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Crafting Wealth Beyond the Dental Chair · Go Big with Gib Podcast

• 0:00
  Speaker 1: Welcome to the Go Big With Gibb podcast, where we talk to professionals, business owners and entrepreneurs about their big wins.
• 0:06
  Speaker 1: What's up, guys?
• 0:14
  Speaker 1: Welcome to this episode of Go Big With Gibb.
• 0:16
  Speaker 1: Today, I've got a very good friend of mine, johnny Walker, here with me.
• 0:20
  Speaker 1: Johnny, how are you today?
• 0:21
  Speaker 2: I'm doing absolutely great.
• 0:22
  Speaker 2: Now that I'm on this platform, I'm doing even better.
• 0:26
  Speaker 1: Man, it's great to see you.
• 0:27
  Speaker 1: Thank you so much for coming on.
• 0:29
  Speaker 1: If you could just introduce yourself, tell us a little bit about you.
• 0:33
  Speaker 2: Yeah, absolutely.
• 0:34
  Speaker 2: Again, gabe Irons, great friend of mine, colleague in this investment world, absolutely enthusiastic to be here.
• 0:41
  Speaker 2: My name is Dr Johnny Walker, aka Jonathan Withanachi.
• 0:44
  Speaker 2: I'm an endodontist by trade and now I'm a real estate and alternative investments fund manager and I focus on helping dentists get out of the stock market and start investing in things that can actually help people achieve a thing called financial freedom.
• 1:06
  Speaker 1: I love that.
• 1:07
  Speaker 1: I love that.
• 1:08
  Speaker 1: Talk to me a little bit about your background as an endodontist and then how you made the transition into real estate.
• 1:15
  Speaker 1: How did that come about?
• 1:17
  Speaker 2: Yeah, sure, I mean, my journey is a little bit different from probably most people.
• 1:21
  Speaker 2: I came from a real quick background.
• 1:23
  Speaker 2: I came from a very poor immigrant family from Sri Lanka.
• 1:26
  Speaker 2: We were struggling in the new world, knowing very little English, working difficult jobs, so our family struggled.
• 1:38
  Speaker 2: So eventually, asian parents they push us to become doctors and lawyers and if you don't, you're a failure.
• 1:45
  Speaker 2: So I failed my parents and I became a dentist instead of a medical doctor.
• 1:49
  Speaker 2: But you know, we ended up becoming.
• 1:52
  Speaker 2: I ended up going into the, finally make it into becoming an endodontist.
• 1:57
  Speaker 2: I specialized at New York University, graduated 2008.
• 2:00
  Speaker 2: Graduate 2008.
• 2:07
  Speaker 2: While I was in dental school, my father started having some modest success in real estate investing when he was in his 60s and he started telling my brother and I, who were both in dental school at the time, hey, you guys got to get into real estate.
• 2:16
  Speaker 2: This is incredible business.
• 2:18
  Speaker 2: I read my first book called Creating Wealth by Robert Allen while I was a third year dental student and at that moment I knew that real estate was the way that I was going to mark my fortune.
• 2:31
  Speaker 2: Eight months later, I bought my first investment property.
• 2:34
  Speaker 2: It was a single family house.
• 2:36
  Speaker 2: My sister-in-law was just looking for a place to live.
• 2:38
  Speaker 2: She was going to Seton Hall University to do her MBA program and I said, hey, look, why don't I buy the house and you and your roommates can rent it from me?
• 2:47
  Speaker 2: I kept buying active investment, year after year, one year.
• 2:51
  Speaker 2: Every year I would buy another one.
• 2:53
  Speaker 2: I'd buy another deal Soon after I realized, hey, single family houses isn't the way to become successful with investing.
• 3:02
  Speaker 2: We got to go with something bigger.
• 3:03
  Speaker 2: Right, my goals were loftier, right, gib.
• 3:06
  Speaker 2: I made a great income.
• 3:07
  Speaker 2: If I wanted replacement income from real estate, I knew that buying single family houses and giving me two 300 bucks a month wasn't going to get the job done.
• 3:17
  Speaker 2: So then I went into commercial real estate, right, got involved in commercial real estate.
• 3:21
  Speaker 2: I bought a parking lot.
• 3:22
  Speaker 2: I bought a strip mall.
• 3:23
  Speaker 2: I dabbled in all types of different asset classes.
• 3:26
  Speaker 2: I was looking for ways that I could make income that was independent of me being a dentist, because I was working full-time as an endodontist at the same time.
• 3:33
  Speaker 2: And I bought the parking lot.
• 3:34
  Speaker 2: It was a triple net lease, which meant that I didn't have to do anything except collect the checks.
• 3:39
  Speaker 2: Right the parking lot company that leased it from me.
• 3:42
  Speaker 2: They handled the common area maintenance, they paid the property taxes, they paid the insurance, and I was like I need a lot more of this type of investment.
• 3:49
  Speaker 2: If I have a bunch of these, I'm set for life.
• 3:53
  Speaker 2: I don't need to be a dentist anymore.
• 3:54
  Speaker 2: I'll make a ton of money with real estate.
• 3:56
  Speaker 2: Finding those type of parking lots proved to be difficult.
• 3:59
  Speaker 2: Right, I was looking at my price point, that I was trying to invest.
• 4:04
  Speaker 2: I lived in Manhattan at the time, couldn't afford anything there, so I was buying in Pennsylvania and in New Jersey and places markets that I could, quite frankly, I could afford.
• 4:13
  Speaker 2: Push came to shove 2016,.
• 4:15
  Speaker 2: I hit a wall, gib.
• 4:16
  Speaker 2: From the outside, looking in, I looked very successful, but I was actually completely burned out.
• 4:22
  Speaker 2: I was doing way too much and everything was being done mediocre, and so that's when I realized that what I had was not working and it was completely broken.
• 4:34
  Speaker 2: This strategy would not lead me to success.
• 4:36
  Speaker 2: This is what led me to do some soul searching.
• 4:39
  Speaker 2: It led me to realize this world of passive investing and building income and building wealth and getting all these tax advantages all the things that I wanted from real estate investing, but while also being able to extricate myself from the day-to-day of real estate, right?
• 4:58
  Speaker 2: Well, guess what?
• 4:58
  Speaker 2: I had been buying, buying, buying for over a decade.
• 5:01
  Speaker 2: And now I went all in with the passive investment and I started selling everything.
• 5:06
  Speaker 2: I liquidated all of my active real estate I have two properties left but I went and moved all of that equity from active into passive investments and I haven't looked back since then.
• 5:18
  Speaker 2: Gibbs right, I haven't looked back since then, and I now practice dentistry part-time and I now spend enormous amount of time with my children, my family.
• 5:27
  Speaker 2: We have date night with my wife, we go on six to eight vacations per year, and this has also allowed me to pursue my passions.
• 5:35
  Speaker 2: I get to work with incredible entrepreneurs.
• 5:38
  Speaker 2: I wake up excited every day.
• 5:40
  Speaker 1: I do not feel burned out, right, and so this is what I want for others, and so I've made it my career mission to help others to do this, also, working all the time and you just felt like you had no control over your life.
• 6:04
  Speaker 1: It sounded like, you know, you were not spending the time with your family that you wanted to spend.
• 6:09
  Speaker 1: You weren't able to do what you wanted when you wanted to do it.
• 6:13
  Speaker 1: And it's interesting how in life, when we truly align ourselves with our you know true goal or mission in life, you know whatever you want to call it.
• 6:23
  Speaker 1: It's funny how our energy levels increase when we tap into that source.
• 6:28
  Speaker 1: And I've experienced the same type of thing.
• 6:31
  Speaker 1: Like I love being a practicing attorney you know we spoke about this offline as well.
• 6:35
  Speaker 1: Like I work a lot as an attorney and I love what I do and I really enjoy working with my clients.
• 6:41
  Speaker 1: But I think it's so important for attorneys, doctors and medical professionals and dentists to have some sort of an exit plan and to think about, you know, if there ever comes a time that I don't want to do this anymore, do I have the option to not do this?
• 6:58
  Speaker 1: And if you don't, then it's a lot like being a slave, you know, to your job or to your business.
• 7:06
  Speaker 1: You know that's a scary feeling and so, similar to you, that's what motivated me to really get into this, and I can hear the passion in your voice when you talk about it.
• 7:14
  Speaker 1: That must have been a pretty scary powerful demarcation point in your life when you said you know what?
• 7:20
  Speaker 1: I'm going to totally transition my focus into this passive real estate investing because I want all these benefits that it brings and when those things come to fruition, like what a rewarding thing.
• 7:32
  Speaker 2: Yeah, 100%.
• 7:32
  Speaker 2: I mean, listen, when you're at the end of your life, whenever that may be, it's about hey, did I live a life worth living?
• 7:39
  Speaker 2: Was my life full of human experience?
• 7:41
  Speaker 2: Did I maximize my relationships with the people around me?
• 7:45
  Speaker 2: It's not going to be about how much money you made.
• 7:46
  Speaker 2: It's not going to be.
• 7:47
  Speaker 2: That's not what's going to matter at the end of the day, right End of the day, it's going to be when I look back upon my life.
• 7:54
  Speaker 2: Do I have any regrets?
• 7:55
  Speaker 2: And I guarantee you, for anybody watching this, if you're doing, if you're living a life where you are pursuing your passions and you're pursuing something that you're excited about, life is is as good as it gets.
• 8:08
  Speaker 2: My friend's daughter, whom I know since one year old here.
• 8:12
  Speaker 2: Her name is Masai Russell.
• 8:13
  Speaker 2: She just won the Olympic gold medal 100 meter hurdles.
• 8:16
  Speaker 2: You know she set the collegiate record for NCAA.
• 8:18
  Speaker 2: Yes, I got to wear the gold medal and all that.
• 8:21
  Speaker 2: And the incredible thing about her is the mindset right.
• 8:26
  Speaker 2: When I spoke to her mom about it she said she has never seen Masai so locked in Her mind.
• 8:31
  Speaker 2: Body spirit was on.
• 8:34
  Speaker 2: One goal was to win the gold medal.
• 8:36
  Speaker 2: She envisioned it, she played that out in her head every single day, and it happened.
• 8:41
  Speaker 2: The human potential is unlimited.
• 8:43
  Speaker 2: The only limitations are the ones that we put to ourself.
• 8:46
  Speaker 2: You have to think and talk to yourself that way, because that's what will ultimately lay.
• 8:53
  Speaker 2: Everything else around you unfolds the way your mind thinks.
• 8:57
  Speaker 2: I believe that very much.
• 8:59
  Speaker 1: I do too.
• 8:59
  Speaker 1: I do too, so you're a very active guy on social media.
• 9:03
  Speaker 1: How long did it take you to really start reaping the rewards of social media, and how do you utilize social media as a tool in your business?
• 9:12
  Speaker 2: Yeah, so social media has changed the entire game, right, like especially with marketing and things like that, because now, all of a sudden, it took power away from these large marketing agencies that charge millions of dollars, and if you want to get on one of their platform, you've got to be lucky, you've got to know somebody or be connected in some way.
• 9:32
  Speaker 2: All of a sudden, social media gave the individuals the power to have their own platforms, the ability to have outreach and impact to people that they want to reach, and so social media has been extremely powerful for me.
• 9:45
  Speaker 2: These days, this, right here, you can generate millions of dollars on this cell phone device.
• 9:50
  Speaker 2: Now, right, so I have a YouTube channel that I'm able to share my experiences, lessons that I've learned, educational concepts, things that we're not taught in professional school, and I've really been able to curate a channel for dentists.
• 10:09
  Speaker 2: These are some things that we're not taught in school.
• 10:11
  Speaker 2: So social media, that's been great.
• 10:14
  Speaker 2: I've started a Facebook community because, for me, if I want to reach my mission, I need to have impact.
• 10:21
  Speaker 2: I've helped dozens and dozens of dentists start investing journey in real estate.
• 10:25
  Speaker 2: Never done anything outside the stock market, never done anything outside the 401k plan, so I'm very proud of that, and what's allowed me to get in front and impact all these people and have an impact on a large number of people, is social media is doing in-person events.
• 10:42
  Speaker 2: It's tremendous fulfillment, right for me and tremendous amount of value for others, and so I think this is like a win-win-win scenarios, right, and this is what I love to do.
• 10:54
  Speaker 1: This episode of Go Big with Gibb is brought to you by Irons Equity.
• 10:58
  Speaker 1: At Irons Equity, we specialize in helping investors like you create long-term generational wealth and save money on taxes through recession-resistant real estate investments that create passive income for you and your family.
• 11:11
  Speaker 1: If you want to secure your financial future, go to investwithgibcom to schedule a 30-minute introductory meeting with me.
• 11:18
  Speaker 1: Gib irons again, that's investwithgibcom.
• 11:21
  Speaker 1: Let me ask you this what asset classes have you been working on recently, like within the last year or so?
• 11:33
  Speaker 1: What asset classes have you been focused on?
• 11:35
  Speaker 2: Yeah, that's a great question.
• 11:36
  Speaker 2: I mean, I started my complete sole focus is multifamily, because that's what I knew, that's what I knew how to underwrite, that's what I understood.
• 11:45
  Speaker 2: But now but now, gib I've joined a fund manager group which has taken my investing knowledge and access to deals through the roof.
• 12:02
  Speaker 2: And also now, because of our group, a lot of operators have found out us as a great source of capital, and so now they come and pitch to our group like Shark Tank source of capital, and so now they come and pitch to our group like Shark Tank and, as a result, I'm able to offer many more different types of investments beyond multifamily.
• 12:20
  Speaker 2: Multifamily is a great sector and a great asset class, but there's also cyclicality to multifamily.
• 12:23
  Speaker 2: Just like every other asset class and every asset class, cyclicality is not coinciding with each other.
• 12:31
  Speaker 2: We're late in the multifamily cycle.
• 12:33
  Speaker 2: I'm a big fan if we're able to buy distressed assets in multifamily real estate, but unless they're truly distressed and we're buying for expanded cap rates at incredible basis right now, I'm more looking at other asset classes that can provide similar levels of returns and similar levels of risk profile.
• 12:54
  Speaker 2: For example, mobile home parks are cash flowing much better than multifamily real estate is at present moment.
• 13:03
  Speaker 2: A few years ago self-storage was the darling right and everybody was in self-storage.
• 13:09
  Speaker 2: Storage was the darling right and everybody was in self-storage.
• 13:12
  Speaker 2: But even with self-storage, it's one of those asset classes where it's also lower barriers to entry right, it's easier to get approvals, there's much less coding, it's much less complexity than building a multifamily real estate structure.
• 13:25
  Speaker 2: So we saw an explosion of people building self-storage, which changed the landscape of that.
• 13:31
  Speaker 2: So all of these asset classes have a cycle to it and being able to participate in ideal points in the cycles in multiple asset classes gives incredible diversity to investors.
• 13:47
  Speaker 2: It reduces any risk from one asset class, one geographic location, one single operator and allows investors to achieve more predictable levels of return.
• 13:58
  Speaker 2: So for that I'm very proud to say that we've been able to diversify into several different categories now and been able to do the due diligence at a very high level and not any substandard level, than say hey, because we're not diligence at a very high level and not any substandard level.
• 14:11
  Speaker 2: Then you know, say hey because we're not looking at multifamily, we're not as certain.
• 14:15
  Speaker 2: That's just not the case.
• 14:16
  Speaker 1: Yeah, no, I love that, I love that.
• 14:18
  Speaker 1: So let's talk about the election a little bit, ok.
• 14:22
  Speaker 1: So we got you know it's an election year, we're here in October of twenty twenty four and we've got a presidential election and we've got, you know, a congressional election.
• 14:33
  Speaker 1: How do you see the election impacting?
• 14:36
  Speaker 1: You know the state of multifamily investing and some of the other asset classes that we talked about.
• 14:42
  Speaker 2: I mean there's some scary propositions, right.
• 14:45
  Speaker 2: I mean we have capital gains, that raising capital gains taxes to 45 percent.
• 14:50
  Speaker 2: I've heard other crazy propositions about taxing people on unrealized gains.
• 14:58
  Speaker 1: I heard that.
• 14:58
  Speaker 1: I heard that as well.
• 15:01
  Speaker 2: So what you know?
• 15:02
  Speaker 2: In a scenario like that, what about if you have some unrealized losses?
• 15:05
  Speaker 2: Can you use those two, or is it only the unrealized?
• 15:08
  Speaker 1: gains?
• 15:08
  Speaker 1: Probably not.
• 15:10
  Speaker 1: Yeah, I'm guessing.
• 15:10
  Speaker 1: I'm guessing that that's not going to be permissible.
• 15:13
  Speaker 1: If we go there, I would hope that, regardless the outcome of the election, we don't end up in a situation where we're taxing unrealized gains.
• 15:22
  Speaker 1: But you know, you never know, right?
• 15:25
  Speaker 1: I mean, this is a crazy world that we live in.
• 15:27
  Speaker 2: Yeah, I mean, you know they need to pay for their money printing scheme somehow, right?
• 15:31
  Speaker 2: And that's going to come in the form of taxes, because, ultimately, the one that's on the hook for the deficits that the government print well, you know, the federal reserve will print the money, but once that money's printed, who's on the hook for paying it back is us as taxpayers, right?
• 15:47
  Speaker 2: So, um, I don't think taxes are are good.
• 15:50
  Speaker 2: I think taxes are only going to increase over time, you know, because we have to pay for entitlement programs, right?
• 15:55
  Speaker 2: So I think we're headed for reckoning.
• 15:57
  Speaker 2: We're headed for a day of reckoning.
• 15:58
  Speaker 2: The us dollar will capitch, will go to zero at some point, gib, when the us dollar has is, is worthless.
• 16:05
  Speaker 2: What is a value?
• 16:08
  Speaker 2: Hey, I need a place to live.
• 16:10
  Speaker 2: I have, I own a, I own an apartment building.
• 16:12
  Speaker 2: You want to live here.
• 16:13
  Speaker 2: You got to pay me in gold, right?
• 16:15
  Speaker 2: You got to pay me in livestock.
• 16:17
  Speaker 2: You have to pay me with something in order to live here, right?
• 16:21
  Speaker 2: So if you own real estate, you can always trade it for value.
• 16:26
  Speaker 2: You can always trade shelter for things of value, right?
• 16:29
  Speaker 2: So I think this is a time, no matter what who the politicians are, we need to really be moving towards these things that have been historical hedges against, you know, inflation.
• 16:44
  Speaker 1: Yeah, I agree with that.
• 16:45
  Speaker 1: You know, you and I were both together up in New York City at the Lone Star Summit a couple of weeks ago and you know, one thing I really took away from that is that there's a lot of good things going on in the multifamily sector.
• 17:01
  Speaker 1: I mean, you know, we've finally got a reduction in interest rates after all this time After four years of waiting for the Federal Reserve to reduce interest rates, we finally got our first interest rate cut and you know, I think things are looking really good.
• 17:17
  Speaker 1: So I'm really bullish right now on all you know on multifamily, especially in the really hot markets that you and I, you know, invest in.
• 17:26
  Speaker 1: I love the Texas market and I'm also very active in Phoenix, arizona, which I think is a fantastic market.
• 17:35
  Speaker 1: But you know, right now there's good signs for multifamily and you're right.
• 17:40
  Speaker 1: You know, having your money out of the stock market, which is so volatile, and having it in hard assets that are a good hedge against inflation and the devaluation of the dollar is the place to be.
• 17:55
  Speaker 1: And so I thought they did a great job at that conference of kind of talking about things that are going on at a macroeconomic level and the positive signs that we're seeing and the positive signs that we're seeing, johnny.
• 18:13
  Speaker 1: For anybody that's listened to the episode today and wants to reach out to you, what's the best way for them to contact?
• 18:17
  Speaker 2: you?
• 18:17
  Speaker 2: Yeah, sure, I mean.
• 18:18
  Speaker 2: I'm always happy to talk to any beginning wealth builders, continuing wealth builders and already people that are where they want to be.
• 18:26
  Speaker 2: The best place to reach me go to our website, which is walkofwealthcom.
• 18:30
  Speaker 2: W-a-l-k.
• 18:32
  Speaker 2: Walk of Wealth.
• 18:34
  Speaker 2: We have a YouTube channel that has incredible content that's curated especially for business owners dentists that's also called Walk of Wealth.
• 18:43
  Speaker 2: And then our Facebook group.
• 18:45
  Speaker 2: Join our Facebook group.
• 18:46
  Speaker 2: It's called Financial Freedom for Dentists.
• 18:48
  Speaker 2: Just search the group Financial Freedom for Dentists.
• 18:51
  Speaker 2: That should pop up.
• 18:52
  Speaker 2: Those are the best ways.
• 18:53
  Speaker 2: Tons of content.
• 18:55
  Speaker 2: There's tons of blogs, downloads, resources.
• 18:58
  Speaker 2: There's also a link that you can schedule a call with myself or one of my helpful teammates.
• 19:03
  Speaker 2: So we would love to meet you and see how we can add value to you as well.
• 19:08
  Speaker 2: So, yeah, that's probably the best way.
• 19:16
  Speaker 1: Johnny, look, I really appreciate you coming on the show today.
• 19:17
  Speaker 1: It's a blast.
• 19:17
  Speaker 1: I love your energy and your enthusiasm.
• 19:18
  Speaker 1: And one thing I want to say before we conclude I remember hearing you speak at Rays Fest, you know, in Phoenix, arizona, and you know what a powerful thing man to get up in front of a thousand people and it's, it's, it's amazing.
• 19:31
  Speaker 1: I feel like you bring that same level of energy whether you're talking to one person or a thousand people, and not many people can say that and so I do think you're really dialed in to the.
• 19:42
  Speaker 1: You know the mission that you're doing and what you're doing with your life.
• 19:46
  Speaker 1: You seem to be really clicked in on that and, man, keep it up.
• 19:50
  Speaker 1: You're doing great work and I appreciate you coming on.
• 19:52
  Speaker 2: Thank you so much Good for having me, man.
• 19:54
  Speaker 2: It's a.
• 19:54
  Speaker 2: It's been absolute blast.
• 20:00
  Speaker 2: Um, love what you're doing with your social media as well.
• 20:02
  Speaker 2: Um, I'm a.
• 20:02
  Speaker 2: I'm a.
• 20:02
  Speaker 2: I'm a true fan.
• 20:03
  Speaker 2: I love what you're.
• 20:03
  Speaker 2: You're reels incredible information.
• 20:05
  Speaker 2: You're obviously a very, um very accomplished business person entrepreneur.
• 20:11
  Speaker 2: I learn a ton from you every time we talk and every time I see your content.
• 20:17
  Speaker 2: So you as well.
• 20:18
  Speaker 2: Please keep up the great work, and it's been an absolute honor and a pleasure to be here on your podcast as well.
• 20:28
  Speaker 1: Thank you for listening to this episode of Go Big with Gibb.
• 20:31
  Speaker 1: If you haven't already, go follow us on social media at Gibb Irons.
• 20:35
  Speaker 1: We'll see you next time.