Latest / Financial Survival Network / An Unlikely Journey to Real Estate Success -- Whitney Elkins-Hutten #6001

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An Unlikely Journey to Real Estate Success -- Whitney Elkins-Hutten #6001 · Financial Survival Network

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  You know, wealth isn't just about the money that you passed on, but
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  the knowledge. And you know I had spent count thousands of hours reading books,
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  of a podcast and piecing together this blueprint. You know, it would
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  be such a shame if I didn't have that blueprint written down and able to
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  share that with You were listening to Carrie Leutz's Financial Survival Network, where you
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  get valuable information You just can't find anywhere else to thrive in today's trying times.
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  You need the Financial Survival Network now more than ever. Go to Financial
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  Survivalnetwork dot com and get your free newsletter and gift. Financial Survival Network now
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  more than ever, And welcome. You are listening to watching the Financial Survival
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  Network. I'm your host, Carrie Letz. Well they have this person on
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  before this guest. And sometimes, you know, you think when a relationship
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  ends, that's the end of the world and go into a tal spend.
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  Other times a relationship ends and it turns out to open huge opportunities that you
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  never even realize existed before. And this is the story of Whitney Elkinshuton.
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  Whitney is great to have you back on the show. So your relationship ended
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  and you wound up in real estate. You got to tell us more about
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  this. Well, it was a slow transition into real estate, but you
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  know, I definitely learned my lesson along the way. But yeah, so
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  today I'm the director of investor relations at Passeinvesting dot com. I'm also the
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  founder of ashwealth dot com, where I help people understand how to fortify their
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  financial positions so they can invest in things like real estate and just become either
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  a solid investor or just organize their finances to create generational wealth. But that's
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  not where I started, right, That's that's the point of the story.
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  I actually started. My first real estate deal was back in two thousand and
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  two. I bought a house with the significant other boyfriend and you know,
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  about a month later after we closed on the property, the relationship fell apart.
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  And you know, the one silver lining thing here is everything was under
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  my name, the house, the bills and everything, which made the breakup
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  fairly easy, you know, from a monetary standpoint. However, just the
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  locksmith. The cost of the breakup was the locksmith. Yeah, well,
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  there is a little bit of some costs on his end, but you know,
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  you know, not not disastrous, not like undred, hundreds of thousands
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  of dollars, you know, just a few hundred dollars that we had to
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  figure out. But long story, sure I got the value that he brought
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  to the table is he was going to complete the rehab on the property.
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  I didn't have any of these skills. And so, you know, once
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  we figured everything out, you know, here I had a house that had
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  green shy carpet, psychedelic daisies painted on the walls straight out in the nineteen
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  sixties, and I only opened the commune. You could have opened a commune,
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  it would have been perfect. Well, I thought the property full of
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  roommates. Actually, the help off said my bill, good, there you
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  go. And then I paid my friends in sushi, beer and pizza and
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  got a home depot one two three book because YouTube didn't exist back then.
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  And you know, we learned together how to do drywall, tile, electrical,
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  a little scary plumbing, and you know, piece this property back together,
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  and eleven months later I sold it. And I thought either the whole
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  entire time, I thought this property was going to sink me. But at
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  the closing table, once I got that check in my hand, I made
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  more money in that one transaction than I did, and my day job that
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  had me traveling sometimes eighty hours a week. And not only that, I
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  figured out and I'm like, wait a second, han't even been paid for
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  my own bills this whole entire time, My principal interest, taxes, insurance
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  that was gone because of my roommates, they were covering all the electricity bills
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  and utilities. I'm like, wait a second, how many more these deals
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  could I possibly do? And that's when I really started to understand that I
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  could unhook how I created value in the world from how much time I spent
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  my day job and did several more of these living flips on my own,
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  and then eventually transitioned into buying old real estate when I realized what I really
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  needed with an equity growth, but more more so cashlow growth. Right,
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  A really great story. And now you've got a book out. Tell us,
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  tell us the name of the book, and tell us why you wrote
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  it. Yeah, well, so the book is money for Tomorrow, How
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  to build and protect generational wealth. You know, the book really picks up
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  at the very beginning of the you know the story of how I got into
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  real estate, you know it and grew my portfolio, you know, from
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  living flipping to you know, thirty six single family homes doing ten flips a
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  year, and then hitting my next level of achievement, which was wait a
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  second, all I did was buy myself another job by holding all this property.
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  How could I possibly you know, really truly get into the investors side
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  of the equation and have true passive cashload to grow my wealth. Well,
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  we talk a little bit about real estate in my journey in that book.
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  You know, you know, continuing to grow my portfolio of being a general
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  partner on ten multi family deals, raising on over forty deals, and you
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  know, scaling my portfolio passively in passive real estate like multi family, self
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  storage, spress, car washes and stuff like that. But the book really,
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  you know, what I learned along away and people that I was mentoring,
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  what what I was learning from their experience, is like all these real
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  estate holdings that I had were tactics. What was the overarching strategy, Like,
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  what was the objective I was trying to achieve? What were the rules
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  of the money game? And then what were the strategies I needed to learn
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  in order to win this wealth game? And so I really had to,
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  like you take a step back. And that's what money for Tomorrow is,
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  is that that step back, bringing people back to not chasing the tactics and
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  the headlines. But really, what is that blueprint that we all should have
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  learned in high school and you know, maybe even early on in college to
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  help us understand what does it mean to build well? What are the rules
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  the four roles you have to master in order to actually it's you well?
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  And then what are all the different strategies that help you win the game,
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  right, Like, if you're going to play Monopoly, you know rule number
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  one, don't get knocked out of the game, right, You're gonna be
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  bigger on the board, you know, you know, and you don't collect
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  two hundred dollars? Are you in a good sound financial position to not get
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  knocked out of at games? So we talk a lot about how do you
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  create well, how you protect it, how we grow it. I think
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  we spend especially in real estate, and we spend so much time on how
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  to grow real estate that we forget the other two underlying rules, which is
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  creating it and protecting it. And then you know, for those of us
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  you're really trying to set up you know, our families. Well, for
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  generational wealth, how do we pass it on to the next generation. And
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  if this is thinking beyond just like a trust or a living well or anything
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  like that, this is you know, how do we train our heirrors,
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  how do we train our executors? How do we keep all that money inside
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  our families? So, you know, so it doesn't get eroded? Right,
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  because if you don't have a plan for your money, I guarantee somebody
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  else does. Yeah. Hey, it's so true. And so it's kind
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  of a holistic approach to your real estate being the means to an end that
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  you need to be planning out and consciously thinking about, rather than hoping you're
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  just going to wind up there. Yeah. Well, and this book is
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  really when I wrote it, I had it in mind not just for the
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  real estate investor, but for somebody you know who chooses to say maybe even
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  stay in stocks, bonds and mutual offense. The principles in this book will
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  help get you, you know, eighty five to ninety percent of the way
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  they are to financial freedom. You know. The other factor that you need
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  to have your side is time. And so I love real estate, right
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  because we can create a lot of velocity by lowering our taxes, and you
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  know, we can unhook that value grate from how much time we trade.
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  But even if you choose not to go into real estate, you know,
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  maybe you you know, are an entrepreneur, or maybe you're just you know,
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  somebody who's like had the higher and better use in your own day job.
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  Right you're a high income earner and you want to tap into the stock
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  market. You know, these principles still apply now. One of the other
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  reasons why I wrote the book is because I have an eleven year old daughter.
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  I mean, if I got you know, nobody likes to talk about
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  death and dying, but if I got hit by a bus, I wanted
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  her not to only just to you know, be able to take over our
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  portfolio that we've you know, grown and cultivated, but to be able to
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  steward that going forward. And so you know, wealth isn't just about the
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  money that you passed on, but the knowledge. And you know I had
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  spent count that was the hours reading books, some podcast and piecing together this
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  blueprint. You know, it would be such a shame if I didn't have
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  that blueprint written down and able to share that with her. That's a great
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  point. So it's for your kids too. So you're giving your your child
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  financial education, and it's you know, education is one thing, right that's
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  you know, it's not just education. I should put it that way,
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  right, because you know, all these things, all the teachings in this
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  book, it's all over the internet. You probably could piece it all together
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  for free. But how long would it take you to do that? Right?
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  Like it took me fifteen years to get all the rights, figure out,
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  uncover all the right strategies and get them in the right order to where
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  I made a cohesive plan that was replicable over over and over again. I
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  didn't, you know, I didn't want my daughter. You know, she's
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  going to make her own mistakes, right, why don't I give her the
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  blueprint? So now she can continue to grow her own wealth and go make
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  her own mistakes, not trying to figure out all the things I had figured
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  out. So anyway, so I call that financial capacity. Okay, So
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  it's not just about literacy and education. It's really moving people into action.
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  This is that this book, The Money for Tomorrow, is really about how
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  simple, easy, repeatable stuffs that if you perform them, you know,
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  consistently and persistently over time, we will get you, you know, majority
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  of the way to your goal, right right. I love it, you
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  know, I love it that that you've gotten this knowledge. You've acquired it
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  through experience. You know, you're not an academic. That's the great thing
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  about the Internet and the New economy. The knowledge gets passed down by people
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  who actually know it, who've actually acquired it through experience rather than in a
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  classroom. There actually are colleges that teach real estate to I know a number
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  of them here in Florida, that you can get a degree in real estate.
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  But hey, until you've actually gone in and rehabbed a condo or a
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  house, you know, it's all just book stuff here, right, So
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  until you have had the raccoons partying your attic and have to like high want
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  that cop again, all academics, right, Yeah, that's so true.
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  Or until you have that alligator show up in your pool. You don't really
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  know much about pool cleaning, do you. Oh? Man, No,
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  I'm preparing for another you know podcast later this week, and they were like,
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  you know, make sure to bring all your like crazy stories about real
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  estate, and I'm like, you're gonna have to contain me like, which
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  one do you want to hear about? Yeah, you know, maybe your
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  next book. You just write your stories. You know, we all got
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  our war stories. I'm a recovering attorney thirty years. I got war stories
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  like you can't even believe. I keep thinking I should start a podcast called
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  legal theft. So that's what tea, that's what the legal profession is.
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  It's just legal theft. But I don't want to be too cynical here.
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  You do have an eleven year old, I got grandchildren, and somehow we'd
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  have to try to make it better. But I love that you're sharing your
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  wisdom, your knowledge, and hey, I love your positive attitude too,
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  right. I mean, there's a lot of bad things happening in the world,
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  but most of them you can't do anything about. So why be miserable?
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  Right? Well, you know that's I would agree. And you know
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  that's when you look at growth. You know you need how can you grow
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  in your mindset, your skills, and your network, and those are the
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  three big ingredients to be successful in business and real estate. I will tell
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  you my mindset when I had my first issue on one of my rental properties
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  was very different than today, right, Like that's I mean, the world
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  was ending. I had to rip out that property fair at the raccoon's partying
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  in it. But if that happened to me today, I would you know,
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  they called me in the middle of the night to tell me that,
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  I would probably hang up the phone. I probably would first of all,
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  even answer the phone. You're gonna have managing age and doing this stuff.
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  You wouldn't because but I mean, I mean even then, you know,
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  if they told me the story, you know, the property manager told me
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  the story, I just be like, Okay, I'm just going to class.
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  Like I mean, so, it's you know, taking those incremental steps
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  over time, and I think that is something that it is a skill that
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  we have to learn in order to you know, continue to better ourselves.
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  I mean that I see it in my daughter today. It's all or note
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  like, I want to learn this thing immediately overnight, and I wouldn't be
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  like the best at it. I'm like, no, that's not how life
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  is. We have to you know, learn how to roll with the punches
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  and you know, pick ourselves back up each and every single time, and
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  you know, look for the things, you know that can help us grow
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  in that situation. Like what are the leftons and learnings? He such a
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  great point. Hey, we really love what you're doing here, Whitney.
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  How do we connect with you on the web. Where do we get your
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  book? And how do we find out more about what you are doing?
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  Yeah, so you can pick up the book. Pre Orders open February first,
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  and the book launches on February twenty second. If you order off the
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  Bigger Pockets. If you go to Bigger Pockets dot com, forward slash and
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  Money for Tomorrow or forward slash Whitney either way, that'll get you to the
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  website to where you can pre order the book. You get a bunch of
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  free things like a free masterclass four week series masterclass that help you implement the
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  teachings in the book and really set you down that path at building generational wealth.
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  And you can also find me in ashwell dot com you want to connect
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  further. All right, Hey, this is great. Really appreciate your coming
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  on. We got a question for Whitney by self. I'm sure you do.
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  Shoot me an email kl at Carrie LEDs dot com. The link to
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  our site is in the show notes this interview on Financial Survival Network dot com.
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  While you're there. Subscribe and we'll also have a link for her book.
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  Really appreciate you coming on, Whitney WI. You the best. Let's
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  talk again soon. Thank you so much, Garry, thanks for listening to
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  Carrie Letz's Financial Survival Network, your solution to today's trying times. For the
• 15:22
  latest, go to Financial Survivalnetwork dot com. Financial Survival Network now more than ever,