Building Recurring Income Streams with Joe Rockey Jr

Joe Rockey Jr. is involved in multiple real estate entities as an owner or equity partner. In all of them, my primary role is the interactions with other people. He negotiates the sale with the current homeowner, manages the crews as we renovate properties, and He places tenants or resells the properties on the back end.

They target three main areas in our businesses. First are their lending partners. Some of the common threads our leading partners share are the hopeless feeling that their current investment strategy is not worthwhile, and they fear being left behind. Other lenders feel trapped by sending their investments to Wall Street firms and having extremely limited control over the uncertain results. Their lenders tend to look for investments that they can sink their teeth into and see the real property backing the investment as opposed to the whisky-washy feeling that comes from relying on the government to back their investments.

Also, we purchase properties that are in any condition, we offer cash offers as well as other solutions depending upon your needs.

Episode Highlights Here:

Joe:

Having a lot of little payments is great, especially once you’ve accumulated a ton of them. But the problem for most people, in the beginning, is that that doesn’t bring in enough today to keep them alive.

Brett:

Joe, what’s the number one secret to building recurring income streams,

Joe:

you need to figure out which model you want to go into. So basically, any sale comes with two options on a spectrum, either you’re getting a lot of money upfront, or right now, life’s going to be awesome. That’s your typical, we went to McDonald’s, and I gave them a burger. Now I got a nice little check back, or we went into a very long run with less payment each time, like the way your mortgage company is, you just get a little bit of money each time, and eventually, it adds up to the full six, figure seven figures of your mortgage. So you need to figure out where you want to be on that spectrum. Obviously, having a lot of little payments is great, especially once you’ve accumulated a ton of them. But the problem for most people, in the beginning, is that that doesn’t bring in enough today to keep them alive. So you need to figure out that balance of what keeps the lights on today acutes my life functioning correctly while I still can start building the driveway of residual income for the rest of my life. So it starts with incredible money discipline for yourself personally and for your business. And actually having everything written down and knowing what the plan is. Because the best way to say, it is if you have the option of choosing which payment stream you’re receiving, Philip, what keeps me alive today. And then immediately, as soon as you can start building that driveway for the future of, you know, recurring revenue.

Brett:

Excellent. So figure out which model you want up for bigger amounts versus smaller recurring amounts and intermixture. Both and then also have super discipline, money habits, and written plans that are a fair summary of the first one. Excellent. was the number two Secret to Building recurring income streams,

Joe:

know what you’re good at and hire people for what you’re not? You know, I see so many people that want to enter into the landlord world because, let’s face it, it’s kind of the textbook model when you think of recurring income tenants paying your check every month Life is good. The problem is, is that the vast majority of people out there have no idea how to be a landlord. And that’s true for really any form of residual income. It does bleed into the discipline of money that I mentioned in the first answer. But know what your strengths are, know what your weaknesses are, and bring Equity Partners to keep harping equity partners to be with you on this journey.

Brett;

Excellent. That’s pretty straightforward. Know what you’re good at, hire the who won’t be the how, and hire those that stuff that you’re not going to. Great. What’s the number three Secret to Building recurring income streams?

Joe:

be incredibly judgmental? What do you mean by that? Oh, well, there are lots of ways that this can be applied to whatever your system is. Still, because you’re effectively trusting people to keep their word down the road and to keep paying you whether they’re signing up for a service that you’re selling, you know, Pandora or whatever it might be, or they’re your tenants, you ultimately are building a relationship of trust with these people down the road that they’re going to keep their word. You need to be judgmental of who actually will and who won’t. Excellent