The Return on Impact with Suzy Sevier and Michael Barnhart - Wealth Science Podcast
If you make it a goal to make yourself 1% better each day, where do you think that will bring you at the end of the month or a year? And if you strive to bring that same improvement to others, what change will that influence? Even if just a tiny fraction of humanity puts their heart into that kind of mission, what do you think will our return on impact to each other be? In this episode of Wealth Science Podcast, Suzy Sevier and Michael Barnhart talk about the books that got them into financial independence, how they make long-distance investing happen, their unique concept on returns, and why they think starting small can be a limiting belief in the real estate space.
The Core of Long-Distance Real Estate
Rental properties require solid management. Owners must always be on top of maintenance, repairs, security, and other factors that could make or break the experience of a dwelling for the tenants. So with those considered, running 300+ units will definitely be a serious venture to take on. But, will managing from long-distance do any portfolio good if those are what's at stake at a minimum? For Suzy and Michael, long-distance REI is a 'been-there-done-that' kind of thing. For the investor-couple, it all boils down to the relationships you have. True, there will be many calls, but the connections you make and keep with people in a hyper-competitive multifamily space will determine what you can reach and scale. Relationships bridge gaps. And that is most true with brokers. Imagine this, if brokers get hold of a stellar B-class property, do you think they'll send the deal to their entire list? No! They call those closest to them first. Hear about how Suzy Sevier and Michael Barnhart make long-distance REI work in this episode of Wealth Science!
Outline of the Episode:
[02:54] On the book The Slight Edge
[06:34] You don't have to start with single-family
[09:23] What people don't talk about regarding first deals
[13:43] How do you make long-distance investing happen?
[15:34] Leveraging partnerships and relationships as long-distance investors
[19:42] Suzy Sevier and Michael Barnhart – on the SOPs of closing a property
[25:46] Returning impact has a ripple effect
[29:20] When you can learn about the community, you create better communities!
[31:25] The journey to wealth is so much more than just numbers and bank accounts
[34:16] The perfect life for Suzy Sevier and Michael Barnhart
