How Anyone can Make Money in Real Estate | Ep 135 | The Simple Life with Gary Collins

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Have you always wanted to get into real estate investing, but just don't know how or where to start? Well, today, I have a fellow soldier of freedom and living the life you want, Myles Wakem. Myles and I have been investing in real estate for decades and have learned many lessons during that time. Today, we share with you some of those lessons and how anyone can get started in real estate investing and be successful if they exercise patience and realize it is not a get-rich-quick scheme.

As always, we dip into numerous other subjects relating to the economy, government abuse of power, and how taxation is actually theft.

About Myles in his own words: I was born and raised in Adelaide, Australia. Adelaide was a wonderful place. Clean, great community, great weather, great food. I mean the idyllic location. My parents were not wealthy, but nor were they poor. My father worked all of his life for the same company. My mother was a stay-at-home parent. My parents owned their own home and paid it off. They struggled financially but were able to put me through private school. I was an only child – I guess I didn’t have to share their focus with another, so I got lucky.

I am a self-made business owner. I don’t have a job. I do have clients and I do work on software projects and data centers, etc. today. It is because this is what I love to do. It isn’t because this is my career. I’ve never embraced that concept. I think if you are blessed to find your calling early in life and you can turn that into an income earner, you will embrace that far more than a defined “career” that people have to convince themselves that they love to do. I got lucky in that regard. But it was more that at a young age I was passionate to learn things. I still am. I just can’t learn them in a classroom, or a lecture hall, or in books. I have to go out and see things with my own eyes and touch things with my own hands. It is just the way I operate.

Topics Discussed:

* How Myles and I got started in real estate investing
* Why you should always first consider your house an investment than a place to live
* Why you should never chase a hot market, and my story of doing such
* Tax implications of owning and selling real estate
* How Myles took a leap and held real estate in two different countries and was successful
* Understand what boom/bust cycles are and how to take advantage of them
* Valuable lessons we have learned over the decades and make sure never to repeat
* Why this economy and housing bubble will be much worse than 2008
* How and why the banks and fed gov are pulling the same tricks as they did in 2008
* Why mortgages and all loans are designed to keep you broke
* How most people lose money on the sale of their house even though they think they made money
* How to buy real estate right
* Why timing is key
* There are deals to be had even when markets are red hot
* How and why the American Dream is a bill of goods
* How the government colludes with the financial industry
* Why our economy is at a dangerous tipping point and how you can plan for it
* Why sitting tight is the key and be putting away cash for the deals to come

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Episode Resources:

* Myles’ Website: https://www.beunconstrained.com/ 
* Link to episode 108, as an expat of Australia he discusses how they lost their freedom https://thesimplelifenow.com/ep-108-myles-wakeham-australia-is-at-war-with-its-own-citizens-an-example-of-freedoms-lost/
* Link to episode 81, where Myles discusses Bitcoin - fraud or a legitimate currency: https:/www.thesimplelifenow.com/e81/
* Link to episode 76, where Myles tells his story of becoming a millionaire three time: https://www.thesimplelifenow.com/e76/
* The Simple Life Website: https://www.thesimplelifenow.com
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