Live Money Makeover - Raj & Mina

Hi, this is Laurel Angmeyer. Welcome to our Money Makeover series here on YouTube, where we're going to be continuing to makeover families across the world and look at their financial situations. What have they done right? What have they done that's interesting and give them some course to correct and some guidance to correct. So we have with us Mina and Raj today. I also have strategists that you'll be hearing in the background. So Dylan, come join us and tell me a little bit about Raj and Mina. I know you've been talking to them. Awesome. Thanks so much for doing this, Laurel. Raj and Mina are super excited. They're really looking for consistency. They're a husband, wife team that's getting into real estate investing, and they're looking to grow that business and create some kind of consistent revenue, residual income, setting them up right for the future. So awesome. All right. So we're going to do a little makeover here on the board. All right. So the way we start is we talk about your baseline. So first of all, tell me a little bit about you guys. How old are you? How have you made money in the past? Hey, I'm 51. My husband's 50. And we've had several businesses over the year, years, I should say. Have you had jobs or always businesses? I used to work corporate jobs and say about last 10 years. So I've been in business, retail business. OK, so you've been entrepreneurs for about 10 years. Correct. Awesome. So tell me about your income. What do you do to make money today? We are both real estate agents as well as investors. OK, are you actually agents or investors? Both. OK, good. And so how much do you make in the agent side? How much do you make to be an agent? This is hard to determine that, but so far this year we made about fifty five thousand. This is for an investing side. Agent side is probably about. About five thousand or so. OK, so as an agent, about five thousand for the whole year. OK, and for the investing side, fifty five thousand. OK, and any other income? We're just going to go through your baseline, see where you are financially. Then we'll talk about the situation a little more. So what are their income? You have their income like from stocks or bonds or any other income? No, nothing. I did some sold some stocks in my 401k, but I cannot use that right now. So. OK, so essentially we got about 60 grand so far this year. What do you spend of that? Are you spending all of it? What's your expenses? Right. We are living off that. So I'm just going to say all, right? Can you see the board a little bit, too? Right. All right. So let's talk about your assets. So if you have fifty five in income from your real estate, do you still own the real estate? What do you have in real estate holdings? Just flip. We just flip. So what do you have in assets then? You say you have a 401k. What else? IRA, then some stocks, some equity and our primary home. OK, so tell me those numbers. So in your 401k, what do you have a 401k? I have about 60,000. OK. And your IRA? Around 70,000 stocks. So in that account, about roughly about 50,000. And what's your equity in your home equity in the house is about 280. All right. So you're about 460, 460, 500,000. So about half a million net worth. Does that seem right? Probably. Right. So that's good for where you are. But let's get any other assets before we go to liabilities. What do you have on the liability side? We owe roughly about 60,000 at home. OK. Any other liabilities, credit cards? My daughter has a student loan now. OK. How much? Thirty. Thirty thousand. OK. No credit card debt. No. So well done. Now, what do you really want? You've done well, you're got about 460,000. Well, not really, because you're probably down. So really, probably 360 in net worth. You want more. So what do you really want? Like, we're going to go up here and say, what do you really want? Your Freedom Day goal. What would you do? At least some more leftover income, right? So like something you want to start about with at least 10,000 or more monthly income. OK. All right. What else? Build up our retirement. Build up of our retirement. So do you want to become millionaires? Absolutely. Right. So right now you probably have about 360 in net worth. So increase to one million plus. Thank you. Right. So anything else financially, Dylan, anything that they're forgetting to tell me because I don't have a longer conversation? I noticed some shares with Facebook and some Ameritrade account. That's part of the stock number. That's a stock number. That's all included in them. OK. And are you guys trading the stockers Ameritrade trading? We can do it. But this is kind of sitting there. I mean, yeah, it's just sitting there. We're not doing any movement right now. And is your IRA and your 401k self-directed or is it just sitting in a traditional account? Out of that, I do have a 40,000. It's a Roth IRA rest 401k and inside the 401k part of its Roth or is an additional? No, no. That's part part of that is 40,000. Right. But is it sitting at a traditional house like an Ameritrade or is it self-directed? It's not self-directed. All right. So searching here is what we're going to do. So again, I'm not a financial advisor. I can't tell you. I would just say if this was my deck of cards, what a lot of our clients would do and we would help you get there is you need to self-direct so you can use that money because you could be using that upward of one hundred and ten thousand for your real estate and using that. And when you grow inside of a qualified plan, it's the most protected money you could ever grow. So it's a great place to use it. So self-directing, you move one hundred and ten to a self-directed account. Is that good? You guys will open to that. Learning about that. Yes. OK. So our job is to put together, you know, a blueprint. We've got some rough numbers. We introduce you to a financial alternative financial planner. They actually get the details. And then we start the plan. So they start the self-directing. Are you guys incorporated? You guys have an entity, an LLC for your real estate? Correct. We do. Is it in is it Missouri or what state? Missouri. OK. So you just have one? We have two. Two. What's the other one? What's the tell me the use of the LLCs? What do you use them for? Oh, we just use them both. Flipping one by one. We don't buy more than one property in one one LLC. Oh, how come? For liability reason. OK, we'll work on that. So some of the other money will. So one of the things that we'll work on in here is your money rules. Because there's a there's a better structure to use it to flip. Are they both? How are they taxed? Are they taxed as escorts? Are they taxed? There is a regular LLC right now. OK. And how are they taxed? You know, you don't know. We got to figure that out. They are not taxed as a escort, though. We are thinking about changing to escort. So how are you doing on your taxes? Too terrible this year because we have a lot of deductions. But definitely, if it you know, if the amount were to increase, we would want to get to an escort. We think we think I was going to say, so you need some guidance. So we have experts in that council who will tell you what that should be based on what your taxes are. So the tax and entity structure, they actually go hand in hand. Right. So that would all get evaluated and reviewed. What about a trust? You guys have a trust? We we do have a trust. Is it revocable in Missouri? So, yes, it's a revocable trust. Yes. Yes. Are you sure that the entities and all your assets are held in trust? No, no. So we need to look at that, too. So we have a great compliance team. So the way we work is I'm the educator and kind of identify issues. And then we have a whole team of experts. So I know Dylan talked about like a VIP, like a legacy process with you. So that would be working with the team. You'd work with like the the trust lawyer would make sure that the trust is done right. The entities would be you decide on the entities based on your tax structure. So whether you turn to an S or depending on how much more money you make and how quickly you make it, a lot of times, though, I just know a lot of our clients will end up with a C corp. So that'll be evaluated. Self directing your money. What about the stocks? Do you want to keep the stocks or do you want to move that into more cash that you can use for real estate? That's eventually plan is we can use them for real estate. So, again, if you cash out those stocks, you could end up with the tax issue. So before you do any of that, usually it would consult the tax team. That makes sense. So you don't end up with huge capital gains. That makes sense. Taking a quick step back to the trust, we had made that trust when we lived in Illinois. OK, is that a problem or do we have to redo it in Missouri? You don't have to redo it, but there is some transfer paperwork that you're going to have to do to make sure it transfers. So you don't end up in probate in the state of Missouri. And we've had clients end up in in Kansas and Missouri. And it's not easy to get your assets out once they get them. It's usually a year to 18 months before you're ever going to see those assets again. And by that time, the estate's pretty demolished. And usually over 50 percent will go to a state. So we've got to make sure that's in place. The other question I didn't ask, do you guys have children? Two. How old are they? One is 22 and the other one 16. All right. And are they interested in learning any of this? We want to make them interested. I like that. So, you know, this is a family experience. So we we we first get you organized and then we bring the kids in. And typically I do a lot of that work and working with the kids to understand what are they what are they getting, what are they doing? Is the 22 year old in college right now or is she out? Graduated and working. OK. And is she going to pay off the loan or are you guys? We're trying to get her to pay it. All right. So we got to work on the law. What? All right. So what's going on in your real estate? So, again, good base, not difficult stuff to solve. But would do you see that without like really proper help? You're going to just keep going at the same pace you're going. Oh, it's hard to say. You're going to would you rather roll the dice and do it on your own or would you like to get some help? Help would be nice, I think. Well, here's the help that we would provide. So, number one, the way you're doing real estate, I'm going to say it's very traditional, but it's also very slow. If you did it with a group of people. Right. And there's there's quite a group in our community that does a lot of real estate. So when you do it as a group, you actually can do you could 10x what you're doing in a year. Right. Whether that's raising other people's capital, you find the project, you work with the teams. So we have several folks that do that very specialized inside our community. I'm a real estate millionaire, so I know how to do this very quickly. I did 16 million in very, very short period of time. So you're doing it very, I'm going to say, slow and methodical versus learning to raise money, learning to raise IRA money, using other people's credit. There's just a different way that you can create momentum. So is that interesting to you to learn that? Yes. She seems more Mina seems more interested in you, Raj. That's what I want to see. We just started this like a year and a half ago, just getting educated. And we had some coaching and we're going to all the vias and doing the whole everything we can learn, anything and everything. So it is going slow, though, because obviously everybody wants the now, you know, but there is a way to have it now. So the main reason the main like the difference between doing it slow and learning it all yourself is the going quick, like inside of our VIP, like working with the specialized, we'd also give you one of the real estate coaches is to learn from somebody who's got, I mean, millions of dollars of experience in transactions. I've done over a thousand real estate deals. So I know this is slow the way you're doing it. Like when I first started, we bought an entire neighborhood in Oklahoma City and we revamped the entire neighborhood and flipped them all. And we did it all within a six month period. And you say, well, I don't want to go that fast. Well, you don't want to go that fast because you don't know the people. But if you're going out to raise, you have enough network. You're just not orchestrating the deals right. Though, like at a point when you're doing it really right, you won't have to use your own money. You'll use other people's money. You'll structure the deals. These entities aren't enough to do it. So if you want to go quick, that millionaire status is easily with what you have an easy three to five year plan. It's not difficult to get. You just have to have the right guidance. And part of the question is what's the, what's it worth to have a team that's done it over and over and over? Like what's that worth to you versus, you know, hope you get it right. I mean, you're getting a lot of it, right? But slow and it's risky to do it alone. So what's it worth to have, to be able to have what you want and get to a millionaire in three to five years and get this fixed, like really done, right? You'll your self-directed account should easily be able. I mean, the million I see for you would be in your self-directed account. You'd use your self-directed account to get there, but there's a blueprint to do that. Supposed to be more excited. Sorry, we'll see me more excited. No, I, we are excited. It's all trying to sink in everything, you know? So what do you need to see next for you to move forward to get this plan created with you? Like I have our team help you create that plan. But basically have a cashflow coming in. That's the biggest thing right now. What do you have in addition to, but you also, I mean, you're not doing much on your agency side. Correct. We try to acquire more leads and stuff. So that's our challenging part right there. But are you even going out and marketing much? I mean, making 5,000 as an agent is not a lot of work. Yeah. The marketing on that side is not too much. Too heavily. We are not marketing, but our main focus was on investing side that was kind of like a using resources. That's why we became investors. Well, so the other thing I would coach you on is not separating it. I'd use your agency. I'd probably put another, depending if you're going to keep flipping, then you'd put a construction team inside of there and go faster. Like we just got back last week. We were in Ohio and we're doing over 160 doors all at one time, all other people's money, IRA money. So part of it to you guys is, I mean, do you want to be passive and invest in other projects or do you really want to do the work and learn to do the work? Nope. We don't want to do the work and have the team do the work. So you want that team to do the work, right? And join the team. It's a lot easier. And then it's a lot easier to not actually to keep the agency in the, in the investor. I would merge it and integrate it more than keep it in two separate income streams just because your marketing is going to be faster that way. Okay. Okay. So what I want to do is flip you back to Dylan. He's right here. So you're not going anywhere. And we're going to have more of a conversation about how our team will create the blueprint. So the way the VIP specialized works is we create the blueprint and it actually lays out on spreadsheets. So we don't tell you what to do. We just give you ideas and then you start deciding and you start deciding based on learning, based on experience, based on knowledge. You're going to meet people who have done this over and over and over. I'm not hoping to do it. So I love Rhea's. I'm going to say this live on camera, but a lot of folks at the Rhea are in the same situation you are. They're all wanting to do it. There's not a lot of people who have done it, right? Usually the leader of the Rhea is the one who has done it and done it well. So now it's time to kind of flip that on its side and have you guys get more involved. But I do think that part of your decision in the beginning is how active or passive you're going to be, right? And, and do you really want to stay in your market? Cause this is all St. Louis market, right? It's a great market though, if you know how to tap it. But I would put a lot of, I would put probably 50 to a hundred years worth of experience next to you to go faster. So that's what you're really, I'm going to say buying is the learning and that knowledge of a team of that magnitude. So it's go slow or go fast with experience. Yeah. Yeah, that's true. And that's why we are here. I know. I know. And you guys are set up for the, uh, the, uh, did you guys sign up for the, that the workshop when I was, okay, good. So we'll definitely see you there. Um, but I want, uh, ideally with Dylan, we'll start you sooner and get you moving. So when we do see you, you'll actually meet the team live. You'll actually meet them online as we start now. And then when we actually see you either in Phoenix, Orange County or Vegas, then you'll actually meet them physically cause they come out to the, all the events. So this is like a jumpstart. Do you personally attend those? Um, I do. I actually lead and teach them all. Yep. Yep. Have to be. Yeah. I've a huge firm believer that you don't pass the, you can't pass the experience of the knowledge to trainers who might know parts of it. You have to know all of it. Yeah. So I look forward to working with you guys. This is not difficult. This is a three to five year millionaire plan and realistically three, if you do everything we say and not just what I say, what the team says, okay, that work. All right. So great start. Let's get a plan and let's get you into the specialized a VIP program and Dylan will follow up on a phone call. All right. Thank you. All right. And we'll look forward to seeing you alive at one of the workshops soon, hopefully in November in Phoenix. That'd be great. So here you are on Laurel's money makeovers. We're going to continue to do money makeovers. I'll be bringing on team that will also be giving some insight to the makeover. So, and for those of you who want to sign up for a makeover, click on the link below, get signed up and we will schedule you to be live here on our YouTube channel. And the more you engage, the more chances you're going to get to be on these makeovers. We want you to ask questions about the makeover, why we did certain things, why we didn't, this is a full engagement that we're starting. And we want you to challenge what we're saying. We want you to engage. We want you to question the more engagement, the better, and the better chances you're going to be live here and become a millionaire in three to five years. We'll talk soon.