Episode 113

Some people get into business with the sole purpose of creating a passive income stream. But it that a worthy goal? In this episode Carter and Moe explore the shortcomings of passive income. Carter can outsource the management of one of his rental properties, but in reality this is not as passive as it may seem. Carter and Mo talk about the problem of pricing things too low, considering the people your product is attracting and staying on top of skills in your business.•The myth of passive income (00:34)•Managing the managers (02:35)•Finding a short term rental covered in chocolate milk (04:20)•How you price things impacts the kind of person you attract (08:55)•Finding a balance between passive and active (11:00)•If you want a completely passive business then you don’t actually want to be in business (13:53)•How the things you focus on might change as you get more successful (16:15)•Why people sometimes stop doing the things that got them their success (19:55)•Constantly evaluate what’s working and look at what’s coming over the horizon (22:20)•Reducing price isn’t a solution, sometimes the right move is to pivot (23:22)•Making sure you stay in a position to make more deals (26:31)•To get to a point of having passive income you have to work your butt off (28:24)•How do you keep your employees accountable? (29:00)•If you’re trying to get to a point where you don’t have to work, what is the point? (30:26)•Gotta get your reps in, in training and businesses (32:58)•Learning lessons from Covid-19 (36:28)Gary Vaynerchuckhttps://www.garyvaynerchuk.com/Princess Bride – Mostly deadhttps://www.youtube.com/watch?v=xbE8E1ez97MPrincess Bridehttps://www.youtube.com/watch?v=xbE8E1ez97Mhttps://en.wikipedia.org/wiki/The_Princess_Bride_(film)Tom Mckay – Flip anythinghttps://www.flipanythingusa.com/Bruce Peterson https://apt-guy.com/Trump: The Art of the Comeback by Donald J. Trumphttps://www.amazon.com/Trump-Art-Comeback-Donald-J/dp/0812929640/