January 21, 2025 • 31 mins
Unlock the secrets to financial freedom with Jim Manning, who shares his transformative journey from working for a self-made billionaire to becoming a successful real estate investor. Discover how his early days inventorying an extensive wine collection sparked his passion for real estate and commitment to creating generational wealth. Jim's insights on dedication, collaboration, and community impact offer invaluable lessons for anyone striving to succeed both personally and professionally. Delve into the tangible rewards of real estate investing, from breathing new life into neglected properties to achieving your financial dreams, all while maintaining a fulfilling personal life.
Explore the unexpected turns in Jim's evolving mission, as he shifts focus from personal gains to making homeownership accessible for deserving families. Through the lens of "The Passive Wealth Show" podcast, learn how embracing a passive investor mindset can build wealth without the typical headaches of being a landlord. Hear intriguing tales of leveraging expertise, exemplified by stories like Henry Ford's, to underscore the power of surrounding yourself with knowledgeable allies. Tune in for an engaging conversation that not only addresses the widening wealth gap but also offers actionable insights to help listeners realize the true potential of their financial and life goals.
Connect with Jim:
https://threedoors.com/
https://doorwayproperties.co/
Listen to the podcast
https://passivewealthshow.com/
Follow Jim on LinkedIn
https://www.linkedin.com/in/jimmmanning
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Carl Richards (00:04):
Welcome to Communication Connection
Community the podcaster'spodcast.
This podcast takes a deep diveinto modern day communication
strategies in the podcastingspace.
We chat with interesting peoplewho make the podcasting and
speaking spaces exciting andvibrant.
We also dive into thepodcasting community with news
(00:24):
updates, latest trends andtopics from this ever-evolving
space.
So strap in, it's going to beone amazing ride.
Let's dive into today's episode.
What does it take to win inpodcasting?
Well, it takes dedication.
It's a long game, not a shortgame.
We've talked about that manytimes on this show.
It takes commitment.
(00:45):
It takes also looking out forother people, helping other
people, being there to supportthem.
It's true about business ingeneral, isn't it?
I mean, in order to besuccessful, you first need to be
able to be successful athelping others, and I think
that's the big theme we're goingto be covering today as we chat
with our guest, who is aseasoned podcaster and has taken
(01:05):
the deep dive into being apodcast guest.
Jim Manning's first job out ofschool was working for a
self-made billionaire.
Wow, how exciting is that?
His leader had private jets andevery material thing you could
ever want.
Unfortunately, the billionairewas absolutely miserable.
So 15 years ago, jim wasinspired to set out and find a
(01:26):
way to become financially freewithout sacrificing his personal
life.
Passive income generated fromhis investments has enabled Jim
to found multiple successfulreal estate companies, while
still being a present husbandand dad for his family.
Along the way, jim discoveredthat he also has a knack for
creating financial freedom forothers.
He's now on a mission to showothers how to generate passive
(01:47):
income from real estate withoutdoing any of the work.
He's also a sought-afterpodcast guest and a podcast host
, and we're so glad that we haveJim here today with us.
Jim, welcome to the podcast.
Jim Manning (01:59):
Thanks for having me, carl.
I really appreciate it, excitedto be here having me.
Carl Richards (02:05):
Carl, I really appreciate it, excited to be
here.
I just shared a lot of yourorigin story, but let's back up
a little bit, because therearen't too many people who one
of their claims to fame could bethat they've worked for a
billionaire.
I think maybe a lot of us havethat dream when we're starting
out.
If only I could but tell meabout this journey from
billionaire to where you are now.
Jim Manning (02:22):
Yeah, so it was my first job out of college and it
was actually an internship and I, you know, through a friend of
a friend, landed a job at a winecompany and what we did was we
took a bottle of wine out of aninventory, we printed out a
label so that someone couldinventory it or so that we could
inventory it, and then we juststuck the bottle, the label on
(02:45):
the bottle of wine, and put itback in and and, uh, so
inventorying a wine collection.
You know, most of us don't needto do that, but you know, when
you have thousands and thousandsof bottles of wine, from an
insurance standpoint it getskind of important to know what's
in the wine collection, right?
So, uh, that was the companyand what we did.
And so my first gig out ofcollege, I worked for two full
(03:07):
weeks with three guys takingbottles of wine out, printing
out a label and putting asticker on, and inventorying
this gentleman's wine collection.
Just to put this in perspective, at one point I had over
$25,000 of wine in my hands thatI carried and three of us you
know, 60 plus hour weeks, twofull weeks to do it.
(03:28):
So this guy had some big bucks.
What a unique experience to beable to get to know someone on a
personal level too, becausewe're in his house and I went
out to dinner with him multipletimes and everything like that
too, right.
Carl Richards (03:38):
I have to say, as a lover of wine and I've
watched a couple ofdocumentaries about wine that I
always want to get my hands onthe right year or bottle of
petrus or romanicanti or any ofthose you know high-end brands
that it seems a little bit outof reach sometimes, but but uh,
certainly that's a, that's aphenomenal story when you're
(03:59):
holding that, I mean even a 2025000 collection or bottle or
whatever it's like.
Oh, my goodness, don't dropthis.
Jim Manning (04:08):
At the time I had like a $0 net worth, so had I
dropped it, I'd have beenworking for him for a little
while.
Carl Richards (04:14):
But what a phenomenal experience, though,
to have that, and then alsoyourself, on this journey of
helping others becomefinancially free and helping
yourself as well.
And, of course, real estate, asI've come to appreciate, is one
heck of a vehicle to not onlybuild wealth, but build
(04:35):
generational wealth.
Jim Manning (04:37):
Yeah, that's right.
I mean I learned a couple ofgood things from the billionaire
and one of the things was that,hey, this is America, this is
what's possible.
He was a self-made guy, hestarted a company and he was
able to achieve the pinnacle ofbusiness success.
And so when that internshipended and I got into corporate
(05:01):
America, I knew right away I waslike, well, this isn't going to
get me a private jet, thisisn't going to get me $1,000
bottles of crew champagne thatdrink on said private jet.
So I knew right away I was like, man, I need to start my own
thing and I fell in love withthe idea of real estate
investing, because if you flip aproperty and you take a
property that is in neglect andit needs repairs and you fix it
(05:23):
up, you are literally making ahome for a family.
So I love that thought of hey,I could feel good about what I'm
doing.
But then also the financialupside yeah, you can make
$50,000 plus on just one deal ifyou do it right and you get
that right deal.
So I decided to get into realestate investing for the
(05:44):
financial upside and for theimpact that I was able to make
for the community.
My goodness, it took a while.
I almost failed to launch.
I only did one deal in my first18 months.
But then we were able to scaleour business by going to high
net worth individuals and saying, hey, I can do all the work, Do
(06:05):
you have some money to lend meto be able to do some property
flips?
And they would lend us 100% ofthe purchase price, 100% of the
fix up.
And what was fantastic aboutthat is the amount of deals we
could do is only limited theamount of capital that we could
raise from individuals.
So the first couple of years wegot our first couple investors
(06:25):
and it grew from there.
Lo and behold, a decade later,we were flipping over 100 houses
a year back in 2016.
And then we got up to 200 plusa year and we were scaling and
we were flipping a ton ofproperties, three full-time
construction managers andcountless crews and everything
like that.
(06:45):
On our own side of things, wewere spinning the hamster wheel
faster because we were makingmore and more revenue.
We weren't crazy focused onbuilding our passive wealth.
We were picking up rentalsalong the way, but we didn't
have it as a hyper focus.
And then I started doing themath of the private lending that
we had, and we had $20 millionon the streets and then I
(07:06):
realized, holy cow, this is anincredible passive income
vehicle that myself trying tojust do deals and do good things
for the community, I createdthis really good investment
opportunity and I've createdseveral individuals that are
financially free and just havingto stroke the check and then
collect the interest on theirmoney through the loan vehicle
(07:28):
known as private lending.
That was really the kind of aneye-opening moment for me.
Like, wow, like, passive incomecan be a thing you can invest
into real estate and not do anounce of the work if you find
the right operators to do thework for you.
So then, in 2018, we startedbeing a little bit more diligent
(07:49):
on shifting our focus and wefell in love with a lease
purchase model.
And what a lease purchase model.
Some people call it rent to own.
There's nuances and differences.
We won't get into that here onthis podcast, but what's amazing
about it is the opportunity toown real estate and generate
passive income, but act as thebank and let the tenant act as
(08:12):
the homeowner, Okay, and theycan do all the repairs and
maintenance.
The other amazing thing aboutit is that it opens up a way to
homeownership for thesedeserving families.
So in our model we collect adown payment let's say it's
$10,000 before a tenant moves onand they're through the moon
excited because maybe they'vebeen overlooked by the
traditional banks or maybe theyhad a one-time hardship in the
(08:34):
past.
So they don't have any otheroptions to be a homeowner for
the near future and we open upthat opportunity for them.
And I'll never forget this.
One of our first clients has aspecial needs kiddo.
Kiddo got sick and they gotbehind on medical bills because
their kid got sick.
We crossed paths with them.
They had paid off their medicalbills but they still had their
(08:58):
credit damaged and their kidneeded a specific school
district.
We happened to have a home inthat school district and we were
able to tell them and say, hey,you know what.
You did the right thing.
You paid off all the bills.
You can afford this property.
The only thing you messed upwas you didn't have a large
enough rainy day fund.
Why don't you be a homeownerand get?
And your kid doesn't have eightyears for your credit to
(09:19):
rebound?
That's all a great school thatthey'll miss, Right?
Um?
So when we did that deal, agrade school that they'll miss.
When we did that deal, the lightbulb moment went off in my head
.
It was like wow, not only can wecreate an amazing amount of
passive income and a qualityinvestment for us to own real
estate and build passive wealth,but we can do amazing things
(09:39):
for the community and have areal, lasting impact in the
lives of families at the sametime.
So we had grown our business andbeen doing the flips through a
bunch of debt partners, and thenwe brought on our first equity
partner, gosh, back in 22.
And the reason why we did thatwas because the demand from the
(10:02):
niche of this lease purchasemodel the amount of deals our
company could do it just beganto outpace what we could afford
to hold on to on our own.
And so now we do both.
We do a little bit of flips, wedo some longer term buy and
holds, and so we have debtpartners and equity partners
that are buying and holding ontoreal estate with us.
I'm right around 132 limitedpartners, whether that's debt
(10:23):
and equity.
It's been good, Carl, it's beenan amazing ride.
I started out of my parents'unfinished basement and here we
are with 30 plus team membersand 130 partners that keep my 30
plus team just a little busy.
Carl Richards (10:39):
What a phenomenal story, though, because I have
to go back, because I like howyou said.
By the way, thank you for thedetail, because there's so many
great things with and I knowthere was some some terms that
you you shared there, and thanksfor defining what they are and
how that journey has not onlyimpacted you but impacted
(10:59):
community.
But but I just want to go backa little bit there, because you
said pretty much right off thetop that we almost failed, or we
did fail.
We had some failure along theway.
So in the podcasting space it'sthe same and there's folks who
come to the podcasting space whohave a head full of ideas and a
heart full of passion to bringthat, and sometimes it just
(11:21):
doesn't make it to the airwavesor episode two or episode three.
They they kind of fall off thewagon for whatever reason, and
that they never do anything else.
You've just indicated that ifyou want something, not just bad
enough for you, but but enoughfor other people that that are
surrounding you, that it's soimpactful if you stay the course
(11:46):
and and just keep going yeah,that's right.
At what point did you startexploring podcasting and what
was it that led you there?
Jim Manning (11:55):
I had a conversation with a family
member.
He was this was during COVID,and he was afraid of running out
of money before he died.
And it hit me like a ton ofbricks because I was like well,
you worked middle class, middleclass family, you worked your
tail off and I know you savedyour money.
You went to the Lake of theOzarks not Europe every year on
(12:17):
vacation.
I said, well, what's going onLike why?
Why are you uncertain aboutthis?
He said, well, I saved my money.
Yes, I'm a self-mademillionaire.
Uh, if I live to be 90, I'mfine.
If I live to be a hundred, Idon't know, because of the
uncertainty around what's goingon in the economy with inflation
, you name it.
And then that hit me like a tonof bricks and I'm about half
(12:38):
this individual's age.
I thought to myself well, I'vecreated other financially free
individuals that don't have toworry about if they live to be
another 50 years or 20 years orwhatever, because their passive
income exceeds their monthlyexpenses.
Real estate's been just fine byme too.
I'm in a great shape as well.
(13:00):
And I thought about it.
I was like well, I think thatthe hiccup that a lot of people
have with investing in realestate is because being a
landlord kind of sucks.
Let's be real.
You have to find the property,negotiate a deal with
contractors, know how to compout I'm using industry terms but
know how to appraise a property, and the list goes on and on
and on.
Hire a property manager, fire aproperty manager, screen a
(13:22):
tenant you name it.
And to make passive income, youhave to execute at a very high
level.
It's not rocket science,anybody can learn it.
But to do it and execute at ahigh level takes a lot of
professional skills.
And so I thought about thefoundation of what we have been
able to do for other individuals.
I thought, ok, well, why don'tI just spread the word out there
(13:43):
?
So I created a show called thePassive Wealth Show.
It's an effort to just spreadthe word on how you can build
passive wealth without doing thework.
There's real estate fundstructures, there's private
lending, there's ways to turnyour home's equity into passive
income.
We helped a client thatgenerated over $40,000 in
(14:03):
passive income after she soldher property by turning her
equity into a loan.
So there's all sorts of ways todo it, and I felt like, well, a
podcast would be a perfectmedium to get the word out there
and let people know that it isa possibility.
It's possible.
I mean, I think the biggestthing about it is that it's not
that investing in itself ispassive and then generate all
(14:34):
this passive income.
The problem with that is thatbuying a rental property is
really building a new business.
That's a recurring revenuebusiness model.
It's not a passive income model.
So real estate in itself theway a lot of people teach it is
really about building recurringrevenue.
But the good news is that, justbecause there's work that needs
to be done doesn't mean thatyou, carl, or anybody listening
to this has to do the work.
(14:55):
If you develop a passiveinvestor mindset and you get
good at finding other people todo the work for you, then it can
become a 100% passive vehicle.
But there's a skill set there.
You have to be able to find thedeals.
You have to be able tounderstand hey, who's a good
operator, who's maybe at risk,what are the different
(15:15):
strategies out there?
And that's really the goal ofthe podcast is just to have open
and honest conversations abouthow do we build passive wealth,
how do we succeed through otherpeople.
It's been rewarding.
Carl Richards (15:26):
What are some of the aha moments that you've had
along the way as a podcaster,things that you've learned as a
host or just by havingconversations with amazing
people that you have on.
What are some of the thingsthat you've gone?
Oh, I didn't expect that.
What are some of the ahamoments?
Jim Manning (15:43):
Yeah, well, I think , in business, my biggest
mistake, one of the biggest,there's been plenty.
Carl Richards (15:49):
I was going to say did you want to confirm
which one was the biggest survey?
Jim Manning (16:00):
do a poll.
Yeah, we won't go there.
But one of the biggest mistakesI made earlier in my career was
I thought I had to be the guywith the answers and I thought
that it was on my back.
And what I mean by that is, youknow, I would spend by a
thousand dollar a course and Iwould spend a month learning it,
and then I go find the nextcourse.
I spent a month learning that,but then I'd forget what was in
the first course because I wasbusy learning the second and I
(16:20):
didn't ever implement any of it.
I thought it was like it was onme.
And what I didn't realize isthat when I got the right people
around me, then all of a suddenthings started to click.
There's a story about Henry Ford.
He was suing a newspaper forlibel and they called him an
idiot.
And so the defense attorney forthe newspaper they were like,
(16:42):
okay, what strategy can we do?
Oh, you know what?
Let's ask him a bunch of triviaquestions about the US history
and prove that this guy's anidiot, and then that way we'll
get out of the libel case.
So they start asking him likehey, what's some?
You know how many states are inthe US, you know what's the
river that flows by St Louis,like all sorts of just basic
stuff.
And he doesn't know any of themand they're like ah see, we got
(17:04):
you.
And he said well, why are yousure you're?
I'm the idiot.
Because in my office I have atelephone or I have a machine
with buttons is what he calledit.
I have a machine with buttonsand I can press a button and
then it connects me to someoneelse in my office that knows the
answer to all of the questionsyou're asking.
So, depending on what questionyou have, I just press the
(17:25):
button and then I get the answerto what I need.
So a lot of times, like Ifocused on hey, me being the one
with the knowledge uh, when theright person, a lot of times
we'll solve the problem and soand so.
What's beautiful aboutpodcasting is it gets you access
to really, um, high levelindividuals.
It helps you grow your networkand uh, so when you get into a
(17:47):
new problem or a new arena,you're able to.
You know you have a bigger listof people you can call and
start to develop therelationships with.
Just from like a hey, carl andI right now, right, like, we're
talking, we're interacting andhave that potential to build a
relationship, and I think that'sa big thing.
That held me back from gettingfurther faster was just that we
(18:09):
started out a new investmentstrategy.
Okay, I had to go through andlearn the contract and okay, how
are we going to set this upillegally.
And then I would bring anattorney and then, when, when
now, like we start out somethingnew, like that, it's like, okay
, let's call the attorney andsay, hey, set this up for us.
What can we do?
You know, podcasting helpssupport that and helps you
support your network, for sure Ithink that that sometimes we
(18:33):
feel that we need to.
Carl Richards (18:34):
I don't know if micromanage is the right word,
but it's like we need to have,we need to be on top of
everything.
We need to know what our peopleare doing, but we don't need to
know, we don't need to know theinner workings of everything.
That's one of the reasons why Ihave a team and obviously you
have a very successful.
So you need a team or the howthey do it, because if you did,
(19:01):
it would just be exhausting.
And it's the same with thepodcast.
We have individuals who willcome to our space and say well,
how do you do this and why doyou do this?
Or how do you do it like that,why don't?
It's like, don't worry aboutthat, that's what we do.
We're podcast solutions madesimple for a reason because we
don't want to overcomplicate itfor you.
We want life to be simple.
We want you to be able to runyour business, create some
(19:22):
podcast episodes, elevate yourcredibility in doing so and
allow us to do what we do best.
I don't take my car to themechanic and ask them is that
the right wrench to change thetires?
Is that how you really shouldbe doing.
We don't need to know all thatright, but sometimes I feel,
sometimes as business owners orentrepreneurs, I almost feel
(19:44):
that sometimes we need to, wedon't need to.
Jim Manning (19:47):
Yeah, and I mean yes, knowledge is important.
I'm not I don't want to dismissthat, I'm not saying that it's
not, for sure is, but you don'thave to know everything at the
same time, like you have to knowa little bit enough to be able
to manage the person or holdthem accountable.
But, yeah, you don't have toknow the inner workings.
And, like you know, like we'reusing Zoom right now, do I know
all the inner workings of thecode that allows us to be able
(20:10):
to talk even though we're in twodifferent cities?
Like, no, I don't know all theinner workings on that and,
quite frankly, I don't ever wantto know that.
I just want to pay Zoom andhave it do the work that it
needs and move on with my dayand help people with financial
freedom.
Right, you know, I think we get.
We do get caught up in that andthat kind of headspace really
slowed me down in my 20s.
(20:30):
As I'm getting older, I've beenable to let go of the vine a
little bit.
Carl Richards (20:34):
I find, as I've gotten older, I I get too tired
to want to even try and figureit out.
It's like I don't have time tofigure that out.
It's Friday afternoon at sixo'clock.
I'm, I'm good, I'm done, Idon't need to learn anything
else today.
But no, that's a, that's a.
That's a very good point, is itthat at some point we don't
need to know and I'm, I'm gladyou use be, zoom or another
(21:04):
recording platform how it works?
Great, knock yourself out, godo it.
I think if you're going to dosomething like that, it should
be where your passions lie orwhat is in the best interest of
your goals, the community thatyou serve, the things that
you're trying to accomplish andI'm glad that a podcast has has
helped you in in reaching morepeople, and now you're guesting
(21:25):
on shows as well.
Which came first?
Jim Manning (21:26):
the hosting of the guesting so I did the hosting
first.
But it's not, um, it's not abad idea to just guest first too
.
I probably should have beendone more guesting than I did.
I held off on that for a lotlonger than maybe I should have,
Not sure why, but you know I, II just just did.
Carl Richards (21:45):
It's okay, there's.
There's no right or wronganswer.
I find that there are somepeople who like to get their
feet wet, and guesting is a goodway to do that.
Plus, it tends to in some casesfits into their schedule a
little bit better to do that.
But then I also find that thereare just some some people who
are fired up and and eager to toget the messaging out there
(22:06):
that they want to be in the hostchair.
So kudos to you for doing thatas a guest.
What are some of the thingsyou've learned along the way,
things you've encountered?
Jim Manning (22:15):
Yeah, you know, I think it's a.
It's really tempting to try andlike, inflate yourself or put
like the most positive spin onthings.
I found myself naturallywanting to do that and I really
try and back away from that andbe real and genuine.
There's enough people out therethat will put an ad out there
(22:37):
with a Ferrari in the backgroundthat they actually rented, they
don't actually own right, andthat's just kind of the
antithesis of what I want to beabout.
I just hey, this is Jim, I'm areal guy, real person, and yeah,
we've had some successes.
Yeah, we have problems andtrials that we have to go
through, just like anybody,right, I think the more real we
can be, the better.
But it is tempting to be likethat and to not be real and
(23:04):
vulnerable and admit that youdon't have all the answers and
just kind of try and promote,promote, promote without any
meat on the bones to what you'resaying, with just pure fluff.
You know what I mean?
Carl Richards (23:15):
I think that you've done a really good job as
host and guest, of being real,of not making it all about your
success yes, I mean you've,you've shared that on on this
episode, but you've also sharedthat your success is one piece
of it.
The other piece is the, themission of helping other people
be as successful in elevatingthem, and I can see how that's
(23:36):
the, the phase that that you're,that you're working on and
continue to work on, and that'swhat that's.
What I think people don'trealize is that, yeah, you can
share your success and yourwealth and how how great it's
been for you, but when you canelevate other people and help
them be successful be itpodcasting, be it real estate,
be it whatever it is that, in myopinion, I'll get your take on
(23:58):
it too.
That, in my opinion, is whenyou really win.
Jim Manning (24:08):
That's when the magic really happens.
Yeah, that's right.
And um, you know what?
Back to your first question, Ithink so.
Carl prepped me on this, by theway, guys, I'm not this good
but he said, hey, is there likea at the end of it?
Let's leave like a takeaway orwhat.
You know what I'm saying.
And and back to like.
So, to add to what carl wasjust saying there, like and he
asked me that question earlierhe said, hey, you won deal in
your first 18 months.
Like, you almost flopped atthis thing, you almost failed to
(24:29):
launch.
Like, how'd you keep going?
Like what?
Like what happened?
And so Simon Sinek has startwith why.
And if you think about why, whatis why?
It's purpose, right?
Well, I've been doing thisalmost two decades now.
What I found is that your whyand purpose actually will ebb
and flow and it can be in fluxand it can change.
(24:49):
So when I first started out, Iwas like, okay, I shared it
earlier.
My why was I wanted to do goodthings for people, create homes
for families and make a lot ofmoney while I did it.
And then, as I started scalingup we had three years in we had
a gut-wrenching moment where webought three flips that weren't
selling and I had to startliving off of credit card debt
(25:10):
my why at that point actuallybecame I wanted to marry my now
wife and I was like you knowwhat?
I don't have money.
I just decided.
I was like I'm gonna marry thiswoman, I love her, she's the
one for me, but I didn't havethe money to buy the ring.
So it was a thrilling momentand a horrible moment at the
same time, because not beingable to just put the rock on her
(25:31):
finger right away.
So that helped me get throughall of the pain and the bad
deals and to where I was able tokind of get to the next level
get the money to buy her a ringthat she deserved.
But then, once I married her nowwhat?
My why has to shift againbecause I don't have another.
You know I'm married to her, Ihit that goal right and so it's
(25:52):
shift along the way.
You know the why now and youknow a strong enough why will
endure anyhow.
And if you look at my why now,it's about creating
homeownership for deservingfamilies.
We have a model where we caneven take charitable funds and
help us do that.
So if anybody listening in haslike a donor advice fund or they
donate to charities every year.
(26:13):
We have a model where we canhelp keep homeownership
attainable.
I'm looking to speak atdifferent charitable events that
maybe have people that maybeyou know, have people there that
are looking for ways toallocate their funds.
I think homeownership and theAmerican dreams in jeopardy
right now.
And this is so criticallyimportant to me because you know
, I read a book called by RayDalio, called Principles of a
(26:37):
Changing World Order.
It's a second book.
First book was Principles andhe basically goes through human
history and says, hey, whencivilizations fail, what happens
?
There's a couple of key factorson what happens in the decline.
One of the reasons whycivilizations fail is when the
wealth gap gets too big, whenthe poor and the rich that gap
(26:59):
gets too big.
What historically has happenedis the poor will then revolt,
take over and then they'll giveall the rich.
That gap gets too big.
What historically has happenedis the poor will then revolt,
take over and then they'll giveall the rich guy's stuff to
their friends.
And then history has repeateditself for thousands of years
like that, whether it's theRoman Empire, you name it, and
what I see us going throughright now with the wealth gap
and with AI and everything likethat, is that the gap's just
(27:19):
getting bigger and bigger andbigger.
If I can help a little bit withthe problem and help develop a
model where we can usecharitable funds that keeps
homeownership attainable fordeserving families.
I think people are going to getto the point where, hey, you
know what?
I know that AI guy is worth100,000 times what I'm worth,
but I own the own roof over myhead.
(27:40):
I got my own little slice ofthe American dream.
I can I can handle that, and Ithink there's like little
nuances and details like thatthat we need to start thinking
about and making sure that wekeep some pieces of the dream
alive, right and so anyway.
So, like that's, that's my whynow, that's that's why our
organization exists, why we'redoing these, these type of deals
(28:01):
we're doing right now.
You know I care too much aboutthe people we're helping to.
You know, if I have this light,I don't want to just like hide
it in a corner, like I need waysto like put it out there and
broadcast it out there.
And you know, we have this bigidea of how we can help people
and podcasting is a beautifulway to get the word out there
and connect with people.
(28:23):
And and we're, you know, we'rejust trying to trying to hold it
out, you know trying to get theword out on on some of the ways
we're trying to help them andhopefully it gets in the hands
of the right people that canhelp us on our mission.
Carl Richards (28:34):
Well, thank you, jim, for all of the work that
you've done and that you'recontinuing to do, and
congratulations on the successyour success, but then also the
success of the show andphenomenal, and I like the
reminder of the why, and thatthe why is extremely important,
something we talk about all thetime when we're working with
individuals and getting theirshows launched or revised or
(28:58):
revamped or reframed or whatever.
How can people get a hold ofyou, jim?
What's the best way for peopleto connect?
And we got to make sure, too,that they'll uh, they'll tune
into the podcast.
So what's the best way forpeople to do that?
Jim Manning (29:08):
Yeah, you know what , if you just go to passive
wealth showcom, you know we havethe full episodes.
You can get access there to ourpodcast.
And you know, at the time ofthis recording, we just passed
our 10 000 subscriber on youtube.
So I'm like all excited, youknow.
And then it's like, oh well,yeah, but dave ramsey has how
many, you know?
So one of those things.
(29:31):
So we're making a little bit ofsteam on this thing.
I'm really proud of where it'sat and um, but you know it's all
good, like as long as I'mhelping people, uh, working on
the mission.
You know I eat an elephant, onebite at a time, right, so so
anyway.
But yeah, no appreciative.
Thanks for having me on, carland um, thanks, guys for
listening and and appreciateeach and every one of you.
Carl Richards (29:52):
Jim that's a great place to leave it.
Jim manning, thank you so muchfor being my guest today.
Jim Manning (29:57):
Thanks for having me.
meand thank you for joining us
today.
Special thanks to our producerand production lead, dom
Carrillo, our music guru, NathanSimon, and the person who works
the arms all of our arms,actually my trusty assistant,
Stephanie Gafoor.
If you like what you heardtoday, leave us a comment and a
review, and be sure to share itwith your friends.
If you don't like what youheard, please share it with your
(30:19):
enemies.
Oh, and if you have asuggestion of someone who you
think would make an amazingguest on the show, let us know
about it.
Drop us an email, askcarl atcarlspeaksca.
Don't forget to follow us onLinkedIn and Twitter as well.
You'll find all those links inthe show notes, and if you're
ready to take the plunge andjoin the over 3 million people
who have said yes to podcasting,let's have a conversation.
(30:42):
We'll show you the simplest wayto get into the podcasting
space because, after all, we'repodcast solutions made simple.
We'll catch you next time.
Welcome to Communication Connection
Community the podcaster'spodcast.
This podcast takes a deep diveinto modern day communication
strategies in the podcastingspace.
We chat with interesting peoplewho make the podcasting and
speaking spaces exciting andvibrant.
We also dive into thepodcasting community with news
(00:24):
updates, latest trends andtopics from this ever-evolving
space.
So strap in, it's going to beone amazing ride.
Let's dive into today's episode.
What does it take to win inpodcasting?
Well, it takes dedication.
It's a long game, not a shortgame.
We've talked about that manytimes on this show.
It takes commitment.
(00:45):
It takes also looking out forother people, helping other
people, being there to supportthem.
It's true about business ingeneral, isn't it?
I mean, in order to besuccessful, you first need to be
able to be successful athelping others, and I think
that's the big theme we're goingto be covering today as we chat
with our guest, who is aseasoned podcaster and has taken
(01:05):
the deep dive into being apodcast guest.
Jim Manning's first job out ofschool was working for a
self-made billionaire.
Wow, how exciting is that?
His leader had private jets andevery material thing you could
ever want.
Unfortunately, the billionairewas absolutely miserable.
So 15 years ago, jim wasinspired to set out and find a
(01:26):
way to become financially freewithout sacrificing his personal
life.
Passive income generated fromhis investments has enabled Jim
to found multiple successfulreal estate companies, while
still being a present husbandand dad for his family.
Along the way, jim discoveredthat he also has a knack for
creating financial freedom forothers.
He's now on a mission to showothers how to generate passive
(01:47):
income from real estate withoutdoing any of the work.
He's also a sought-afterpodcast guest and a podcast host
, and we're so glad that we haveJim here today with us.
Jim, welcome to the podcast.
Jim Manning (01:59):
Thanks for having me, carl.
I really appreciate it, excitedto be here having me.
Carl Richards (02:05):
Carl, I really appreciate it, excited to be
here.
I just shared a lot of yourorigin story, but let's back up
a little bit, because therearen't too many people who one
of their claims to fame could bethat they've worked for a
billionaire.
I think maybe a lot of us havethat dream when we're starting
out.
If only I could but tell meabout this journey from
billionaire to where you are now.
Jim Manning (02:22):
Yeah, so it was my first job out of college and it
was actually an internship and I, you know, through a friend of
a friend, landed a job at a winecompany and what we did was we
took a bottle of wine out of aninventory, we printed out a
label so that someone couldinventory it or so that we could
inventory it, and then we juststuck the bottle, the label on
(02:45):
the bottle of wine, and put itback in and and, uh, so
inventorying a wine collection.
You know, most of us don't needto do that, but you know, when
you have thousands and thousandsof bottles of wine, from an
insurance standpoint it getskind of important to know what's
in the wine collection, right?
So, uh, that was the companyand what we did.
And so my first gig out ofcollege, I worked for two full
(03:07):
weeks with three guys takingbottles of wine out, printing
out a label and putting asticker on, and inventorying
this gentleman's wine collection.
Just to put this in perspective, at one point I had over
$25,000 of wine in my hands thatI carried and three of us you
know, 60 plus hour weeks, twofull weeks to do it.
(03:28):
So this guy had some big bucks.
What a unique experience to beable to get to know someone on a
personal level too, becausewe're in his house and I went
out to dinner with him multipletimes and everything like that
too, right.
Carl Richards (03:38):
I have to say, as a lover of wine and I've
watched a couple ofdocumentaries about wine that I
always want to get my hands onthe right year or bottle of
petrus or romanicanti or any ofthose you know high-end brands
that it seems a little bit outof reach sometimes, but but uh,
certainly that's a, that's aphenomenal story when you're
(03:59):
holding that, I mean even a 2025000 collection or bottle or
whatever it's like.
Oh, my goodness, don't dropthis.
Jim Manning (04:08):
At the time I had like a $0 net worth, so had I
dropped it, I'd have beenworking for him for a little
while.
Carl Richards (04:14):
But what a phenomenal experience, though,
to have that, and then alsoyourself, on this journey of
helping others becomefinancially free and helping
yourself as well.
And, of course, real estate, asI've come to appreciate, is one
heck of a vehicle to not onlybuild wealth, but build
(04:35):
generational wealth.
Jim Manning (04:37):
Yeah, that's right.
I mean I learned a couple ofgood things from the billionaire
and one of the things was that,hey, this is America, this is
what's possible.
He was a self-made guy, hestarted a company and he was
able to achieve the pinnacle ofbusiness success.
And so when that internshipended and I got into corporate
(05:01):
America, I knew right away I waslike, well, this isn't going to
get me a private jet, thisisn't going to get me $1,000
bottles of crew champagne thatdrink on said private jet.
So I knew right away I was like, man, I need to start my own
thing and I fell in love withthe idea of real estate
investing, because if you flip aproperty and you take a
property that is in neglect andit needs repairs and you fix it
(05:23):
up, you are literally making ahome for a family.
So I love that thought of hey,I could feel good about what I'm
doing.
But then also the financialupside yeah, you can make
$50,000 plus on just one deal ifyou do it right and you get
that right deal.
So I decided to get into realestate investing for the
(05:44):
financial upside and for theimpact that I was able to make
for the community.
My goodness, it took a while.
I almost failed to launch.
I only did one deal in my first18 months.
But then we were able to scaleour business by going to high
net worth individuals and saying, hey, I can do all the work, Do
(06:05):
you have some money to lend meto be able to do some property
flips?
And they would lend us 100% ofthe purchase price, 100% of the
fix up.
And what was fantastic aboutthat is the amount of deals we
could do is only limited theamount of capital that we could
raise from individuals.
So the first couple of years wegot our first couple investors
(06:25):
and it grew from there.
Lo and behold, a decade later,we were flipping over 100 houses
a year back in 2016.
And then we got up to 200 plusa year and we were scaling and
we were flipping a ton ofproperties, three full-time
construction managers andcountless crews and everything
like that.
(06:45):
On our own side of things, wewere spinning the hamster wheel
faster because we were makingmore and more revenue.
We weren't crazy focused onbuilding our passive wealth.
We were picking up rentalsalong the way, but we didn't
have it as a hyper focus.
And then I started doing themath of the private lending that
we had, and we had $20 millionon the streets and then I
(07:06):
realized, holy cow, this is anincredible passive income
vehicle that myself trying tojust do deals and do good things
for the community, I createdthis really good investment
opportunity and I've createdseveral individuals that are
financially free and just havingto stroke the check and then
collect the interest on theirmoney through the loan vehicle
(07:28):
known as private lending.
That was really the kind of aneye-opening moment for me.
Like, wow, like, passive incomecan be a thing you can invest
into real estate and not do anounce of the work if you find
the right operators to do thework for you.
So then, in 2018, we startedbeing a little bit more diligent
(07:49):
on shifting our focus and wefell in love with a lease
purchase model.
And what a lease purchase model.
Some people call it rent to own.
There's nuances and differences.
We won't get into that here onthis podcast, but what's amazing
about it is the opportunity toown real estate and generate
passive income, but act as thebank and let the tenant act as
(08:12):
the homeowner, Okay, and theycan do all the repairs and
maintenance.
The other amazing thing aboutit is that it opens up a way to
homeownership for thesedeserving families.
So in our model we collect adown payment let's say it's
$10,000 before a tenant moves onand they're through the moon
excited because maybe they'vebeen overlooked by the
traditional banks or maybe theyhad a one-time hardship in the
(08:34):
past.
So they don't have any otheroptions to be a homeowner for
the near future and we open upthat opportunity for them.
And I'll never forget this.
One of our first clients has aspecial needs kiddo.
Kiddo got sick and they gotbehind on medical bills because
their kid got sick.
We crossed paths with them.
They had paid off their medicalbills but they still had their
(08:58):
credit damaged and their kidneeded a specific school
district.
We happened to have a home inthat school district and we were
able to tell them and say, hey,you know what.
You did the right thing.
You paid off all the bills.
You can afford this property.
The only thing you messed upwas you didn't have a large
enough rainy day fund.
Why don't you be a homeownerand get?
And your kid doesn't have eightyears for your credit to
(09:19):
rebound?
That's all a great school thatthey'll miss, Right?
Um?
So when we did that deal, agrade school that they'll miss.
When we did that deal, the lightbulb moment went off in my head
.
It was like wow, not only can wecreate an amazing amount of
passive income and a qualityinvestment for us to own real
estate and build passive wealth,but we can do amazing things
(09:39):
for the community and have areal, lasting impact in the
lives of families at the sametime.
So we had grown our business andbeen doing the flips through a
bunch of debt partners, and thenwe brought on our first equity
partner, gosh, back in 22.
And the reason why we did thatwas because the demand from the
(10:02):
niche of this lease purchasemodel the amount of deals our
company could do it just beganto outpace what we could afford
to hold on to on our own.
And so now we do both.
We do a little bit of flips, wedo some longer term buy and
holds, and so we have debtpartners and equity partners
that are buying and holding ontoreal estate with us.
I'm right around 132 limitedpartners, whether that's debt
(10:23):
and equity.
It's been good, Carl, it's beenan amazing ride.
I started out of my parents'unfinished basement and here we
are with 30 plus team membersand 130 partners that keep my 30
plus team just a little busy.
Carl Richards (10:39):
What a phenomenal story, though, because I have
to go back, because I like howyou said.
By the way, thank you for thedetail, because there's so many
great things with and I knowthere was some some terms that
you you shared there, and thanksfor defining what they are and
how that journey has not onlyimpacted you but impacted
(10:59):
community.
But but I just want to go backa little bit there, because you
said pretty much right off thetop that we almost failed, or we
did fail.
We had some failure along theway.
So in the podcasting space it'sthe same and there's folks who
come to the podcasting space whohave a head full of ideas and a
heart full of passion to bringthat, and sometimes it just
(11:21):
doesn't make it to the airwavesor episode two or episode three.
They they kind of fall off thewagon for whatever reason, and
that they never do anything else.
You've just indicated that ifyou want something, not just bad
enough for you, but but enoughfor other people that that are
surrounding you, that it's soimpactful if you stay the course
(11:46):
and and just keep going yeah,that's right.
At what point did you startexploring podcasting and what
was it that led you there?
Jim Manning (11:55):
I had a conversation with a family
member.
He was this was during COVID,and he was afraid of running out
of money before he died.
And it hit me like a ton ofbricks because I was like well,
you worked middle class, middleclass family, you worked your
tail off and I know you savedyour money.
You went to the Lake of theOzarks not Europe every year on
(12:17):
vacation.
I said, well, what's going onLike why?
Why are you uncertain aboutthis?
He said, well, I saved my money.
Yes, I'm a self-mademillionaire.
Uh, if I live to be 90, I'mfine.
If I live to be a hundred, Idon't know, because of the
uncertainty around what's goingon in the economy with inflation
, you name it.
And then that hit me like a tonof bricks and I'm about half
(12:38):
this individual's age.
I thought to myself well, I'vecreated other financially free
individuals that don't have toworry about if they live to be
another 50 years or 20 years orwhatever, because their passive
income exceeds their monthlyexpenses.
Real estate's been just fine byme too.
I'm in a great shape as well.
(13:00):
And I thought about it.
I was like well, I think thatthe hiccup that a lot of people
have with investing in realestate is because being a
landlord kind of sucks.
Let's be real.
You have to find the property,negotiate a deal with
contractors, know how to compout I'm using industry terms but
know how to appraise a property, and the list goes on and on
and on.
Hire a property manager, fire aproperty manager, screen a
(13:22):
tenant you name it.
And to make passive income, youhave to execute at a very high
level.
It's not rocket science,anybody can learn it.
But to do it and execute at ahigh level takes a lot of
professional skills.
And so I thought about thefoundation of what we have been
able to do for other individuals.
I thought, ok, well, why don'tI just spread the word out there
(13:43):
?
So I created a show called thePassive Wealth Show.
It's an effort to just spreadthe word on how you can build
passive wealth without doing thework.
There's real estate fundstructures, there's private
lending, there's ways to turnyour home's equity into passive
income.
We helped a client thatgenerated over $40,000 in
(14:03):
passive income after she soldher property by turning her
equity into a loan.
So there's all sorts of ways todo it, and I felt like, well, a
podcast would be a perfectmedium to get the word out there
and let people know that it isa possibility.
It's possible.
I mean, I think the biggestthing about it is that it's not
that investing in itself ispassive and then generate all
(14:34):
this passive income.
The problem with that is thatbuying a rental property is
really building a new business.
That's a recurring revenuebusiness model.
It's not a passive income model.
So real estate in itself theway a lot of people teach it is
really about building recurringrevenue.
But the good news is that, justbecause there's work that needs
to be done doesn't mean thatyou, carl, or anybody listening
to this has to do the work.
(14:55):
If you develop a passiveinvestor mindset and you get
good at finding other people todo the work for you, then it can
become a 100% passive vehicle.
But there's a skill set there.
You have to be able to find thedeals.
You have to be able tounderstand hey, who's a good
operator, who's maybe at risk,what are the different
(15:15):
strategies out there?
And that's really the goal ofthe podcast is just to have open
and honest conversations abouthow do we build passive wealth,
how do we succeed through otherpeople.
It's been rewarding.
Carl Richards (15:26):
What are some of the aha moments that you've had
along the way as a podcaster,things that you've learned as a
host or just by havingconversations with amazing
people that you have on.
What are some of the thingsthat you've gone?
Oh, I didn't expect that.
What are some of the ahamoments?
Jim Manning (15:43):
Yeah, well, I think , in business, my biggest
mistake, one of the biggest,there's been plenty.
Carl Richards (15:49):
I was going to say did you want to confirm
which one was the biggest survey?
Jim Manning (16:00):
do a poll.
Yeah, we won't go there.
But one of the biggest mistakesI made earlier in my career was
I thought I had to be the guywith the answers and I thought
that it was on my back.
And what I mean by that is, youknow, I would spend by a
thousand dollar a course and Iwould spend a month learning it,
and then I go find the nextcourse.
I spent a month learning that,but then I'd forget what was in
the first course because I wasbusy learning the second and I
(16:20):
didn't ever implement any of it.
I thought it was like it was onme.
And what I didn't realize isthat when I got the right people
around me, then all of a suddenthings started to click.
There's a story about Henry Ford.
He was suing a newspaper forlibel and they called him an
idiot.
And so the defense attorney forthe newspaper they were like,
(16:42):
okay, what strategy can we do?
Oh, you know what?
Let's ask him a bunch of triviaquestions about the US history
and prove that this guy's anidiot, and then that way we'll
get out of the libel case.
So they start asking him likehey, what's some?
You know how many states are inthe US, you know what's the
river that flows by St Louis,like all sorts of just basic
stuff.
And he doesn't know any of themand they're like ah see, we got
(17:04):
you.
And he said well, why are yousure you're?
I'm the idiot.
Because in my office I have atelephone or I have a machine
with buttons is what he calledit.
I have a machine with buttonsand I can press a button and
then it connects me to someoneelse in my office that knows the
answer to all of the questionsyou're asking.
So, depending on what questionyou have, I just press the
(17:25):
button and then I get the answerto what I need.
So a lot of times, like Ifocused on hey, me being the one
with the knowledge uh, when theright person, a lot of times
we'll solve the problem and soand so.
What's beautiful aboutpodcasting is it gets you access
to really, um, high levelindividuals.
It helps you grow your networkand uh, so when you get into a
(17:47):
new problem or a new arena,you're able to.
You know you have a bigger listof people you can call and
start to develop therelationships with.
Just from like a hey, carl andI right now, right, like, we're
talking, we're interacting andhave that potential to build a
relationship, and I think that'sa big thing.
That held me back from gettingfurther faster was just that we
(18:09):
started out a new investmentstrategy.
Okay, I had to go through andlearn the contract and okay, how
are we going to set this upillegally.
And then I would bring anattorney and then, when, when
now, like we start out somethingnew, like that, it's like, okay
, let's call the attorney andsay, hey, set this up for us.
What can we do?
You know, podcasting helpssupport that and helps you
support your network, for sure Ithink that that sometimes we
(18:33):
feel that we need to.
Carl Richards (18:34):
I don't know if micromanage is the right word,
but it's like we need to have,we need to be on top of
everything.
We need to know what our peopleare doing, but we don't need to
know, we don't need to know theinner workings of everything.
That's one of the reasons why Ihave a team and obviously you
have a very successful.
So you need a team or the howthey do it, because if you did,
(19:01):
it would just be exhausting.
And it's the same with thepodcast.
We have individuals who willcome to our space and say well,
how do you do this and why doyou do this?
Or how do you do it like that,why don't?
It's like, don't worry aboutthat, that's what we do.
We're podcast solutions madesimple for a reason because we
don't want to overcomplicate itfor you.
We want life to be simple.
We want you to be able to runyour business, create some
(19:22):
podcast episodes, elevate yourcredibility in doing so and
allow us to do what we do best.
I don't take my car to themechanic and ask them is that
the right wrench to change thetires?
Is that how you really shouldbe doing.
We don't need to know all thatright, but sometimes I feel,
sometimes as business owners orentrepreneurs, I almost feel
(19:44):
that sometimes we need to, wedon't need to.
Jim Manning (19:47):
Yeah, and I mean yes, knowledge is important.
I'm not I don't want to dismissthat, I'm not saying that it's
not, for sure is, but you don'thave to know everything at the
same time, like you have to knowa little bit enough to be able
to manage the person or holdthem accountable.
But, yeah, you don't have toknow the inner workings.
And, like you know, like we'reusing Zoom right now, do I know
all the inner workings of thecode that allows us to be able
(20:10):
to talk even though we're in twodifferent cities?
Like, no, I don't know all theinner workings on that and,
quite frankly, I don't ever wantto know that.
I just want to pay Zoom andhave it do the work that it
needs and move on with my dayand help people with financial
freedom.
Right, you know, I think we get.
We do get caught up in that andthat kind of headspace really
slowed me down in my 20s.
(20:30):
As I'm getting older, I've beenable to let go of the vine a
little bit.
Carl Richards (20:34):
I find, as I've gotten older, I I get too tired
to want to even try and figureit out.
It's like I don't have time tofigure that out.
It's Friday afternoon at sixo'clock.
I'm, I'm good, I'm done, Idon't need to learn anything
else today.
But no, that's a, that's a.
That's a very good point, is itthat at some point we don't
need to know and I'm, I'm gladyou use be, zoom or another
(21:04):
recording platform how it works?
Great, knock yourself out, godo it.
I think if you're going to dosomething like that, it should
be where your passions lie orwhat is in the best interest of
your goals, the community thatyou serve, the things that
you're trying to accomplish andI'm glad that a podcast has has
helped you in in reaching morepeople, and now you're guesting
(21:25):
on shows as well.
Which came first?
Jim Manning (21:26):
the hosting of the guesting so I did the hosting
first.
But it's not, um, it's not abad idea to just guest first too
.
I probably should have beendone more guesting than I did.
I held off on that for a lotlonger than maybe I should have,
Not sure why, but you know I, II just just did.
Carl Richards (21:45):
It's okay, there's.
There's no right or wronganswer.
I find that there are somepeople who like to get their
feet wet, and guesting is a goodway to do that.
Plus, it tends to in some casesfits into their schedule a
little bit better to do that.
But then I also find that thereare just some some people who
are fired up and and eager to toget the messaging out there
(22:06):
that they want to be in the hostchair.
So kudos to you for doing thatas a guest.
What are some of the thingsyou've learned along the way,
things you've encountered?
Jim Manning (22:15):
Yeah, you know, I think it's a.
It's really tempting to try andlike, inflate yourself or put
like the most positive spin onthings.
I found myself naturallywanting to do that and I really
try and back away from that andbe real and genuine.
There's enough people out therethat will put an ad out there
(22:37):
with a Ferrari in the backgroundthat they actually rented, they
don't actually own right, andthat's just kind of the
antithesis of what I want to beabout.
I just hey, this is Jim, I'm areal guy, real person, and yeah,
we've had some successes.
Yeah, we have problems andtrials that we have to go
through, just like anybody,right, I think the more real we
can be, the better.
But it is tempting to be likethat and to not be real and
(23:04):
vulnerable and admit that youdon't have all the answers and
just kind of try and promote,promote, promote without any
meat on the bones to what you'resaying, with just pure fluff.
You know what I mean?
Carl Richards (23:15):
I think that you've done a really good job as
host and guest, of being real,of not making it all about your
success yes, I mean you've,you've shared that on on this
episode, but you've also sharedthat your success is one piece
of it.
The other piece is the, themission of helping other people
be as successful in elevatingthem, and I can see how that's
(23:36):
the, the phase that that you're,that you're working on and
continue to work on, and that'swhat that's.
What I think people don'trealize is that, yeah, you can
share your success and yourwealth and how how great it's
been for you, but when you canelevate other people and help
them be successful be itpodcasting, be it real estate,
be it whatever it is that, in myopinion, I'll get your take on
(23:58):
it too.
That, in my opinion, is whenyou really win.
Jim Manning (24:08):
That's when the magic really happens.
Yeah, that's right.
And um, you know what?
Back to your first question, Ithink so.
Carl prepped me on this, by theway, guys, I'm not this good
but he said, hey, is there likea at the end of it?
Let's leave like a takeaway orwhat.
You know what I'm saying.
And and back to like.
So, to add to what carl wasjust saying there, like and he
asked me that question earlierhe said, hey, you won deal in
your first 18 months.
Like, you almost flopped atthis thing, you almost failed to
(24:29):
launch.
Like, how'd you keep going?
Like what?
Like what happened?
And so Simon Sinek has startwith why.
And if you think about why, whatis why?
It's purpose, right?
Well, I've been doing thisalmost two decades now.
What I found is that your whyand purpose actually will ebb
and flow and it can be in fluxand it can change.
(24:49):
So when I first started out, Iwas like, okay, I shared it
earlier.
My why was I wanted to do goodthings for people, create homes
for families and make a lot ofmoney while I did it.
And then, as I started scalingup we had three years in we had
a gut-wrenching moment where webought three flips that weren't
selling and I had to startliving off of credit card debt
(25:10):
my why at that point actuallybecame I wanted to marry my now
wife and I was like you knowwhat?
I don't have money.
I just decided.
I was like I'm gonna marry thiswoman, I love her, she's the
one for me, but I didn't havethe money to buy the ring.
So it was a thrilling momentand a horrible moment at the
same time, because not beingable to just put the rock on her
(25:31):
finger right away.
So that helped me get throughall of the pain and the bad
deals and to where I was able tokind of get to the next level
get the money to buy her a ringthat she deserved.
But then, once I married her nowwhat?
My why has to shift againbecause I don't have another.
You know I'm married to her, Ihit that goal right and so it's
(25:52):
shift along the way.
You know the why now and youknow a strong enough why will
endure anyhow.
And if you look at my why now,it's about creating
homeownership for deservingfamilies.
We have a model where we caneven take charitable funds and
help us do that.
So if anybody listening in haslike a donor advice fund or they
donate to charities every year.
(26:13):
We have a model where we canhelp keep homeownership
attainable.
I'm looking to speak atdifferent charitable events that
maybe have people that maybeyou know, have people there that
are looking for ways toallocate their funds.
I think homeownership and theAmerican dreams in jeopardy
right now.
And this is so criticallyimportant to me because you know
, I read a book called by RayDalio, called Principles of a
(26:37):
Changing World Order.
It's a second book.
First book was Principles andhe basically goes through human
history and says, hey, whencivilizations fail, what happens
?
There's a couple of key factorson what happens in the decline.
One of the reasons whycivilizations fail is when the
wealth gap gets too big, whenthe poor and the rich that gap
(26:59):
gets too big.
What historically has happenedis the poor will then revolt,
take over and then they'll giveall the rich.
That gap gets too big.
What historically has happenedis the poor will then revolt,
take over and then they'll giveall the rich guy's stuff to
their friends.
And then history has repeateditself for thousands of years
like that, whether it's theRoman Empire, you name it, and
what I see us going throughright now with the wealth gap
and with AI and everything likethat, is that the gap's just
(27:19):
getting bigger and bigger andbigger.
If I can help a little bit withthe problem and help develop a
model where we can usecharitable funds that keeps
homeownership attainable fordeserving families.
I think people are going to getto the point where, hey, you
know what?
I know that AI guy is worth100,000 times what I'm worth,
but I own the own roof over myhead.
(27:40):
I got my own little slice ofthe American dream.
I can I can handle that, and Ithink there's like little
nuances and details like thatthat we need to start thinking
about and making sure that wekeep some pieces of the dream
alive, right and so anyway.
So, like that's, that's my whynow, that's that's why our
organization exists, why we'redoing these, these type of deals
(28:01):
we're doing right now.
You know I care too much aboutthe people we're helping to.
You know, if I have this light,I don't want to just like hide
it in a corner, like I need waysto like put it out there and
broadcast it out there.
And you know, we have this bigidea of how we can help people
and podcasting is a beautifulway to get the word out there
and connect with people.
(28:23):
And and we're, you know, we'rejust trying to trying to hold it
out, you know trying to get theword out on on some of the ways
we're trying to help them andhopefully it gets in the hands
of the right people that canhelp us on our mission.
Carl Richards (28:34):
Well, thank you, jim, for all of the work that
you've done and that you'recontinuing to do, and
congratulations on the successyour success, but then also the
success of the show andphenomenal, and I like the
reminder of the why, and thatthe why is extremely important,
something we talk about all thetime when we're working with
individuals and getting theirshows launched or revised or
(28:58):
revamped or reframed or whatever.
How can people get a hold ofyou, jim?
What's the best way for peopleto connect?
And we got to make sure, too,that they'll uh, they'll tune
into the podcast.
So what's the best way forpeople to do that?
Jim Manning (29:08):
Yeah, you know what , if you just go to passive
wealth showcom, you know we havethe full episodes.
You can get access there to ourpodcast.
And you know, at the time ofthis recording, we just passed
our 10 000 subscriber on youtube.
So I'm like all excited, youknow.
And then it's like, oh well,yeah, but dave ramsey has how
many, you know?
So one of those things.
(29:31):
So we're making a little bit ofsteam on this thing.
I'm really proud of where it'sat and um, but you know it's all
good, like as long as I'mhelping people, uh, working on
the mission.
You know I eat an elephant, onebite at a time, right, so so
anyway.
But yeah, no appreciative.
Thanks for having me on, carland um, thanks, guys for
listening and and appreciateeach and every one of you.
Carl Richards (29:52):
Jim that's a great place to leave it.
Jim manning, thank you so muchfor being my guest today.
Jim Manning (29:57):
Thanks for having me.
meand thank you for joining us
today.
Special thanks to our producerand production lead, dom
Carrillo, our music guru, NathanSimon, and the person who works
the arms all of our arms,actually my trusty assistant,
Stephanie Gafoor.
If you like what you heardtoday, leave us a comment and a
review, and be sure to share itwith your friends.
If you don't like what youheard, please share it with your
(30:19):
enemies.
Oh, and if you have asuggestion of someone who you
think would make an amazingguest on the show, let us know
about it.
Drop us an email, askcarl atcarlspeaksca.
Don't forget to follow us onLinkedIn and Twitter as well.
You'll find all those links inthe show notes, and if you're
ready to take the plunge andjoin the over 3 million people
who have said yes to podcasting,let's have a conversation.
(30:42):
We'll show you the simplest wayto get into the podcasting
space because, after all, we'repodcast solutions made simple.
We'll catch you next time.
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