we'll all live there and it will be brilliant. Right? So everyone's laughing and calling me a dickhead, right but it was this close! And funnily enough the property we ended up living in about a year after that was a guy who wasn't that much older than us and he bought it for 11 grand

39:18 The Jonnie Jensen Show, Jonnie Jensen, Michael Dominguez, Team Super Dad You know, pay for a quarter of the house just in the student loan. So yeah it was that close to... But okay so you swung and missed there but now that you're in your 40s actually you asked the question a couple different ways let me address this one too is we actually in the book I did some success stories The Jonnie Jensen Show, Jonnie Jensen, Michael Dominguez, Team Super Dad, Team Super Dad, Team Super Dad, Team Super Dad, Team Super Dad, Team Super Dad, Team Super Dad, Team Super Dad, Team Super Dad, Team Super Dad, Team Super Dad, Team Super Dad, Team Super Dad, Team Super Dad, Team Super Dad, Team Super Dad, Team Super Dad, Team Super Dad, Team Super Dad, Team Super Dad, Team Super Dad, Team Super Dad, Team Super Dad, Team Super Dad, Team Super Dad, Team Super Dad, Team Super Dad, Team Super Dad, Team Super Dad, Team Super Dad, Team Super Dad, Team Super Dad, Team Super Dad, Team Super Dad, Team Super Dad, Team Super Dad, Team Super Dad, Team Super Dad, Team Super Dad, Team Super Dad, Team Super Dad, Team Super Dad, Team Super Dad, Team Super Dad, Team Super Dad, Team Super Dad, Team Super Dad, Team Super Dad, Team Super Dad, Team Super Dad, Team Super Dad

40:02 The Jonnie Jensen Show, A bit of a sad ending is that he ended up developing cancer and he passed away, but I had the chance to speak with him about a few weeks before he died. And he thanked my wife and me so much for introducing him to real estate investing. He just felt so good that he was leaving a legacy for his family. So you know...He was in mid-60's by the time he got started. Certainly if your in your 30's or 40's even 50's

40:57 It is by no means too late because in five to ten years you can make a significant difference in your net wealth. That's me, I'm in! I want to be a homeowner... the business, the divorce, COVID-19... there have been a lot of financial challenges that feel like they've made I'm with the mindset of a property investor is much more sensible than just going and buying a house as a regular house buyer. Because there's levels to which you use the word leverage, there are levels to which it is below market value... There's a whole load of things that property investors know about and they put into their decision-making process that normal house buyers don't, and we probably should when we're buying a house

42:08 Absolutely. As a realtor, as an investor realtor I always use the joke that the best thing of working with investors is they're not emotional in their investing purchase The worst thing about working with investors is they're not emotional when they are making their investment purchase so it's the same but you're absolutely right! I use a strategic approach even if I'm working with somebody who's looking at The Jonnie Jensen Show, Jonnie Jensen, Michael Dominguez, Team Super Dad, Team Super Dad,

42:56 The vast majority of us around the world, we buy as Robert Kiyosaki from Rich Dad always says. We buy doodads, we buy depreciating assets so you know our car is certainly not an appreciating asset So I mentioned this in the book it amazes me how many people have Land Rovers and they still have a landlord And that's one of the things You know, just buying some appreciating assets that are likely going to go up in value is certainly a good thing. And if someone's saving for deposit for a house like their family home is there... Is there a time when it makes sense to

43:39 And we're going to be talking about the Yeah, Robert Kiyosaki who if you've not read his book Rich Dad is an incredible reader. Just so you guys know I am NOT this... Oh! I read this book this week and that book next week and this book in that book. I'm not one of these readers that just get up in the morning and read a hundred wealth page books it's that's not me but

44:21 Make an exception for Rich Dad, Poor Dad. It's a it's an incredible mindset shift for people and actually in my book I think would be pretty easy to read as well because i'm not a huge reader. I include humor and graphics and illustrations and cartoons and whatever but anyway so going back Renting your own home is something that Robert Kiyosaki certainly an advocate of. And the reason for that is because, especially if you're in a market like London for example where the carrying cost of home

45:00 It's greater than if you were renting it, then if you do the financial numbers. If let's say you could rent it what would be a flat in London? What would be a going price for a flat in London right now? For like a two-bedroom flat would definitely around 1600. Okay so 1600 meanwhile what would it be that cost to purchase that same flat Again, different areas and I haven't been living there a while. But yeah, I can imagine it could be easily getting towards the million Yeah And so you can't possibly carry that property for $1600 of interest It would be more than that So that would be an example where you're doing your financial numbers You say okay? I'm not really building wealth here. I'm actually just paying more in interest So if I have that certain level of cash rent where I want to live and then use that money in purchase

45:51 Where do people go to find you? Obviously, your book. Great place to go to start your knowledge or your quest for knowledge. I alluded to running into the back of the room and buying someone's weekend course probably not such a good idea but there is property networking events as people on YouTube what was a sensible way for someone to start to develop the knowledge required to become

46:32 Yeah, there is an absolute crap load of local real estate investment groups. It's just shocking how many there are all across the world and these meetups are a great place to talk to other people that are actually doing what you're hoping to do. And I'm a huge believer in rubbing shoulders with people that are actually taking action Because one of the challenges that we face in our lives, and I was guilty of this in my 20s and 30s is all of my high school friends or even the people I was hanging around with in my 20s and 30s. None of them... We may have owned our own home but none of us were real estate investors so it took me hanging around with other people who are actually doing what I wanted to do that made a huge difference in my life. So that was something I was a huge

47:19 I'm a huge believer in. But when it comes to education and books, honestly there's again more podcasts than you know what to do with There are some certainly better choices than others If you buy my book actually I reference a lot of the books that were influential for me To get me started in real estate investing I'm not a get rich quick, back of the room type of guy. I'm bit of cheerleader for wealth building but it's more structured strategic approach and that is kind of the attitude that i've been taking and that just my personality type. I am not the slick salesman type of guy. More just going to give you facts and hopefully make the right decisions

48:11 And what are some of the stupid mistakes that people should watch out for in the early parts of their property investing? 100%. Honestly, the biggest mistake Jonnie that I made and everybody else makes is they buy a property because it's cheap. And using the UK as an example there are areas in... well when i was in Scotland its pretty desolate area like beautiful but there's not a lot of population here. I'm sure that I can go into some little village in Scotland and buy some cheap property that probably hasn't appreciated 50 years and just be able to get

48:50 The Jonnie Jensen Show, Jonnie Jensen, Michael Dominguez, Team Super Dad, Team Super Dad, We also have a podcast with the incredible Michael Dominguez. There's the middle part of town. Yeah, I'll give you a pop century reference. I like to pretend that I take my DeLorean 30 years in the future and if that neighbourhood is still a good neighbourhood then that's where I want to invest and I don't want to invest in anywhere...I honestly do not know what kind of neighbourhood it will be. I wanted as simple as possible so that

49:50 Foolproof. And that's the kind of portfolio I have right now. Yeah, and what does... It might seem like a silly question but it's...I'm going to ask this question because i like it when people uh it's important for people to realize if they're thinking about their future they're creating a goal or a vision for themselves is to actually imagine what it will be like when they've achieved that goal like what difference will it make in life? Because that's where we can go to find Consistent motivation for things. Having created this lifestyle where you're financially free, but you said you've semi-retired so I dare say that you are financially free? Yep! You have a relationship that's working for you What has this property journey what is becoming a property investor done for you in terms of your life and the people around you

50:49 Yeah, when I started in this, I did a net worth analysis and that was one of the first I'm With that as a, I wouldn't say singular focus but certainly a primary focus of wealth building. What it's allowed me to do is it's given me a sense of freedom and choices, choices to do what I want to do versus what I have to do

51:39 I don't need to get up at seven o'clock in the morning to go to a nine-to-five job. I could sleep until 930 if i want to, I could choose to work on a weekend or I could choose to take a few days off and and I'm okay with that. Watch a Gilligan's Island rerun marathon for the next 12 hours. That is the kind of choice selection that it has allowed me to do and honestly when I was 43, 45 years old I really didn't even see this coming and it was one of these things

52:18 The Jonnie Jensen Show, Jonnie Jensen, Michael Dominguez, Team Super Dad, Colleagues that I've met through this journey, that's something I wasn't expecting. I wasn't expecting to meet as many friends and I'd say three quarters of the people I hang around with today have also done the same journey as me. We sort of rose up together and it's been kind of a cool thing. The amount of traveling I've done... There has been a lot of things like I got a bucket list of activities my goal is knock off as many once in lifetime experiences as I can

53:08 That's brilliant. Yeah, we do in week one of the Hero Academy we do a net worth analysis as well as a lifestyle calculator and in I think it's week seven there is focus on bucket lists and fun and adventure so both those things are right up there in terms Creating the life that we want, really. We get one time round on this crazy rock and most people enjoy it my dad always says to me son are you having enough fun? It's so easy to settle in and be a renter because it's less work for five years. I'm going to take a shot at you, Jonnie. Is that it's worth taking the look to see if there are opportunities to start building wealth through real estate is

53:59 I'm not saying it's brainless. Especially if you're involving tenants, you are running a business and you have to treat it like a business but this is a business that... It's not like you're driving for Uber Eats or building scrunchies for the local kids here You're building something that can turn you into a millionaire And even if it doesn't, just gives you a little bit of freedom Just one or two properties could truly change your life Yeah mega Wow, Michael. Thank you so much for joining us today and sharing that. Do you want to hold up the book again for our viewers? Not good for our podcast listeners! Yeah, I'm going to do a shameless promotion here for anyone who's looking it's an armchair real estate millionaire and if you're sitting there anyway you might as well build your wealth

54:52 It's meant to be lighthearted, but at the same time it's full of facts and it motivates you to move forward. It gives you a call-to-action and I really think that if you're looking for something like getting ahead then this is a good strategy that won't necessarily take over your life. Real estate is meant to fund your life not run your life as far as I'm concerned Yeah, brilliant. I've read the excerpts that I was sent and I listen to a lot of audiobooks. I was doing my bookkeeping last night and Audible told me i'd had my account since 2009. So given that I've got one credit at the moment The

55:48 At least be reading six books a year, at the very least. Every couple of months you should be able to do that and I enjoyed the excerpts from your book because they were accessible they felt like real life it wasn't too hard going and it felt really relatable so yeah it was great to get you on and meet you in person Yeah, and even if you are in a position where you don't have a lot of funds right now that doesn't stop you from working on your education and to move forward. And using partners in joint ventures There are ways to move forward even if your income level is pretty low right now and or your net worth level is low. So, you know don't just give up and raise your hands and say oh well I guess I tried because there are certainly things that you can do even joining this group for example and starting to learn... If they're talking about net worth analysis just because your net worth really sucks today doesn't mean it will suck in five years so let's start making what happen As painful as it is to get that number

56:53 You know, zero or less than zero. You're way ahead of people that don't know that number because they're avoiding it. They are hiding from it. They are trying to ignore the fact that is a crap number. It's you know they say where energy...where attention goes energy flows and when not until we put The microscope on our finances. And when we start to read books, start to listen to podcasts, start to learn more about what it is to be fit and healthy, what is to manage our money? What it is to grow our money? What it is to foster strong relationships, to find the partner of our dreams, to reconnect with our parents you know like... We're not born with this knowledge!

57:38 So bloody well go out there and get it because that's where the secret of having the life you want is going to come from. Well said. Brilliant, Michael I'm gonna break up your website address one more time there armchairrealestatemillionaire.com Books available on Amazon and all other good bookshops and some crap ones as well. Yeah I'll play the outro and we'll say goodbye to the side hold tight That was brilliant, I loved the conversation with Michael. Like i said at the beginning a real down-to-earth guy who's done something that any of us can do and I've read excerpts from his book very approachable book and he reassures me it is relevant for all parts of the world so get involved with that

58:36 I don't make any money from that, you know. He's just another good guy out there in the world and if you listen to the Stuart Roberts podcast a couple of weeks ago i just finished listening to his book Visibility and I loved it! It was bloody brilliant. I didn't even... Stuart I've reached out to myself, these guys didn't approach me because of the book I saw him talking in a dad group. If you come across anyone inside any of the dad groups that you're in and You feel like they might be a great guest for Team Super Dad, maybe you've listened to someone else's podcast And you think we should get them on the team super dad podcast then let me know Come over to teamsuperdad.com forward slash group and And come into the community let me know who who do you think should come on the podcast? Maybe you are that person maybe you want to come on the podcast

59:25 By all means, it would be great to find out what you want to share and talk You know it's already the middle of August, well I say middle of August 10th of August so we're well into the second half of the year and really is time to pull up some trees in your life. 14, no day 52. Day 52 of exercising every day it has become an amazing experience just a 15 minute workout everyday and now I've started looking at well what else could i be that rigorous with myself about everyday

1:00:21 And I'm gonna go because you've probably got places to be. Thanks so much for listening in, be sure to subscribe the podcast share this with friends family other dads that you know spread the word so we can keep building The Team Super Dad message helping men around the world create the life they want a life of their dreams and not the life they feel stuck in take care team super dad out

1:01:04 This has been Team Super Dad. Find us at teamsuperdad.com Join the program and create the best life ever for you and your children You are not alone! You're on Team Super Dad