In today’s episode of The Art of Passive Income, Mark and Scott welcome special guest Nichole Stohler from TheRicherGeek.com to the show.
Nichole’s journey to financial freedom started after a weekend trip to Barnes & Nable, one of her favorite way to unwind with her husband Mike on the weekends. During that trip, she stumbled across a copy of Robert Kiyosaki’s book “Rich Dad, Poor Dad” something that would change their lives forever.
The book outlined a very important financial concept for the couple. It was just what they needed to take action to control their future. They immediately signed up for a real estate seminar and right after they jumped right into purchasing three investment properties using their credit card advances to fund their down payments.
However, after three months of owning and managing their new properties, they had to give them back after falling deeply into debts as a result of lacking skills and knowledge on how real estate works. Nichole and Mike were determined to take another shot at real estate investment and so they equipped themselves with the knowledge and experience they needed to run a successful real estate business, manage risk, and conservatively assess properties and opportunities.
Listen in as they discuss:
- The hotel real estate niche
- Branded flag franchised hotels
- The process of buying a hotel
- The numbers of real estate investing from a cap rate perspective
- Revenue per available room (RevPAR)
Nichole also shares details on how she manages and operates her business to create passive cash flow.
TIP OF THE WEEK
Mark: My tip of the week is learn more about Nichole Stohler and her geeky empire at therichergeek.com.
Scott: Check out Aida Form (aidaform.com); they offer free services, it’s free, they build online forms and bet them into websites, it immigrates to mailchamp to build your buyer’s list.
Nichole: My tip is a book called Built to Sell, if you want to grow a successful business that is bigger, you have to be in this mindset that you’re working on the business with strategies not in the business.
Isn’t it time to create passive income so you can work where you want, when you want and with whomever you want?