E340: Move Past One Source Income - David Vernick

Do you rely on just one source of income to help you live your lifestyle. For most this is not practical in order to live the freedom and lifestyle they want. This was the realization that David Vernich had as he ventured into real estate.   Join Steven and David as they discuss the role he took on when investing, becoming financially independent to allow yourself to not live in a place of fear to do what you want to do, and the different vehicles investors can take to get to the same result. 

Key Takeaways

1. A big driver for passive investing is not to have all your money coming from one source.
2. Find people that are knowledgeable, you can trust, build a relationship with and start investing together.
3. Utilize your strengths to mutually benefit.  Do what you are good at and let them do what they are good at.
4. There's a level of self ownership and confidence that comes along with knowing that you can make decisions not from a place of fear, but confidence when this passive income is coming in.
5. Coming to terms with the fact that there is good debt and bad debt will help you alleviate fears of passive investing.
6. Like the stock market, sell properties that have appreciated and deploy that capital into a different market in real estate.

Resources Mentioned

Interested in connecting with other like-minded individuals? Then join our VonFinch Private Capital Network.  Learn more at http://www.vonfinch.com/invest. 

About our Guest:

David Vernich is a commercial lender with more than three decades of experience in the banking industry. In 2007, he partnered with other investors to purchase real estate and began his journey to generate passive income. David now owns more than one hundred homes in Tennessee and is passionate about helping others reap the benefits of passive income in their lives.