Our guest today is Chris Larsen, a syndicator, author, and coach. In this episode, we talk about the 3 main things you can do with your money: make it, keep it, and grow it. We also dig into how to set your goals, choose the right vehicle for financial independence, and build your investing team. If you’re an active or passive multifamily investor who is ready to make the right investment choices, then this episode is for you!
Learn more about Chris Larsen and his journey at reiclarity.com!
“When it comes to high-income earners, those individuals typically find a skill that’s very valuable and focus on it.”
Chris started his career as a trader in the stock market. He kept earning and losing a lot of money, so after a few years he decided to do something more reliable and less risky. That’s when he turned to real estate investing. After a few years of single-family investing, he ended up in multifamily.
Chris is the founder of Next Level Income, a platform helping investors make, keep, and grow their money.
- Make Money
- Figure out the tasks that you do well and generate the most money.
- Schedule these things first.
- Outsource the tasks that you don’t want to do or find someone who can do it cheaper than you.
- Keep Money
- Have a tax strategist because your biggest expenses are probably your taxes.
- Create a correct entity structure.
- Structure your insurance properly.
- Grow Money
- Pick the right financial vehicle for your personality and experience.
- Build your team.
“Make sure you’re working with people that have that abundance mindset.”
Chris explains how to build the right team. If you’re a passive investor, you need to have people on your team that can help you evaluate the deals. If you’re active, make sure that all of your team members stay in their lane of expertise.
It’s also very important to work with people with an abundance mindset and who want to grow the business with you. People who have a scarcity mindset operate from fear and will limit your company’s true potential.
“If you understand how to do it on the active side, then you’re just going to be a better passive investor. ”
At the end of the episode, Chris talks about how to find the right deals as a passive investor. Always ask yourself the following questions when you’re evaluating a deal.
- Why is this a good market to invest in? What are the pros and cons of that specific market?
- Who’s the operator? What markets have they operated in before? Do they have property managers?
- What are the assumptions you’re making with respect to expenses and vacancy rates?
Mentioned in the show:
- The Next Level Income Show
- His LinkedIn
- The REI Clarity Framework
Learn how to grow your portfolio and reach incredible success the right way! Visit us here for everything you need to know: www.shineinsurance.com/reiclarity.
Special thanks to Chris Larsen for taking the time to share so many great insights with us
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Show produced by Eni Horvath