Latest / The Academy Presents podcast / Kelly Lannoe on Building Wealth Beyond Your W2 Part II

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Kelly Lannoe on Building Wealth Beyond Your W2 Part II · The Academy Presents podcast

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  Did you know that 90 % of the world's millionaires
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  invest in real estate? Well, I'm Angel with the
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  dreamed of all through real estate investing.
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  You're already taking the first step. just by
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  joining us here today. Yeah, it's, it gets you
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  there. And it's, you know, having a side of helpful
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  or moonlighting, as I like to call it, it takes
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  away some of the fear takes away some of the
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  scariness. Because, you know, one of the things
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  that my husband and I experienced was because
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  one, we were saving so much of our income. And
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  we were building this real estate portfolio and
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  investing in these large syndication deals. We
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  had a lot of buffer. We had a lot of buffer if
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  something went wrong in a deal. We had a lot
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  of buffer if one of us lost our jobs. And then
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  it got to the point where we had enough buffer
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  where if we both lost our jobs, you know, during
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  COVID we both could have been furloughed and
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  lived on unemployment just fine because we had
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  built these passive income streams. And, you
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  know, I mentioned he was furloughed for 14 months
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  and unfortunately it was a financial burden to
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  us. But for so many people in our sphere, it
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  was. And so that, like, I love seeing during
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  that period of time, so many people start side
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  hustles because I think one, obviously they needed
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  to figure out how to provide for themselves.
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  But I think it also gave an opportunity for people
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  to really re -evaluate how they wanted to spend
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  their time and contribute. And I mean, I know
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  people that, that now they do three part -time
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  jobs. You know, they do a consulting gig, they
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  do a baking gig. You know, they do things that
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  bring them more joy. and they can they can pulse
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  up and down these different jobs based on the
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  demand and based on you know how they're wanting
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  to work. Well I really like I like that buffer
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  because I think that what having that side hustle
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  does for you is it gives you options because
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  when you have that financial wiggle room you
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  have that buffer like one I feel like it makes
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  you a better employer or employee because You're
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  doing the job because you love it, not because
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  you have to. But it gives you a different level
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  of security. And then as you feel that security,
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  you want to get more into it and you're going
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  to get more involved with it. And so it just
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  kind of it's like a circular kind of thing and
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  it just keeps going and growing. And then you
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  eventually have everything covered and you're
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  literally only working because you love it. and
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  then you can leave whenever things get too toxic
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  or any other number of things or mornings just
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  get too hard, dang it. For those of you that
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  I would assume like most of y 'all know, but
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  mornings are not my thing. So I don't know how
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  I was a teacher for all those years, other than
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  it was just the drive of loving being a teacher
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  and finding fulfillment in being a teacher. So
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  I'm glad I have the kids because that gets me
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  out of bed in the morning. Otherwise, yes, I'd
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  be sleeping till 10 a .m. every day. Well, Jason,
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  my husband has decided we need to have all these
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  meetings at 9 a .m., which means I have to get
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  up. And I told them actually get dressed and
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  ready. Well, sort of at least from the waist
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  up. But I don't want to bother GPT members. I'm
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  like, dang it, we work for ourselves. We don't
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  have to kill ourselves like this. And Frank was
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  like, do you want me to talk to Jason? No, just
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  listen to me complain. That's something I'm working
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  on that, um, my GP team, we have meetings basically
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  Tuesday and Thursday nights. We have meetings
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  for like an hour and a half, two hours each of
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  those evenings, because we went from a period
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  of time, you know, we're a team of five and three
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  of the folks were full time. Three of the folks
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  were full time and two of us had full time jobs.
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  So in order to be able to get us all, we did
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  it in the evenings. And so now one of them is
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  still working. for the period of time. And, you
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  know, I'm like, when are we going to get these
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  during the day? We need to get these during the
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  day. Cause now that I have the option to, you
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  know, it used to be that I had my nine to five.
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  And so I had to do my corporate thing during
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  the normal business hours and real estate came
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  in the early mornings and the evenings and on
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  the weekends. Now I can, you know, I have more
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  control. So I keep talking to Timo going, how
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  do we move this earlier into the day, earlier
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  into the day to free up our evenings? I mean,
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  I, we talked before we started recording like
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  last weekend, I didn't do an ounce of real estate
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  work and it was amazing. And I mean, it's been
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  a few years since that's happened because I used
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  to take investor calls on the weekends. And mind
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  you, I will from time to time still, but I used
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  to have like two hours on Sunday afternoon that
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  I had open on my calendar for people to book
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  calls. And so I would have that I'd be visiting
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  a prop, you know, a property that we have 40
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  minutes from home to walk the construction site
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  on the weekend. kids in tow half the time just
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  to walk in and check on the progress you know
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  we used to do all these things and so last weekend
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  was the first weekend in probably years that
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  i literally didn't do anything for real estate
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  and it was it was it was really nice real estate
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  because it wore w2 obviously now we've worked
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  um we've worked pretty hard i do a lot of meetups
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  in the evenings um because this is my lane, this
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  is what I do, I talk to people, I network with
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  people, I run events, I host meetups, I mean
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  this is my job and so I have a lot of my evenings
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  in stuff or committed to things but we really
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  try and keep the weekends like not really sacred
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  but open because we help four kids and they go
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  to school during the week and they have events
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  in the weekend or in the weeknights and some
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  stuff on the weekends and we just want to try
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  and make sure that we have some flexibility there.
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  to be able to just sit in front of the TV on
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  Sunday afternoons and watch movies. Because I
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  don't have a problem with whatever people want
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  to call it, wasting time or anything else. If
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  we want to watch all the Harry Potters on a weekend,
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  then we're going to watch all the Harry Potters
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  on a weekend. Because we have that ability. If
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  we want to watch all the Star Wars or we want
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  to watch one of those other series of Marvel
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  or however it works out, I mean, that's what
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  we do as a family, that's what we enjoy. you
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  know, before somebody comes down on us and we
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  have a special needs kid that we can't go out
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  and do the same things as other people. He's
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  a runner. He'll take off. He broke his wheelchair
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  and I don't even know how much it's going to
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  be to fix it. I don't even know how to fix it.
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  Jason, my engineering husband is going to try
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  and figure out how to fix the handle. But it
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  limits what we can do because he's hard to control
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  sometimes. And I'm not saying that we're trying
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  to like manhandle and control him, but he's got
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  Truly profound autism is the autism people don't
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  talk about. Um, you know, he's largely nonverbal
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  and still in diapers. He's 12. It's, it's just,
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  it's a different kind of experience for us. And
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  so we spend a lot of time at home and that's
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  just kind of the reality of it. And it's our
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  normal. So we don't think of it as being weird.
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  Um, it's just what we do. So we like having the
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  flexibility to be able to do what we need to
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  do. Absolutely. Yeah. Yeah. I know it's like,
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  wow. But that's every family is unique. And I
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  think it's, you know, to your point, it's having
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  the ability and the flexibility to be able to
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  do that. And that doesn't happen overnight. It
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  takes time. Right. You and Jason had to work
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  years both in in your W2 corporate type role,
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  but also in building this real estate portfolio
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  in order to free you of those golden handcuffs
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  and give you more of that flexibility. Yeah.
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  And for those of you out there that I know one
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  of the things that we had to really find on our
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  own was medical insurance, some medical dental
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  vision. A lot of times those needs will keep
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  you tied to a W -2. And I saw a meme the other
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  day because I'm kind of addicted to TikTok, not
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  even kind of I am. And there was this meme that
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  was like, you know, losing your job shouldn't
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  have to mean losing your healthcare vision and
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  dental too. And I was like, wow. Because once
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  we found insurance through our LLC and we found
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  good insurance, we were no longer tied to the
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  W -2. And then as risky as it might seem, we
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  began the controllers of our income and really
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  our destiny. We became the drivers of that. We
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  got in the front seat of the car, we got behind
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  the driver's wheel, and we were able to control
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  that. Are there outside forces still at play?
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  Of course, there are. We're way more in control
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  of it than we were when we were working for somebody
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  else. So, and it is still a job. It's just now
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  you're working for yourself. Yes. Yes. I like
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  to say I retired. I'm retired. The reality is
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  I'm retired because I don't have to work anymore,
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  but I choose to work. It's fulfilling. I enjoy
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  it. I love helping other people, but it's that
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  fulfillment and joy that comes from it. But that
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  insurance conversation is something that I think
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  goes around a lot. Because that is always people's
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  number one thing. What are you going to do about
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  insurance? And it's like, I'm going to build
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  the cost of insurance into my budget. And provided
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  I can cover the insurance premiums, why stick
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  to a job? Unless I have some other reason from
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  a medical perspective. But you're a great example
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  that your family has medical needs that need
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  to be covered that aren't inexpensive and you're
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  able to do it. Now we are. And it's, I mean,
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  I really think we're paying like 3000 a month
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  in insurance. It's insane. But one of my son's
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  therapies is 120 ,000 a year. And maybe you're
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  thinking, Oh, that's the American healthcare.
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  No, it's 30. What's he get 30 hours, 35 hours
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  of one -on -one therapy. Like every week that's.
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  therapy with a trained professional one -on -one,
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  I don't think 120 is insane. I don't know. I
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  think about what I hear with socialized medicine,
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  all of this, but children that are medically
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  needy and other people that are medically needy
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  don't receive the care that they get in a private
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  system. And unless you've had to deal with the
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  difference between Medicaid and private pay,
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  you don't know. I've been there. I've been through
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  it. And what we can pay for and do through private
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  care is five thousand times better than what
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  we got in state services. So just putting that
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  out there. So it's not a it's not really open
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  conversation because you probably don't have
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  the same experience I do. So. There's that yeah
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  I Have nothing to add to that yeah No, but don't
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  don't be afraid of leaving your WT because of
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  insurance needs because if you need to talk to
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  somebody about how to get your insurance, I can
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  absolutely help you out. It's not as difficult
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  as you think it is because there are insurance
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  brokers for medical, dental, vision, just like
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  there's insurance brokers for your multifamily
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  and for your single families, for your residential
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  portfolios, for all the stuff you're doing, just
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  like there's insurance brokers for that, there's
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  insurance brokers for your medical insurance
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  too. And you don't have to spend $3 ,000. I've
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  got a $250 deductible. That's why we pay $3 ,000.
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  So you can go with a much larger deductible and
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  pay quite a lot less. So there. But anyway, we
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  wouldn't have been able to get there if it hadn't
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  been for real estate. So. And I think that that's
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  really the overriding theme here is just the
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  opportunities and the possibilities that being
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  in real estate gives you even while having a
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  W -2. So and I just love your story and I love
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  I love how far you came and what you were able
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  to do and. I've been sitting in your boat, too,
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  where my husband still had a W -2, and I was
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  the one at home doing the meetups and getting
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  to have fun, and we still had an income, and
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  I was like, woohoo, I don't have the golden handcuffs.
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  Jason sort of does, but I don't. And it was a
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  lot of fun for the years that it lasted, and
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  now we're both in this full time, and it's different.
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  We have control. We have control over what's
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  going to happen, and so there's a freedom in
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  that also. It's a little scary. But and you work
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  towards it. It's a plan, right? You you worked
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  towards it. You you set a plan you set a goal
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  and you have a strategy in order to execute that
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  goal and that's what you work towards and here's
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  the brilliant thing is that We're not unique
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  like I can go on like my community. Yeah, i've
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  got my community here in the orlando area i've
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  got my community my gp team that I you know,
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  I work alongside and work with but I can go on
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  linkedin and I can find at least 30 40 other
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  of people like you out there who are just doing
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  exactly what I'm doing if not more and pick up
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  the phone and call. So there's so many individuals
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  out there who are doing exactly what I'm doing
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  and being successful in it and have years of
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  experience in it and you know the other great
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  thing about the community that I was just so
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  astonished by when I when I first really got
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  ingrained in real estate and started talking
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  more openly about it so that then I could see
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  more people. It is such a supportive community.
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  We all have such a growth mindset and abundance
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  mindset. There are enough deals out there for
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  all of us that we're not competing. In a lot
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  of these deals, we collaborate. We team up in
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  order to get deals done. And it's not just teaming
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  up with one team to get deals done. You know,
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  I mentioned Donna's brothers, like we've teamed
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  up with them to get a deal done that they had.
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  We've teamed up with other teams in order to
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  get deals done. It is very much a collaborative
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  environment and a pretty small circle. And so
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  that's something that I've really loved as well.
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  And that's not something I necessarily saw in
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  the corporate space. In the corporate space,
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  it was a lot more there was a lot more how do
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  I get the next promotion how do I oh you're going
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  after it too okay well I hope I get it and then
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  depending on who gets it there might be some
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  resentment there it was a lot more individualized
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  and competitive from that perspective and that's
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  not something I see in the multifamily well not
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  just multifamily but in the real estate space
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  I'll make it a little broader from than that
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  in the real estate space and even the financial
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  independence retire early community that I'm
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  very involved in. Even from that, it's an abundance
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  mindset. Yeah, no, absolutely. And, you know,
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  I think back to when I was in my W -2 and thinking,
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  you know, when I went up for a job and somebody
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  else got it, I remember being angry in the beginning.
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  And then as I got closer to leaving, I was like,
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  you know what? I'm pretty awesome. And if they
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  got the job over me, they must be pretty awesome,
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  too. And I know that was a mindset shift. And
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  I would say it's a pretty healthy mindset shift
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  because being negative and I may kick myself
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  while I'm down kind of person, but being negative
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  can have like a health toll on you. And there's
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  different studies out there that look at pessimism
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  versus optimism and life expectancy. And so it
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  can actually affect your health. And so having
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  that positive abundance mindset is it's healthy
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  for you and it's way less stressful. So and way
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  more fun. Yeah, it's way more fun. So, you know,
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  just think about those things as you're making
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  your considerations and you're trying to figure
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  out how you're going to get into the space. Just
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  think about the abundance mindset. Think about
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  just how sharing people are and open and supportive.
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  And, you know, Kelly, thank you so much for being
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  here and just sharing and tell us about your
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  story and. you know chasing rabbits with me for
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  a little bit there because you know that's what
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  I do um but it's just been great and I am really
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  happy that you are a part of this and that hopefully
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  you'll be a part in the future as well and just
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  for growing the community even more and sharing
• 17:04
  knowledge and experiences and just everything
• 17:07
  that you've done so thank you thank you for having
• 17:10
  me I really appreciate it and I'm excited to
• 17:12
  see all the other all the other talks during
• 17:14
  the summit as well. Gonna be awesome and remember
• 17:17
  guys this is a great place to be but we've got
• 17:19
  the live side too and if you do that VIP subscription
• 17:22
  you can join us there with a free upgrade. So
• 17:25
  until next time.