Focus on one project at a time. Complete the project before you move on.
Dustin Heiner is the Founder of Master Passive Income, a real estate investing website that teaches people how to invest in real estate. After just 8 years investing in real estate, he had enough money to quit his job. At age 37, he quit his job and now teaches others how to become financially independent and never need to work a job again. He shares all his experiences, successes and failures, on his blog, best selling books, podcast, courses, etc. With his real estate business, he only works about 1 hour a month and allows his automatic business run on its own by employing others to do the work.
Where did the idea for Master Passive Income come from?
On the journey to quit my job with real estate and passive income I found that many people wanted to know just how I did it. They wanted to learn so that they can quit their job by investing in real estate and never have to work again. I had so many people who wanted to learn from me that I knew it was time to start a business teaching people how to invest in real estate. So I created a blog, podcast, courses, books, mentoring, to teach people exactly how I quit my job by investing in real estate. I also wrote a best-selling book called “How to Quit Your Job with Rental Properties” which has helped thousands of people learn to invest in real estate.
What does your typical day look like and how do you make it productive?
My day starts at 4:30 in the morning when I wake up to go to the gym where I work out for 2 hours. This is a time for me to get ready for the day. I make sure that my body is feeling good and ready for the everything that I will be doing the rest of the day. Then I have breakfast with my family and spend time with them before they start working with their mom doing homeschool. After that I go to my office and work on both of my businesses. Actually, I really only work on my coaching and online business because my real estate business runs automatically. I have employees like property managers, contractors, and others who run the business for me. The rest of the day I focus on writing more books, creating online courses, answering questions from my customers on how they can build their real estate business. I am a pretty self-driven person so I don’t need much outside motivation to get things done because I have enough motivation in myself to keep pushing forward. The hard part is to take a break for lunch. Funny how I lunch wasn’t long enough when I had a job, now I don’t really take a lunch being an entrepreneur! Another things is to then stop after 5:30 or 6 p.m. to spend time with the family. It can be really easy to work all day on your own business when you are the one responsible for growing the business.
How do you bring ideas to life?
Since I am a very self-driven person, the ideas I usually get come from the success I see other people doing and then implement that in my own business. The way that I get my ideas to life is to focus on one thing until it is completely finished. I am by Nature a multitasker but that is not the best use of time when you are building a business. It’s very easy to be pulled in another direction and not finish a project when you know you should. It can be easy to go after the new thing that may help you with your business but you need to focus on what you’re currently doing until it’s finished. It’s better to have two or three completed things then 20 uncompleted things.
What’s one trend that really excites you?
A big Trend right now is on passive income and how people can quit their job. Passive income is money you receive whether you work or not. I am super excited about that Trend because that is what I teach about in my business. Real estate rental properties is the best way to have passive income because your properties that you own are the things doing the work for you. By having tenants living in the house, the house is working for you while you sleep. I personally don’t do any work because I higher property managers, contractors, inspectors, Realtors, and many others to run my business for me. If I did not have my online business teaching people about real estate I would literally have nothing to do because my money comes in whether I work or not. So the trend of passive income and the popularity of it is really beneficial because people are starting to realize that getting a job is a very risky thing. It is risky because you can be fired at anytime. You are completely dependent on your employer. I teach that there is another way to make money in that is with passive income.
What is one habit of yours that makes you more productive as an entrepreneur?
One habit that makes me productive is to get moving early in the morning. I do this by working out with friends at the gym and then coming home with energy ready for the day. Not only am I awake and ready physically but my mind is also ready to tackle the rest of the day and what my business entails.
What advice would you give your younger self?
The main advice I would give to my younger self is to get started now and not wait. I put off doing things because I wanted to go surfing, snow skiing, wakeboarding, or any other fun thing but should have started my businesses sooner. Those fun activities are not bad in and of themselves but if I should have started the businesses and at the same time had fun. So the key would be to not wait and to get started now.
Tell us something that’s true that almost nobody agrees with you on.
I believe that you can never lose money in real estate. Many people would disagree with me because they’ve heard many horror stories of people losing money in real estate investing. I would agree that some people have lost money but I would also add they lost money because they did not know what they were doing. It would be like investing in the stock market without knowing how to invest. You can buy a stock and hope it goes up but if it goes down then you lose all your money. In real estate and rental properties, if you buy a property that makes you $350 a month in passive income then you will never lose money. This is exactly how I I am able to be successfully unemployed and never work a job again.
As an entrepreneur, what is the one thing you do over and over and recommend everyone else do?
As an entrepreneur I think it is wise to learn from other people. I don’t know everything and don’t claim to. The one thing that I do over and over again is get other people to work for me so I don’t have to work. I don’t mind paying my accountant good money to do all my accounting because I know my time is worth more building my business then crunching the numbers. I also pay my property manager well to run the properties because he is really running my property for me without me doing any work. So I always hire people to do the work for me.
What is one strategy that has helped you grow your business?
A great strategy that has helped me grow my business was to write books. A book is a great way to get your name out there, show you have credibility, and make money at the same time. I have many people find me through my book as well as pay me for the book. I’m helping them learn how to invest in real estate and at the same time helping them to know who I am and that I can help them even more through my Blog, podcast, and courses.
What is one failure you had as an entrepreneur, and how did you overcome it?
As an entreprenuer, I have not had many failures but one that I did have was when the economy went down in 2009. I had a retail establishment that was doing well before the crash but did poorly once the crash happen in 2009. Eventually I was able to sell the business and get out from under it but that was a big lesson learned. Now I don’t believe I will ever do retail again but will always be looking out for good opportunities to have a successful business.
What is one business idea that you’re willing to give away to our readers?
The one business idea I would absolutely encourage everyone to do is to buy their first rental property. If you buy one rental property that makes you $250 in cash flow every single month, that is $250 more in your pocket too spend on whatever you like. Once you have that first property, you will understand the value of having a real estate business. You will see that if you had 10 properties making $250 a month you would be making $2,500 a month! With rental properties, the sky is the limit. The more you buy, the more money you make. The more money you make, the more you can buy.
What is the best $100 you recently spent? What and why?
I recently purchased a ticket to a conference that will help my business. I’ve been to conferences before and found that I get way more value out of the conference than the money that I spend. These conferences that I will be going to will have opportunities for me to network with other people in the same business as well as help people who want to learn how to invest in real estate. Conferences are some of the best ways for you to build your business.
What is one piece of software or a web service that helps you be productive? How do you use it?
I personally love my email account as well as “Evernote”. Many people have said never to use your email as a to-do list but I completely ignore that. I use my email as a to-do list all the time and find that I get way more things done because I’m always looking at my email and will always see what I need to do. And then once the email account is empty then I have everything done. Also Evernote is fantastic because it organizes all my notes as well as keeps them forever. Now I will always be able to go back and search for whatever note that I needed even if it was 5 years ago.
What is the one book that you recommend our community should read and why?
One book that I would recommend everyone to read is “Rich Dad Poor Dad”by Robert Kiyosaki. That is the book that got me started investing and learning about passive income and does a fantastic job at helping everyone learn that passive income is the best way to make money because you do the work one time and then you get paid over and over again.
What is your favorite quote?
My favorite quote is from Andrew Carnegie who said, 90% of all millionaires became so through owning real estate.
- Invest in real estate for monthly passive income.
- Focus on one project at a time. Complete the project before you move on.
- Wake up early to get more done in the day.
- Write a book to help you grow your business and build credibility.
- Go to conferences to network with others and build your business.
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Carlyn runs the day-to-day publishing operation here at ideamensch and interacts with our awesome customers and entrepreneurs. She is likely editing this with a cat on her lap.