Justin Stoddart 0:00
Hey, welcome back to the real estate show. So excited about today’s episode, because it’s someone who’s a very dear friend of mine, someone who I admire and have so much respect for. She’s someone like a kind of a personal hero that I hope that when I’m hearing that I’ve got the ambition and the drive and the vision and the business sense, and the passive income that she has. And that’s going to be today’s topic. For those that know me know that my passion is to help you think bigger. Because when you think bigger, your business grows, and your options and impact grow, and the world gets a better place. So let me begin before we fully introduce her just saying thank you to Linda Quinn, for joining us on today’s episode.
Linda Quinn 0:37
Thanks, Justin. I’m enjoying this.
Justin Stoddart 0:40
Good. So for those that don’t know, Linda, she’s been in the real estate industry for 43 years. And around her, you would guess that she’s been in for five years, not because of her experience, but just because of the energy that she has. She is fired up and raring to go. And just such an inspiration to all of us. 25 years ago, Linda, you began collecting properties, as I like to call it. And I know you’ve taught a number of times, wealth building through real estate actually has a group on Facebook called wealth building through real estate would encourage any and all that are interested in learning from Linda, to go find that Facebook group. You know, let’s talk a little bit about why you started to do that. Linda, why it was so important for you to start to create a passive income, you know, many, many years ago. So,
Linda Quinn 1:29
I had met with a financial planner in about 1990. And he began telling me that I had to save $1,000 a month, and then I could retire at 65. And my income would be 5000 a month, but that was prefaced on an 8% a year return. And I was single with four kids at home and I was thinking where the heck am I going to get 1100 dollars a month. So new real estate. And I began thinking, Okay, I’ve read enough books by Robert Allen and some of the other guys that were really gurus in the rental real estate. I’m going to do this. And that’s how I got started.
Justin Stoddart 2:14
So you realize that as many real estate agents have recognized there’s no pension, there’s no 401k there’s no built in retirement plan. And I joked as I was opening this, the posts that I put out there is that most agents don’t want to be marketing properties when they’re, you know when they’re past a certain age, right? the thing for someone like you who like you could stop you absolutely could stop today and live a wonderful life. But you keep going tell us a little bit about that, that you choose to this because you have to be in the business because you choose to.
Linda Quinn 2:47
Yeah, I really get up every morning excited about what I do. And find out where the challenges are. I’m really excited about where it’s going to go. I think for me, it’s an opportunity to see how much can I achieve. And I feel like it’s limitless. As far as passive income comes, I’ve got three streams of income coming in right now. And I, I want to see where it could go. I don’t know what I would do. If I didn’t do real estate. I said, My bond bonds, it just makes sense. You know,
Justin Stoddart 3:22
I think real estate and really any business is a great place to be when you are there because you want to be there. I think nothing is good if you’re there because you have to be there. Right?
Linda Quinn 3:33
Right. Right. And, you know,
Justin Stoddart 3:35
the nice thing about your situation is you can say, hey, team, I’m done today, I’m going to go tour the world. For you. As you said, your passion is more about like, how much more can I get done? How many are more lives going to impact? How many more streams of wealth can I create, which is so inspiring, because there’s a whole group of people that benefit because we choose to do that, right? Maybe there’s some, you know, some beach vendors that would benefit by having Linda Quinn there with a, you know, my tie in her hand and purchasing some polka shells. But I think, you know, your talents and abilities are probably better served by driving this industry forward. And, and teaching and training your decades of wisdom. So I commend you for your commitment to the industry and to just thinking bigger, right? You’re the classic, big thinker of like, I don’t want to stop like that. How boring would that be?
Linda Quinn 4:25
Well, Warren Buffett didn’t stop, you know. So we’re both in the same boat. I feel like I would like to contribute to other agents to be able to give them the same benefits. I’m doing a little bit of mentoring and training right now, which is great. And it leads you into different things that you can get excited about.
Justin Stoddart 4:53
So fun. Now let’s talk about these three income streams. What I would imagine is your real estate business to which you still have top producer back, we spoke yesterday folks in and she was like, Hey, I’m just doing my prospecting calls. Like, How fun is that? That? So so. So that’s one again, you and your amazing daughter, and Stewart are top producers validated through and through you guys are legitimate. Big producers have a great team operationally as well as sales wise, just doing some great things and really doing well by the customer. Again, I’ve got the good fortune of you to know, is connected to you in business, and you guys really do some great work for the customer. So that’s one correct,
Linda Quinn 5:33
right, right. Okay, yeah. And the second one is my income stream from rental income, real estate. And I own? Well, my husband and I totally, we own about 25 properties, I do the property management because I want to. And I do everything from turnover and remodeling, and whatever you can think about when you think run real estate, and that brings in a significant amount of money. I don’t take any income off that because I am currently paying off my mortgages, and I have very few lefts. So I could retire just off rental real estate.
Justin Stoddart 6:13
So you’ve got 25 properties. And at some point in the near future, those of those will be free and clear. You’ll just be collecting complete rent checks from that, like a great situation. Let’s talk about that income stream before we move on to the third. What advice would you have a real estate agent who maybe is like, I know, I need to do that. But I haven’t gotten there yet. Or I’ve only got one I know I need to get more like what’s either the mindset shift, or the budgetary shift at home where they can start affording these is there’s some point at which is clicked for you, and or what you’ve helped other people to be like, Okay, I got to make this a priority like?
Linda Quinn 6:50
Well, if you just look at what you need for retirement, Justin, I’ve done the math on this. When we teach classes, I asked the audience, you know, how much do you want to retire with per per year, and almost invariably, they say $100,000 a year, but the future value of $1 in 20 years, if that’s the time that it takes to get to retirement is $180 $80,000, they need every single year to live 20 more years, not counting the 3% inflation rate that would probably exist. And so at $180,000 a year, for 20 years, you need $2.67 million in the bank, to be able to produce that kind of income to sustain $100,000 a year of what we’re living right now. So I would think that that should drive a little bit of anxiety, in most real estate agents, guts. And to try this. It isn’t that difficult to do. Back in the days, I’ve always saved since about 1990. I’ve always saved about half of my income into, you know, reserves for buying extra properties. But you know, they always say pay yourself first, you need to really think about paying yourself first now because 20 years from now you’re going to be looking at something that’s frightening, I think. So that’s exactly why I started that program.
Justin Stoddart 8:29
So money comes in from your premier real estate business, you obviously a lot out to pay expenses, pay taxes, then of what’s left you take 50% live off that.
Linda Quinn 8:39
I do I do. So I have very little you know, I’m not I’m no don’t drag my visas up, you know, I’m pretty frugal. So yeah, I say 50% of whatever is left for whatever I want to do investing,
Justin Stoddart 8:55
which you know, I think is a great indicator for real estate agents that they should probably need to be producing at a higher level than they do. You know, I think there’s you know, there’s oftentimes, we tend to produce and work about as hard as we need to to survive yet, what we’re not considering is that there’s going to be some years ahead of us, where we’re not going to want to work as hard as we are now unless you’re Linda quaint, right? For most people, right, that they actually need to be accounting for those years that they’re going to want to be out of the business. And so actually producing, if you’re just kind of breaking even right now, they really need to double their production, don’t they in order to create that space and to go invest here
Linda Quinn 9:39
or Justin, the other thing they need to do is not live and spend everything they make. I mean buying new cars, and you know, boats, those are all depreciate items, right? They need to consider what they can do in their life that makes them happy without expanding and doing all the kinds of things that can Sooners do. And you know, I still drive an 11-year-old car, I visit goodwill regularly. I love the treasure hunting. So the reality is, is you could have a fabulous life without it being extravagant, and then having nothing left at the end to show for it.
Justin Stoddart 10:17
You’re right, there’s either double production and or take a good hard look at what’s going out the door. Right, right. I’ve heard it said before that if you want to get rich sell stuff to real estate agents, right. One thing is, like the expenditure within your business can be draining. But then also, I don’t know about you, but it seems like real estate agents tend to have some of the nicest cars in the world. And with, you know, without the income to necessarily produce that there’s an image that that that’s trying to be portrayed without necessarily the financial backing. And you’ve obviously done very well, right. There’s I think this myth that unless I drive a really nice car, people are going to hire me and your cars very nice, right? But it’s 11 years old, and you’ve obviously gotten past this myth of like, I need to have a brand new car people gonna are gonna think I’m not successful. And I’m not a good real estate agent. Right? you’ve, you’ve worked around that maybe false narrative.
Linda Quinn 11:05
Right, exactly. Yeah, I don’t need the fanciest house on the corner or whatever. But I do need that security. And that drove me to get that security tied up.
Justin Stoddart 11:15
Yeah. Great. Okay, so those are your two income streams. Let’s talk about a third, which I think is as really interesting. You know, you see a number of companies, real estate companies who have adopted a similar similar strategy, which is kind of creating a retirement for agents if they take it seriously. Right. Yeah, exactly. profit share and or in your case revenue share, talk to us a little bit about that. And what that because for what you told me before, to get to the point where your second income stream, meaning your real estate portfolio, is producing at the level it is you’ve got $2 million tied up in that correct?
Linda Quinn 11:49
Yeah. And but they are worth about three times that now. Wow. That’s, that’s good. That’s exciting. Yeah. Yes, very exciting. It is giving me this to build to be able to do what I want to do. Yeah,
Justin Stoddart 12:02
yeah, very cool. So this third one is one that I know you’re fired up excited about. And maybe it’s a solution for some who haven’t, don’t have the runway to be able to produce the passive income via rental properties that you have. Talk to us a little bit about that and how that’s come about.
Linda Quinn 12:20
So last September, we took a hard look at this new brokerage that really hadn’t had any notoriety in Oregon yet. And it ends up being that you’ve got the opportunity to be awarded stock that was on NASDAQ, and you have the opportunity of developing a revenue stream that can be gone into your retirement and then passed on to your family after you pass. And it was so amazing, the business model was so amazing that we had, we had to leave our last brokerage. And we did that in like two weeks, we were so excited. It has turned out to be everything we thought it was just in, you know, you get stock awards for selling your first property every year, you get stock awards if you attract agents if you sell the cap, which is about $3 million. And then 20 more homes after that, they give you your cap back in stock, which is amazing, you know, you’re building a huge portfolio of retirement stock, I paid stock when we started was about $7 a share. And now it’s 11 something a share. So it’s growing as the company grows, we’re onboarding 1500 agents per month, right now. And the other issue we get, we can buy the stock at a 20% discount from the company. There are just all kinds of ways to produce the stock. Now, some people don’t care about stock, some people love the stock. So I was that wasn’t my main reason for coming to this company. But it was the revenue stream. And that’s pretty attractive about that is it’s a three year vesting period. If you attract an agent to the company, you and they are capping, which means that they pay 16,000 a year to the brokerage, you get 20 $800 a year every year there at the company. The exciting part of that is that it’s not it’s not too hard to find agents that were are interested in looking at this company from a standpoint of what can it do for me as far as benefits. It’s an incredible company that does have no brick and mortar. So we have no franchises, we’re all operating our offices in the cloud. And it gives us your opportunity to be more collaborative more. There’s the culture, I didn’t think we’d have culture, my gosh, we have far more culture than I’ve had in any of my previous brokerages. I know it’s hard to imagine, but we’re very close. And the revenue stream if you’re attracting an agent, and if they attract agents, then you also get revenue stream of 30 $200 for the agents that they attract every year. And it goes deep seven levels. So you can produce an incredible revenue stream that you can take into your retirement just off this and it is so much fun to talk to agents about this opportunity.
Justin Stoddart 15:45
So for fear that this sounds like a commercial for a particular brokerage, but you know, I can sense your excitement and your passion for what you’re doing, which is fun about the numbers, because again, we’re Switzerland here on the Think Bigger Real Estate Show. Our job is to find stuff that works and helps. And but I want to have you share some of the results. You you’ve obviously your passive income stream from your second stream, which is your real estate has is in the five figures, right? You’ve got Yes, yes, dozens of thousands of dollars coming every month. Just talk to us about in eight months, what’s happened with your revenue stream in the third one? And then we’ll wrap up with our final question.
Linda Quinn 16:27
Okay. Um, well, last month revenue stream was about 50 $600. And it’s growing every month. And I expect that to triple or quadruple within a year. Because the agents are so excited about developing their own revenue streams, that they’re building an organization underneath me. And at the present time, I have about 118 agents that we’re working within our organization right now. And our leaders are in incredible. I mean, they actually fly out to do seminars with us or help us, you know, when we’re talking to a larger agent that needs a little bit more hand… not hand holding, but you know, talking to some of the bigger agents.
Justin Stoddart 17:22
so just to kind of recap that revenue stream. You’ve got, again, dozens of thousands of dollars coming in from your second stream, your third one you believe will pass it here within the next year or so is what you’re predicting Is that right? I mean, it’s kind of based on the math that I’m doing in my head was about a fifth and you’re guessing that that will quickly surpass what you’ve accumulated and really put in $2 million of your money tied up in order to create which is an interesting model. Right. And I’m, again, I’m not here to endorse any particular company or brand, but I know that multiple companies out there, they have revenue or profit sharing opportunities. I think, for real estate agents, really, the big opportunity is to really take a look at what am I doing to prepare myself for stormy seas ahead? Right? Obviously, in 2008 2009, was not fun times for real estate agents. And not having any passive income coming in was a trouble, it was really, really challenging, if not devastating to most. And the same can be true of you know, of the retirement years. And it’s, it’s, it’s fun to hear innovation in real estate. It’s fun to hear people like you at your why is wise years. So passionate and fired up about about about building, I just want to thank you for what you’ve shared. Linda, let’s, let’s end with this question. Just because we want this episode to remain kind of short and sweet and digestible. Tell us what is something that you do on a regular basis? I mean, if you could give advice to people to say, you know, I, you’ve been a big thinker for a long, long time, and have been expanding your own possibilities, even now, right, even into your golden years. What would you say? would be advised that you would have for the rest of us that would love to be like Linda Quinn that would love to be as fired up ambitious, passionate and a big thinker at your age. Teach us, please.
Linda Quinn 19:25
I would say don’t be complacent. Don’t be comfortable. You don’t grow if you’re comfortable, open to opportunity, you know, if explore a very wise man a few years ago said to me, every year he interviewed different brokerages here in town to find out what they had to offer. And I never thought about that, though, you know, Hawaii is is that to know, if you’re getting the best that you can get out here and it serves you well, I would just say, once you get out of complacency, you can get fired up because the possibilities are endless. And that’s what’s so exciting and keeps me moving every morning is knowing, Gosh, this could you know, I could work into my 80s truthfully, with these particular income streams. And at some point to stop selling real estate and just do the other two, the rental and the revenue sharing.
Justin Stoddart 20:23
So fun to hear. You’ve inspired me to want to set my goals differently. And I think most people think about, like retirement years of like, there’s this end date of when life begins and the people that I admire most in life, and you’re right up there. They don’t think that way, right? It’s like how much life do I have? I want to wear it out right I want to go to the end I want to like a sprint to the finish line. I don’t want to like walk the last lap For heaven’s sake, I want to sprint to the end. And you know, it’s it’s really inspiring to have you share and just hearing your passion, obviously, you’re passionate about your brokerage model, you know, model and you’re other revenue streams. And I would say for anybody out there, find something that fires you up whether it’s what Linda’s excited about or whether it’s some other portion of real estate. But if you’re not fired up you’re not doing something right. Maybe you’re complacent like Linda saying maybe there’s there’s something missing a mentor missing. seek that out, but my goodness, life’s too short to be walking laps when we could be sprinting into our 80s and beyond. So, Linda, want to thank you so much for pouring the value that you have into the thing bigger real estate show. We have some fun guests here, sharing all kinds of fun stuff. So encourage people to comments, and come take a look at the comments. And please reach out to Linda if you have any questions on her strategies. I know I’ve learned a lot from her investment strategy sat through her class multiple times. She’s truly an expert when it comes to real estate investing and really lives what she teaches. So thank you, Linda. It’s been a total pleasure as always. And thank you all for tuning in to this episode of The Think Bigger Real Estate Show.
Unknown Speaker 21:58
Thanks, Justin. Have a great day.