Description

Today we're excited to welcome Jonathan Steele, an experienced family law attorney from Chicago. Jonathan brings a unique perspective to our show, as he not only practices family law but has also become an expert in cybersecurity - an area that is increasingly important for his clients. We look forward to tapping into Jonathan's wealth of knowledge on real estate, privacy, and the intersection of technology and the legal field.

Delving into the privacy aspect, Jonathan shares how LLCs can provide a degree of anonymity, though he suggests land trusts as an even more effective tool for maintaining confidentiality. The discussion then pivots to Jonathan's foray into cybersecurity, prompted by the increasing prevalence of digital privacy concerns among his family law clients. Jonathan describes how he has integrated AI and automation into his practice, using them to stay up-to-date on case law and automate client communications. However, he cautions against over-reliance on these technologies, emphasizing the importance of using them responsibly and with appropriate safeguards.

Things we discussed in this episode:

• Jim's formative experience working for a self-made billionaire and the lessons he learned about the importance of happiness beyond wealth.
• The challenges of scaling a real estate investing business with limited capital, and how Jim and his partner overcame these obstacles.
• The importance of partnerships in real estate investing, with a focus on finding the right combination of capital and hustle.
• Tips for raising capital from high net worth individuals, including the value of a well-crafted presentation.
• The role of hard money loans as an "intermediary" step for real estate investors before transitioning to private lending.
• Jim's mistakes and lessons learned in his early real estate investing, including not becoming landlords and overestimating profit margins.
• The lease purchase model as a strategy for generating more passive income by shifting maintenance and repair costs to tenants.
• Jim's perspective on retirement planning, advocating for an "income problem" approach rather than a "nest egg problem."
• The concept of "impact investing" and using capital to drive positive social change.
• The hosts' and Jim's shared experiences in hosting real estate-focused podcasts and the value of exploring diverse perspectives in the industry.

Get in touch with Jim:

Facebook - https://www.facebook.com/passivewealthshow

Linkedin - https://www.linkedin.com/in/jimmmanning/

Website - https://passivewealthshow.com/

Youtube - https://www.youtube.com/@passivewealthshow

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