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Finance BROs Network (FBN)
Economic Empowerment & Self Development Strategies For All
Finance BROs Network (FBN)
S3 E8 “Rent-To-Own” - Financial Freedom vs. Financial Shackles With Your First Asset
Unlock the secrets to financial freedom with Anton Leftwich and Michel Dupoux as they reveal how multifamily real estate investments can transform your financial landscape. Imagine the possibility of living mortgage-free by choosing a duplex, triplex, or quadplex as your first home. We dive into the powerful strategy of using rental income to offset mortgage costs while maintaining the benefits of a residential purchase, making it accessible and advantageous for first-time buyers.
Explore the emotional and spiritual journey of investing in multifamily properties. We examine how confronting fear with freedom can pave the way for wealth-building and self-improvement. Learn about the value of using property consultants instead of traditional management services, offering a cost-effective approach to property oversight. With practical advice and simple resources like YouTube and Google, we empower you to build your confidence and knowledge in real estate, encouraging you to make meaningful deposits into yourself and your community.
Lastly, stay on the edge of your seat for an exciting announcement that's sure to captivate and inspire our audience. While we're holding back the details for now, we promise it will be worth the anticipation. We invite you to follow us on your favorite podcast platforms and social media outlets as we continue to guide you on your path to financial freedom. Stay committed to your wealth-building journey and remember, the bank looks forward to seeing you. Peace and take care!
Learn more about the FBN initiative and get access to all social media platforms at https://linktr.ee/fbnlinks
First and foremost, we want to be clear that what we are sharing with you are strategies and concepts that can be implemented by individuals who understand the logistics of how to approach such platforms as far as the literal, the mental and spiritual format needed to be successful with your aspirations what's up world?
Speaker 2:you're tuning in to fbn and this is another episode of Finance Bros Network. I am the one half of finance, anton Leftwich, and this is Michael.
Speaker 3:DePoe the other half.
Speaker 2:The other half.
Speaker 3:And we are coming to you live with finance for everyday people. We are honored to be here and to be able to serve diverse communities.
Speaker 2:As usual, as usual.
Speaker 3:As usual.
Speaker 2:Yes indeed, yes indeed. Hey, happy holidays everybody. Hope you had a nice turkey day, thanksgiving holiday weekend and all that good stuff. You already know we took a week off. Hope you enjoyed your time off with your family. But of course we're back at it with another message for you guys, and you know me and Mike were just talking. We do have. You know we like keep something in the chamber, mike. We do have a big announcement for the first of the year. You know we got to keep something locked for you guys. I'm not going to make the announcement right now, but just make sure you stay tuned. You know, keep your, keep your poked on us and everything, and we're going to make sure we bring it hot for you guys come the first of the year. We're really, really, oh just very, very excited about it.
Speaker 3:Oh, we got to bring it to them, man, yeah, and we keep doing it Like as much as files we have, whether it's in the United States, around the world. I know sometimes we look at some of our analytics and then we see that some people are listening all over the world.
Speaker 2:So man, 25 countries.
Speaker 3:Last time I said hey, we, we are very, very thankful. Uh, we just just get some other people to to partnership, in to to come in and hear our message, because we are out there for our wealthy ends. We want to make sure whatever we're doing, however, however we're doing, it is for our wealthy and we have passion in what we're doing. We believe in what we're doing and we're going to grow and we're going to touch more people.
Speaker 3:I promise you Absolutely brother I promise you, as we grow, we're going to touch more people Because, between Anton and I, this is what we want, this is what we're passionate about, and we're going to make that happen, brother.
Speaker 2:Absolutely brother, I love it man. And, like I said, we're not going to go really into it. We're going to keep it for a surprise. But one aspect has a little something to do with going on the road. That's all I'm going to say.
Speaker 3:I'm not going to say nothing else Keep it on the down low Right, nothing else.
Speaker 2:Keep it on the down low right right, I know where you was going, man. All right, so look, hey, again, welcome everybody. You know, today we're gonna be diving into something special and I want you guys to keep your minds open. Okay, keep up, keep a very elevated mindset to this, because we're going to give you strategies about how to approach this type of thinking and the possibilities that it can bring. Okay, so we're going to be diving into a game changing topic. All right, we're going to call this financial freedom over financial shackles. All right, or financial freedom versus financial shackles.
Speaker 1:You can call it either way you want.
Speaker 2:All right. Now we're bringing this topic with the aspect of one's first asset, which is their home, most of the time. All right, this is just not for our UPIs, but for everybody. For the most part, everybody's first asset is their home, all right. So again, for most wealthians, their first asset will be a home, and so we want to get into it. And why buying a multifamily property as your first home instead of a single family home? Because clearly the difference financially is astronomical, astronomical, ok. And again, we want to start off by saying keep your mind open, because when we say multifamily home, it doesn't have to be a whole apartment complex.
Speaker 2:Ok if you want to go that high, go that high, but it could be as simple as a duplex, right, all right, instead of buying a one single family home, you buy a duplex. You live in one side, you rent out the other. Ok, so we want to give you some some tactics for that. All right, right. So what's your thoughts on that, mike Well?
Speaker 3:just like you were saying. People think multifamily homes oh, okay, that's too much trouble, Da-da-da-da-da, this, that and the third. But think about it A multifamily could be a duplex, a triplex or a quadplex. Oh yeah, A quadplex Up to triplex or quadplex, oh yeah, Quadplex up to four units.
Speaker 3:So just think about that. Three units are paying you rent and you're pretty much living for free in some scenarios and occasions, depending on how much you put down. And, matter of fact, believe it or not, the industry in the United States I don't know about the rest of the world, but in the industry in the United States, I don't know about the rest of the world, but in the industry in the United States, up to four units is still considered a residential purchase, not a commercial purchase. I don't know if a lot of people know that, Mike See. So there you go. So just think about that, how your first asset that you're purchasing.
Speaker 3:A lot of people you know it's an emotional decision to buy that first asset because you know I'm thinking about buying a home and then all you go see is a single family. But as a wealthy and as a UPI, it's like, okay, now I'm sacrificing everything to make sure I pay that single family home, but why not get something that gives you long-term financial benefits and it's worth it. It helps you build equity and it creates wealth and it secures financial stability. Starting with one powerful decision that, instead of me buying this single family home, that I'm just gonna be pouring everything that I have into it, and then, yeah, it's gonna build equity, but how about doing it in a way where you're building wealth with it? So, instead of that one, buy two.
Speaker 1:Buy two.
Speaker 3:Or if it's the opportunity to present itself. Remember, residential is still considered one to four units.
Speaker 2:Yeah, that's true, it's still considered a residential purchase.
Speaker 2:And you know, mike, that goes back to the financial freedom versus financial shackles. Because when we do buy that first family home, that is a liability, right? So why not offset that liability by you already sacrificing right to get in your first home anyway, right, right, all right. So why not sacrifice a little bit further? Just go a little bit further. It's the, it's the power of one more. Uh, m ilet has this really good book out. It's called the power of one more. You know I'm saying if you're in sales, make one more. Milet has this really good book out, it's called the Power of One More. You know what I'm saying.
Speaker 2:If you're in sales, make one more phone call. You know what I mean. If you're an employee working at a job, work one more extra hour with unexpected expectations. In other words, I know I get off at six, but there's more work to do, let me go ahead and get the work done. Work till seven, that's one more hour. One more phone call, one more inch of effort to have long-term benefit, long-term possibilities, all right.
Speaker 2:So when we think about this, all right, that rental income that you're going to be getting from that multifamily, whether it's a duplex, triplex, quadplex, whatever you know you decide to push yourself to go and get All right. When you own a multifamily property, you can rent out the other units while living in one yourself, like Mike just alluded to, or like Mike just emphasized on Right. All right, the rental income can offset your mortgage payments All right, reducing your living expenses significantly. All right. Now, if you're going to be in this position and you're living in one side and running out the other, you know there in Mike I know you're going to get into this there's going to be some responsibilities involved with that. With provision, with abundance, comes responsibility. So this is the mindset we're harping on right now about how to think about these things, these so-called inconveniences that you might be thinking of in your head right now, that we might be thinking of before we even tried it.
Speaker 3:What about this?
Speaker 2:What about that, what about this, what about that? I can think of all kinds of what ifs and what about that if I just own a home, right, you know?
Speaker 3:what I mean. Any home, yeah, single multi, there's always what ifs?
Speaker 2:What if I didn't buy the right home? What if I'm not near school for my kids? What if the inspection didn't go right? And what if this and what if that? I mean there's. So we got to make these what ifs and what about? That's work for us All right, To our advantage, because, no matter what we do, we're going to deal with some type of adversity. But at the end of the day, the overcoming of this adversity, what is it gaining for us? Is it a small win? A big win? What is it? What does it equal to? Because everything added up to something equals something. That's right.
Speaker 3:All right, and that goes into the spectrum of. You know, don't forget the equity that you're building. When you have a four unit, the equity grows even more than a single family, right? The equity grows every year. And not to mention the tax benefits. If you're owning a rental property, it comes with tax perks. You can write off expensive maintenance, property management fee, even a portion of the mortgage interest, which can save you a lot of tax dollars when you go to file taxes.
Speaker 3:So you got to think of all the benefits that you're just making that decision to your point, Anton. Okay, I'm going to buy a single family and then I'm still going to have issues, still going to have stuff to do, but everything is coming up. There's nothing to offset it. But would you have that multifamily? Because you're just starting out as a wealthy and the UPI is only allowing you a certain amount of money for you to make, because this falls back in what you could actually make to afford, what you could actually could afford, If you put all your eggs in one basket, aka one family, single family, there's nothing coming back.
Speaker 3:But if you put it in a multifamily, then you at least have something to leverage. And then guess what it's? Creating wealth, too Is a way, because now, if you got people paying you rent, you're able to save money. Right, yeah, that's true. You're able to put the money somewhere else or be able to grow what you're doing. Only because of that slight sacrifice of inconvenience, you've done with your first asset.
Speaker 2:Right, right, and you know I want to piggyback off that, mike, because you know mentality for our UPI individuals or families, as far as the mentality is concerned, the idea of buying a multifamily home more than likely feels overwhelming, always All right or even out of reach, and that's when you need a mindset shift. All right, and again we talked about this for this episode financial freedom versus financial shackles, Right. Or financial liabilities, right. This. So this idea of going out and making decisions to do things a little bit better, and this is in our everyday lives.
Speaker 2:Okay, all right, you already know you're going to have to work a little bit more hours, probably If you got overtime at your job. Work a little bit more hours, save up a little more money, save up a little bit longer to even get a house in general, right? So now you're talking about getting a multifamily home, going a little bit further than we would have imagined ourselves going before. This is the mindset that we talk about in all these other episodes. Again, everything that we're talking about is leading up to the thing. All right, go back and listen to the other episodes about mindset. Again, we want to provide fundamentals, talk about some very basic fundamentals and then encourage curiosity and hopefully you guys go out there, we all go out there and take action, all right, and this third season we were focusing on it's not like we haven't spoken about, you know, purchasing stuff.
Speaker 3:Oh yeah, this is all in the files, right right, so we've given you pretty much the literal and the breakdown and everything, but this season we're focusing on a mental and emotional or spiritual way of looking at things. Yeah, yeah, and that's why this is such an important topic, because it's an emotion. Again, it's an emotional decision that you're going to buy either a single family, or a multifamily.
Speaker 2:Yeah, yeah, oh, go ahead, go, no, go ahead.
Speaker 3:And, like I spoke about and think about this, anton, it's like freedom over fear. The idea of managing tenants might seem deterrent, or, but you know, there's resources and tools like property management services and property consultants. Guess what? There's property consultants out there, that people who, maybe somebody who has a property that could give you advice. You don't have to pay a property manager, because a property manager might charge you $100 to $200 a door a month. That takes out of your bottom line. And hey, if you're in a spot where you're able to rent it and get that money, by all means do that. But maybe you get a consultant that you say, hey, this person is doing this. And there's not a lot of consultants. It's going to be kind of hard to find. But there are people out there who would be willing to say, hey, hey, tom, hey, hey, johnny, don't do this, don't do that, don't do it this way, sort of like a mentoring you through the process.
Speaker 3:And what does that cost you? Maybe 30 bucks, 40 bucks, because, hey, you're trying to save money, you're trying to build wealth, yeah, so if this is an alternative to a property manager, which is hand off and guess what, there's still going to be some issue with the property manager. Why not? Why not save some money with a consultant? Yeah, that can help you guide you.
Speaker 3:You have an issue. You pick up maybe it's a monthly charge of 40, 50 bucks a month, yeah. And then you pick up the phone and say, hey, I got this issue with this tenant. Okay, 50 bucks a month, yeah. And then you pick up the phone and say, hey, I got this issue with this tenant. Okay, just do this, did it? Oh, yeah, don't do this, don't do this, don't do that. That's a lot less expensive than a property manager who's going to probably have to go out and serve papers and do whatever they're going to do and still have to come back and say, hey, owner, this is what we have to do, da-da-da-da-da-da-da. And then you're like man, I could have done that myself.
Speaker 3:All somebody had to do was tell us. So just think about that. A property consultant can help you and all these things. That's what makes it easier for you to, because there are resources and there are things out there to kind of help you absorb all of these intimidating things that you're going to tackle. But the rewards, the long-term benefits, of having that multifamily property is huge compared to that single family home that you would have gone out and purchase.
Speaker 2:Love it, brother, Love it. And you know, with that, Mike, you know multifamily as your first asset. I'm feeling that it seems to be something about building something bigger than ourselves, right, Living by that wealthy and creed.
Speaker 1:Again, I'm going to give you the definition Hit him, hit him.
Speaker 2:Definition of a wealthy and we've said it many times before, we're going to keep driving it home A person capable of obtaining an abundance of valuable possessions or money. The capable is the. Everything about this state, about this definition, bro, because we are all capable. Yes, are we willing? Maybe there's a sliding scale, but we're all capable, we're all capable. Yes, are we willing? Maybe there's a sliding scale, but we're all capable, we're all capable. You know what I'm saying and you know what I want to say. This, probably the number let's talk about foundation, real quick Foundation, probably the best way to get confidence, because there's some confidence involved. Right, we have to go forward with confidence. Right, best way to gain this confidence and look, these are all, look, this thing is so many levels of my life is just simple, bro, it's not, it's not hard, right, we complicate it all day, every day but the actual process is simple.
Speaker 2:Yes, want some confidence in this area or any other area, probably the basic thing we could do them. The barrier of the leap, the lowest barrier of entry, is read there you go, read, that's it.
Speaker 3:Any search, and if you're a visual learner, look, I am NOT promoting YouTube, but damn it, youtube has.
Speaker 2:Hey man, it's all out there. It youtube has taught me. Hey man, it's all out there. It's not like before. You ain't gotta go to the library and check out a book. No more, mike, it's right there on youtube, it's right there on google. There's so many people that have gone out there and done it and are willing to share the information. Check your sources, make sure they're credible. Obviously, obviously, obviously. But go out there and read research Google, find articles, find videos and these things. What I'm saying, mike, is that what we're saying to y'all wealthies is that these little things, these are all deposits. Of course, there goes the D word. These are all deposits, deposits, deposits. And making deposits into people, other people, making deposits into relationships, making deposits into business ventures, is never more important than making those deposits in ourselves.
Speaker 3:That's right.
Speaker 2:All right, no, that sounds cliche but it is what it is. I didn't write the book, I'm just reciting it okay, there you go, all right.
Speaker 2:Make deposits in ourselves first, all right. Yep, that confidence man. Make deposits in ourselves first, all right. That confidence, confidence comes from that. That's right. Because guess what, when you go to the gym and you do some sets and you work out a little bit and you go run a mile, do you feel better afterwards? Of course, obviously. Of course, all right, it's the reputations and it's all repetition. Read a little bit Research a little bit. Feel a little bit better about what you're going into now, because you understand more all this builds confidence.
Speaker 3:Anton. This is my heart, man. When you go back to wealthy and what is a wealthy? And then the description of a person capable of obtaining an abundance of value possession of money, valuables of possessions or money, remember that it's possessions or money and we talk about being shackled to a single-family home because it's an emotional decision. It's an emotional buy because if you're going in and buying a single-family home as your first asset as a wealthy, you're going in and buying a single family home as your first asset as a wealthy. You're not there yet, right? Your underprivileged income really doesn't justify you going in to get a single family home.
Speaker 3:You know you, you want to, you want to have something where you can get value that you can help you know, help you own properties that guarantees other assets, that can build legacies. That's what you want. And after all that, to let the assets pay for the single family home that you want. How about that? How about you built all those assets and now you living in a single family home for free?
Speaker 2:What about that For free? How about that?
Speaker 3:Think about it.
Speaker 2:It's a little bit of sacrifice, swelfields, it's freedom over what? Freedom over fear, bro. Freedom over what Freedom over fear, bro.
Speaker 3:Freedom over what Freedom over fear, bro man I like that Yo yo, we got to do something with that. Yo, something's going to be done with that.
Speaker 2:Freedom over fear. We might have a little surprise for them. We got to do something with that.
Speaker 3:Wealthians. It's coming out soon Something's about to happen. We told you we keep something in the chamber All day, every day. But seriously, out there wealthians think about that. I know that single family might look okay. I don't like hearing the noise, I don't like that. But if you're an individual with the UPI, I mean I want to go back to UPI, the status and everything and go back and check that UPI episode I think it's on the vodcast, it's on the vodcast. Yeah, it's on HHN TV we actually have a graph and what dictates.
Speaker 3:And this is based on the government, what you know? We don't say that word. Lowell Ingham.
Speaker 2:Yeah yeah, yeah. But it's what we say, what them folks be saying, right, right we say underprivileged income.
Speaker 3:Go back to our episode we call it the UPI episode on HHN TV. Look at the chart where you fall into. If you have a multifamily, imagine what you put into the home. Right, you put in, let's say, the deposit you've been saving up or whatever to get that home. You're paying 5%. Now the rate is at 5%. Let's say it's a four-family home. The rent in the four-family home covers the mortgage and then some what do?
Speaker 3:you pay Nothing Right Now, you're just managing the process. It's like a moonlighting job. You get to go to your job and then you might have to manage. Okay, repairs here. This needs to happen, that needs to happen. But five years down, the line equity went up there you go. Now we're talking, Now you're able to leverage. Line equity went up there you go.
Speaker 2:And now? Now we're talking.
Speaker 3:Now you're able to leverage. Rent is going up, this is going up. It's like whoa, wait a minute. Now, this money that was just paid for the mortgage, it's starting to pay for a little bit more.
Speaker 3:And then you say all right, let me take this house, move into another house, or let me take the equity out of this house, let me open up a business, let me leverage this equity Because, all right, the home may maybe bring you 5%, 10%, 20% more money. But what if you take the equity out of the house and you open up a business that you're ready to rock and roll in? How about?
Speaker 1:that.
Speaker 3:How do you feel Now you're getting rid of the man because you made that decision. You chose financial freedom over financial shackles.
Speaker 3:Right, right yeah yeah, that's true With the one family. So, that being said, you know, think about that, ladies and gentlemen. We want that for you. We want you to pick financial freedom over financial shackles. Don't get caught up in the single family. You're going to be able. If you do it right, you might even be able to build your own house one day, because you were smart enough to leverage the process. Remember, one to four families are still considered residential, and when that falls into the residential income or residential type of property, it allows you to make the purchase. Same thing as a single family, same thing as a four unit family, is still considered residential. So's so hey, why not?
Speaker 2:that's right man, why not? Hey brother, I love it. With that. I think we can get into the breakdown there you go, all right let's hit them with the literal.
Speaker 3:the literal uh, fast, faster equity growth. With multi-units, you you're more than likely purchasing a property with higher value. As you pay down your mortgage, your property value increase, your equity grows faster. That's the literal. It's simple, it's not complicated. Again, we complicated, we complicated. You got four units. Guess what you bought? A one unit or a single family. The equity is going to grow, but I tell you, on the four unit, it's going to grow a lot faster.
Speaker 2:Telling you brother, speak about it, man. Sometimes God quit thinking so much. Yeah, exactly. Sometimes, exactly yeah.
Speaker 3:And then, on the mental, be open to sacrifice. We spoke about this. This is mentally. I get it. Ladies and gentlemen, oh, you got that neighbor upstairs. Oh, you got to deal with tenants we gave you. These are short term, these are short term problems. Because you have a long term goal, yeah, and if you did it right, there's a lot of people that tell you how to pick renters, how to get renters. You got some consultants on your side.
Speaker 2:There's websites for that.
Speaker 3:There's so many levels.
Speaker 2:So many tools bro.
Speaker 3:Tools to help you build this wealth. So be open to sacrifice. Living in a smaller unit within your own property or taking on a landlord responsibility might require some sacrifices.
Speaker 2:But these short-term inconvenience lead to long-term stability. Stable, stability, hey man. With that being said, I got to say if you're dealing with that noise or that, whatever that's on you, man.
Speaker 1:That's on us.
Speaker 2:That's true, because there's too many tools, bro. Yeah, as always, there's too many vetting processes. There's things in place, bro. I on man.
Speaker 3:Let's be real. Yeah, I can tell you straight off the bat on a lease there's a line on the lease it says nuisance, because sometimes that's the first thing oh, I want a deal, but nobody knows. It's on the lease.
Speaker 1:If you're a nuisance you can kick that person out I love it.
Speaker 3:I love it you can kick that person out, but go ahead, hit him with the spiritual brother.
Speaker 2:All right, sense of accomplishment. You know we got to go to the heart. All right, taking the leap into fine, excuse me, taking the leap into multi-family ownership brings a deep sense of pride and fulfillment. Imagine the feeling that you're not just surviving, you're thriving and creating a foundation for others to do the same. Wow, I felt that you know that's spirit. I got a few extra bumps on my arm right here, bro. I feel that, yeah, that's real.
Speaker 3:Well, fans, I don't know, I don't know, I feel that that's real man If that's not a reason to do a little bit of sacrifice to grow for something better later on? I don't know what is there you go. So that's real talk, bro. Yeah, I really that hit it home.
Speaker 1:That was a home run on that one. Appreciate it brother.
Speaker 3:All right, let's hit him with the T-shirt. Hey, hit him with it. You guys are going to like this one. You're going to like this T-shirt. Why buy a house that only pays you in memories when you can buy one that pays you?
Speaker 2:in rent. Oh like, bro, these t-shirts are getting.
Speaker 3:That's really, really deep look, you know what, where I would offer that t-shirt right every time, in every single real estate offer. I say every time somebody close a multifamily, give them that T-shirt Right.
Speaker 2:right, that's cool right, I know, wear it proud. Memories are great. Yep, rent is better. I like that A lot better and it's relative, right. Of course Some people may prefer memories, some people may prefer rent. I got to say, with that extra, extra rent, I can create some extra memories for sure for my family and my people. So I did just. That's a personal, personal note for me. But uh, hey, man, I love the t-shirt you got. Hey, this is, this is a great episode, mike, I love this right.
Speaker 2:This is good information man all day. You know what I mean. So hey look, we gonna come at you next week with another hot episode again. We, we're going to keep it surprise, we're going to come at you real tough. We're going to keep it. We're going to definitely keep it valid, keep it relevant, keep it in the heart. You guys already know it's the holidays. We want you guys to be enjoying times with your families.
Speaker 2:But definitely take your time to tune in to Finance Bros Network. We're going to keep bringing that heat. Be on the lookout for those announcements. They are coming soon. It's so hard for me to keep this in, mike.
Speaker 3:I really want to tell them Keep it in, bro. I know the anticipation's got to be there, bro.
Speaker 1:I really want to say something.
Speaker 2:Let them tell their fans and their families Say yo listen to these guys.
Speaker 3:They're about to. You know, shiznit, Come on now.
Speaker 2:Yeah, most definitely so. So we gonna come, we gonna bring it to you, we gonna keep bringing it to you, we gonna bring you that surprise real, real soon. And don't forget to check us out on all your social media podcast platforms Apple Podcasts, iHeartRadio, Spotify, obviously at our home on the HHN TV. And as usual, Mike, I appreciate TV and as usual, Mike, I appreciate you and you already know we'll see you at the bank. Peace y'all, Take care world.
Speaker 1:Thank you, thank you. Thank you for watching.