Justin Stoddart 0:00
Hey, welcome back to the real estate show. So excited about today's episode, because it's someone who's a very dear friend of mine, someone who I admire and have so much respect for. She's someone like a kind of a personal hero that I hope that when I'm hearing that I've got the ambition and the drive and the vision and the business sense, and the passive income that she has. And that's going to be today's topic. For those that know me know that my passion is to help you think bigger. Because when you think bigger, your business grows, and your options and impact grow, and the world gets a better place. So let me begin before we fully introduce her just saying thank you to Linda Quinn, for joining us on today's episode.
Linda Quinn 0:37
Thanks, Justin. I'm enjoying this.
Justin Stoddart 0:40
Good. So for those that don't know, Linda, she's been in the real estate industry for 43 years. And around her, you would guess that she's been in for five years, not because of her experience, but just because of the energy that she has. She is fired up and raring to go. And just such an inspiration to all of us. 25 years ago, Linda, you began collecting properties, as I like to call it. And I know you've taught a number of times, wealth building through real estate actually has a group on Facebook called wealth building through real estate would encourage any and all that are interested in learning from Linda, to go find that Facebook group. You know, let's talk a little bit about why you started to do that. Linda, why it was so important for you to start to create a passive income, you know, many, many years ago. So,
Linda Quinn 1:29
I had met with a financial planner in about 1990. And he began telling me that I had to save $1,000 a month, and then I could retire at 65. And my income would be 5000 a month, but that was prefaced on an 8% a year return. And I was single with four kids at home and I was thinking where the heck am I going to get 1100 dollars a month. So new real estate. And I began thinking, Okay, I've read enough books by Robert Allen and some of the other guys that were really gurus in the rental real estate. I'm going to do this. And that's how I got started.
Justin Stoddart 2:14
So you realize that as many real estate agents have recognized there's no pension, there's no 401k there's no built in retirement plan. And I joked as I was opening this, the posts that I put out there is that most agents don't want to be marketing properties when they're, you know when they're past a certain age, right? the thing for someone like you who like you could stop you absolutely could stop today and live a wonderful life. But you keep going tell us a little bit about that, that you choose to this because you have to be in the business because you choose to.
Linda Quinn 2:47
Yeah, I really get up every morning excited about what I do. And find out where the challenges are. I'm really excited about where it's going to go. I think for me, it's an opportunity to see how much can I achieve. And I feel like it's limitless. As far as passive income comes, I've got three streams of income coming in right now. And I, I want to see where it could go. I don't know what I would do. If I didn't do real estate. I said, My bond bonds, it just makes sense. You know,
Justin Stoddart 3:22
I think real estate and really any business is a great place to be when you are there because you want to be there. I think nothing is good if you're there because you have to be there. Right?
Linda Quinn 3:33
Right. Right. And, you know,
Justin Stoddart 3:35
the nice thing about your situation is you can say, hey, team, I'm done today, I'm going to go tour the world. For you. As you said, your passion is more about like, how much more can I get done? How many are more lives going to impact? How many more streams of wealth can I create, which is so inspiring, because there's a whole group of people that benefit because we choose to do that, right? Maybe there's some, you know, some beach vendors that would benefit by having Linda Quinn there with a, you know, my tie in her hand and purchasing some polka shells. But I think, you know, your talents and abilities are probably better served by driving this industry forward. And, and teaching and training your decades of wisdom. So I commend you for your commitment to the industry and to just thinking bigger, right? You're the classic, big thinker of like, I don't want to stop like that. How boring would that be?
Linda Quinn 4:25
Well, Warren Buffett didn't stop, you know. So we're both in the same boat. I feel like I would like to contribute to other agents to be able to give them the same benefits. I'm doing a little bit of mentoring and training right now, which is great. And it leads you into different things that you can get excited about.
Justin Stoddart 4:53
So fun. Now let's talk about these three income streams. What I would imagine is your real estate business to which you still have top producer back, we spoke yesterday folks in and she was like, Hey, I'm just doing my prospecting calls. Like, How fun is that? That? So so. So that's one again, you and your amazing daughter, and Stewart are top producers validated through and through you guys are legitimate. Big producers have a great team operationally as well as sales wise, just doing some great things and really doing well by the customer. Again, I've got the good fortune of you to know, is connected to you in business, and you guys really do some great work for the customer. So that's one correct,
Linda Quinn 5:33
right, right. Okay, yeah. And the second one is my income stream from rental income, real estate. And I own? Well, my husband and I totally, we own about 25 properties, I do the property management because I want to. And I do everything from turnover and remodeling, and whatever you can think about when you think run real estate, and that brings in a significant amount of money. I don't take any income off that because I am currently paying off my mortgages, and I have very few lefts. So I could retire just off rental real estate.
Justin Stoddart 6:13
So you've got 25 properties. And at some point in the near future, those of those will be free and clear. You'll just be collecting complete rent checks from that, like a great situation. Let's talk about that income stream before we move on to the third. What advice would you have a real estate agent who maybe is like, I know, I need to do that. But I haven't gotten there yet. Or I've only got one I know I need to get more like what's either the mindset shift, or the budgetary shift at home where they can start affording these is there's some point at which is clicked for you, and or what you've helped other people to be like, Okay, I got to make this a priority like?
Linda Quinn 6:50
Well, if you just look at what you need for retirement, Justin, I've done the math on this. When we teach classes, I asked the audience, you know, how much do you want to retire with per per year, and almost invariably, they say $100,000 a year, but the future value of $1 in 20 years, if that's the time that it takes to get to retirement is $180 $80,000, they need every single year to live 20 more years, not counting the 3% inflation rate that would probably exist. And so at $180,000 a year, for 20 years, you need $2.67 million in the bank, to be able to produce that kind of income to sustain $100,000 a year of what we're living right now. So I would think that that should drive a little bit of anxiety, in most real estate agents, guts. And to try this. It isn't that difficult to do. Back in the days, I'...
