161: The Art of Building Long-Term Wealth
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Sometimes we get a little nostalgic and reminisce about our journey 🤓, how we got here, and why it’s so important to us and who we are today.
The reality is that if we weren’t knee-deep in the fashion world or in multifamily apartment ventures, we’d always had this sneaking suspicion that we’d excel at whatever we chose to do.
Maybe we would’ve been an online sales guru, running our own Amazon store, or perhaps some other cunning business endeavor that brings in a steady flow of cash.
Remember that building your wealth from the ground up does NOT mean you have to be born into riches.
Take Oprah Winfrey, for example. Born into poverty, Oprah faced numerous challenges throughout her early life.
But through hard work, determination, and a keen business sense, she managed to create a media empire and amass an estimated net worth of billions of dollars. ❤️
It’s truly mind-blowing 🤯🤯. Oprah’s story is a shining beacon of hope for aspiring entrepreneurs everywhere because it proves that no matter what obstacles you face, you can still achieve incredible success.
It’s all about pushing through and believing in yourself, even when things seem tough.
We feel fortunate enough to say that we really and truly have always believed that success was bound to come our way regardless of the path we chose. But let’s delve into the real eye-opener we discovered during our multifamily adventures—the art of building long-term wealth.
If we hadn’t dove headfirst into the multifamily world and pursued a different path, we might have earned a decent income, no doubt, but it would have required constant hustle and hands-on involvement.
And if you’ve listened to our other episodes, you know we aren’t about that hustle culture life.
Not because we are lazy, but because we want more for our lives. 🤟💋
Immersing ourselves in the world of multifamily apartments has generously given us the wisdom of building wealth that can benefit future generations.
It’s the only venture that can generate active income while simultaneously nurturing a nest egg—a hidden treasure that grows alongside our efforts, without constantly draining our personal finances as active partners in some other business.
Commoditized Life
If we’re to be honest here—our past foray into the fashion world 💃🏻 and even the alluring fantasies of a life without multifamily apartments were rather grim, to say the least.
Just picture yourself trudging along the same worn-out path, investing all your passion and energy into a business, sacrificing countless hours and exertion, only to have it snatched away from you at some unforeseen moment, utterly beyond your control.
We were standing on the edge, teetering on the brink of becoming mere commodities, pawns manipulated by customers, vendors, and employees.
And if you’re honest, you probably know exactly how this feels too. So how do you escape this vicious cycle?
A One-of-a-Kind Business
These concerns are exactly why we’re incredibly grateful for stumbling upon the world of multifamily apartments.
It’s truly a business like no other, and here’s why. Firstly, as general partners – AKA apartment operators, we have the power to actively generate income. 💰
It’s only fair that we receive the acquisition fee and asset management fee, considering the expenses and time involved in running the business.
After all, we need to make a living.
But here’s where it gets exciting. Multifamily apartments come with an extra-special perk. As general partners, we automatically receive a portion of the equity.
It’s like we’re playing in the major leagues of mergers and acquisitions, acquiring businesses and assets left and right. ✨☝🏻
You see, this is what really sets multifamily apartments apart—besides the active income, acquisition fees, asset management fees, and property cash flow, we also receive a substantial portion of equity. As we align our interests with our passive investors, that equity stake grows and thrives.
We’re fully invested in this journey together, with a shared goal 🎯 of at least doubling the property’s valuation, and that includes our slice of the pie as general partners. It’s a win-win scenario for everyone involved.
This is exactly why we were absolutely thrilled to have stumbled upon multifamily apartments.
While we could have made a good amount of money in any other field, we would have remained blissfully unaware of concepts like cash flow, passive income, depreciation, or the incredible wonders of tax benefits.
We would have simply accepted taxes as an inevitable part of the game, something we had to reluctantly accept as responsible adults. 😎😎
But luckily for us, multifamily apartments have a clever trick up their sleeve.
They are remarkably tax-efficient, unlike any other asset class with a remarkable balance of low risk and high returns.
So, it’s safe to say that multifamily apartments stand out as the cream of the crop when it comes to sustainable growth and asset ownership.
It’s not just a business, it’s a lifestyle. And this lifestyle business liberates us from being mere assets and propels us into the realm of true asset owners. Now that’s worth celebrating! 🤩🥳
We leave you with the words of Farrah Gray: “Build your own dreams, or someone else will hire you to build theirs.”
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