Simplifying Entrepreneurship

The Time Freedom Point with Axel Meirhoefer

March 22, 2022 Pete Mohr Season 3 Episode 12
Simplifying Entrepreneurship
The Time Freedom Point with Axel Meirhoefer
Show Notes Transcript

Axel Meirhoefer joins Pete Mohr on this episode of the podcast. As a retired Air Force officer, Axel started his first company in 2005, focusing on consulting, employee skill development, and program management. These areas remain in place these days and have grown internationally. He has always had a love for education and helping people help themselves become successful. 

As a business owner, he began thinking about applying profits towards retirement, and research indicated that owning tangible assets would be the best way. It’s also the path that the government supports the most, which led him to develop a residential real estate portfolio worth about $1.5 Million. It’s still growing, and many lessons learned are now available for him to teach, coach, and mentor people.

On his journey, he has made many relationships, learned about the pitfalls of purchases, and made good and bad decisions that ultimately reached economic independence. 

Here are a few things we chat about:

  • What is your Time Freedom Point?
  • When is enough, enough?
  • The beauty of passive investments
  • What does freedom look like to you?

Here are the links for Axel:

Mindset Manual (Start goal-setting the right way!)https://idealwealthgrower.com/free/

Axel’s website: www.idealwealthgrower.com


If you’re ready to transform your entrepreneurial frustrations into freedoms by cutting through the chaos and using frameworks that help you run an even better business and enjoy an even better life, simply Book a Freedom Call with Pete  

Take the free assessment on the top right-hand side of my website and we’ll set up a time to chat!

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Axel:

Right, if you say, Okay, I'm a dentist, the dentist has typically a practice. If the dentist is out there notice get fixed. In my case when my main business before I started in this real estate endeavor with idea with grower and podcast, and none of it was consulting. And believe me, I tried many, many times to claim that it's a business and it can be sold. And I have all kinds of cold people that I could hook you up Mr. And Mrs. Client, but in the end, they said, No, we want your solution. We want you we want what other people told us about you, not about other somebody else. And because it is a special kind of service, with a special kind of skills. It's not easily transferable to somebody else. And if I step out, you know, if the dentist goes, it's, yeah, you can maybe say, the client list. But the clients will always say, well, we got all this stuff from Pete or we got all this stuff from AXA and who are you?

Unknown:

Exactly?

Pete Mohr:

Are you making every decision in your business may be feeling a little overworked and overwhelmed? Do you ever wish you had someone to go over the big decisions and entrepreneurial choices you had to make? Well, maybe this sounds familiar. Your partner at home doesn't want to hear about business anymore. And your friends don't know what the heck you're talking about. And maybe your team at work well, even though you have an open door policy, they're not always as open as you'd like them to be? Well, there's good news. I have room for two more one on one coaching clients next quarter. And, you know, here's how it works. We'll get together on Zoom either every week or every second week to discuss the strategies and frameworks that will clarify your thinking and advance your business and entrepreneurial life. It's all about the five P's, your promise your product, your process, your people and your profit. Once they're better aligned, you'll enjoy a better life and business. Remember, you own your business and it shouldn't own you. It's time to reduce the frustrations and increase the freedoms. So if this sounds interesting, go to simplifying entrepreneurship.com forward slash Call to book a freedom call with me and we'll see if we're right fit. Hey, it's Pete and welcome to another edition of the simplifying entrepreneurship podcast. This series designed to help you change your entrepreneurial worries and wants into wins by providing the tips and tools that will help you cut through the chaos and create clarity using systems that will transform your business and life as a leader. Today, I had the opportunity to speak with Axl Meyer Hoffer, and he runs a business called the ideal wealth grower. And the idea there behind his business is he's trying to lay out systems that create your time freedom point. And we get into what is a time freedom point, and how to set up turn key investments that are going to help you get there passive investments. And we're talking about real estate, we're talking about some different things, and how it correlates to what I talked about a lot with the four P's and turning your frustrations to freedoms around having the right product, the right process, the right people and the right profits. So you can turn key your business in order to create that as well. A lot of similarities here with actual stuff. And the stuff that I do here with simplifying entrepreneurship so loved our conversation, and we'll get right to it with Axel Meier hover. Axel, it's a pleasure to see you again. Welcome to this simplifying entrepreneurship podcast.

Axel:

Yeah, thanks for having me. Pete. I'm glad we could make the time. Yeah, we

Pete Mohr:

met a month or so ago. And I was actually on your podcast, it's good to see you again. And today we're going to talk a little bit about the time freedom points and really excited about this concept that you have and investing into reach that time freedom point. So kick us off axle on what is the time freedom point.

Axel:

Yeah, the time freedom point is for one, I want to make sure people understand a personal number that you want to find for yourself. And that number correlates to a point on the calendar that you to some extent determined yourself at a point in the future. And it stands for the point in time where you reach the freedom to use your time to do the things that you're passionate about. And that can be what your job is and what you do right now if you're like one of the lucky people who do exactly what they love to do, then it would only be mean I reach a number of passive income every month. That allows me to cover every thing that I have in expenses and my fun activities and stuff like that and I don't have to worry about income anymore. You know, keep doing what I'm passionate about. What I'm finding is More people are in a situation where they may have been passionate about what they're doing for a little while for some time. But it's no longer the case right now. But they can't get out of it. Because they needed as an income. So so they're exchanging their time for money. And the time in point would be the point on the calendar in the future where they no longer have to do that, because they used an investing strategy, like we're suggesting using real estate, to generate passive income. So you don't have to exchange the time for money anymore.

Pete Mohr:

Yeah, and I mean, I talk a lot about this, too. And when we when I put it in perspective of transforming your frustrations into freedoms, and what are those freedoms that you want, you want your time back, you want to live and do what you want to do and live in your genius zone. And like I have a tool called Love it or leave it, it's like, you really want to work in your love area within your business. So that, you know, the work that you do do gives you energy, it doesn't drain you of everything. And not I love this idea around the time freedom point and how to create that and creating whether it be real estate, like we'll talk about today, or whether what I talked about a lot of times is creating a turnkey business as opposed to, you know, turnkey investing, because in a way your businesses like real estate, too. And how can you create that turnkey business to give you that time freedom point. So I think we're really on similar pages here around this,

Axel:

I really appreciate that you bring that up, because I want people to understand, and this is oftentimes, especially when people look at it through the lens of an employee, very misunderstood that there are really two different kinds of companies. So I'm really making a distinction, you have a company, but the next level below the question is okay, is this company a practice? Or is this company a business. Now, if it is a business, and it provides a service or creates product or stuff like that, then you can systematize it and structure it. And basically, ultimately, I guess, when we use our language about the freedom we wanted to generate in from a business perspective, you kinda extricate yourself out of your own business, ultimately, through selling it, or through putting all the systems and steps in so that you mainly become sturdy oyster and retain to be the owner. But you don't need to be there and do the work on a daily basis to keep it running. And the other distinction that I think for the audience to realize, and really ask yourself, if you're in that situation is, Do I have a business like we just described? Or do I actually have a practice? Yeah, where it is much harder, because if practice distinguishes itself, that is basically pretty much dependent on you. Right? If you say, Okay, I'm a dentist, a dentist has typically a practice, if the dentist is out there, notice get fixed, right? And so if you it doesn't have to be a dentist or medica. In my case, when my main business before I started in this real estate endeavor with idea, right grower and podcast, and all of it was consulting. And believe me, I tried many, many times to claim that it's a business and it can be sold. And I have all kinds of cool people that I could hook you up Mr. And Mrs. Client, but in the end, they said, No, we want your solution. We want you we want what other people told us about you, not about other somebody else. And because it is a special kind of service with a special kind of skills. It's not easily transferable to somebody else. And if I step out, you know, if the dentist goes, it's yeah, you can maybe say, the client list. But the clients will all say, well, we got all this stuff from Pete or we got all this stuff from AXA and who are you?

Unknown:

Yeah, exactly. And then then it's not turnkey, right.

Axel:

Yeah, exactly. And that's, that's why it's so important to say, yes, it is a company. But is it a practice? Or is it a business? And if it is a business, what can I do to actually come up with an exit strategy so that I can actually get more and more freedom? I would agree with you in the connection, is that activity, whether you're an employee or you're working in a business should always include some foresight in how do I manage my money so that I can build assets and value that ultimately allows me to do the things that I really want to do and not necessarily because I have to, but I, you might want to develop a skill that doesn't pay, like I mean, unless you become suddenly famous or whatever. Painting is one of those people, a lot of people love to paint but not because they get paid for it. But it still takes a while to develop that skill. So there are these aspects and if you speculate that your business is sellable for enough money, so you don't have to work anymore, then that's to some extent of speculation. That's why I say while if you don't want to speculate and do something on a regular basis with discipline, if you're in the end, sell your business, you're just going to be so much better off. If for whatever reason it doesn't work out and you still get all this bad of income and reach your time freedom point, then it's icing on the cake, or it's not, you know, but you have everything you need to live your passion.

Pete Mohr:

I love that. And a couple of things that I liked. I liked that differentiation between a practice and a business. And I like, I like the idea and that talk about your passion. And sometimes it doesn't pay your passion. And for those of you who are watching in behind me, I've got a couple of instruments and played in bands for many, many years. And when when I looked at that, I used to have a fun joke around the idea that if you wanted to make a million dollars playing in a bluegrass band, you better start with 2 million. And that's, you know, that's the thing. It's like, it's it was a I called it a paid hobby. But it was something that that basically cost me more than I ever earned. But it's something I was passionate about and like to do, and that's the beauty when you set up turnkey investments, when you set up a turnkey business, it allows you the opportunity to step out and do some of the things you really want to do not be mired down in the frustration of everyday working through all these different things. And, you know, part of what you do at ideal wealth growers is set up turnkey investments in real estate, why don't you tell us a little bit about how that's transformed maybe a few other business owners into giving them the life that they want to lead?

Axel:

Yeah, absolutely. Thank you. Fundamentally, I think I want people to get for a moment into the mindset to say, if I had to do something, put something together for myself, wouldn't I want to work with as many experts in the different things that I need to get there as fast as possible? That's kind of the premise if you take that as a picture in your mind. And now let's go into the turnkey approach. So the first thing is, you probably am I highly recommend you want lending money to buy the real estate besides what you have in your own pocket or in your own savings account. So you won't have an expert lender. Now, I recommend lenders that will operate nationwide. So you don't have to get a new one every time you buy a property in a different state or city. Right? Then you want somebody who knows inside out because they renovate 100 places a year or 20 places a month. That's kind of like the scale that we're talking about on a regular basis. So that entity has a team that does nothing else and renovating properties, single family duplex triplex properties. Then besides that you want a team that works on behalf of the owners of properties have these kinds of single family duplex triplex four Plex properties, to manage them, find tenants collect the rent, fix the faucet, take the calls, do the paperwork, do the lease agreements, all that kind of stuff. And that's all they do. And they become experts in that on a scale of anywhere between a few 100 properties up to several 1000 under their management.

Pete Mohr:

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Axel:

And then you come along and say okay, what I want is a property where I put 20% down the bank, these experts nationwide operating bank gives me 80% of the money. And now I want to work with what I call a true turnkey provider who finds a property I call that the ugly duckling in the neighborhood renovated with that expert team then sells it to me for a market rate price, which means when my bank sends an appraiser, it actually appraises for the value that they're asking for no haggling. And then I become the owner and it immediately within the same organization switches over to their property management organization who manages for me, and all I need to do is make a little spreadsheet and say property one $300 left every month goes into my accumulation account and I can count on that on my journey to the time freedom point. And as soon as I have that, I turn around and say and this is what we do with our clients and say okay, where do we start the second round for the second process for getting property to and if you say let's just for the sake of argument, say Okay, your number that you set yourself if it were achievable today is $3,600 a month and you get 300 per property, then you know that you need 12 properties. Now most people can do that. What in a year or two So if you look over time, the reality is you probably need something like eight or 10. Because the rent is increasing, the value is increasing, and so forth. So yes, if every single one would always only ever pay you 300 bucks a month, then it would be 12. But nobody has lived for eight or 10 years in the same place paying rent without ever the rent being increased, right? So the rent increases, the costs stay the same with a fixed mortgage. So end of the story is each of these properties is going to slowly increase in how much is left over at the end of the ones for you. And so eight to 10 properties, you have your 3600. Now, your number may be 4500, or 25, or whatever your number is, it's just an equation. Yeah, exactly. And the last point I would like to say about it is the beauty is, if you start out to say, I want to get 10 to 12 properties to get to my time freedom, point number 3600. Today's value, the beauty is that when you reach that point, or getting close to it, keep in mind that all these people sitting in these 810 12 properties, keep paying off your mortgage, and in the next few years, the first 110 years ago that you bought, will be fully paid off, and you're not just getting $300 a month, you're probably getting $809 a

Pete Mohr:

month, or you can take that money and reinvest it into another property. Right, right. But

Axel:

where's your choice? It's a choice. But when you go back to the time freedom point, philosophy is right. Yeah, if I say now, I reached the point that I can cover all my expenses out of my passive income, it's not an end point, it's really a start point. Now you can start living your passion, knowing that numbers as far as income and covering your expenses will only get better over time, they will never get worse anymore. And just you can decide to say what 12 is cool, I want 15. Or you can say 12 is cool, keep it there, knowing that in five and 10 years, it will double the money that I'm making now, without having to pay anything or exchanging any of my time anymore. And that's where power is, that is the power. And I think also it really infuses the term freedom, the freedom to make the choices of what do you do with the most valuable commodity that you have. And that is time, and not very many people, if you really think about can honestly say I have that freedom. And so that's what we want to try to help them get to whether they're business owners right now, or whether they're still employees considering to become a business owner and get your head paid to do that and build a turnkey business, whatever the situation may be, you want to have a vision that allows you ultimately to do the things that are not depending on the exchange between time and money. Yeah, that true freedom that you want to work for you. And that is your energy, motivation, all that kind of positive stuff that you need to stick with it.

Pete Mohr:

Starting off with that clarity, I think is the most important piece right axle, you know, and I always talk about clarity creates confidence and confidence ignites momentum. And from that perspective, having the clarity of what that point is, is going to allow you to activate what it is that you need to do and want to do in order to create that life that you want to live. Like he said, whether you're an entrepreneur or not, it doesn't matter. It's the same sort of flow, and how are you creating that life that you want to live either through your investment properties, or through your business or whatever it may be, but using it as a tool to better your life and give you a better future, I think is the real key recommendation here.

Axel:

Yeah, absolutely. I mean, if you look at and we didn't go through rattling down all that bio stuff, and I don't want to do that. But just in a nutshell, I was born in a normal middle class family, I joined the Air Force became an Air Force officer retired from the military and started my own business. It's a pretty normal. Yeah. And I then lift through all these steps that are just a very high level describe to get to the time freedom point. I think the hope that I bring when we have a chance to talk like we do here today is that people understand a normal person, not somebody who was rich or inherited anything and so forth, can go through this journey in a reasonable time. Just so you know, I retired and started my business in 2005. Now admittedly, that's 16 years, but for the last few years, I'm at that point, time freedom point. So it's pretty much within the concept and I have done all the steps myself. So you know, I'm not saying this to brag, or put myself on a pedestal, but to say people, a normal guy, like me can do it, and I can help you do it, too.

Pete Mohr:

That's great. I really appreciate that. And I appreciate the time you spent with us here today. Axl and why don't you let everybody know how to get a hold of you where they can go to learn a little bit more about Axl Meyer Hoffer?

Axel:

Yeah, absolutely. So you can email me at Excellent idea of escrow.com. If you'd like to set up a call or anything like that, just go to either invest grow a.com on the website and it immediately has one of those annoying pop ups to add to the call. or if you just want to poke around a little bit either on the website, but what I would probably recommend more is either going to our podcasts, or this one that we're recording right now, as well as the YouTube channel, because everything that we do, we also put on YouTube. So for those people who rather like to watch a video, then listen, only, we put a lot of the information and advice and terminology stuff and so forth on YouTube. So those two things website idea where to go or YouTube idea where to go. And you find me and find us, and then we're happy to help you.

Pete Mohr:

Awesome. And we'll certainly put in the show notes as well. Axl. So, want to just say thanks, again, it's been a real pleasure reconnecting with you. And I'm you've brought lots of value in some thought worthy things here today for our entrepreneurial audience to think about how they can create a better future for their lives and businesses. So

Axel:

yeah, absolutely. I mean, we need to give them something that they do with all the profits, they get out of there.

Pete Mohr:

All right. It's been a pleasure. Thanks so much for joining me.

Axel:

Thank you. Thanks. Okay. Bye for now.

Pete Mohr:

Well, thanks so much for spending some time with me here today. And think about how you can turn key your business or turnkey your investments, I loved some of the stuff Axl was talking about in this idea of, are you running a practice? Or are you running a business? Are you completely reliant in your business and actively being the manager every day, and if you are, it's really just up practice, as he put it, it's really you are the manager, you're not the owner, when you can move yourself up into the owners box. That's when you're creating this turnkey business. And when he used his frameworks around the properties of basically being the owner of the properties, and having other people manage it, do all the work, do the renovations, do all that sort of stuff, and setting up the systems and frameworks to allow that to happen. It's the same thing that I talked about with regards to simplifying entrepreneurship and setting those frameworks up. And that's what we do here every week, having those chats about how do we set up the systems so that you're taking your product and rolling it through process and having the right people to create the right profit. When you're generating all of those things for your customer and giving them a better life. That's what it's all about. That way when you're giving your customers a better life, you can to enjoy a better business and a better life because after all, you lead your business and it shouldn't be leading you. If you liked the podcast, please share it with your friends so you can help me out a little bit by rating or reviewing it as well and subscribing to it so you can hear future episodes and for more information on my coaching and leadership programs, visit more coach that's mo HR coach, more coach or you can email me directly at Pete at more coach or connect with me on LinkedIn, Facebook or Instagram. Until next time, make it a great day.

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