Today we are joined by a special guest who has dedicated his life to being a firefighter and nurse in New York City and who has, through these roles, had a massive impact on his community. But after working 80+ hours a week, he knew that he had to make some changes to spend more time at home with his wife and three daughters. That’s when Timothy Lyons read Rich Dad Poor Dad and became interested in the opportunities in the world of real estate. After partnering on a multifamily property 13 months ago, he saw firsthand the power of real estate investing as an opportunity to create passive income and build wealth for his family. In this episode, Timothy talks to listeners about his pivot away from smaller units to bigger multifamily apartments, explaining that the former became too labor-intensive and time-consuming to be scalable. He also shares how he applies his leadership and management experience in his real estate investing career, what passive investing has taught him, and why he focuses primarily on active investing nowadays, so make sure to listen in!
Key Points From This Episode:
- The story of how Timothy became a New York City firefighter.
- The unique opportunity firefighters have to do another job due to their unusual schedules.
- Getting his nursing degree and finding fulfillment in work that makes an impact.
- Timothy talks about the struggles of working 80-hour weeks.
- Deciding to pursue real estate investing after reading Rich Dad Poor Dad.
- How Timothy found his first deal and why he was immediately hooked.
- Why he decided to pivot away from the three-plex model to the larger multifamily space.
- How Timothy applies his real-world experience and leadership to real estate investing.
- Timothy talks about being amazed at the many benefits of passive investing.
- Why he decided to go the active investing route when he initially wanted more free time.
- Timothy shares why he is a better active investor now that he has done passive investments.
- The most important things for sponsors to do from a communication standpoint.
Tweetables:
“I think, the more that I get older, the more I want to do impact type work and, between the firehouse and the hospital type stuff, it was great.” — Timothy Lyons [0:03:17]
“When you get your first K-1 statement and you see the passive losses versus your passive income, you can quickly see that this is an amazing opportunity to have your money work for you.” — Timothy Lyons [0:10:18]
Links Mentioned in Today’s Episode:
Passive Income Through Multifamily Real Estate on Facebook