Episode 37: Scaling to $30k Per Month in Passive Income – Interview with Mark Rogers

January 14, 2019

In this episode of The Daily Real Estate Investor, host Josiah Smelser interviews Mark Rogers of Little Rock, Arkansas about his work flipping real estate and building an impressive investment portfolio. Mark is a lawyer who decided that his approach to finances needed a change and who, after his first successful real estate venture with a foreclosure property, was motivated to dive more fully into real estate investment. Now, less than two years later Mark works his successful real estate business on the side as he continues to practice law, while his wife handles more of the business as her own full-time work. Together, they have an aggressive goal for passive income in the next ten years.

Mark still places a lot of focus on flipping properties. He started his business in 2017 with four flips, and has done an additional nine flips through the course of 2018 so far. A lot of his work to date has been with foreclosure properties, which require a lot of research, money up front, and some level of risk. However, Mark knows what factors to consider before buying a house, and has only lost money (and that only a small amount) on one flip. Overall, he has averaged one hundred days of work and an income of thirty thousand dollars on each of his flips, for an overall profit in the course of his real estate career of just under four hundred thousand dollars. He works with select investors, such as family members, and shares profit with them, turning other profit toward continued investment work.

In addition to flipping houses, Mark is now in the business of buying and holding properties. He and his wife have a 10-year goal to reach thirty thousand dollars a month of passive income. To reach this goal, Mark uses rental money to pay off further rental properties, and his overall process is to purchase, do rehab work, rent, refinance, and repeat. He has started two LLCs for his properties, and instructs Josiah in the value of having both an umbrella policy and an LLC for investments. Mark’s goal also requires him to be very careful to find good deals on properties, and has led him to establish an aim of spending no more than one hundred twenty days “key to key” on any given property. He keeps his rehab needs low, and is willing to pass off more complicated but potentially lucrative projects to other people if it doesn’t make sense for him to keep the projects himself. He has been carefully amassing a team of people such as a contractor, handyman, and flooring crew, and continues to fine-tune the process of his business.

Josiah asks what motivates Mark to do all this work. Mark says that, rather than having one broad motivation, he has several motivating factors and ultimate aims. He has a spiritual goal that involves giving money away, a community goal to accomplish volunteer tasks, and a goal to travel and enjoy time with his wife. Rather than aiming for a traditional retirement, Mark and his wife are aiming to enrich their lives even as they continue to work. Mark also provides Josiah with some random facts about his time as a lifeguard and the most impactful books he’s read, and counsels those who aspire to the same real estate work he does to play the long game, treat people well, develop good habits, and spend time early on developing reasons why they are doing what they are doing.

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Find the books Mark Rogers recommended:

Rich Dad Poor Dad by Robert Kiyosaki and Sharon Lechter

The Book on Flipping Houses by J. Scott

The 7 Habits of Highly Effective People by Stephen R. Covey

Man’s Search for Meaning by Viktor E. Frankl

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