There is a fundamental difference between your overall strategy – the long term vision of what you want to do – and the tactics that you use to make progress on that strategy.
My strategic vision has been to
- Personally break my paycheck dependency by investing assets that generate sufficient cash flow to allow me to not have to work.
- Share the knowledge and experience I have gained with others to allow them to break their paycheck dependency as well.
I use my personal investment philosophy [1] as the framework within which I take action. The short version is that I am a long-term investor, focused on cash flow. I like a variety of asset classes, but am not keen on investing directly in residential real estate. I am particularly partial to self storage, mobile home parks, and notes. While I don’t invest primarily for tax reasons, I do appreciate the tax benefits of both direct real estate and oil and gas investments.
After accomplishing the first part of my vision and retiring from Amazon earlier this year, I have decided to change tactics.
For the past 2 years I have been looking to purchase a self storage facility with the intent of brining on investors. This would allow people I know to generate passive income alongside me on a deal that I had high confidence in. Unfortunately, despite having a clear vision of what I was looking for, I am unable to find an opportunity I was willing to bring to investors. While there were deals available, they required more extensive operations than I am comfortable with performing remotely (i.e. making the deal work would require significant additional development / renovations / capital expenditures). While I will continue to look at deals, my confidence in finding one I am willing to purchase is currently low.
Instead of continuing to spend considerable time and money looking for a property to purchase with investors, I am going to focus on sharing information around events I am attending, books I read, financial planning, syndications in general, deals I am currently invested in, and opportunities I am evaluating.
Much of that content will be shared both as future blog articles and on LinkedIn with the goal of giving you the information you need to generate your own passive income streams.
I hope that by taking action, you are able to break your paycheck dependency as well and live an abundant life.
If you have any questions or comment about this post, please email them to me at blog@mbc-rei.com, I will reply to the questions that are straightforward and will turn the questions requiring more detailed answers into future blog posts.
For additional reading:
This article is my opinion only, it is not legal, tax, or financial advice. Always do your own research and due diligence. Always consult your lawyer for legal advice, CPA for tax advice, and financial advisor for financial advice.