NYN E11: From Hockey to Real Estate: Bob Lachance’s Secrets to Financial Freedom

May 9

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Picture this: you’ve worked hard, saved diligently, and invested wisely. One day, you wake up to find that you have achieved financial independence – a milestone many dream of but few attain.

Achieving financial independence is no small feat. It requires dedication, planning, and strategic thinking. But the reward? The reward for dedication, planning, and strategic thinking is the ability to lead a life without financial constraints and with the freedom to pursue one’s passions.

In this blog post, we’ll explore various aspects of achieving true financial independence – from leveraging an athletic background for business success to investing in real estate as a means to build wealth. We’ll also discuss passive investments versus active businesses and how finding balance between money and happiness can lead to a fulfilling life.

Finally, we’ll delve into developing an investment plan based on personal goals and learn valuable insights from Bob Lachance’s current ventures in real estate investing.

If achieving financial independence is your ultimate goal or if you’re simply curious about different paths towards it – read on!

Table of Contents:

Athletic Background and Business Success: The Winning Combination

Let’s kick things off with a fascinating fact: Bob Lachance, a successful real estate investor, attributes his achievements to the mindset he developed as a professional hockey player.

Pretty cool, right?

The similarity between sports and business is striking, as both require a high level of discipline, dedication to improvement, and an aversion to complacency. In both arenas, discipline, determination, and never becoming complacent are key factors for success.

Athletes like Bob understand the importance of staying ahead of competitors by constantly striving for improvement. This mindset can be game-changing when it comes to achieving financial independence.

Now that we’ve set the stage, let’s dive into how this winning combination led Bob to achieve financial independence through real estate investing.

Achieving Financial Independence through Real Estate Investing

Let’s dive in, shall we?

Real estate investing has been a game-changer for many, including Bob Lachance.

How did he do it? By strategically building an investment portfolio and leveraging various real estate strategies.

Building a Diverse Investment Portfolio

The key to success is diversification.

For optimal returns, investors often diversify their portfolios by acquiring various types of real estate such as single-family homes, multi-unit buildings, and commercial spaces.

Flipping Properties for Quick Returns

A popular strategy among investors is flipping houses – buying low-priced properties that need some TLC (tender loving care), fixing them up quickly, and selling at higher prices for profit.

Creating a Profitable Lending Company

Beyond traditional property investments lies another opportunity: lending money to other investors at attractive rates.

  • Diversify your investment portfolio with various property types;
  • Hone your skills in flipping houses;
  • Create additional income streams by lending money to fellow investors.

By implementing these strategies successfully over time, Bob achieved financial independence while earning passive income from his investments.

Passive Investments vs Active Businesses: The Smart Choice for Busy Professionals

Let’s face it, we’re all busy.

As a high-performing individual or entrepreneur, you may already have a successful career or business that demands your attention.

So, why start another active venture when passive investments can provide additional income streams without taking up significant time or energy?

Remember, the goal is to achieve financial independence and create passive income streams that support your lifestyle without sacrificing precious time and energy.

Explore syndications as an alternative investment strategy and watch your wealth grow while you focus on what truly matters in life.

Balancing Money with Happiness: The Key to a Fulfilling Life

Let’s face it, money matters. However, achieving financial independence shouldn’t consume our entire lives. Studies show that happiness plateaus after reaching a certain income level, so what else can we do?

Enter work-life balance and philanthropy.

The Importance of Work-Life Balance

Having the perfect work-life balance allows us to enjoy our hard-earned wealth while still pursuing personal passions and hobbies. It’s important to schedule regular breaks from work or dedicate weekends for family time and leisure activities like sports or travel.

Philanthropy as Part of Personal Fulfillment

Giving back isn’t just about tax deductions – it’s also an opportunity for personal growth and fulfillment. To achieve this:

  • Action #1: Identify causes close to your heart. Discover an issue that speaks to you – it could be related to schooling, healthcare, or animal welfare.
  • Action #2: Research reputable charities aligned with your chosen cause. Look into their impact on communities they serve before making donations.
  • Action #3: Get involved. Volunteer your time or skills in addition to financial contributions. This hands-on approach allows you to witness the positive change your generosity creates.

Remember, a balanced life is key in achieving true happiness and success. So go ahead, invest in yourself and give back – it’s time to live your best life.

Developing an Investment Plan Based on Personal Goals

Let’s get real for a moment.

Achieving financial independence means being crystal clear about your personal goals and desires. Why? Because it helps you craft the perfect investment strategy tailored to your unique vision of success.

To kickstart this process, consider working backwards from your desired lifestyle and income requirements by using online tools such as a goal calculator. This will give you a clearer picture of how much money needs to be invested each year into different asset classes, allowing for better decision-making when allocating funds towards passive investments or active businesses.

Don’t hesitate to seek advice from seasoned investors who have walked the path before – their insights can prove invaluable in accelerating progress towards achieving true financial independence.

Bob Lachance’s Current Ventures and Advice

Let’s dive into Bob Lachance’s current ventures. In addition to his real estate investments, he is the CEO of a virtual assistant staffing company called REVA Global. This enterprise provides valuable support to real estate investors by offering skilled virtual assistants for various tasks.

Moving on to another exciting project, Bob hosts a podcast named Pucks to Properties. The show features insights on achieving financial freedom through real estate investing, drawing from his athletic background and business experience.

  • Subheader 1: The Role of Virtual Assistants in Real Estate Investing
  • Subheader 2: Importance of Coaching and Mentoring for Growth

To accelerate success, Bob emphasizes the importance of setting clear financial goals, seeking coaching or mentorship from experienced professionals, and investing in real estate. Achieving financial independence means having enough passive income to cover your living expenses. This requires a solid financial plan, a high saving rate, and smart investments in real estate and the stock market. Personal Capital is a great tool to track your net worth and manage your finances.

FAQs in Relation to Achieving Financial Independence

How to Achieve Financial Independence

To achieve financial independence, focus on increasing your income, saving and investing wisely. Develop multiple streams of income through entrepreneurship or side hustles, invest in assets such as real estate or stocks that generate passive income, and maintain a disciplined approach to spending and budgeting. Additionally, seek guidance from experienced mentors and continually educate yourself on personal finance strategies.

Four Examples of Achieving Financial Freedom

  1. Real Estate Investing: Buy properties for rental income or capital appreciation.
  2. Stock Market Investing: Invest in dividend-paying stocks or index funds for long-term growth.
  3. Entrepreneurship: Start a business to create additional sources of revenue.
  4. Passive Income Streams: Generate earnings through activities like affiliate marketing or royalties from creative works.

The Fastest Way to Reach Financial Independence

The fastest way to reach financial independence is by aggressively increasing your income while minimizing expenses. This can be achieved through high-paying careers, starting successful businesses, investing strategically in high-growth assets like real estate or stocks, and maintaining strict control over spending habits. Continuously learning about wealth-building strategies will also accelerate progress towards achieving this goal.

Why Achieving Financial Independence is Important

Achieving financial independence is important because it provides freedom, security, and peace of mind. With financial independence, you have the flexibility to pursue your passions without being tied down by monetary constraints. It also enables better decision-making in both personal and professional life since choices are not solely driven by financial considerations. Additionally, it allows for a more comfortable retirement and the ability to leave a lasting legacy.

Conclusion

Through this post, we have learned that achieving financial independence requires discipline, determination, and a well-planned investment strategy. To ensure a successful journey towards financial independence, it is essential to strive for both monetary gain and personal satisfaction. It’s also crucial to seek out coaching and mentoring for growth in both business and life.

If you’re ready to take the next step towards achieving financial independence, check out Investor Mindset for resources on real estate investing, mindset development, and more.

NYN E11: From Hockey to Real Estate: Bob Lachance’s Secrets to Financial Freedom Transcription:

Steven Pesavento 0:00
Hi, I'm Steven Pesavento, and welcome to the name your number podcast presented by the investor mindset. As someone who comes from a challenging childhood, I've spent my life seeking financial security, personal growth, and ultimately freedom, the freedom to not wake up worried about the next paycheck, but rather with the confidence of knowing that my passive income pays my bills without the need to think about it. When you name your number, that you will learn passively, that creates your ultimate quality of life, that I believe you've achieved real freedom. Welcome to my show, it's time to name your number. You make millions of dollars, you have all this success, and you're still kind of looking at everything that you could have done better. And that's the reason you got into that position. But it also is like preventing us from having happiness. And I know I experience it, as well. And I think it's important for the listeners to recognize that sometimes the thing that actually drives us and motivates us is also the thing that prevents us from enjoying it. And so we have to find a way to balance that. Welcome to the name your numbers show presented by the investor mindset, we're on a mission to create financial freedom for over a million investors. And when you name your number, the number that you want to earn passively every month that creates your ultimate quality of life, then I believe you've achieved real freedom. If you're ready to name your number and create your passive investment plan that you'll follow step by step to get there, then head over to investor mindset.com/number. To download the free guide to get started. And for those of you are ready to build this plan together with me and a community of other like minded investors just like you, you'll be invited to schedule a call with one of my top advisors see if it's a fit. So let's get into the show. Today, I'm excited to have Bob Lachance chance in the studio. How you doing today, Bob?

Bob Lachance 1:51
Steven, thanks for having me. Appreciate it.

Steven Pesavento 1:55
I'm excited to have you. And for those of you who don't know, Bob, he's the CEO of a virtual assistant staffing company, rev global. He was a professional hockey player for eight years, an avid real estate investor and trainer. And we're going to be talking today about how he's achieved financial independence. And some of the skills and strategies he's acquired along the way, you're ready to get into things, Bob,

Bob Lachance 2:20
let's rock and roll.

Steven Pesavento 2:22
Well, before we get into all the strategies, let's start off on a personal note by looking back at your life. What events or influences from your childhood shaped who you are today? And how has that played a role on your money or investing journey?

Bob Lachance 2:37
Yeah, I'd have to say, my athletic background, talked about grew up playing a bunch of different sports, but obviously, the primary one later on in life was ice hockey. My dad got us into that when we were four years old. And you know that if if, you know, the individuals that I talked to that I'm gonna play the sport, you know, business is a lot like sports, right? You have your ups and downs, you got to dust yourself off and get back up. And I think I think sports is the best thing, you know, a lot, a lot of individuals that we hire for a real estate investment company, you know, have sports and athletic backgrounds, because, you know, they're, they already know how to, you know, if you look at it, they're they're not to get knocked down and get up, dust themselves off and keep going. So I think that the background of being a an athlete has helped helped me tremendously in business.

Steven Pesavento 3:24
Yeah, it's like that, that practice of over and over again, failing and returning and practicing and training, and working all for that moment that you're going to need to actually performed. That also sets you up for a lot of success in business.

Bob Lachance 3:40
Yeah. And you know, it's kind of funny in athletes, you know, once they hit a goal, you know, they look at that goal, and they say, Oh, that's it, and they keep going, they set another goal, and they set another goal, you know, they don't take a ton of time to pat themselves on the back. They just keep going. So that's another kind of attribute. I think that sports gives you

Steven Pesavento 3:56
totally, so you've reached financial independence. Tell us when was the first time that you realize that you're financially free and that you'd made it?

Bob Lachance 4:07
No, it's funny, I, I do well, but I always look over my shoulder, you know, feeling like someone's going to, you know, come take over, it's kind of like, you know, when it played pro hockey, I would always look someone's going to try to take my job so I mean, we do very well obviously in on both on the river global side on the virtual assistant side and also on my real estate company, but you know, for me to look at just making it I am never going to end I'm never going to stop so I got to have a tough it's tough for me to say you know, whether I made it or not because there's someone always better than me out there. So, but I do pretty good, obviously. And I spoke about it a little bit before but I think for me, I like that passion. I got that drive and nothing's gonna stop me from you know, from from keeping going. So I guess that's a tough one to answer.

Steven Pesavento 4:54
So with that vision or with that mindset of I'm never going to make it because there's always got to be more, how do you think that supports you in driving forward in business and in investing?

Bob Lachance 5:08
You know what, I think it's important never to stay complacent or never to get complacent. Because, you know, once you get to that spot, you know, before you know, if someone's going to pull you down, maybe the market is going to change, you know, you if you have your, if you're not open, you don't see things coming in. Again, I always go back to sports, kind of like when I was playing hockey, you have to know where everybody is on the ice, right? If you have the puck over here, you got to see if someone's gonna try to take off over here or you're on the offensive, you got to know where your defensive defenseman are, your forwards are. So I think it's really important, you know, when you're a business owner of having a head and a swiveling, knowing, you know, trying to see in the future of what's going to happen next. Well,

Steven Pesavento 5:49
knowing that you're kind of in this place where it's never enough, there's always got to be another level that you can go to love that from a progress standpoint and growth, I think it's really important. Talk to us then about reaching that point of hitting that first level of financial independence, when you knew that your lifestyle expenses were covered, and you were already living kind of the life that you would desire to live.

Bob Lachance 6:17
Yeah, I always thought that making for me, it was $20,000 a month, right? Just making 20 grand. And once you hit it, you just keep going. But it's a great feeling. I'll be 100% transparent, it's a great feeling. And it is something that I think everyone should just strive for. And we talk a little bit about this about passive income, right? If you're looking at it at a portfolio investing when your syndication deals your apartment deals, right, you got to look at are how much liquid cash? Is it going to take me to make that $120,000 a month, right? So I think, as an entrepreneur, that's a great way to do it to look at exactly what that goal is, like you said, if it's $20,000, and guess what, then what you need to do, at that point, see how much liquid cash you're gonna need to be able to get to that number. So for me, it was hitting that $20,000 A month mark.

Steven Pesavento 7:05
And so you've gotten to a point where you're earning $20,000 a month from your investment portfolio. Yeah, so

Bob Lachance 7:13
that Well, for me, it's I've two investment companies, but my real estate investment company, my VA company, my VA company, we hit that a long time ago,

Steven Pesavento 7:21
we surpass that kind of separate, like active businesses versus investments because like an active business, something you've got to put in time, unless you've invested in, you're totally out, you don't do any strategy or anything like that. And then obviously, on the real estate side, if you're flipping houses active business, if you got a bunch of rental properties, kind of semi passive, right, you still have to make some decisions if you're investing where somebody else is making all the decisions, fully passive. So from that place, I imagine because you run a real estate business, most of your investments are likely more semi passive, right, where you own them, you make some decisions and kind of act as the operator.

Bob Lachance 7:59
That's exactly right. And it's got an interesting, so when the market was hot, we had like over a little over 30 doors, and we sold everything because it was we were making, let's say $500 a door, but we were making 4050 $60,000 profits on those properties. So we decided to sell them all. So rebuilding again next year, when prices go a little bound further, we had to take advantage of the market and and I think it's really important that's a good takeaways is you know, markets are like this ups and downs and you got to take them. For me, our investment strategy is when you take, take the money today, if you're gonna get the highest profit, take it away, I have invested in a couple syndications as well, that's more on the passive side. But you know, we're actually starting to build our portfolio with single family properties that we decided you know what time's right to sell. So we sold those, but we flip properties every single day, we're probably averaging about between 15 to 20 deals a month, just turning them turning and turning them. So I guess that's past, but it's more on the it's more of the the act of business.

Steven Pesavento 8:57
Yeah, it's an act of business. But you've got people in place that are doing that work. But something happens, you've got to come in, you've got to do the strategy, you've got to solve the problem, you got to find the person to do it. Great way to make money. And that's why I think it's important understand kind of the difference between making money multiplying money and the difference that happens around passive versus active income. So I think that's really, really, really important to make that note. So you exited that portfolio. Talk to me about, you know, just doing a quick calc $40,000 per door and profit 30 doors 1.2 million. What did you then do with that cash? Are you sitting with that in the bank waiting for an opportunity to then deploy it?

Bob Lachance 9:42
We actually use that to lend as well. So kind of both sides of it. We use a lot of our capital, we created a lending company. So we use that capital we have to buy, you know, fix or buy and resell so we use it as a lending company. And I think that's, that's one of the opportunities that we have as real estate investors if you do have X amount of money, so You know, on the sidelines of capital, you can use that to lend as well. And lending is a very profitable business.

Steven Pesavento 10:05
Yeah, and I love, I love the idea of being able to place debt onto real estate because a lot of people don't, maybe they're not experts in real estate. So there's strategies where they can invest into promissory note funds, or debt funds or different opportunities where somebody else is gonna go and execute that, and they get paid a little bit of an overage on that. But for you talk to me a little bit about what is the benefit of lending that cash out to then have that go and, you know, be invested into, like real estate, for example?

Bob Lachance 10:37
Yep. Well, for lending, we have it, it's kind of liquid too, because we're putting our money in our own properties, we could, we could use our money, how we please. But we have, you know, points and interest, three points, 10% interest, as many times as you can roll that money. And if you roll a million dollars over 10 times within a year times three points, you know, that stuff starts adding up. And I think it's a really, really good way to, you know, make more money on top of the money that you have.

Steven Pesavento 11:04
Yeah, because you're in that position where you're the one who's going to underwrite the property, you're going to do the inspection, you're going to do all the paperwork, you're essentially taking on that operator role lending, and so you can earn those points. Normally, that would go towards the lender, right for executing the loan and finding it and managing and doing all that stuff. But you're actually able to, then, let's say you turn that loan three times in a year, you're able to add another 9%, on top of the 10% that you're earning.

Bob Lachance 11:32
Yeah. And I think it's important as real estate investors, you know, you see a lot of investors, you know, start contracting businesses start roofing businesses on top of what they do, you know, I always look at the thing is, as, as an investor, you got to try to keep everything in your ecosphere, right, or ecosystem, right. So if it's, if if you're flipping properties, you could have a contracting company, you can have a lending company, right, you can have different arms inside real estate. So I think that's really important to invest in syndications, invest in passive income, whatever you do, even though you're if you're if your main job is to buy, fix, and flip, you're gonna have to put that money somewhere, like you said, whether it's in a passive entity with buying notes, whatever that is.

Steven Pesavento 12:12
Yeah, and I think it's important to understand, like, depending on where you are at as a listener, if you're working in a career you love, or you make a lot of money, doing it, you've got a specialty, probably doesn't make sense to leave and go start another business, unless that's your passion, unless you're like, I really want to create another job or another hobby, where I'm gonna spend my time going out and doing all this work and putting these together, because it does take time to get it to that point where it's a business that you can step back from, and I found that most of the people who do flip houses they don't really step back from there's a handful of them out there. But most of the time, it's a pretty active business. What are the other types of investments that you look at? Or you like doing? That is more on the passive side, or even semi passive where you're putting a manager in place?

Bob Lachance 13:00
Yeah, so right now syndications, which, which you don't really have to do much, obviously, if I'm investing you, I give you the money, and I just let it sit and you know, you're making you're making your money per month. That's one of the one of the ways to do it. For us, that's what we do do that. And on the lending side, we talked, I talked today, a business partner about buying a building, right, that'd be another way. But there is management there, you have to make sure you have your property manager for me, I don't want to take calls, I don't want to, you know, I don't want me to call me and you know, deal with any of the leasing anything like that. So for me right now, I mostly have lending, I have my virtual assistant company at my wholesaling company. So those are the three entities that are three businesses that we run. And I

Steven Pesavento 13:41
think that's something a lot of people don't really recognize, they listen to bigger pockets, they hear Brandon Turner talking about doing a house hack, or, you know, burning a property. And they think, Hey, I'm getting into passive income. But talk to me about what's not passive about owning a building, that you're going to be the one who's got to make the decisions on.

Bob Lachance 14:00
Yeah, I mean, I mean, there's maintenance all the time, right? If you own a building, even even owning a single family house, right, or if you own a building, let's say 10 unit building, you're getting you have 10 tenants, if there's a vacancy, you got someone to go in there and fix the property up. So now you're dealing with a contractor. Right now you have to lease maybe you're dealing with a leasing agent, then you got to deal with a tenant and then you got to deal with paperwork. So there's a laundry list of stuff that is just attached to one unit. Right? So that's why in my opinion, investing in a syndication is, you know, hands off that's most passionate you know, that's that's where the passive passivity comes in. I don't know if that's a word but for the passive income comes in.

Steven Pesavento 14:38
Yeah, and there's definitely some some pros and cons. I'm curious, from your perspective, you're sophisticated. You understand the space, how have you gone about picking the syndications or the funds that you invest your cash into?

Bob Lachance 14:52
Yeah, it's important you have to vet the operator because not not every operator, obviously, you know that not every operator is the same. So Please do due diligence that way. Because, you know, I've heard of operators going under and people's money going away. So you got to pick individuals like yourself, obviously, you're out there all the time, you have podcasts, you have a coaching program, you know, so we, as investors have to vet, you know, the the individuals that are running that syndication and make sure that the operator that's operating it are reputable.

Steven Pesavento 15:22
Yeah, I think with aligned interests and an experienced operator, that's the kind of position you want to be in when you're investing, you want to make sure that they make money after and when you make money, and that they've got a lot of experience so that they're choosing opportunities that have the highest likelihood of success. And they're protecting that downside, because, you know, when it comes to investing, you know, we've bought a bunch of properties during a bunch of different types of times in the cycle. And when interest rates go up, that does change the equation. And so someone who's not, does not have a good solid understanding, they may continue to put out distributions when the project doesn't support it, or they might have not kept enough reserves in the first place where I just had a conversation the other day, where somebody is in a situation or they're looking to raise more cash, because the project is in distress. And so that's an opportunity that we see in the market, today, we're being very patient about it, we're finding great opportunities from a seller financing and in a loan assumption, position, but we can actually go in and clean up somebody else's mess, you know, there's gonna be a lot of money to be made for investors, there's a

Bob Lachance 16:29
lot of messes out there. So if you have the opportunity to do that, like you guys are obviously seasoned in doing that. There's some serious opportunities, like you said, especially in seller financing these days.

Steven Pesavento 16:38
So you've, you've kind of gotten to that point of financial independence, you've got this vision of continuous growth. And there's a lot of good with that. What do you think are some of the bad things about having that mindset of, I'm never gonna make it, it's never enough.

Bob Lachance 16:56
So I mean, you're sometimes we're our own worst enemies, right? We, we set goals and reach them, we don't celebrate them. I think one of the things that I got to do better, as you know, take a step back. And you know, whenever you have that small wins, celebrate it with yourself, celebrate it with your team, I think that's really important. Some of us are, are too hard on ourselves sometimes. But you know, I think that's when you take a step back and celebrating those small wins. And then, you know, patting yourself on the back or patting your team in the back, and then keep going. I think that's one of the things that we all have to do.

Steven Pesavento 17:25
I mean, bro, I'm with you. It's like, you make millions of dollars, you have all this success, and you're still kind of looking at everything that you could have done better. And that's the reason you got into that position. But it also is like preventing us from having happiness. And I know I experience it, as well. And I think it's important for the listeners to recognize that sometimes the thing that actually drives us and motivates us is also the thing that prevents us from enjoying it. And so we have to find a way to balance that.

Bob Lachance 17:55
Yeah. And the goal should I mean, you nailed it, the goal should never be money. Because if it's only money, you're not going to be satisfied, you're not going to be happy, because you'll hit, you know, if you set a goal to make, let's say, $100,000 on a flip. And as soon as you hit that number, it's like, Alright, what's next? It's not, you know, you got to set those goals, like I said, celebrate it, and then keep going because, you know, millions of dollars is is, you know, that helps obviously, a lot having money, but money doesn't create happiness. Yeah,

Steven Pesavento 18:21
and I think that's what's really important. So I'd love to talk to you a little bit about this. And it's this idea that when you've got a clear vision of what's important in your life, then money is a tool in order to help you get that to be able to provide for others to be able to provide for the community for yourself, things like that. Talk to me about the vision that you're building towards what are the things that are important in your life? How do you want to be spending that time as you continue to progress in building these businesses and doing investments? Yeah, I

Bob Lachance 18:49
think I think you got to carve out to carve out time for yourself. You know, we did it with a virtual assistant company give away money to charity in the Philippines. Every year we do a you know, a charity event, which is fantastic to be able to do that. That's really fulfilling stuff. That's a cool stuff. And I think you know, I have three kids and they're all in the hockey so just going away and hockey tournaments for me it's big. I coach all my kids growing up my my youngest is the only one I'm coaching right now because he's in high school next year. But I think it's being able to spend time in not miss any other games. I think that's huge and, and having a profitable businesses helps helps you be present and be at those games, if possible, obviously.

Steven Pesavento 19:28
Yeah. And that's a cool, important thing. That's part of your vision. I think other people can take away. I grew up in Minneapolis, so huge hockey town, we didn't play hockey because it was too expensive and played a lot of pickup hockey. And you know, I love that I know I know how intense it can be for hockey parents where you're traveling and all these events. So having that space and time to be able to do that is really important.

Bob Lachance 19:52
And you know, it could be baseball, it could be basketball could be anything right? I mean golf with golf is another great way to spend time with whoever you enjoy. As many times as four hours around, right, so anything like that, that you could find doesn't have to be sports. But I use sports as an example, just because that was my, my upbringing.

Steven Pesavento 20:08
Yeah. So when it comes to investing your experience in the space, maybe you have a passive investment plan, maybe you don't? How do you go about thinking about how much money you're going to invest each year into these different opportunities that are separate from your business? And so you're essentially investing back into that business over and over again, you've got the lending example? How do you think about how much should somebody be pulling out? But how much are you kind of planning every year from a percentage standpoint, to then redeploy, towards kind of some of those passive income goals?

Bob Lachance 20:47
Well, I think it's kind of like what we talked about at the beginning. Let's say, you know, my number, my pass, my number is $20,000 a month, your numbers $50,000 a month, someone else's $100,000 a month? What does that take in reference to your passive income? How do you get there, so let's say you're making, you know, let's say, you flip property you made $50,000. This month, take 20%. And put that into a vehicle to where then you can look to invest, and I was looking at so as an example, whatever your syndications are kicking off for income. So I look at that. And so if I give you $50,000, how much is that going to kick me off in, in revenue in return, right and interest back to me? So that's what I look at. It's almost like starting back and I look at, you know, what's my overhead in the office? Employees, rent, marketing, etc? That's a number. And they also look at my home, right? What are the taxes? What's my mortgage? How much is it? You know, how much do I need for food, for kids for sports, and I put all that together, and that's okay. That's a number I need to make a passive, passive, passive income wise to make sure I offset it to not have that worry, right. So if it is $20,000, for me, that's what I look for. So when I make a big chunk of money here, I'll put 20%. Here, I'll look at an investment vehicle like yours to say, how do I get to that $20,000 a month, that's the way I look at it, that's the way I do it. I know, there's a lot of different formulas out there and how people look at it, but that's the way I look at

Steven Pesavento 22:15
it. Well, I like that, because we call that backing into freedom. It's like once you set your target, you've named your number, you picked your passive income number, you've got a good understanding of your balance sheet, how much you're spending every month, if you got an understanding of how much investable assets you have to work with, then you understand how much are you earning per year? And then you back in? Well, how much can I afford? Or how much do I need to save? That will allow me to start being on that path towards getting to that number?

Bob Lachance 22:46
Yeah, and I think everyone has a different number, right. And, and that's the beauty of, you know, that's the beauty of it. Because, you know, for me, I don't really spend this kind of funny, I don't spend that much money, right, I have nice things, you know, I've, I've invest in different things, but I don't really spend that much money. So I look at my overhead, I'm like, Alright, I have assets over there. And of course, you have your home stuff, I spend a majority of my money on my kids and business and travel. So it's pretty interesting how, you know, other people go out and buy lavish things, which is fantastic. But you know, it's it's different for everybody. If you

Steven Pesavento 23:17
are starting this, this passive income journey, this investment journey that you've been on, you've been on it for a long time, if you're going to start over again, knowing what you know, and you're starting with some money, you've already earned some money, you continue to earn a good living, what advice would you give to yourself about how to do it even more efficiently and effectively, then maybe the way that you did it,

Bob Lachance 23:42
I would actually start buying immediately, you know, we always say, Hey, I'm going to wait for this, I'm going to wait for this, oh, next year, next month, start buying today. And if you set a goal of I think about this, I started back in 2004, five out one property a month, which is very simple, right? Take about that one property month to keep, you know, I would have I don't know the numbers or the math maybe 20 years times, you know, 20 times 12 What's that? It's a lot, that's a lot of houses. Right? For, you know, you'd have majority me paid off me to have a ton of equity in them. Because obviously, the prices have gone up. And I'd have a lot of passive income. So that's what I would do. If I go back to myself, I'd say start buying and buy one property every single month, you know, before you know, it could buy it's like the compound effect, great book, you know, book compound is, you know, you know, that's passive income, right? starts to count on each other.

Steven Pesavento 24:32
Well, it's funny, because it's like, this is what happened. So for all the listeners who maybe aren't doing real estate, maybe are flipping houses, never wanted to get into it, I go down that path. It's like we've got this, this pool of properties, and we're making money off of it. And sometimes it's hard to say, Hey, I'm gonna make, you know, $100 a month or $500 a month on this property or sell us now and I could make, you know, 25,000 or 30,000 isn't, it's like hard to exchange the 500 a month to give up that 30,000 unless you've got a really clear plan on how you're doing it, and maybe holding on to a bunch of single family homes isn't the strategy, maybe you kind of graduated from strategy or, or start doing syndication, like you said, there's not one key that fits the lock, there's a lot of different keys that can get you where you want to go. And so by getting clear, first on, what do you want, why do you want it? What is that vision going really detailed. And that's why the the vision planner, which you can download at Investor mindset.com/number is so powerful, because this is a silly lesson of a pretty detailed 12 week training program on creating a passive investment plan. But it really starts with understanding what do you really want from your life, because, you know, you can go and build a business, and then all of a sudden, you get all this money, and you're doing all this stuff. And you're like, Wait, this isn't what I want, I'm working way too much, or I don't enjoy who I'm working with or what I'm doing. And then you got to change it all up. And there's nothing wrong with change. But when you can get intentional from the beginning and allows you to then build at once

Bob Lachance 26:15
I love the way you put that because one of the one of the things in advice I would say is, don't get caught up on that exact number, right? Like if you're if you look at $100 passive every day as not every every month is not that good? Before you know it over time, it adds up, right? You buy one at 100, buy another one at 300, another one at 400. Back to 250. Right? All that stuff starts compounding on each other. And that's again, going back to your question to me is like, you know, I should have gone back. And I would tell my you know, my old self to start buying immediately don't get too caught up in that because over time, these properties the mortgage gets paid down, right. And the passive income is going to start adding up adding up over time. So I just want to add to that. I love that.

Steven Pesavento 27:00
Yeah. And it's such good advice, because, you know, everybody wishes they would have started buying real estate earlier. But even knowing that you did or you didn't, it's like now's the opportunity to say Hey, okay, well, I've got this money, get into a great investment that is going to appreciate and grow and pay me cash flow over time. And how do I really do that today? So it's a really good takeaways. I've loved diving in with you on this. It's been really great. I would love it if you would share a little bit more about what professionally and let people know, if they're interested in getting in touch with you. What's the best way to do that?

Bob Lachance 27:42
You're absolutely so I've a virtual assistant company that has trained virtual assistants in you know, many different avenues real estate investing, property management, wholesalers rehabbers, anything within the real estate market. I also have a real estate investment company here in Connecticut. So if anyone's looking to work with us, we mostly wholesale on that side of it. So we have two sides of our business. Obviously the virtual assistant side, you're interested that you want to talk real estate, you could give me a call. I'm always I'm always free to talk real estate, you can reach me my email is Bob at our E V A global.com. You know, we're on Facebook, we're on Instagram, I also have a podcast called pucks to properties, which is pretty cool.

Steven Pesavento 28:25
I love it that that passion for hockey is coming out there. So this episode wrapping up on this question. You know, it's been great hearing about how you've reached financial freedom, some of the things that you're doing the fact you're going to continue to grind out on that strategy, because you just love doing it. What's your advice for listeners who are on this path towards creating that vision that they want from their life? financially? What advice do you have for them in order to take more action or gather more quickly?

Bob Lachance 28:57
Yeah, I would. I mean, first and foremost, I would set that goal, like even like we talked about whatever goal that is, and I would get coaching and mentoring. I think that's extremely important. You know, that's something that I think everybody should do. It's an investment. I don't look at it as as an expense. You know, we we, we invest a lot of money in coaching ourselves, you know, I've been in this business since 2004. And I don't think, you know, I think all of us should get different types of coaches in this business, right? Whether it's, you know, whether it's a mindset coaching, whether it's, you know, passive income, etc.

Steven Pesavento 29:30
Yeah, well, it's been so great talking to you, Bob, good to see you. Again. It's been a while. And for all the listeners out there, you know, take some inspiration from this, go download the planner, start diving in and creating that vision for yourself so that you know exactly where you're at where you're going. And you can start putting a plan to get there. Bob, look forward to the next time we get a Hangout. Thanks so much for being on. Awesome. Thanks

Bob Lachance 29:53
for having me. Appreciate it.

Steven Pesavento 29:55
Today's episode is sponsored by Vaughn Finch capital. If you're interested in Investing alongside me in the same type of real estate opportunities that I personally invest in that head over to Vaughn Finch capital and join their private investor network. You can do so at Vaughn finch.com/invest. Join me on that next deal. I look forward to seeing you on the inside. Thank you for listening. If you liked what you heard, make sure to rate review, subscribe and share with a friend. Head over to the investor mindset.com to join the insider club where we share tools and strategies from the top investors and entrepreneurs and how to take it to the next level.


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Active Investing, Financial Freedom, Investing, Investment Strategies, Mindset, Passive Investing, Real Estate, Real Estate Investing, Vision


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