Speaking Success into Existence
On this episode of Next Level American Dream, Sean is joined by Anthane Richie. Anthane is an active duty Chief Petty Officer in the United State Navy, a real estate investor in Virginia area, and hosts a podcast called, 'Rich State of Mind.' During the interview, Anthane and Sean discuss his start in real estate, how Anthane is trying to pivot his current business, and some advice he has that isn't always available on the internet.
Key Topics
Tell us about your background
How did you find real estate?
What is the "rich state of mind"?
What does the American Dream mean to you?
Connect with Anthane Richie:
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Abigail: [00:00:00] Welcome to the Next Level. American dream podcast brought to you by Thomson multifamily group. Your hosts, Abigail, and Sean will discuss how you can take your American dream to the next. The real estate investing business practices and personal development. Join us. As we share our experiences as a father, daughter, duo, who are trying to accomplish their goal of financial freedom, we hope you learn more about how to define and achieve your American.
Here's another episode of Next Level, American dream. Welcome to the Next Level American dream podcast. We have a great guest for you today, but first, please make sure you have subscribed. If you have not already, we also love getting your feedback through likes comments, ratings, and reviews today. The guests of the show is Anthane Richie.
Anthane is an active duty chief petty officer in the United States. A real estate investor in the Virginia area and hosts a podcast called rich state of mind during the interview, Anthane and Sean discuss his start in real [00:01:00] estate, how he is trying to pivot his current business and some advice he has that isn't always available on the internet.
If you found any value from today's episode, then please share it with a friend and help us grow. For more information on our sponsor. Visit Thomsonmultifamilygroup.com to start taking your American dream to the next level through passively.
Sean: Hi, Anthane. Thanks for being on the show. How are you doing?
Anthane Richie: I'm doing great, man. I'm glad to be here.
Sean: Well, let's start by just give the people sort of a little bit about your background and kind of what you have going on
Anthane Richie: now. All right. So a background active duty military chief in the Navy father of three. So FA household a five originally from the Bronx grew up half happened to live down south.
So, which is why I ended up joining the Navy out of Virgingia. So I've been in the Navy for about 12 years. I'm actually mill to mill. My wife is a, is a chief as well in the Navy. So interesting dynamics, you know, as far as deployments and how we raise our kids. And I wanted to, my upbringing prompted me to want to live a different life, a life that was comfortable.
I want to [00:02:00] be comfortable in life. So I looked at, you know, personal finance, trying to figure out ways to. Become debt free, not living paycheck to paycheck, to paycheck only getting paid, just to pay bills. And then that's what opened me up to passive income ideas, you know, starting a vending machine business, starting ATM business.
And then real estate really caught my eye. And I had a friend that I used to work with. He showed me. He was he was house hacking a fourplex in Los Angeles. And before I even knew what house hacking was, that's what he was doing. And all the tenants were paying for his mortgage and he was basically living for free.
And that's when I realized that I wanted to get involved in real estate cashflow and equity being built, obviously around that time too, it was like 2014. So economy was covering from 2008, the housing bubble. So anybody that invested in anything, you probably look like a genius. And you probably your net worth is probably going up a lot since 2008.
So that's what kinda got me started. And that's what got me invested, started investing in real estate. And I've been, I've been loving it. It's been a great learning [00:03:00] lesson too. Actually. I've been loving it.
Sean: So w what was, what was your first sort of a deal that you did? Was it a single family purchased, flip, or did you do rental properties?
What did where'd you where'd, you kind of start in the business
Anthane Richie: backwards because now I'm doing single family, but I started off doing multifamily. My first property was a triplex. So I used my VA loan to actually purchase. Which for those that know that's active duty military, or actually even if you're not active, you know, as long as you digitize and earn that, that VA benefit, you can use your VA loan to get up to four units.
So I use it to get three, had to owner occupy one of them. And then. After a while after a year, I no longer had to live in there. And so I rented out all three, so it ended up being a good deal because the total rents were 2,500 a month and the mortgage was nine 50. So it ended up being over my 1% rule, which I know a lot of people kind of use that as their kind of like their litmus test.
But, and it obviously, depending on what market unit that may or may not work, but it definitely passed that. And I actually got a [00:04:00] great deal with it because the owner was willing to obviously go below asking price. And when we had identified that the copper was stolen out of the HVAC system, he replaced those entire HVAC.
So I know that wasn't cheap. It was probably like a $12,000 thing. He took care of that in order for me to close on a deal. So it was, it was a pretty cool first time I think I got lucky, actually, I got really lucky, really blessed on that because there's a lot of things that could've went wrong with that deal that had I not had a real estate agent that would.
She was also not only was she a real estate investor herself, but she also worked with a lot of real estate investors. So it was things that she was able to walk me through to help make sure that I got a cashflow on property. On top of obviously the owner, the seller being accommodating as well.
Sean: Yeah. So you got, you kind of got lucky because the people around you and in the transaction, we're helping you through the process is always saying, yes.
Where did you go from there? You bought the threeplex and then you had that for a year before. So you lived in that for a year, sort of [00:05:00] like you said, hash house, hacked that for a year. And then what was, what was your next project?
Anthane Richie: My wife and I ended up getting a duplex, like three months later, we put money down and got a duplex.
And so that one was about, about 10, 15 minutes away from what a triplex was that learning lesson from that one. So this is where I had to had a real estate agent that was not comfortable or did not know a deal with a lot of real estate investors. She, a couple of things that have. She didn't help me with concessions.
And I don't know if most people know what that is, but what my previous property, I was able to get certain things fixed before closing, and then we just pay the contractor at closed at closing. So what we did was we used the, the, the property was appraised for 1 45. The price that we settled on was 1 39.
So I used the six grand of equity to pay a contractor to fix the roof in order for you to pass the appraisal because the appraisal [00:06:00] guidelines are pretty strict with the VA. And then we paid them at closing. So with moving forward to the duplex, there were some things that had I, whatever I know now, I wish I knew back then, because I would have used the same process to fix a few things prior to moving in so that when I got the tenant, that ended up actually being a squatter.
And then she had completely like disappeared because she could tell how thorough it was. Because when I was asking for rent rolls, which I'd never got from. The owner I try to do, you know, as to pull the agreement with the tenant and she wasn't really being cooperative, I should have, those are some of the yellow or red flags that I should have paid attention to, and probably maybe shouldn't have bought the deal at all, but I was determined to kind of make it work.
The numbers worked, you know, financially the cashflow did. And thank God that the house ended up going up in value over the last 18 months, which actually allowed me to sell it. But. I would say definitely take your time. That would be in a rush to buy a property. And that's what I learned from the second one.
There'll be in a rush to buy you. You being patient [00:07:00] keeps you in control and allows you to keep your emotions in check because the long view you kind of wait, not saying long enough to have analysis paralysis, but sit back and sometimes look at a deal and say, Is it worth it? Yes. The numbers make sense, but what are the other variables in place that could give me a headache?
That's not worth maybe the a hundred, $200 profits that I'm going to be making per unit.
Sean: Yeah. So I'm buying multi-family and I look at my job almost as as I'm converting problems into opportunities, right? Because people are selling me problems. They're not really selling me. No one, no, one's selling you a perfect property.
There's there's something wrong there. There's at least one problem they're selling you. And I'm always trying to find those problems and can I make money on that? Right. So can I turn that into an opportunity? And in multi-fanily it's usually just because the property hasn't, they haven't spent a lot of money on it, you know, for keeping it up and there's deferred maintenance and the management kind of has been difficult for a while or something like that.
So, you know, you're, you're always looking for the deferred maintenance and the [00:08:00] bad management issue. But I kind of look at my job as let's, let's identify all the problems that we can find. And then can we take those problems and either capitalize them and turn them into opportunities or can we put in better processes and turn those into opportunities?
So I see what you're saying about that for that second deal, where you had problems that you're buying, but it's just a matter of converting those into opportunities. And that's where you make your money. Right?
Anthane Richie: So definitely adaption was the key thing. So, you know, COVID happened last year. At least it really affected us last year.
And so that's where my problem problem solving really kicked into gear because I pretty much converted maybe about 60 to 70% of my tenants over to rent relief programs. And so that was the problem, particularly for the duplex. And that area was finding tenants that will pay you know, on their own, right with their own private.
So I had to switch, I had to switch pretty much almost everybody over to a program so that I wasn't affected by. I, the plan was by, Hey, none of the mortgages will be obviously paid out of our own paycheck is to make sure [00:09:00] that we still sustain the business and still make a profit while still helping others.
So we was able to make that work. It was a lot of, it was a lot of legwork, but it was a win-win for obviously the tenants so that people are not displaced. And obviously for us, because there was a lot of landlords that I was seeing were affected and having to short sale homes or, you know, foreclose.
Sean: Yeah. So where are you? Are your properties? What's what's level properties. Are you, are you dealing with you, you have C class properties or
Anthane Richie: what sort of level of self? C? Yeah, C class, C class. And well now the one I just bought that's straight as B, B area.
Sean: And are you, so as you are, do you shop in one market?
I know because you're in the military, you probably Let jobs in, in different that you can, you can move at any time, but do you buy in primary area?
Anthane Richie: Yeah, I buy a one primary right now, but it's funny you asked that because I just talked to my real estate agent today. We're looking at putting up the triplex up for sale because the proceeds I can make off of that will be enough of a down payment to buy a 10 Plex somewhere else that I was looking.
[00:10:00] In Virginia at that too. So
Sean: it's still, it's still nearby, but it's not in your exact
Anthane Richie: 6,000 way. It's like six hours away, but,
Sean: okay. So it's your, your store you're starting to, you're starting to look outside your immediate network or your immediate buying area to, to look for other opportunities that may be bigger, more scalable, right?
Anthane Richie: Exactly, exactly.
Sean: Is that where you're moving your business...that direction?
Anthane Richie: So I will say, so it's a two-part question. So the multi-families yes. I I'm just going to start moving out of this area, the single families and the one I just started right now, I I'm turning them into Airbnbs. And until I get kind of comfortable with that, then yeah, I'm a keep them in this area.
And so what I did was I, we bought a single family home that has a standalone garage. And so the three bedroom will be its own Airbnb. And then the standalone garage, I'm converting to a dwelling unit and it will be its own private room Airbnb. So I'm kind of turning like a [00:11:00] one, you know, unit to like a two to maximize the profits on a short-term.
Sean: So you're doing, you're doing long-term rentals now that you have, and you're, you're starting to experiment with the short-term rental market. And then the you're also at the same time trying to start to get into smaller multi-families,
Anthane Richie: Changing the, the pretty much a business business plan, because I'm trying to figure out the best way to maximize revenue, because I look at it kind of like this, depending on I will go based on what the.
Demands. So, and I'm marketing right now, unless I had bought a home 2, 3, 4, 5 years ago, the cashflow is not going to make the best sense unless I'm burning. Right. But then it's, that's also hard too, because people are overbidding just to settle on a property. Then after that, it makes no sense. You know, I'm probably making 10, 15 grand back on the cash out refinance.
And I want at least 30, 25 30 in order for me to get into another deal. So what does work out here is I can BRRR and [00:12:00] then just Airbnb, or I've heard the phrase, BRRRBNB. So you can still make good cashflow or revenue or net profit off of doing a Airbnb out here. And then I've seen in other markets like the Midwest that seems to be doing pretty well, or like Jacksonville, Florida, where it's still good to invest in
multi-family good. Good cashflow. Adequate price.
Sean: So is that, but I guess what I'm asking is that, is that kinda your game plan is to do more multi-family
Anthane Richie: yeah. Yes, of course. Yeah. I love multi-family. Yeah.
Sean: Yeah. Okay, good. That's so then, so your future is. I guess you're you're right in that. So single-family acquisitions right now are difficult to make sense of it as long-term rentals, because like you said, cashflow in those properties at the premiums that you're having to pay, because inventories are compressed is, is becoming more and more difficult and doing that short-term rental gives you a little bit of additional cashflow margin there because you're able to make more per month.
It's making more sense on acquisitions there, but you know, with your multi-family [00:13:00] business, you should be paying market rent. And looking for that value add opportunity, right? So if you can buy a property at market increase NOI, then you don't have that same problem. So there may be a high demand for, like you said, a 10 Plex or something.
But if you can, if you can take those 10 plexes and increase NOI by making value, add opportunities. You don't have that same issue like you do with single family. So that makes sense to do that smaller multi-family I think, especially right now when the single family market is so just inventory is just doesn't exist in most markets.
If you're in New York, of course, or some other, you know markets that are hurting, I think there's, I read an article the other day. It's like 38 markets around the country that are not doing well. So those markets, it will be easier to buy properties, but most, most, every area that you want to be in it's hard to buy property so I can see why it'd be difficult to make rentals make sense right now.
But it's a good place to go multifamily. I would think.
Anthane Richie: No, I, I agree. And so, you know, when I do the [00:14:00] math, like on a BRRRR, on a single-family home, I could probably squeeze in this in my market. I could squeeze maybe $400 you know, profit off of a single family home. But when I do the math with Airbnb I can max well in particularly because I'm switching up I'm actually splitting until exhilarate dwelling unit.
So my, my set up is a little different. Some people just have the single family home and that's it, but I'm maximizing. But even if I was to just only use the single family home and not the garage the. At times by three, my net income, you know, so instead of 400, I'm doing 1200 off of a short-term rental and you know, in this area so it's, it's a, it's obviously you got paid for furniture, right.
And you know, you want to have wifi and you got stuff like that, but in the long run, it's definitely worth it. And
Sean: yeah, there's a margin advantage. I don't think it's the full. Like you said, it's not three times, but by the time you're done at the end of the day, you get like a 60% bump in some cases with.
Well, short-term rental, as long as you can keep it [00:15:00] occupied on a frequency that works right.
Anthane Richie: And it's definitely market analysis to make sure that you're doing this in the right area. Like you definitely don't want to do an Airbnb and an area where oh, wow. Nobody comes here. So definitely do your research.
Just like you wouldn't do any investing, you know, for regular, for long-term rental. You want to look at the vacancy rate, make sure it's not too high.
Sean: Right. Exactly. Yeah. I think the Airbnb model is a little bit, it's a little bit tougher to dial in because you don't really know what the travel patterns are for a temporary housing for that, that area.
You know, I, I know a lot of people that specialize in like nurses and doctors who are transient with hospitals. So they always want properties near hospitals and, and things like that. So there are some niches in that short-term rental program that you can kind of forecast a little easier, but a lot of times the.
That short-term model is a, it's kind of a, it's kind of a lucky shot at sometimes to get the property in the right location where people want to be, you know, when they're traveling and things.
Anthane Richie: So I thought the same thing too, until I interviewed a lady named [00:16:00] Rachel it's an episode that hasn't come out yet on my podcast, but she does Airbnb short-term rentals in general using verbal anything else.
And this is. The software that's used is called air DNA. That that does Mar actual market analysis on whatever zip code you want or state or city. And it shows you all the short-term rentals in that area. The occupancy rate per pals, per zip code. What the average of what they bring in per a short-term rental and potentially based off of what amenities and the size of your house and what you provide, how much you can bring in as well, how to increase your your occupancy rate, how you can, how much you should value your daily rate at, and based off of the D the time of the year.
Or day, or it's there the week, how much you should be charging. So it's like really in depth, like this is a, yeah, it's very clear. And you know, the type of traffic that you'd be getting as well in [00:17:00] order to determine, you know, like I said, is this a, is this a good place to be at? So like, like I said, I kinda got lucky to know to already look that up and then I just have happened to have an area that's good, but unless you're the first person to start short-term rentals out there,
and obviously that software wouldn't work because you'd be the first one trying it out. So you probably have to do hard research, you know like actual census that would I would say that would be useful. Airdna.com. I think I paid $19 a month and it gives me everything I need to know and about my competition of what they provide as well.
Sean: Yeah, that's exactly what you would need. I, I haven't heard of that before. airdna.com. That's a good suggestion for people. Cause I, you know, I think most of the time in my mind it was always just like, well, you just have to try and figure it out based on what you see. But that sounds like it it's perfect for people that are trying to do that short-term model.
Cause it's, it's, there's a lot of those things that you just mentioned that that's, that's critical for your success, you know, so...
Anthane Richie: Yeah, I guess for some people, you know, obviously like Miami that'd be easy. Like I probably don't need much market analysis for [00:18:00] that. Cause I know people there's always tourists down there or New York.
Sean: Yeah, but even knowing, I think it becomes like a neighborhood thing too, at some point, you know, like a lot of, a lot of places in Miami, you don't want to be right. But you know, just go to Miami. You may want to be on this side of the area
Anthane Richie: Definitely to give you an edge. Like to give you an edge. Definitley.
Sean: Yeah. And if you could optimize your income that way and, and, and I think that's a great idea.
That's a, that's a great suggestion for sure. Let's talk about so your, your active duty military I've had, I've had several guys on that are active duty military, and I find it fascinating that you're, you're working, full-time, you're working very hard, but you're, you're doing these side hustles and you're trying to build something for your future.
Right. So let's talk about some of the challenges that you have with your. You know, requirements of, of military service and, and doing, and building this business on the side, what is it that you're that you find is most critical to help you be successful there?
Anthane Richie: Time management and scheduling.
So my wife and I, we definitely use our calendars and reminders and our phone slash Google [00:19:00] Gmail often, because without that, I'm going to always miss an appointment. I always miss. Oh, we also use calendly, as well. And so it's a tag team effort. I can't imagine doing this on my own, actually. And so we were just talking today about possibly hiring a virtual assistant because, you know, I'm I'm also working on other projects and I have to step away to work on those projects.
And then I can't work on maybe, you know, editing certain, certain parts of the podcast, which I do outsource for that too. So I would say if you're type of individual that has a full-time job. If you are a single, I would try to, I would say, just do it all, like do as much as you can until it's time to go to work.
But if you have other responsibilities, like obviously being a husband and being a father or a wife or a mom, you have to look at other ways to outsource the things that would take an hour or two or three hours to do and see who else can do it and see if it's in your budget. And that's how we've been able to stay steady.
And to be honest with you, that's what has attributed to our podcasts being in the top [00:20:00] 2% globally is because I've been able to outsource to get the professionals that do this all the time to do edits or work on our blog or a schedule, you know, schedule a on calendly and stuff like that in order for us to be a smooth engine.
Cause the house still has to get cleaned dinner still has to get cooked. You know, baby's gotta get burped. Life, life still does move on. I'll talk about the fact that our, our, our careers have been pretty demanding at the same time. So time management is key. I wake up. So my, my daily routine is I wake up at 5, 5:15. I run in the morning at five 30 take my daughter to school.
And then I usually take my son to school after that. And then I check my emails, make sure I address anything that needs to go, needs to happen before I go to work and usually get off work around two 30, 2:00 PM. That allows me to come come leave, leave, work, go to the mail. If I need a mail up like a check, do some errands with the bank and then I can go home.
And usually like, by now, I'm on a podcast with you until, or somebody all the way up until like 10 o'clock.
Sean: So I think I'll just, I'll recapture what you said there. I think [00:21:00] so being efficient with your time, with the time that you have and the things that you're, that you're focused on doing, I imagine you, you also focus in on what's most important for your business moving forward, and then, and then outsourcing those things that you can outsource to kind of help you focus on the important stuff that you knew really need to do is that that's kind of what you're saying?
Anthane Richie: Yeah. So we, and we also block out our, you know, a months or a year or certain quarters of the year to do particular things. So like right now I'm taking, I took a month off on recording podcasts for season three to come on October so that we could focus on writing a book. So right now we're focusing on writing a book and be featuring other people's podcasts, which I just have to talk.
Right. I'll have to edit it and all that other stuff and do production. And then once we're done with, you know, the, the main part of the book, that's going to take the most of the time. Then I go back to our production of the podcast and working on everything. So we kind of try to figure out, okay, what's the next thing our business needs to focus on and how much time energy would take?
Do we need to [00:22:00] put something else to the side in order to focus on the priority? Okay. Yes. All right. How are we going to do that and not, and it doesn't slow us down. So for me, even though we're working on the book, it's still helping our business is still growing by talking on featuring all the podcast feature and on blogs or articles, etc.
Sean: So what is as is the blog and the podcast, is that sort of a separate business for you, or is that something that enhances your real estate business? How do you look at that in your, in your business sort of hierarchy?
Anthane Richie: So strong properties is our real estate investing LLC, but rich state of mind is our intellect so pretty much. the reason why we started it was really because there was a lot of things about real estate investing that I didn't know, even after reading a book, even after going on YouTube, even after having a mentor to tell me some of these things. So that's why we started with state of mind to kind of give everybody a big bird's eye view, picture of building wealth, real estate investing, having a proper mindset.
So. It's two different things, but they do feed into each other because there's been a few [00:23:00] people that I have interviewed that have ended up doing business with me through strong home properties. So they kind of go hand in hand. They don't have to. It's just that my intention is what we're state of mind is different than struct stronghold properties, but let you, the foundation of it is still real estate at the same time.
So.
Sean: Yeah, it's just a way for you to share what you kind of, some of the things you're learning that you may not have like you said, in books and things you know, we just went through a closing or we were going through a closing now on a multifamily and you cannot find a book on how to close a multi-family deal or asset management.
There's only like three books on asset management for multi-family, you know, so some of those. The stuff that gurus talk about or that you see a lot of times in, in specific spaces, they only get you to the contract, right? So once you get a contract, then you're on your own. It's like, well, wait a minute.
How do I manage this? Right. How do I, what's the best way to property manage? What's the best way to asset manage. What's the best way to even close these things up, you know? And that stuff is kind of, I don't know why, but it's just, it's not sexy to [00:24:00] talk about. But those, those lessons are, are man. It's critical to know those things.
You can't go through a closing on a multi-family property, just completely blind. It it's hard, you know? And I think it's good to share that information that you're, that you're not seeing in books, but you're learning on the fly. Right. So
Anthane Richie: it's great that you mentioned that because I agree with you.
There is always there a lot of books on getting from ground zero to getting the deal, but maintaining the deal or maximizing your profits is what I don't see often about. And that's what actually, why I wanted to write the book because I'm like, well, what do you do after you got it? How do you maintain it?
You know how do you vet your property managers? My rent, how am I maximizing my rents, what to do with certain tenants based off a certain situations and and how to scale. I think we, we talk about scaling a lot, but I don't know. I feel like it's not broken down as best as possible for the, I would say people would not a lot of capital [00:25:00] because there's a lot of creative ways to scale.
Even if you don't have a lot of capital.
Sean: Yeah. So I think that's great that you're sharing those things, because those are the lessons that people can't, you have to, you have to do it right now. You have to do it and learn it on the fly right on your own. And I, I, I think that's difficult, you know, and I, I, I'm going through that stuff myself and I'm learning quite a lot, but it can be expensive, you know, especially at the level that I'm, I'm playing at, you know, it's like, you know, you can lose a lot of money if you make a mistake through the process. So...
Anthane Richie: you're paying for your lessons.
Sean: Very painful. Yeah. That's I thought I was going to learn less lesson that was going to, you know, almost bankrupt. So, you know, you got to that, those are hard, hard lessons to learn, but no. Yeah. Yeah. I think it's great that you're sharing this information on your podcast with your guests and stuff.
Let's talk a little bit more about how people can find the podcast and sort of some of the things you talked about
Anthane Richie: So the rich state of mind podcasts can be found on all major platforms. So apple, Spotify anchor, you know, buzz sport sprout. If you listen on that as well, Google podcast, and the reason why [00:26:00] we started, because we wanted it, you know, pretty much obviously informed, you know, educate people on a lot of, pretty much a lot of things around having a rich state of mind.
So rich, we start with say my cause my last name is Richie, but the key thing was to. Give somebody a total pack, make somebody a total package as an entrepreneur AOV, you can't be the total package because obviously you can't be good at everything. They learn how to outsource and get other people that are smarter than you, or better you in that particular area so that your business can be the total package.
So I may be great at networking, but my friend is good at raising money. And my other friend is good at underwriting when it comes to real estate. My other friend is good at social media, learning how to. And so also too, and this is something, a little different that wasn't talked about, even though we talk about mindset, you hear of mindset a bit
on podcasts when it comes to building wealth. But I talk about is mental health and therapy also on our, on our [00:27:00] podcast, because I think that when it comes to being wealthy or building wealth teaching your kids how to become entrepreneurs. Pretty much be able to have great finances.
You've got to also have great mental health. So you can't lead your family. You can't lead a business. If your, if your mental health is not there. And just because you're wealthy or just because you're successful in life does not make you absolve the having mental issues, or just going through the particular things in your life on the side that is affecting you.
And so we talk about cognitive cognitive therapy for high performing individuals talking about mental health for people, whether they're active duty or not, because. In one episode, I particularly talk about people in the inactive duty that have to deal with a particular traumas or stressors. And then we go back to normal life trying to still be successful, or like a couple of people that you have interviewed, right.
They try to be entrepreneurs on the side and still you kind of deal dual hatting two different lifestyles and how that can be a challenge and how to overcome it. So that's one thing that I really have a [00:28:00] really have become very passionate about because. I think it's a lot of times when we listen to one, let's say we looked into one of our favorite podcasts.
It just focus on one thing in particular and that's it. But then you almost feel, you feel lost, right? Because like you said, you get to that contract. You're like, all right, what do I do after that? So with this podcast, I like it because you will get your answer in one of these episodes to fill in the gap or whatever question you had, or what do you do want to get to the next level?
Sean: Yeah. People talk about mindset all the time. I, I work on mindset constantly. I mean, it's a, it's a daily thing for me and I think it's not even just mental health. I, I, I think I'm a pretty stable, I don't really have any problems. My family's pretty stable. Everything's pretty good. But if you're trying to achieve something greater in your like,
it takes greater courage. It takes greater, you know, you had to deal with bigger fears, you know, you're, you're having to overcome obstacles that you place in your own way, through your mind. So I think if you're trying to do [00:29:00] something big, like be an entrepreneur and break breakout a your, you know, nine to five job or whatever it is you're trying to do.
I think mindset and, and working on that all the time is critical. So you saying that, I think that's really important to have out there for sure. So that's good that you're talking about those things on your show. Cause I, at some point it becomes a mental game, right? So once you figured out, oh, I do this and this and this and I make more money or I build assets and have wealth.
You're going to want to level that up. And every time you do that, it's a new set of fears. It's a new set of obstacles. It's a new set of things you have to overcome. And most of that is going to be mental that you're going to have to do.
Anthane Richie: And I also don't want people to leave behind their kids. Like the development of your children is important.
So yeah, you're rich. All right. Great. But what's going on with your kids? Are they, have you taught them anything, any skills, have you prepared them for them being able to leave your household and replicate what you did? How did you build your business in order for it to be replicated so that the wealth building can continue.
[00:30:00] So I like to focus on that as well, because you're not successful if your kids, if your kids don't end up having being taught something along the line.
Sean: Yeah. You're speaking my language there. I you mentioned earlier when we move forward to the show, is that cause my daughter's my partner and I've always encouraged her to be entrepreneurial and her thinking.
And you know, even when she went to college, I said, you don't have to go to college. I don't care. You know, I can teach you how to make money. So she went to college degree because she wanted to, because she, you know, she thought it was important. And you know, so it was a different, it's a different mindset.
She didn't go to college so that she could go get a job. She went to college so she could learn and experience it and those sorts of things and have that credential. Right. So I, I, I love what you're saying. I, I think I think it's our responsibility as parents to give our kids that, that vision of, of the world that you can be.
If you take responsibility for yourself and your front and your finances, you can be financially free and you can experience a life. That's great, you know, but you have to do the work you have to put in the effort, you know? Yep. [00:31:00] That's good. That's good that you're, you're looking at those things, everything you said there.
I love it.
Anthane Richie: Yeah, I'm very passionate about that. It's a. It's a big notion that we are. And I guess naturally we're, we're, we're selfish people. Like we kind of think about, we just want to be rich. We want to be successful. We want that, that, that feeling. But I think when it comes to your surroundings, especially like for me, you know, I guess if you want to consider old school, I think as the man of the household, you're supposed to lead your family.
So you're not leading them if you don't help them learn certain things along the way.
Sean: Right. Yeah. You know, the other thing I think people make mistake about mindset is critical, but the game becomes a, it's not just about making money. It becomes about creating are owning assets that, that pay you.
Right? So for me, my game is not making money. I can make money. That's not, that's not my issue. My issue is creating assets that pay me that I don't have to deal with. Right. So that's my new game is just collecting assets. So accumulating assets that [00:32:00] pay me is really the, the N the, the wealth game. Really. At the end of the day, everybody has to start out by making money.
You know, you've got to make money to pay bills. You gotta make money to, to build your business. But at some point you want to get to an asset collection business. That's really where you want to be eventually. Well, tell me the name again. Rich state of mind?
Anthane Richie: Yes, Rich State of Mind.
Sean: It's on your shirt there.
Yeah, that's good. So w we'll have we'll have people go listen to that. That'd be good for, to get everybody started. Well, I appreciate you being on the show and sharing you know, your story and, and what you have going on. And, and leting people know that even though, even though you're full-time military, you can still get out there and do your side hustle and make things happen for yourself.
And I think that's a good to have.
Anthane Richie: Awesome, man.
Sean: Thanks a lot. We'll talk to you soon.
Abigail: Thanks for joining us for another episode of next level American dream. If you would like to learn more about what we talked about today, want to contact the team directly or interested in passively investing and being a part of our deal room,
head over to our website at www.Thomsonmultifamilygroup.com. [00:33:00] Before you go, please leave a review. Your comments, help us create more episodes for you to enjoy.