EP 202: Lisa Moore and Randy Smith - Quitting her W2 in 2 years through active and passive investing

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[00:00:29] All right, welcome back to The Gentle Art of Crushing It podcast. My name is Randy Smith and I'll be your host today. And I'm really excited to have Lisa Moore with us today. I met Lisa

[00:00:41] at an event just after the Best Ever conference earlier this year. And she's the co-founder of More Life Capital. They have 200 doors valued at over $40 million. And she was just a really impressive individual. So I'm so excited, Lisa, to have you on the show. Welcome.

[00:00:58] Yes, thank you for having me. It was great meeting you at the Best Ever conference. Yeah. Well, let's jump in. Lisa, can you tell the audience a little bit more about yourself and how you became a professional full-time real estate investor?

[00:01:11] Yeah. So I got my start back in 2017. I grew up in Massachusetts, moved to Utah in 2017. And knew that I wanted to get involved in real estate. I didn't know what that was going to look like. I didn't know what avenue that was going to be.

[00:01:27] But I just, I knew that real estate was a great avenue to wealth. And I wanted to have something that would allow me to be able to quit my job and retire early. And real estate just seemed

[00:01:40] like the best avenue for that. So when I moved here, I moved just to Utah without a job or a place to live. I rented for the first year while I was looking for a place to buy. And my

[00:01:51] first house was a house hack, which back then they didn't even have that term house hack, I don't think. And rented out a bedroom on Airbnb. And then my goal was to in a year,

[00:02:04] year and a half move by something else and just keep building and just kind of see where it took me. Bought in 2017, met my husband shortly afterwards. He also had owned a few properties at that time.

[00:02:21] Didn't end up doing anything. My father had passed away. So it was kind of a couple years of not doing too much. But then in 2020, we really started buying and were able within

[00:02:32] less than two years to buy enough properties to provide us enough cash flow to be able to quit my job and focus on real estate full time. So it was a very busy couple of years of purchasing and doing lots of rehabs. We moved house hacks multiple times,

[00:02:50] living in multiple construction zones. So it was a lot of work, but it was a lot of fun and it got us to where we are. Yeah, it's not always a glamorous path, but the sacrifice certainly

[00:03:04] has paid off for you and your husband, it sounds like. Yes, it definitely has. And it's things we can laugh at now when we look back, but not always fun in the moment. But we're like,

[00:03:14] we know this will be worth it. We know this will be worth it. I love it. Are you interested in real estate investing, but don't know where to get started or think you

[00:03:23] don't have the time or money? Are you stuck in your W2 because the golden handcuffs make it hard to walk away? If this sounds like you, check out impact equity.net and schedule some time

[00:03:34] to talk with the founder, Randy Smith. Randy went from massive income to leaving his W2 through passive income, and he can help you do the same. www.impactequity.net I'm curious. You started essentially house hacking and then moved into, did you do flips too as well,

[00:03:52] or was it just primarily buy and hold the whole time? Just buy and hold the flip. I mean my husband's a GC and the flipping just, we were always looking to purchase for cash flow. When I had a W2,

[00:04:04] we didn't need the chunks of money because I had a very good paying W2. So that wasn't as high on our priority. We want to build up our cash flow so we can quit. So everything that we were

[00:04:17] purchasing was a value add, distressed property. Quite a few of them were empty when we bought them and just doing full gut job rehabs, getting them turned, refinanced and stabilized. So we always were focused on cash flow and long-term buy and hold.

[00:04:36] Okay. And were you buying all of these assets in Utah or were you buying out of state, or what was your geography? Mostly Utah. We do have property in Colorado and we also have property in Raleigh North Carolina but Utah is our main market.

[00:04:54] Okay. Okay. So you do have some across the country as well. I'm not sure if I shared with you or not, but I started in this space with out-of-state single family. I started

[00:05:04] with turnkey investing and then moved over to the birth strategy, which it sounds like you guys did a lot of as well. But for me, I found that I did not want to be as heavily involved in the

[00:05:15] day-to-day operations, the management of the assets and the construction projects. And it sounds like you decided to stay in that space. I think it probably helped that your husband was a GC because that takes a big piece of it off. But I'm curious, have you guys

[00:05:31] always known you wanted to be active real estate investors or have you ever looked at the passive investing space? Yeah, we've done passive. I like the balance of it. We do enjoy the active side

[00:05:43] of it. We're always drawn to weird quirky properties. Like there's one in Salt Lake that we're looking at now. That's a three and a half million dollar property that is this old converted industrial building. It's just so cool. So it's always like these weird old properties

[00:06:02] that are just very unique that we're always drawn to and it's our creative outlets. We love going into these and how can we add value, especially in today's market. It's hard to just walk into a property and have it immediately cash flowed. Typically,

[00:06:17] you've got to get created. You've got to find some way. How can I add square footed bedrooms, bathrooms, add value to the property to make it worth more? We do enjoy doing that. I like

[00:06:28] the balance. My goal is for us to invest a portion of money passively every year but then also continue investing actively. So for four or five years we can invest $50,000 to $100,000 passively as a minimum and keep doing that. Obviously investments are not always a perfect at

[00:06:48] five years a sell but typically a five-year hold. So year six are first deal sells and if we want some of the capital we can keep it or whatever we initially invested we'd always roll back in

[00:07:00] but if we want to take any of the profits then we can. So we get to that point where we're just kind of regurgitating our reinvesting our initial investment and keep rolling that

[00:07:13] further and further. So yeah I love that strategy and it's kind of the same thing like you've created this arm that allows you to make good money with right and then you also leverage pass investing

[00:07:27] to invest and grow that capital as well and it's like the high-income W2 person that makes very good money and then also wants to invest alongside to grow it. So I think that's a great strategy especially when you as a real estate professional there's a lot of tax

[00:07:44] benefits to the depreciation that you're getting from your passive investment. So are you comfortable talking about that a little bit? I know we're not CPAs but how have you seen that personally impact your investment strategy? Yeah I mean it definitely is a benefit and we work very

[00:08:04] close with our CPA that's definitely one thing that I would say if you are thinking of getting into investing or if you're in investing and you don't have a good CPA find one that knows real

[00:08:16] estate. It has taken us three or four years now we've gone through several CPAs and it's been an interesting journey trying to find a good CPA I'll leave it at that. So I can take a while

[00:08:33] to find a good CPA but would you find one that really understands because now we have the situation where it's like okay if we invest in this how does that affect us tax-wise? Does this give us enough

[00:08:45] or you know we're in a situation now where we sold the property earlier this year and I asked her and we didn't do a 1031 and I said we don't want to do a 1031. What will that look like for

[00:08:55] us? Because typically for those that don't know it's a 1031 if we sell it and you do a 1031 you don't have to make capital gains there's certain requirements you have to hit but you basically roll

[00:09:04] that property into another one. We wanted to be able to take some of that capital we had a private money lender we did a remodel to the house to get it just updated for the sale and did private

[00:09:17] money for that so we wanted to get them paid back but we also just bought a duplex that we're converting to a floorplex so we wanted to use capital for that. So we asked her like if we don't

[00:09:26] do a 1031 and this is what we use that money for what will that look like tax-wise and she can go through and say okay you have to buy 3.6 million dollars worth of real estate this year bonus

[00:09:37] depreciation doesn't pass. You'll have to do so having a CPA to be able to tell you that and if you're looking to passively invest having a CPA tell you like what you need to do and how that

[00:09:49] will look and how it will benefit you is huge I mean the amount of money that we have saved tax-wise by being strategic with how we invest how we spend our money it's huge I guess it can save a

[00:10:05] very large amount of money and not having to pay taxes potentially if you can get to that point. Yeah I think it's a really good point and it's a lot more important than dual income W2

[00:10:18] employees realize that it is and what I think a lot of people don't realize is that you can actually keep one spouse home and not working when you factor in the tax implications of investing in real estate and it's something I don't think so many people even understand

[00:10:37] that that can be the case but when you really start seeing how the calculations work you can have a tremendous impact on not only the tax consequences but your personal cash flow

[00:10:48] on an annual basis as well will go up because of this so yeah big deal. Yeah and if you have kids being able to hire your kids I can't 12, 13,000 something like that a year that you can pay

[00:11:01] your kids like when you start digging into it there's so many tax benefits to not just real estate but business owner in general but obviously real estate we focus on and it's there's there's so many avenues when you start getting into it and there's a difference

[00:11:15] between a CPA and a tax strategist not every CPA will do tax strategy with you so you really have to dig and ask like do you do tax strategy will you sit with me will you well I'd be able to call

[00:11:28] you and say hey we want to buy a vehicle what's the best way to do it hey what's our finances look like you're making X amount of profit go and spend X amount of dollars to offset it

[00:11:39] you know for us by the end of the year we don't want to have profit and money sitting in the bank and pay taxes on it so for us it's as we go throughout the year it's what do we have to

[00:11:50] spend okay we can remodel this unit we can buy this we can do this and it's improving our properties so it's improving our net worth it's there's just so many benefits to it so it's I love it yeah

[00:12:05] I think that question alone is CPA versus tax strategist that's key and I what I found is it surprises me how many CPAs don't even understand cost segregation accelerated appreciation have never even heard of it let alone some of the kind of unique like short-term rental strategies

[00:12:24] that exist for high income employees so yeah I was going to ask like what's what's a good question when you're vetting CPAs but I think you hit it there but anything else I'd love to hear

[00:12:36] because I'm kind of on that journey as well where I had a really good bookkeeper that actually was pretty creative and very good with our taxes but I thought that I had to go

[00:12:46] to this big CPA firm to get the benefits and I found when I made that shift that I actually lost the guidance that I was getting from just a bookkeeper quite frankly so curious how you're

[00:13:00] navigating you mentioned you jumped around a little bit but how did you find this last person that you're working with asking other investors who they use but when you're talking to someone like if

[00:13:12] you for some reason don't have a network of other investors to talk to if you're talking to a CPA ask if they invest themselves to me that's the biggest thing I don't looking back on our journey

[00:13:25] of finding a CPA I don't think I would going forward ever have a CPA that is not an investor themselves because they just it's just a different level of understanding like they know it they do it

[00:13:38] there they're part of it they're in it so they really understand where you're coming from I also asked what what percentage of their clients are real estate or business owners so if you go to

[00:13:50] someone and this was our very first tax person and one of the reasons we did like it was because he was honest you know when we only had a few properties and I call them I said hey

[00:13:58] this is our like you've been great so far but this is our go forward like we plan on scaling we want to get you know 10 12 50 properties however many is that something that you will be able to

[00:14:13] do for us and he said the one or two you have now you know a few of them yes he goes but that's not my spell to you because I am definitely the family W2 he goes you definitely want

[00:14:24] somebody that specializes in real estate which I love that he was honest about that yeah so asking you know if they invest themselves and what percentage of their clients are real estate

[00:14:35] I think are probably two of the questions looking back that are ones that if I hope she never stops working as a CPA but if I ever have to work for one again would definitely be the top two

[00:14:47] questions I have because I think that really can help set some such set CPAs apart and really understand whether they understand and ask them like how many cost aggregations have you dealt with have you done bonus depreciation do you have clients that do bonus depreciation like

[00:15:04] asking specific real estate questions as well and seeing how they respond and how comfortable they are and is another I love it love it thank you for that I think it's it's really

[00:15:15] important not only for the business owner to be doing that but even just the past investor dealing with K1s can be complicated and more so than what a lot of CPAs are comfortable with so

[00:15:26] asking those questions can be really important so yeah yeah we had a K1 that was within a self-directed IRA and I specifically said to one of our prior CPAs I said this isn't a

[00:15:36] self-directed IRA I said so we shouldn't this shouldn't hold up my taxes and they're like no no no we need to wait for it we need to wait for it and a whole bunch of things happen but in the

[00:15:45] end they're like oh we don't need this I'm like that's what I asked you I told you it was a self-directed IRA like I had my other K1s so it's just things like that that just yeah getting someone that really

[00:15:57] understands it's so important I love it I love it well let's let's actually go back just a little bit you mentioned that you started in 2017 and then in a relatively short amount of time I think

[00:16:08] you mentioned two years you were able to leave your W2 that's a pretty small time frame to be able to replace what it sounds like was pretty significant income so leveraging the BRR strategy and some

[00:16:22] creative business model structures I suspect you're getting more than one or two hundred dollars a door in monthly cash flow with strategies can you talk a little bit about that because I had a really

[00:16:36] hard time finding single families that would give them the kind of cash flow that I would need yeah and our properties um that cash flow the best are the two to four door properties

[00:16:47] and they're heavy value as like I said and we also house hacked them so you know we moved into a triplex that we had owner occupied financing on which gives you much better interest rates

[00:17:00] um but to quit my job one thing that you had said replacing my income that is one thing that I always challenge people on is do you actually need to replace your income because for me majority of my

[00:17:15] income went to investing so when we sat down and said okay what do we actually need to live on like I didn't want to have to be super scrimping on things but we also I was also willing to quit before

[00:17:29] we're at the point where we're reliving the the perfect life that we want like we're still financially working towards that so for me in my background is financial analysis so I'm very into my numbers

[00:17:40] and spreadsheets was really digging into our budget and what do we truly need like what is the cash flow that we need to to get to where we can live comfortably and if we decide we don't want

[00:17:52] to which is our goal was for the first like eight nine months we didn't do anything we just chilled relaxed we traveled and it was like what is that number and that was not replacing my W2 you know

[00:18:04] we currently house hack we rent our basement that pays for 93% of our living expenses so we were in a situation where we were willing to house hack and we are willing to move multiple

[00:18:15] times and do all these things to get to a point to build up our cash flow to where we could live comfortably but knowing we still have to continue to buy and grow to really get to where we wanted

[00:18:28] to be but a lot of people are like I need to replace my cash my my W2 income and then some instances that might be true like if you have kids and you are just getting started like

[00:18:38] you're not house hack so there's a lot of reasons why you may need to fully replace your W2 but I'd also question like what can you cut back on like do you do you need those brand new cars every couple

[00:18:48] years on a lease do you need to go out to eat all the time you know there's a lot of things that for us we were willing to say okay you know what for for the next three to five years I'm willing

[00:19:00] to not live the life that we we were living with my W2 knowing that it's going to catapult us and we'll be able to make more money in real estate than I ever would have in a W2

[00:19:14] it's endless amounts of money you can make in real estate and with a W2 for the most part you're gonna get capped like your you you get to a point where yeah you'll

[00:19:24] get your raises and maybe you can move and get you know bigger bumps and stuff like that but it's never going to compare to the unlimited amount of money that you could make with real estate

[00:19:35] I love that yeah I'm so I'm so glad you said that I I always try to encourage people to first and foremost before before you even invest passively like let's really focus on getting

[00:19:46] your financial house in order before you do anything like if you're if you've got a leaky bucket it doesn't matter how much you pour into the top of it the buckets always going to empty so

[00:19:57] let's get your financial house in order and once you do that then we've got something to build upon and my wife and I went through this process where we decided like what is like the minimum

[00:20:08] amount of money we need to be making just to cover our our required living expenses and that would be you know house cars food medical expense and some play and whatever and then we had this other

[00:20:21] one which is what are kind of the nice to have and that was actually a number we were shooting for and then what was this ideal life where we could live the way we want to live live where we want

[00:20:32] to live give the way we want to give all of those types of things and there are three different financial freedom numbers that I found and it's such a good point because you don't have to replace

[00:20:44] your your w2 especially when you start to figure in the tax consequences of all of that as well like you're giving 40 plus percent of your money away anyways at a minimum factor that into the

[00:20:55] equation you know yeah so yeah it definitely yeah when you factor in the tax that's like you know the first several months is you know we still kind of joke it's anything we buy it's

[00:21:06] like oh we're getting the discounts because this is a business expense so there's so many things like once you start a business that become business expense mean our cell phone you know we can

[00:21:16] write off part of our house because we have our offices here and there's the it becomes just the snowball of things that you can find that you realize once you get into it can save you

[00:21:29] money on your taxes by quitting but one thing the other thing that I did before quitting my w2 and for those that have a w2 that's a very valuable thing when it comes to banks

[00:21:40] they love which amazes me they love the w2 you know I mean obviously I get it for the same time it's like okay we can show you like historicals my husband's for 20 years been investing it's like

[00:21:52] so we can show historicals of all these years of like steady rental income but they still see us as riskier than somebody with the w2 I'm like we could have like one or two tenants leave

[00:22:03] and refine like w2 people you're relying on one one stream of income regardless banks love the w2 so I maxed out my debt my debt to income before I left so if you're a w2 person and you're like

[00:22:18] I know how can I get started partner with somebody that's looking to buy that doesn't have w2 income you come in as you know key principle you sign on the loans and partner with them and now

[00:22:29] you get a portion of whatever you guys decide cash flow equity depreciation whatever it is so just by you leveraging that w2 and partnering with somebody who's an active investor you immediately can start gaining the benefits of investing just by using your w2 income

[00:22:49] and I made sure mine was fully maxed out I had no dti left when I you know we did we were buying a property doing cash out refinance and pulling a he-lock pretty much all at the same

[00:23:01] time and my mother was like okay this is this will be you'll be at the max once this is closed and I was like okay good and as soon as it funded I was waiting like has it funded yet has it

[00:23:12] funded yet yes it's like okay and then I like boss go talk to you then I gave my notice but that the w2 if you're dying to get out of it keep in mind it's a very powerful tool when it comes

[00:23:24] to banking yeah I love it so so that kind of brings us to another point too now you mentioned what you did with your w2 and there's probably a lot of folks out there that love their job

[00:23:37] they don't ever want to leave they like the benefits the security all of those other things but you're saying they could actually partner with somebody like you be a passive investor or even

[00:23:47] just a passive lender on your projects and get all the benefits as if they are a full-time operator like yourself can you talk a little bit about like let maybe walk through an example like what

[00:24:00] what would that look like or what could that look like for somebody who's able to sign on a loan or just wants to put money into one of your deals yeah so if you have actual capital that you're looking

[00:24:12] to lend that you physically have that cash and hand you're like I just have this money sitting in the bank you know there's people that are looking for you know when we buy a property there's down payment

[00:24:23] money that we need there's closing costs that we need for us we're always doing value add so there's always rehab money so you lend on that money and it can be simply as just a debt lender

[00:24:37] where you're getting an interest rate and collected interest on that whether that's paid monthly or at the end that can be decided but you could be just a debt lender and lend to

[00:24:46] people that are doing kind of shorter term or you know three to six month rehabs or flips and then getting paid back or if you want to start building equity in cash flow you

[00:24:59] you put in that money and if you can do the first strategy and get some of it out great you can get some of your capital but you also can go into it knowing like okay we're gonna purchase and it's

[00:25:09] going to be 300 000 between down payment and rehab and you could be like I'm okay leaving this 300 000 in here knowing that I have 10 15 ownership in this property I'm getting the cash flow on it

[00:25:22] I'm getting the equity as it grows and I'm getting potentially tax benefits so and we have a you know us personally right now actually we're looking for people with w2 income because we

[00:25:33] have a lot of equity in some of our properties so we're looking to do a cash out refinance on our properties partnering with w2 income so we can get because you'll get better financing

[00:25:46] with conventional for the smaller multifamily than you will going dscr so for the two two to four unit properties we can do a cash out refinance with somebody with a w2 get that money and whatever

[00:25:59] that money is whatever we purchase with that that person that signed on the loan is now part owner of that property they'll be getting the benefits of the cash flow and the equity growth

[00:26:08] and depreciation if they can so um there's there's a lot of different ways that you can get involved with real estate because there are a lot of people that I know that love their job

[00:26:17] and they're like I don't I don't want to quit well I may be someday yeah but right now I really enjoy it and I don't want to be actively investing but I do want to invest so there's always

[00:26:28] ways to do it yeah and I think you know for the listeners Lisa and her husband have a fantastic business and I would encourage you to reach out to her and talk about these opportunities

[00:26:40] but there are people in your communities in all communities across the country that are doing the same things as Lisa maybe not as good as what Lisa and her husband are doing but there are

[00:26:49] good operators out there and there's a lot of people that are funding these projects and taking advantage of those so get to know people in your markets and get to know people that you trust and those type of relationships can be really really beneficial for everybody involved

[00:27:06] so yeah thanks for walking through that we've not jumped into that on this podcast but before I personally invest with operators just like that I've done somewhere I get equity I do others

[00:27:18] well I'm just doing an interest only loan like I've got a friend who buys car washes and I get 12 interest only payments every single month like clockwork and he's a buddy of mine like what what who wouldn't want to have an investment like that that's paying 12 percent

[00:27:33] and it's liquid you know yeah so anyway so well let's let's dig in here gosh I feel like I've got like a dozen other topics that I want to jump into but let's at least if we can

[00:27:46] let's talk about where you guys are now what are you doing what do you see for the coming you know two to five years for more life capital so yeah so right now we we are focusing on the

[00:27:59] small to mid-size so two to 50 unit assets we as I said we really enjoy working with sellers my background being a financial analysis there are so many people that don't understand finances

[00:28:12] and they don't understand the pros and cons of the options that they have like they may own a few rental properties and getting to the point where they're looking to retire and they don't

[00:28:23] they just don't understand okay what happens if I just sell it outright what happens if I sell our finance like what what fits my financial situation so I we love talking to sellers and just

[00:28:34] finding out like what are your goals like what are you hoping to achieve out of this property like do you want to keep it do you want to sell it and just talking them talking to them

[00:28:44] to find out what they need and seeing if we could match their need with something that we can help solve that need so there was you know we bought a couple duplexes off of a couple and before

[00:28:56] they met us the very first property we bought off of them we were going to do seller finance and they had done seller finance they knew it it wasn't like they were unfamiliar with it

[00:29:06] the next property we bought off of them they they had bought it seller finance and then as we got through them got further into negotiating it was like the amount that they needed

[00:29:15] is a down payment kept getting higher and it finally got to the point is they said we can't sell our finances we just we need all the money we need we need to just sell it and I said if you

[00:29:23] don't mind me asking like what change I say because I know that it's I know you're not scared of seller finance because you've done it before and they said well we have a bill we have to pay

[00:29:31] that is significantly higher than we thought and it's due April 15th and I was like I know at April 15th that's next day and they're like yep they said the properties that we sold last year we knew

[00:29:44] we were going to have to pay capital gains but we didn't know how much I said you didn't talk to your CPA first and they're like nope nobody ever pushed us or recommended us to do that and I was like oh

[00:29:55] my gosh so they knew they'd have to make capital gains but they didn't know how much and they far underestimated what they were going to have to pay so just talking to sellers so we're

[00:30:04] really focusing on those small to mid-sized assets preferably if we could do seller finance that benefits we much rather pay interest to the seller than to a bank especially where a lot of them that

[00:30:17] is their retirement and they don't want to lose that monthly income so that provides them that monthly income but you know our goal is if I can buy five million dollars worth of real

[00:30:28] state for the next three four years for us that'll get us to a point where you know we are able to really just sit back and be like okay what's what's our next step now yeah what do we

[00:30:41] want to focus on now and what's what's the next big jump for us so that's that's what we're looking to do and you know looking for people that are looking to passively invest that

[00:30:52] are whether they're w2 earners that just want to invest their money in santhor w2 or we have some investors that are like hey if I invest with you like I want to learn because I want to quit

[00:31:04] my job so we love working with people like that as well I love educating and teaching people I've been doing more speaking and educating and I absolutely love it it's been a lot of fun

[00:31:15] so we love working with investors like that too they're like hey I want to learn like if I invest with you I want to be sitting over your shoulder to see what you're doing and how you're doing it and

[00:31:24] I'm like perfect I'm like I I love like the energetic people that are so wanting to learn and get into it because it's to me real estate is such a powerful powerful investment strategy

[00:31:35] it's such a powerful tool so that's awesome well and Lisa I think that's why I was attracted to you and your husband when we met is that I can tell you've got an educator's heart and great enthusiasm and clearly you've just crushed it since getting started in 2017 so

[00:31:53] yeah thank you so much for coming on the show now I do have a few questions that I like to ask everybody before we wrap up so if you still got a couple of minutes I'd love to jump in those

[00:32:02] all right so during these questions this is for the new or newer passive investor is there one educational resource or a podcast or a book that you would suggest to the new or newer passive investor um when I first got started bigger pockets was definitely

[00:32:23] a very good resource and I don't know the episode numbers but I do know that there has been some really good episodes that they have had on investing passively um and this is actually

[00:32:37] an area that where my husband and I are actually working on an e-book to give an education on what it's like to invest as a passive investor because I do feel like it's an area where there's

[00:32:48] there is some education but not a ton because most people that are looking to get to raise capital they're not looking to educate their investors they you know they're just I don't want to say

[00:33:00] they're just looking for your money but essentially like they're not taking the time to be like okay this is how it works this is how we find deals like they're not walking through the process so a lot

[00:33:09] of investors they don't understand the process so it's actually something that um is on our we've we started doing is is creating an e-book for what is it like to invest as a passive investor and things

[00:33:21] to look for so I love it no so reach out to you then for the best yeah best resource okay perfect we'll have her contact information in the show notes for sure um okay good well thank you for that

[00:33:34] I know that as a passive investor you know there's podcasts and there's books but really if you want to go to somebody and have kind of that hand-holding experience of what do I do what are the steps like

[00:33:46] literally what are the resources that's such a great tool that uh that you guys will make available so I look forward to seeing myself so yeah all right so kind of a couple of fun ones here

[00:33:57] do you have a recent bucket list item you've checked off your list or one you're hoping to in the near future uh I'll go personal on this one so this past September we my husband and I did a

[00:34:10] trip to Alaska we did a two-week cruise along the southeast coast of Alaska which is a place I always wanted to go and it was the glaciers and just the animals and everything was just

[00:34:21] it was amazing I absolutely loved it very cool did you did you have like excursions to where you got off the boat or yeah so I travel is where I spend my money I could I could draw I don't care

[00:34:36] about cars you know we live in a small house but when it comes to travel I I spend my money there so we did a small ship it was 50 people on the ship and so it was a really small boat

[00:34:50] and everything every day there's multiple excursions and it was all included so the company was called uncruise and it was amazing so every day like you'd get up have breakfast you'd go and

[00:35:00] you do a morning excursion and they'd have the night before they tell you what your options are come back have lunch and then you do another an excursion in the afternoon so you're leaving

[00:35:10] the boat and going ashore and you're in a small ships you're getting into areas that cruise no other cruise ship can get to because they're too big and getting on these you know

[00:35:19] little zodiac boats to get to shore and like walking through the water to get to shore and it was yeah it was it was awesome I absolutely loved it so okay I have not heard of small ship

[00:35:32] Alaska cruising that sounds amazing so yeah thank you for sharing yeah so very cool okay go ahead no as I say one that I would like to do is uh go to Egypt that's I'm hoping to do that

[00:35:49] when they're we are supposed to do that in 2020 we did a safari in 2020 and we were supposed to do Egypt as well but with uh COVID that didn't end up happening sure and there's a museum that's

[00:36:01] was supposed to open in 2011 or 2012 so all you real estate people out there that feel bad when your projects go late this one is about 15 years late almost sure it still is not fully open as

[00:36:12] I get my going there until it opens but that's that's my next big bucket list I'd love to go to Egypt see the pyramids see this new museum and scuba dive in the Red Sea so fantastic and how was

[00:36:24] the safari I just hear amazing things about safaris I am like I could do a safari every year it was absolutely incredible it was it was so so cool very cool seeing the animals just like in their

[00:36:37] natural habitat was just yeah it was just surreal that is on our list as well I think in the next couple of years we will we will do that as well so yeah if you ever want any recommendations

[00:36:48] let me know I will definitely all right and then uh a final question actually no we've got two more so if you had a hundred thousand dollars you had to place in an investment in the next week

[00:36:59] and you couldn't put it in one of your own deals where would you put that capital for us in our investments are always based on like financially what we're looking for right now we're looking for stuff that has high depreciation so I'd probably be looking for a

[00:37:18] a syndication that would offer high depreciation high depreciation not necessarily as much cash flow I'd give up cash flow for higher depreciation and right now for this year so got it got it okay well I might have a couple of suggestions for that as well interesting

[00:37:36] okay yeah there you go and then the final question in your due diligence process what is what's kind of a non-traditional or one due diligence question that you like to ask that maybe

[00:37:50] is not a normal one we always in some people this is normal but for us we always want to find out like the seller's motivation so it's not directly related to the asset but we always

[00:38:04] want to find out what the seller's motivation is so we can make the strongest offer a lot of people just think okay give the highest price or the fastest close time well that's not necessarily

[00:38:18] always what they want like this three and a half million dollar property that we made an offer on they don't want to fast close like he has lived there for 20 years so he he lives in one of

[00:38:30] the units and a two week close for him would be like oh crap how am I going to get moved out so like sure just asking what the seller's motivation is and what they want can help you make a much

[00:38:44] stronger offer and for the actual property just it's funny like just asking what issues has the property have that have you haven't mentioned yet or is there anything odd with the property that has come up in the past like we've gotten some really interesting answers

[00:39:07] like there was one property we were looking at that we asked like hey what has there been any issues that have come up recently or anything that hasn't been disclosed yet and they're like

[00:39:17] yeah actually there has like but we just found out like there's a bunch of bugs and the foundation like something's wrong with the foundation and it's like it would be things

[00:39:26] that we probably would have found anyways once we started due diligence but yeah just to me those are simple questions but most people don't ask because it's like well they would have disclosed everything

[00:39:36] or yeah they just want the most amount of money but those those two questions have really helped us figure out the motivation of the seller and allowed us to find out information

[00:39:46] ahead of time about the the property and its condition so we could factor that into our offer right off the bat and not have to retrade and get under after we were under contract. Love it. Yeah both really good questions and from a different perspective than the traditional

[00:40:03] past investor but certainly applicable that you know these the listeners could be asking as well so thank you those are great. Yeah awesome well very good so I'm curious how can investors or

[00:40:18] listeners reach out to you and find you if they wanted to reach out here more about what you guys are doing? Yes so on Instagram I'm always active on Instagram more doors with Lisa more

[00:40:30] with two O's. More doors I like it yeah. I married into a good last name. There you go. Facebook you can find me Lisa Fieldmore and then if you want to shoot me an email info at Moral Life Capital

[00:40:44] and yeah any of those ways you can get a hold of me and I'd be more than happy to answer any questions you have if you're looking to invest whatever it is shoot them shoot it my way I'd

[00:40:56] love to love to talk to you. Very good well thank you so much for being on the show today you brought a ton of value to the audience and this has been a lot of fun so thank you

[00:41:04] so much for being with us. Yeah thank you Randy good to see you again. You as well. All right to the listeners as always thank you so much for joining today both Lisa and I are convinced that

[00:41:15] making the decision to actually invest passively is something you'll want to do sooner rather than later we're convinced what you do you'll wish that you had done this for years and years and

[00:41:24] years so thank you again for joining us today join us again next Thursday for another great episode and thank you again. Well there you have it ladies and gentlemen another episode of the gentle

[00:41:36] art of crushing it it was an amazing episode we know we sure learned a lot and we hope you did as well. We want to take a second and thank you so much for viewing or listening to this episode

[00:41:47] and please just know that we only ask for one favor and that is to make this life magnificent thank you and have a wonderful day