Creative Capital Podcast 150: $100K+/Month in Passive Income / Only 25 Units / & a 4.5lb Steak with Joey Mure
Creative Capital
Josh Ferrari
5 • 1.1K Ratings
🗓️ 18 March 2022
⏱️ 68 minutes
🧾️ Download transcript
Summary
Financial freedom is possible! This is what Joey Mure, Founder and Partner at Wealth Without Wall Street so passionately wants to share to people who would like to live their life feeling that they are bounded with limitations. Joey brings impact, integrity, and generosity to the company every day. He hopes to be remembered as a lover of Jesus, devoted husband, and faithful father.
Despite dreaming, around age 10, of becoming an orthopedic surgeon, Joey was in the mortgage business for 11 years before moving to finance in 2014. His personal mentor, Nelson Nash — another man of integrity and impact — is someone Joey deeply admires. Joey’s strengths in building relationships, asking great questions, and influencing and empowering people with the Wealth Without Wall Street message make him invaluable to the company’s mission. He is relational, impactful, and a true leader. His colleagues would add that he’s thoughtful, funny, and a family man. Many people don’t know that Joey ate a 72-ounce steak dinner once.
If he could be anywhere other than work, you’d find him at the beach with his family. And every Sunday morning, they’re worshipping the Lord. A lifetime goal of Joey’s is to impact the world for Christ, and a more near-term goal is to purchase a beach house for my family. Aside from Wealth Without Wall Street, Joey listens to Sharran Srivatsaa’s Business School podcast and Donald Miller’s Building A StoryBrand podcast. He’s happiest when he’s traveling with his wife or golfing with his girls. He cares deeply about Campus Outreach, Cru, Navigators, Sav a Life, Lifeline Adoption, and Young Business Leaders. His aims to live by the words “Trust in the Lord with all your heart and lean not on your own understanding. In all your ways acknowledge Him and He shall direct your path (Prov 3:5-6).”
[00:01 - 06:54] How It All Started
- Josh explains the Airbnb Arbitrage model
- Welcoming Josh Mure to the show
[06:55 - 17:15] The True Meaning of Success and Living the Life
- Starting in the mortgage business. His first exposure to real estate
- The events that led him to realize the true meaning of success
- Taking a leap: Leaving his w-2 job and diving into the business world
- How he and friend Russ Morgan started Wealth Without Wall Street
- The mission: educate people that financial freedom is possible
[17:16 - 50:38] Road to Financial Freedom
- Creating $100k passive rental through short term rentals
- Hiring people to do what they do best
- Running short-term rental in the midst of a pandemic
- Joey explained the arbitrage model
- Keeping the right people to manage the business (it’s more than just the salary)
- Leveraging systems and technology to remotely manage rental properties
- The risks of the arbitrage model
- Raising a million dollars for a new short term rental deal
[49:36 - 53:45] Pod Decks Segment
- Fun story behind the four and a half-pound steak
- Describe your sense of humor
- Would you rather have or which one would you rather ask? ABS or biceps and why?
- Bonus question: What jobs will the advancement of the future never threaten?
[53:52 - 1:00] Core Four Questions
- Favorite business book
- What do you think your unique skill is that helps you become successful.
- Tell me something that's true about real estate. That almost nobody agrees with you on
- Joey’s advice to people who would like to succeed in real estate
Key Quotes
“People are really the key to success in any business and in any matter in life
networking is so critical. If you're in real estate, if you're going to be successful in real estate in any shape, or form, you have to know how to network, you have to be connecting with people.” - Joey Mure
“The advancements of the world will never take the place of that person who has invested in themselves, and who has really honed a skill and learn something that they can then share with the world.” - Joey Mure
Resources Mentioned
Becoming Your Own Banker: Unlock the Infinite Banking ConceptThe Road Less Stupid
Connect with Joey on Linkedin
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You can also email me at [email protected]
For more information about Ferrari Capital visit us on our website https://www.ferraricapital.com
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Transcript
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| 0:00.0 | You're listening to the Creative Capital Podcast. |
| 0:08.1 | You're dying to learn about how you can create wealth in real estate investing, then you |
| 0:11.6 | come to the right place. |
| 0:13.7 | Join in every week as we go over the ends and outs of real estate investing and learn |
| 0:18.2 | how you too can become financially free. |
| 0:23.1 | You know municipalities are not really like some of them have not woken up to the fact |
| 0:28.4 | that this is going on and if you get a bad operator in a place and they have a short |
| 0:34.1 | terminal in the city, all of a sudden the neighbors get up in arms and go to the city |
| 0:38.2 | and they say, we don't want these short-term rentals, all of a sudden they can change |
| 0:42.8 | the ordinances and they can make it very difficult for you to operate in those cities. |
| 0:49.6 | What's going on everybody? |
| 0:50.6 | This is Josh Ferrari, host of the Creative Capital Podcast and I'm really excited about |
| 0:57.8 | today's episode as I am almost every episode or really every episode because we're talking |
| 1:03.3 | about something we've never talked about before and it's something I actually read about |
| 1:08.1 | I don't know two, three years ago and I was really in a key pivotal transition of trying |
| 1:15.4 | to decide where I was going to go with the business, with the real estate investing business |
| 1:20.8 | and we had just, we were in the process of really just horrible things happening with |
| 1:25.4 | the foreplex and realizing we were going to lose a lot of money and it wasn't really |
| 1:28.9 | panning out and I knew that that wasn't the path I wanted to go long-term and so I came |
| 1:34.0 | across this thing called Airbnb Arbitrage which is actually what our guest here, Joey |
| 1:40.3 | Murey, has become the expert and some stuff that we were able to get him out because there |
| 1:46.6 | is a lot of nuances with the Arbitrage model now those nuances are obviously easily |
... |
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