EP294: Ken Holmes Shares How To Structure Deals Creatively To Achieve Financial Freedom

Ken Holmes has seen (and done!) every type of deal you can possibly imagine! Ken started his real estate career in 1987 and has learned a thing or two during that time. On the show, Ken shares his wisdom of what he wished he'd known sooner and shares his financial freedom formula on how you can replace your 9-5 money with real cash flow that will keep and sustain the lifestyle you've always wanted.   Key Takeaways: Ken got his start as a real estate appraiser in 1987 and flipped his first house in 1997. Ken had this goal to make $500,000 a year, but he never put much thought into 'why.' Ken shares his formula for financial freedom. It comes down to asset x rate of return - taxes = lifestyle. If you make 8% on your money and you're paying taxes, you need roughly $2m in assets to make $10,000 a month. However, if you can make 15% on your money and pay no taxes (through a self-directed IRA), you would only need to have $800k in assets to make $10,000 a month. Your goal shouldn't be to make your first million, it should be to increase your cash flow. Before setting a net worth or cash flow goal, define the kind of lifestyle you want! FYI - The desired lifestyle you want is (likely) a lot cheaper than you think it is. Ken shares a creative deal he did with a church. Get creative with your deal structures and you can easily get that 15% return on your money. Ken stresses the importance of understanding what a self-directed IRA can do for you and your money. The biggest expense you'll probably have in your lifetime is taxes. Alex shares Ken's steps to financial freedom. What piece of advice would Ken give his younger self? Stay debt free! Mentioned in This Episode: Ken on FacebookEpisode 290: "Edwin Kelly on Leveraging Self-Directed Accounts to Build Wealth and Grow Your Portfolio Tax-Free" Feel free to connect with Alex about doing a JV! Email him at [email protected] Click Here to apply for our next Holiday Mastermind in Punta Cana, Dominican Republic! If you are interested in joining our team, you can Apply Here Do you have an existing business? Already closing deals, but feel there is a better way? Connect with Alex here about working with him 1-on-1 Let's Connect on Instagram: @alexpardo25   Tweetables: "I just don't go the debt route. When you talk about financial freedom, you sum it up by making more money than you need and investing that excess in things that produce cash flow. That's it." "What would you do if somebody dropped $10m in your bank account? What would your lifestyle cost? It's often way less than what you might think." "When you get a good deal. Stop for a second and think. What else could I do with it?" Ask Alex A Question: Have a question you want featured on an upcoming Flip Empire Show? Head over to the Ask Alex page, and record your question. We've made it super easy for you, so let us know what challenges you are having, and Alex will answer it personally! Did you get your FREE Online Course? Text the word EMPIRE to 67076, and we'll send you a link to get instant access to the "5 Ways To Scale Your Real Estate Wholesaling Business To Six Figures (In 6 Months Or Less)" video module training course. Subscribe To The Flip Empire Show, and Leave a Rating & Review!