Discover how Brett Riggins, founder of Physician Wealth Systems, is transforming real estate investing for high-income professionals. We'll reveal Brett’s game-changing strategies to build wealth and create passive income without sacrificing time or freedom. Ready to unlock a smarter approach to financial independence? Dive in to see what you’ve been missing!

Key takeaways to listen for

• [00:42] How Physician Wealth Systems turns high-income professionals into real estate investors without sacrificing their time
• [04:07] A unique twist on the BRRR strategy that may lead to lasting value and steady growth
• [09:52] Why starting small with single-family homes could be the smartest first step toward building wealth
• [15:10] Secrets to Navigating Interest Rate Fluctuations even during market shifts
• [23:04] The power of building trust when investing in real estate
• [26:26] Top tips to go beyond single-family investment properties and into larger investments

Resources mentioned in this episode

• [00:05] How to Get Rich as a Doctor by Brett Riggins and Thomas Geib | Kindle, Hardcover, and Paperback

About Brett Riggins

Brett is a real estate veteran with over 20 years of experience, founder of Connect Home Buyers and Physicians Wealth Systems. With over $20 million in transactions, Brett is passionate about empowering high-income professionals to build wealth and live authentically. As a mentor, coach, and speaker, he brings a wealth of knowledge, helping others connect with the life they aspire to lead.

Connect with Brett 

• Website: Physician Wealth Systems

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Links referenced in this episode:

• physicianwealthsystems.com

Mentioned in this episode:

Sponsored by Nomad Capital

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Brett Riggins: 00:00:42

Learning more every single time about that vet the jockey. It's not the horse. You got to vet the jockey. But so important about that is how many races has that jockey done?

What was the weather like when that race was happening? So you've got to vet the operators based off of good times, bad times, and full cycle deals.

Clint Harris: 00:00:57

All right, guys, thank you for coming. I'm planning Harris Nomad capital this evening. We have Brett Riggins speaking with us.

Brett Riggins is author of how to Get Rich as a doctor as well as founder of the physician wealth Systems. Excited to talk to him. I actually had Brett, Neal and I had Brett on the podcast back in February.

We had a chance to connect then, and since then, I went to one of his events, a physician wealth summit in Charlotte. He's got a pretty unique take on things. He's taken a very active real estate model and turned it into a retail investment product. It's pretty unique.

So we wanted him to come down and speak about things, because he's doing things a little bit differently than what we've seen. Brett, first of all, thank you for being here. Tell us a little bit about who you are and what you guys are doing.

Brett Riggins: 00:01:36

Yeah, awesome. Thanks for having me, first of all. I appreciate it, y'all. Thanks for coming. Thanks for your attention as well, too.

That's the biggest thing, really, in the world these days, with phones and Instagram and social media and all that, everything getting your attention, and I love that because investment gets my attention. I've got this thing that happens in my brain.

I think my name has changed to real estate, because every time I hear somebody say real estate, I pop up and say, what's that? But I met Clint on the podcast and Neil on the podcast as well, too. I love their platform.

My attention goes to just a little different in the single family world. That's where I started. My whole team is here. My beautiful wife Erin, my daughter Ollie, my son Henry, Hank. So they've grown up in flips as well, too.

That's where we've started. I'm sure you've seen the tv shows where you've got, you buy it cheap and you make it nice, and then you sell it, and everything's perfect.

It's not how it goes. At one point, we were doing six of them at a time. We grew that into a nationwide real estate acquisition company. Doing fix and flip, not so much.

We turned into fixing and flipping paper. Got into wholesaling and then wholesaling as well, too. I called out clean out the trash cut the grass and sell it.

We mitigated a lot of risk of doing that. We were able to cherry pick those deals as they came in, as a wholesaler would do. So that was the path forward. It was stressful.

It was very stressful. I love having my wife here because she can feel the pain when I say that with 13 employees.

And things started to change when the money started getting really expensive as well, too. The hedge funds that we were working with in a few of the major markets started dropping out. We were losing six figure assignment contracts.

That hurt a lot.

And at that time I had the idea of instead of creating a new business every time we moved into a new market, because I had to find new buyers, new contractors, people to walk the properties, why don't we just plug physicians into our acquisition machine? I always got asked, hey Brett, how can we get deals like this? How can we get equity?

And as a flipper, as a holder myself, I was feeding my family, you can't have my equity, no way. But now we give up all the equity. The way I do that is a consulting fee.

And we apply the systems integrations, the automations, everything that we do to make our systems as passive as possible. We hand that over and plug the physicians in, high income earners we work with, physicians, attorneys, some high end salesmen, and we're very little.

So we only work with eight clients currently. And we're excited. We're doing twelve properties in twelve months for these clients. And the stabilization process.

It's fun, it's stressful, but it's fun. And we're implementing the Brrrr strategy.

So a lot of you guys probably have done that yourself with single family world and sometimes even in the commercial world. So twelve properties, twelve months, getting after it, don't let me fool you. If it seems like it, I don't know everything.

I'm transparent at this time. My wife and I, we hold 17 units ourself and I've got a couple 20 units on the table that we're looking.

And I keep kicking myself to invest with these guys because these guys got it going on. I love their platform.

Clint Harris: 00:04:44

All right, checks in the mail. Thanks for that. So let's unpack that a little bit.

Here's what we're talking about is he's working with eight investors and it's for one of those investors, twelve single family properties within a year brought to stabilization, right?

Brett Riggins: 00:04:58

Yes.

Clint Harris: 00:04:59

So this is the brrrr strategy, which I've done a couple brrrrs myself actually accidentally, the first couple times for I was ever listening to biggerpockets or anything else like that, knew what Burr was right. We've all done that. You heard of the forced appreciation recapitalized by way of refinance. So that's a strategy that they're using.

But they're doing a dozen properties for each investor with the goal of getting them twelve stabilized properties in a year. And I want to be clear that there's a difference here between this and a turnkey property. Right? That's where my head went originally.

I was like, okay, we're talking about turnkey properties. You're going to get somebody twelve rentals.

The idea is like some wholesaler out there is basically buying a house, renovating it, making it a flip, and then selling it to an end consumer who doesn't want to do all the work themselves. And they're buying it as a turnkey rental. And the margins are razor thin.

And for some people, honestly, a lot of times for wealthy individuals that like, just want to have a couple properties and it makes sense, but it's never going to get them where they want to go with their goal. This is not turnkey rentals.

This is you holding their hands through a brrrr process with the forced appreciation, the value, add everything else to recapitalization.

And doing twelve of those in a year, I thought was really unique is that you've taken the BrRrr strategy and you've turned it into a retail investment product. And so if you think about, tell me about like your general consumer, obviously white coat professional.

We all know to have success in real estate takes three things. It's time, it's experience and money. These are investors that traditionally, as a white coat professional, they have money, but they don't have time.

Without time, you can't get experience, right? So you're walking them through this. These are people that probably have analysis paralysis just because they can't get out there in the trenches.

So talk to me about your average consumer, and then what does the process look like from an educational and consultant standpoint?

Brett Riggins: 00:06:47

I love where you're going with that too, because that razor thin margin thing, if you look at it, and I was asking Ryan earlier, hey, what are the target? What are you shooting for? Is this a moving target?

All this because we're so focused on looking at each single family house like it's a unit inside of a multi structure. So if we're looking at this the same way on a bigger scale, that's what we're implementing.

And the clients that we work with Glenn is a great question as well. This is, yes. Analysis paralysis, with physicians especially. You've worked with them before. Risk mitigation.

I don't want somebody to lay out on this table and me make a bad move, so I better know what's happening. That's the kind of situation that we can take by and overcome, because we're implementing the economies of scale.

We're plugging them into our systems, our contractors. Right. Our lenders, our property managers. So it's not going to be a perfect ride, but we can roll through it together.

That turnkey property is much different than what we're doing with the whole package, because it's a turnkey business. And if there's probably a few investors in here that's put together a business before, hopefully you're looking at your investments like a business.

Each one should be a business. We need those metrics. We need those processes, those systems. We back it with virtual assistants.

We've got partnership with a virtual assistant company. And it's just everything is plugged in, but it takes away. I don't have time. I don't know what I'm doing. I don't have the energy to burn to learn.

There's still plenty to learn on every single thing that we do, but it mitigates a lot of that energy to burn to get there. So we're taking away a lot of that stuff.

And that works for physicians, it works for attorneys, it works for exiting entrepreneurs, some high end salespeople, when they're good and they getting awards and doing a. A lot of money, really looking around that 500 to 600 deployable capital to go into something like this.

And when Clint says twelve properties, we're looking to put twelve properties on the board and then leave about 250,000 in these twelve properties when we're all done. So that's leveraged at about 75% LTV.

Clint Harris: 00:08:51

Okay. Yeah. The people in this room that are investing in real estate, how many started with single families? I did.

Brett Riggins: 00:08:59

Okay.

Clint Harris: 00:08:59

Vast majority. Okay. How many people think this single family is the end destination as you're building out your portfolio? Okay. Do you know her down?

Brett Riggins: 00:09:07

Riley?

Clint Harris: 00:09:08

I'm making a point.

Brett Riggins: 00:09:09

Yeah.

Clint Harris: 00:09:10

And the point is, the traditional trajectory that we see is that people start, if they're starting young like you, like wholesaling and flipping, because you don't have a lot of money to get started. And then you realize you leave, you don't. The day you stop working is the day you stop getting paid. So then you start getting to.

I need to start having some rentals to generate long term, you know, passive income.

And then a lot of times those people eventually turn into small multifamily, mid sized multifamily, and then over time, maybe they go to larger multifamily.

A lot of times,: 2030

So I would just ask you, and I know the answer to this, but I want to hear you expound on it, is, do you think this is a destination strategy for these investors, or is this a catalyst or a stepping stone to get them into the game? And then where do you take it from there?

Brett Riggins: 00:10:04

Yeah, it reminds me, we had a conversation probably a few weeks back, and it's. You called it a gateway drug. Yes, it's a gateway drug. That's a perfect way to put it, if you think about it.

And when everybody raised their hand about the single family thing, and we get a lot of this accidental thing, and again, just bouncing back to the physician thing, just because this was written for physicians, it's the same platform that everybody has worked off of. It starts with the mind, and then it goes into real estate, leveraging capital, getting to where we're going.

But when everybody raised their hand is, that's one path. It is not scalable for 99.99% of the world. It is not. But the piece of it that is really important for everybody is that it's reachable.

It has a low barrier of a low threshold to get into, and it's easy to get out of, too. You can go and sell if, say you don't want something, as long as you've acquired it the right way, and we'll get into that.

If you want the acquisition side of things, but you can get rid of it to everybody. Single family can go to chuck in the truck, it can go to first time homeowner. Right?

We're buying these things at a certain price point where it's a good renter, so it's easy to get out of as well too. But it's a stepping stone. That's the important piece. When I go for twelve properties, I want to move on.

I don't want to do any more single families, just like our portfolio. We've got mixed use commercial moving into Maltese now. And it comes to a certain point. I even asked this earlier too, like, where's that endpoint?

What are you reaching for? And then designing that path back. And I think single family is a great stepping stone.

It's a great way to cut your chops, put yourself in the right room with people. It's easier, I feel, to get out of that analysis. Paralysis on the active side.

Clint Harris: 00:11:45

Yeah.

Brett Riggins: 00:11:46

You talk about the three things, time, experience and money. It's a great way to look at it. And I've thrown this one back at you. The three cs, capital, commitment and control. So we're looking at those things.

What we have in single family, I can be active, I can have the control. I can leverage the depreciation. Right.

It's not monster magical numbers, but I would also throw that out there, too, if you're getting monster magical numbers, talking about those razor thin margins on these turnkey properties. If it's good, if it comes fast, it can go fast. Right? So you get to slow down, take it easy.

And again, just bouncing back to that single family, it's a great way to step, step and long term, you got to think long term because that stabilization process is going to be difficult. There's going to be headaches. Hey, Aaron, do we have any issues with rental properties? Look at this one. Yes.

And just the Airbnbs can be the same way, too, but it's long term. Think if you started five years ago. Think if you started ten years ago. What is a house in this, even in where we're at here?

What did it look like five years ago? So if it all works out, it's a stepping stone. Cut your chops, put you in the right room with the right people.

Clint Harris: 00:12:54

It's funny you mentioned that. I had this conversation earlier that I had nine single family homes before I decided I wasn't a great operator.

And I decided that is not their way for me to scale in a meaningful way to hit the goals that I have for my life. And I told Neil this earlier, I think that I'm grateful for those nine single family homes.

Not really because what it did for me as a financial vehicle, but because it locked up equity and spent me from spending it on something else. And a little bit of appreciation, marginal, because I was buying in marginal areas.

But when I moved here, we started buying multifamily at the beach and converting it, Airbnbs. I had all this equity locked up in those properties. And if nothing else, it was just a piggy bank for me.

And we were able to exit that and move on to something else. And for me, like, one thing I think is interesting is you look across the syndication space over the last seven to ten years.

You couldnt miss, like, everybody looked like a genius. You couldnt miss, everything was flying up in value.

People were selling the same multifamily project back and forth to each other a couple times, and it was just going up in value.

And youll have situations where in great times, mediocre operators can look wonderful, but in really mediocre times, mediocre operators don't look so good. Right. You have to be. The great operators are still operating and doing things. So I'm curious.

You've been doing this for a while now, and you've been doing a lot of deals. How does that deal structure change?

And honestly, it's one of those times when you understand the value of someone that knows this system, because I bet you that either your margins have changed or your deals have changed, right? Because there was a lot more opportunity a few years ago for a Brrrr.

And I'm just talking about the value of property, but I'm also talking about what's happened with interest rates. And in order to hit that level of scale, you're probably talking about DSCR loans at some level.

Brett Riggins: 00:14:45

Yes, sir.

Clint Harris: 00:14:46

So now you're talking about 7.5% plus a couple more for DSCR. So how is your strategy changed? How has your underwriting changed? Because a lot of times I've seen people change their business model.

And for you, you seem like you were niched down enough that you haven't changed the business model. I'm sure you've changed markets, but what's that ride been like?

Brett Riggins: 00:15:05

I love that. I'm glad we don't have an interpreter because that would have taken a long time to interpret the question and come back around. I got it.

I know what you're asking. Let's go. I was actually just talking about this on the way here and on the podcast.

I had Clint on our podcast, and I had another guest on the podcast, and it was one of the first multifamily guys. And he said, you gotta vet the jockey. I was like, man, that's wonderful. That's. How does that.

And then since that, learning more every single time about that vet the jockey. It's not the horse. You got to vet the jockey. But so important about that is how many races has that jockey done?

What was the weather like when that race was happening? So you've got to vet the operators based off of good times, bad times, and full cycle deals.

This is a great question, because when we're doing what we're doing, I'm seeing good times. I'm seeing bad times. And then I'm developing strategies to ride through. Margins are going to be the same.

It's about the acquisition equation that drives. We have investment objectives. I've got to hit $200 per month per door. This is net adjusted. So I'm pulling out my reserves.

I've got all my expenses out of there, 200 net adjusted on the cash flow. I get 12% roi return on the finance deal. So I've got this really cool spreadsheet put together.

So I literally, my acquisition guy just hits figure me out and it runs. Hey, this is your maximum allowable offer. All I got to put in is my interest rate.

That's a challenge, too, because interest rate and equity that we have in the property drive is when that interest rate goes up a little bit, guess what happens to our equity.

Clint Harris: 00:16:33

Yeah, yeah.

Brett Riggins: 00:16:34

That equity is going to go down. So as we're trying to project this, and then it's fun, too, because I got to stay 90 days out at least on that turn.

I got a 90 day target to turn these properties out. So I got to guess, I got to anticipate this, which was fun.

About twelve months ago, I was putting, originally we were doing five one arms on a short term, and we were putting them in at 4.49, and quickly that rose to 8%. We did absolutely fine because we stayed conservative through the process.

Knowing how to project those interest rates, knowing how to predict or project your arvs, knowing how to deal with appraisers, knowing how to deal with lenders. It's a constant battle.

It's just, I come from the construction world, and when I'm learning the construction stuff, I get on the job site, and I'm understanding there's always ten ways to do something. But there comes a certain point when you have to say, this is the way that I want it done.

And what, how much experience does it take to get to that point, to where it's like, all right, I know I might look young, but guys, come on, this is the way I want it done. Same way through all these processes. So I hope that touches on that. But equity, the interest rate, it's all part of the investment process.

And we've got spreadsheets, I've got app scripts that something that took us 2 hours to do can literally be done in the click of a button.

Clint Harris: 00:17:52

Architectural engineer is the background.

Brett Riggins: 00:17:53

Architectural engineering, construction management.

Clint Harris: 00:17:56

How many offers are you putting in right now on properties? What do you, what's the most offers you've ever been putting in at the time? How many deals what's the Mac like? How many deals have you wholesale?

How many deals did you flip? Give us some perspective.

Brett Riggins: 00:18:06

loyees, we were running about: 2020

That's when you were spraying and praying. That's where with the marketing. I mean, we were targeting the 50,000 text messages a day. We've been sued for text messaging.

We had 15 cold callers running in, and they would pass to our lead managers. So that was insane.

Clint Harris: 00:18:32

What was your monthly ad spend?

Brett Riggins: 00:18:34

We were six figures. Yeah, so we were 100 plus. Yeah, yeah, but the thing.

Clint Harris: 00:18:39

A month.

Brett Riggins: 00:18:40

Yeah, but you guys and 13 employees, and I love having her in the room, seeing bears, the waiter, the good old days. Right? So that's one of those things. Like, I left a design build firm in my eyes. Like, you can see in my eyes what's been through us in these times.

I left a small design build firm, and I watched this thing just eat millions of dollars, and I'm like, guys, what are we doing here? I went from swinging a hammer as a production into profit partner in this tightly as a family business, and I was able to see everything.

But I left that because we were creating machine that just kept eating money and kept eating money. And when we walked away from the table, at the end of the year, there's $100,000 in profit. Everybody was getting 70 grand.

It was comfortable, but it wasn't worth what we were putting in. So when we started that up with the investment company, we were seeing the same thing. We were seeing the exact same thing.

We were literally eating millions of dollars. For what? And I asked Ryan, I'm like, what's target? Does it keep moving, the faster you can get to there? What is wealth to you? What's freedom to you?

We are completely free, and we are. I used to ask my acquisition, I've got one guy. We've got no employees.

I've got one acquisition person that's with me all the time, independent contractor. And I said, man, if you do five offers a day, I'm happy. I don't even have to do that anymore, because we've made the relationships.

We make relationships with property managers, and we'll do five deals at a time, right. It just. They'll come packaged to us.

So it's way different now, but with our systems, I can still have my acquisition guy do five deals a day, five offers a day, and we're probably around that one in five, one in six on a close, our PPC is probably around one in twelve. We just do very little of that anymore.

SEO is still crushing it for us because we put so much money into the systems when we were putting hundreds of thousands of dollars into everything, including our website. Preston, there was a lot there, man.

Clint Harris: 00:20:40

Yeah, that was good. That was a good one. I have to watch that back on half speed.

Brett Riggins: 00:20:44

That was good.

Clint Harris: 00:20:45

So one of the things that I harp on, because I did it wrong the first time, building up a single family portfolio and then a small multifamily Airbnb portfolio, that what I was after was financial independence. But what it didn't give me was time and location independence.

And there's an argument that if you're flipping properties or you're doing bird deals, even if you package it up as a retail product and you're selling it to white co professionals, that on some level you're trading time for money. A lot of people have heard me say that, especially on the podcast. I want to get away from trading time for money.

I want to break that chain so that you can get to the point of time, financial location independence, creating independence of purpose. And this is one of the few times that I think that what you're doing is really interesting because you've taken something that's very like bird.

Technically, you end up with a product that you can hold long term. It's a slow way to get ahead, but you can. But now you're doing it and it's not yours. So it's back to being transactional, that it's for one person.

And it's very like when the day you stop working is the day you stop getting paid. But the reality is what you're really building is not a real estate portfolio.

I think it's something that's probably more valuable than that in the long term. And I don't want to trivialize this, but what you're really building, in my opinion, is relationship equity, 100%.

You're building a group of a population of white co professionals that all have money, that don't have time, and now they know and trust you because you guys have been on a journey together. And so now what are those relationships worth? And I don't mean just a monetary value, right. But what are you getting from each other?

This is something you're involved with closely.

And as you take that moving forward, you have this group of relationships of people that trust you in the equivalent of a ball of capital that you can weaponize. Right.

In my mind, that's really what you're building is nothing a transactional on how many birds you can do for somebody else, but it's a population of investors that believe in your strategy and your systems 100%.

Brett Riggins: 00:22:41

And the reason why it's so small, because I don't want to go back to that design build firm. I don't want to go back to us having 13 employees. This is really important. The relationship equity is massive. They trust us because this is it.

You guys are, you can see me in my eyes, you can see me. When I start talking about something, I get goosebumps. It's easy to see that I'm genuine. Like, this is it.

I'm not hiding, I'm not showing anything that's so important. And the fact that you were working with six, eight clients right now, and I don't know if we'll do ten. So where does that wind? Where does that go?

And there's, if you zoom out on this thing and you really look at it, there's so much here because we've built out with volume, you can scale, right? With volume, you can figure out all of these little things to create the systems, the processes, implement this stuff.

I've created these airtable bases. We aggregate data from the MLS. So I literally running filters.

And the way my guy can do five offers a day, because all he's got to do is click a button. He knows one side of the street to the other, and Memphis is the market we're in.

He knows what those streets are, or he knows the resources that we can connect to know what that street is. But the systems that are there.

If you think about building out everything as a business, and if you think about different sources of passive, hey, what if we built out the technology platform, right?

Prop tech kind of thing there is that piece of it, then I don't, I haven't negotiated anything with property managers, but there's also a very easy way for me to do 1%, 2% of the property management piece.

Because when I'm coming to the table now, I'm coming to the table a little bit different because I'm coming to the table with 30 units, 40 units, 30 loans, 40 loans. Things change when you get to that point. So I can find a way to do this also that could be passive.

And let's see, the other thing was thinking of was maybe even the asset management piece is a huge hole in single family. If anybody has multiple units in single family and you have multifamily experience, there's this hole that's in prop tech. That is frustrating.

That when the accountant goes like this and the property manager goes like this, and then the attorney's pointing the other way, it's just. It's horrendous. And when I ask, why can't I get delinquencies, credit losses? Why can't I get vacancy? Why can't I see this in the single family world?

And why do I have to have four or five different applications to plug it in? I want it to be simple. So there's just so much to that.

The asset management piece could be an addition to the piece where it's training and implementing vas. It just. There's no end to the possibilities that are here. But what are the realities? Don't get lost in the shiny things, right? Staying focused.

I don't need all of that stuff. I'm happy. We are free. Everybody talks about being free. We're free. We stumble sometimes. We live very conservatively.

But these guys, their home teacher, they're home schooled, and their teacher is sitting right at the table. We're completely virtual. We can literally go anywhere we want, really? Whenever we want, as long as somebody can take care of the dog in the pool.

Clint Harris: 00:25:47

That's good. Dude. That was awesome. Let me ask a selfish question. I come from a medical background. I spent 16 years in surgical sales.

You're architectural engineer. You're very good at systems, obviously. How did you settle on the white coat community?

This is our target demographic, and I understand it from a feasibility standpoint of the capital's there. This is a strong niche to lean into. These people are looking for someone that can guide them through this process. But how did you settle on that?

What was it like writing the book and really digging into that?

Brett Riggins: 00:26:14

So much fun. So my mom always said that I had my own room at the emergency room. I had my own area at the hospital. In the emergency room. I just. I was.

Man, I've been hit in the face with the golf club, wrecked my bike, just all kinds of stuff. So when I started this, like, maybe that was the reason, or maybe I was in a car accident.

I had these guys in the car with me, and I just totaled the car. Thank God that this car saved our lives, and it was something we shouldn't have walked away from. But guess what?

When I walked into the emergency room, I was the only one that wasn't on a bed, right? These guys were all on a bed. But to see the physician's eyes, the first responders eyes, that was just like. Is that the reason? Right?

Is that the reason I love physicians, I love first responders. But that's not how this happened. This happened because I was in single family, I was fixing and flipping. I came from no money at all.

So when I hear I don't have any money clean, I can't invest. Yeah, you can. OPM. Other people's money. You've heard it right. Private money lending.

That's how I connected with physicians and I put that relationship to work. We built equity in that relationship. And I always heard, how can we get deals like this?

So they went from private money lenders to now being almost partners, where they are building their own platform. And it's done off of our sweat and tears, our pain, our misery, our mistakes.

Clint Harris: 00:27:40

That's great. Wow. Holy smokes. I didn't realize that those were your hard money lenders that eventually turned into partners. It was just a natural.

Brett Riggins: 00:27:47

This right here, the very first thing. How do we write this book? That's another great question. This book is dedicated to doctor Jeremy Lanningham.

of them. It was right around: 2000

re's anybody looking to hold.: 2000

Somebody stole both furnaces in the renovation process, both air conditioners, stole the water heater and thought it was fun to leave the water running, flooded the basement. It was dreadful. And on top of all that, the property was vacant for more than 60 days. So guess what? The insurance company didn't cover any of that.

What carried us through that particular property was buying it. Right? We still bought that, right? So where he could flip that property. We put the h vac after we sold it in.

The deal was a contingency and he still made $20,000 on that property. Wow, that was huge. But he's trusted us.

And that's the piece where working together, every time that I put something in front of him, he knows that it's something that my family would do and that he trusts me 100% of that. And now the foundation, single family foundation, we're going to be stepping into multifamily as a direct partner.

Not syndication, just direct partner, because we know how each other works and we're comfortable working together. This book was written in Croatia. What was that town? Do you remember the town in Croatia? Crete was Crete. No, that was Columbia.

Clint Harris: 00:29:16

Now you're just name dropping.

Brett Riggins: 00:29:18

Yeah.

Clint Harris: 00:29:19

For those listening, that's past Whiteville.

Brett Riggins: 00:29:21

Yeah. Just on the other side.

Clint Harris: 00:29:23

No.

Brett Riggins: 00:29:23

So I had the person who wrote this book with me, the younger kid. Great. It's a go getter mindset, kid. I just. He made me such a better person. And he was. What do they call him? Nomade.

Clint Harris: 00:29:35

Yep.

Brett Riggins: 00:29:35

He was nomadic. He was working. He would work in Medellin, Colombia. He was in Poland. Like, this kid would just go everywhere.

And we were working together, and I met up with him. I think it was Crete, Croatia. I think that's where we were. Anyway, I flew over there, and we did seven days, and we wrote this book. We put it to it.

We were very focused, and we got back it. We got it on Amazon. And talk about passive income. When the Amazon comes in now, we're only talking dollars and pennies, right?

But, man, when that check comes in, that is passive. And everybody says, there's no passive and passive income. I'm even catching myself lying. When you have royalty stuff, that's where it's at.

Clint Harris: 00:30:11

That's residual, because you did the effort up front. You out of the work.

Brett Riggins: 00:30:15

Yeah, I did.

Clint Harris: 00:30:15

Yeah.

Brett Riggins: 00:30:15

There was a lot of work. I'd never even written anything before. So where do you even start? How many words go into this? How many chapters? How many pages?

I still got to do the audible. I definitely want to do another version of it because I've learned so much since we've written this book.

Clint Harris: 00:30:29

Well, Brett, listen, we're up against a hard stop for anybody listening. How to get Rich as a doctor by Brett Riggins. For those that want to hear more about you guys and what you're up to, where can they go to find you?

Brett Riggins: 00:30:40

Physicianwealthsystems.com. and we've put together a great investor toolkit on there. Yes, it's the front side of the funnel.

You got to put your name and your email address in there. But the cool thing is the checklists and spreadsheets and stuff that we've got inside of there is really cool.

So this, everything that I talk about that we've implemented, we've integrated, we've automated the side effect. The byproduct of all that is we get to give that stuff away for free. I'm not trying to get anything from anybody at this point.

I'm just trying to get things for people. That's a big difference.

And when we can start doing that and start sharing value, but make sure we're being transparent, and when we're sharing, say, I don't know. Everything. I make mistakes, right? But those are the resources there that really can start asking the questions of where I need to be.

Stop being accidental, start being intentional.

Clint Harris: 00:31:28

Love that. Brett Regans thank you for being here everybody listening. Thank you everybody that's here live. Thank you.

Hope you'll join us again at the next alternative mastermind, alternative investing mastermind with Nomad Capital. So thanks very much. That'll do it. We'll call it there. Thank you so much for listening and watching the truly passive income podcast.

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And remember, with truly passive income comes freedom of time, place and the freedom to pursue your higher purpose.