You have probably heard Dwan mention the Power of 13 before, but maybe this is the first time you have ever heard her explain it. Dwan has found this fail-proof method of creating passive income for yourself that can help you quit your desk job and start working on fulfilling your own dreams!
Many real estate investors make the mistake of borrowing against their rentals for other investments or paying off their own houses and assets before paying off their rental properties, but Dwan challenges you to flip the script. Flip a few houses and pay off a rental property, flip a few houses and pay off another, and so on until you own 13 rental properties free and clear. Every month, set aside the income from 3 of those properties into an account for expenditures (taxes, insurance, and repairs) and then live off the income of the other 10. With this passive income coming in, you won’t have to work any more and you will be able to pay off your own assets and get started on acquiring your next set of 13 properties until you have the amount of passive income coming in every month to give you the lifestyle you want.
If you haven’t heard, Dwan has dropped the fee to join the Dwanderful.com Membership Site, so now you have access to the document library and the chat box for FREE!
Time Stamped Show Notes
- 3:06 – Dwan checks in and talks about Bill’s OCD clothing habits.
- 6:15 – Dwanderful.com is now FREE, so go download the rental agreement so you are ready for this step in your real estate investing journey.
- 8:06 – The Power of 13 is flipping houses until you are able to pay off 13 rental properties, then every month you put the income from 3 of them into an account for expenditures and you live off of the income from the other 10.
- 11:34 – The average person in America can live comfortably off of $10,000 per month if all of their properties are paid off.
- 15:43 – Consider your Subject 8’s as a part of these rentals.
- 16:37 – Pay off your rental properties first and THEN start paying off your assets. Get that passive income first – most people will tell you to do the opposite.
- 19:53 – It is feasible to pay off 13 rental properties in 3 years. Burnout happens if you don’t have that passive income first.
- 23:32 – Bill and Dwan decided that they need $50,000 per month in passive income, and then they travel to speak and teach because they love it.
- 26:54 – They also do 20-40 apprentice trainings per year.
- 28:23 – Get your 13’s in place and establish your base needs per month. Stop working for other people to make their dreams come true!
- 30:32 – Do not borrow against your rentals – that is how people get into trouble. You should have some Subject 8’s, some middle-class, and some upper-class rental properties.
- 32:24 – Learn from Dwan’s mistakes!
- 33:38 – Your assignment is to download the Land Trust document, to give the podcast a 5-star review, and share it with your friends.