At AMI we preach the idea of building your wealth outside your agency, while you still own your agency. Sadly, many owners leave too much in retained earnings inside the agency and over time, they piddle that money away. Every agency owner deserves to profit from the risk they took to start the business and the sweat equity they’ve put into it for years. Agency owners often ask me about how other agency owners are building a nest egg outside of the shop. Most will consider real estate but rarely do they think about passive real estate investments. I want to make sure we change that!
Chris Prefontaine is a returning guest (episode 203) who talked in general terms about real estate investing last time. I asked him back to specifically talk about passive real estate investments. Speaking from personal experience, one of the beautiful things about this option is that you can generate a pretty remarkable return without you as the investor doing any of the leg work!
In this episode of Build a Better Agency, Chris and I discuss the good, the bad, and the ugly of real estate investments, especially passive partnership options. We talk about ways to vet these estate opportunities, what kind of investor would be ideal for this kind of deal, and the questions to ask when considering an investment.
A big thank you to our podcast’s presenting sponsor, White Label IQ. They’re an amazing resource for agencies who want to outsource their design, dev, or PPC work at wholesale prices. Check out their special offer (10 free hours!) for podcast listeners here.