Last September, I met with Marco Santarelli for a podcast interview about creating passive income. But, of course, you already know that my primary motivation is to have the lifestyle of my choosing and to support this lifestyle through passive income.
It was refreshing to hear that Marco Santarelli has such a solid footing with this same concept I put forward in my podcasts. Marco explains in the podcast that when he was very young, he decided that he would be rich and realized that he’d have to work his tail off to realize his dream. Marco understood that things don’t just happen by themselves — he would have to play an active role in securing his dream.
For people trying to build financial security — especially young people — the perfect lesson is to take time to learn the skills that will ultimately help you succeed. Marco Santarelli’s word is “tenacity.” You really have to have perseverance and persistence — and Marco had that in abundance.
You will want to listen to this podcast as Marco tells you how he made it in residential real estate investing. When the market fell out of the dot-coms, Marco went back to his real estate work and learned the value of creating consistent cash flow.
In this podcast, Marco tells how he chose to go into real estate to make extra money on the side to have enough money to feel comfortable and free. Marco programmed his first computer game when he was a teenager and got into real estate at 18. Then, he switched to a tech startup and thought he could really make it big, but the bottom fell out of his venture, and he had to close the company and fire his 105 employees.
Look for Two Factors in Real Estate Investing
First: Job Opportunities. If there are a lot of job opportunities in your area, there will always be a need for housing.
Second: Population Growth. More people means an increased need for housing, and an increase in jobs in the area indicates the area is financially robust and will support the new occupants.
Marco recommends that when you first start out in real estate, buy single-family homes because they are always in demand and easier to finance than large apartment complexes.
Passive Income Has to Start With an Injection of Cash
Marco Santarelli has some great one-liners that you can grab onto — and learn from. One of his one-liners that I like is:
Passive income has to start with an injection of cash, but after that, it will continue to grow on its own — and you can put the gains into more wealth-generating avenues. — Marco Santarelli
Don’t Go for the Get-Rich-Quick Schemes
Choosing to do real estate, especially rentals, can provide you with a steady cash flow that you can invest into buying other rental properties and homes. Don’t go for the get-rich-schemes. If you have a full-time job, you can take the time to look for a way to make a little extra cash on the side. Then, take this money and invest it into projects that will give you the passive income you want.
The Cheerleaders and the Critics
“You’re gonna have people surrounding you who say, Good for you, good job, keep going. My mother was very supportive: she’s somewhat entrepreneurial herself. My father is the opposite, the most conservative person you could meet. So I had that encouragement on one side, but then you have a lot of naysayers and people on the other side. They’re not necessarily trying to tear you down, but they hold you back, or they’re very skeptical of your abilities.”
— Marco Santarelli
I was lucky in my life to have encouragement on all sides, and I’m so grateful I didn’t have to overcome the naysayers. The statement above shows how tenacious and strong Marco is in his life. But, unfortunately, some people are so beaten up by life and other people that they cannot overcome the back-lashes of life.
I’m so blessed that I’ve had cheerleaders all along the way — and Marco made a critical point where you have to listen to your cheerleaders. People may not be tearing you down, but anything negative will hold you back and is something that you have to overcome.
If you can overcome those that can’t see past the negative — or those that are haters (“haters gonna hate”), you are one of the lucky ones. If you are one of the lucky entrepreneurs that can keep going, you’ll be able to make all this work for you.
Marco decided to go back into real estate, and he was able to make it work. Marco Santarelli always watches how the housing prices are moving — and right now, they are moving up. When the housing moves up, the rents won’t be long behind the housing trends.
You Have to Feed Your Brain
You’ll hear me harp forever on feeding your brain to get to the lifestyle you want. Don’t forget about your education. Read books every day — and keep reading to fuel and feed your brain. When you are reading all the time, something will pop up that will give you the ideas that you will need at the very moment you can use them to create wealth.
Listening to quality podcasts and programs and reading will cut your learning curve and give you the blueprints to follow in your life. So many times in my life, I have been able to copy what other people have done just by what they have said, either aloud or in print. You can move forward faster when you do what other successful people have done.
Marco Santarelli said that when people talk down to you or in a negative manner — you just ignore them (or try to ignore them). But you can’t let people eat away at you. So instead, Marco suggests keeping your vision in your mind, keeping it strong enough, and keeping your desire strong enough. “Push through” is a statement that Marco uses several times in this podcast, and it made me more determined than ever to do just that.
Build a Foundation
As you move forward with your entrepreneurial quest to have a great lifestyle — remember your soft skills. You will want the soft skills to be successful at a high level. You’ll want a foundation of the ability to communicate with people and to get your point across. You’ll want to be able to read people and speak comfortably and confidently n front of a group and look people in the eye. Don’t forget the firm handshake and learn to be generous with everyone, even those you disagree with.
When you have built a foundation of common sense-type skills, you can deliver in a way that you weren’t able to before.
Image Credit: Ketut Subiyanto; Pexels; Thank you!