Mastering Passive Income with Real Estate | Dustin Heiner

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Today’s episode features Dustin Heiner from Master Passive Income

Dustin vividly remembers a march to the boss with kids waiting at home, knowing he was about to lose his job.

He knew from that day, he needed to build his own income streams away from traditional employment.

30 real estate properties later and he had the freedom he always wanted.

Listen, learn, and let us know what you think about this awesome episode.

Episode Summary

Dustin’s Background

  • Dustin is a serial entrepreneur
  • Websites, pizzeria, graphic design, and even a skateboard manufacturing gig
  • He refers to a traditional job as “Just Over Broke”
  • During this journey, he stumbled upon real estate investing
  • His first one was profiting $350 per month and he was hooked
  • Dustin learned the hard way
  • There weren’t any good courses or coaches out there at the time
  • He talks about how much he learned from his mistakes

Breaking Away from Tradition

  • Dustin also went to college just because it was what he felt like he should do
  • This led to a ten-year career in IT at a government agency
  • He walks us through the fearful moment when he realized he didn’t want to rely on someone for employment ever again.
  • That fearful moment was when Dustin got laid off with 4 children
  • He did continue to work in IT but he swapped his perspective
  • From then on, he would introduce himself as a real estate investor
  • 9 years and 30 houses later, he was able to step away from that traditional career
  • Dustin could have stepped away earlier but admits it is tough to walk away from stability

Dustin’s Real Estate Investing

  • Dustin started out living in California
  • Prices didn’t make sense there so he looked out of state
  • He was investing in Ohio, Texas, etc
  • Out of all the houses he’s purchased,  he’s only traveled to see one in person
  • This requires a network of people you can trust
  • The key here is the property manager, they are the quarterback
  • His requirement for a house is a minimum of $250 per month profit
  • We also talk about renting vs owning

401ks & Real Estate Investing

  • Dustin talks about cashing out or borrowing from 401k to buy real estate
  • He actually doesn’t like investing 401ks at all
  • This comes off his assumption that he can make so much more from real estate
  • So his argument isn’t that 401ks are intrinsically bad

Common Real Estate Mistakes

  • Not accounting for paying for a property manager
  • Not putting back money for repairs
  • Buying a house with really small margins
  • Buying a home in an area where everyone is leaving
  • In general, overestimate expenses and underestimate rental income


Key Takeaways

  1. Your Paycheck is not your value: Companies pay you just what they need to so that you stay but they’re as profitable as possible.
  2. Overestimate the bad, underestimate the good: Dustin recommends this mindset when looking at real estate.

Call to Action

Look into real estate as an investment. If your stuck on the fence, especially due to prices in your local area,  then do like Dustin did and grab a property manager to invest out of state.

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