123. Financial Freedom Faster Through Partnerships with Matthew Amabile

Jordan Berry [00:00:00]:

Hey. Hey. What’s up, guys? This is Jordan with the Long Red Resource podcast. This is show 123123

Jordan Berry [00:00:07]:

I’ll punch you here today because today, we got a good buddy of mine. Matthew on the show. And Matthew is young, and he’s hungry. and he’s not in the laundromat industry. However, he has achieved financial freedom, and we’re gonna talk about how he did that. He did it mostly through real estate. However, what he did can 100% apply to, buying a laundromat. So it matter if you’re young, if you’re middle age like me or you’re older, also like me if you ask my kids. it does not matter how old you are. These techniques and tactics that he’s gonna share today can work for you to help you get your first laundromat or your next laundromat here. And it’s all about the power of leveraging partnerships and how to do that well. In fact, he literally wrote the book on how to use partnerships to achieve your financial freedom. And you actually can get that for free. He’s gonna tell you how to get it here in this episode. So Dude, this is an awesome, awesome episode. To be honest, I wasn’t sure what to expect, how this is really gonna translate. And I think Matthew just nailed it and it translates super well to our industry, and it’s going to be the key to financial freedom for some of you listening to this. I I am super confident of that. So super excited to get into it with him today and hear a little bit about his story and how he’s achieved what he’s achieved so far in his life, Real quick, we got a fast lane tip. Is it fast lane? I think it’s fast lane. Quick, yeah, speed lane fast lane. I think it’s fast lane tip for you. And this one is actually I’m The most excited about this fast lane tip, more than any other fast lane tip ever, because something crazy happened this week. My son, who, Noah, who’s 12, he on his own accord, on his own, he built a an online radio station for laundromat resource. and that will be live the day that this is, this this podcast episode gets comes out. So, we’re gonna have an online radio station. It’ll be 247 and not only has he gathered together all of the audio clips that he needs, so it’ll be a mix sure for now, at least, we’ve got some ideas that we’re gonna launch with this thing. But for now, at least it’s gonna be, you know, podcast episodes. It’s gonna be live q and a’s we’ve done. It’s gonna be webinars that we’ve done, over the years. And he’s gone through and recorded some stuff for in between every everything that he’s got scheduled out. It’s I’m just super excited for him. Cannot believe that he just went built a radio station for a laundromat resource, and he’s producing it. He’s DJ ing it, if you will, and super excited about it. So if you wanna go check it out, just see what he’s got going on over there. go to lawnmatresource.com/radio, and you will be able to find, our radio station over there and and go check it out And, also, just in case you want to, there is zero obligation, zero pressure for this at all, but thought I’d mention it. Just in case you want to, he does have a Patreon account. So if you wanna just throw him a dollar or 2, just to encourage him for building a radio station, taking some initiative. He’s running it. He’s gonna keep it scheduled. He’s gonna keep it running 247. You can do that right there if you want to. If not, go check it out and, you know, be a part of that. I I think we’re gonna be doing some cool stuff with it. We both have some some cool ideas we’re gonna try out that radio station. But for right now, that’s what that’s gonna be. So go check it out lawnresource.com/radio. You can find that link the link to everything else that we talk about today in the show notes. Alright. Alright. Let’s go jump into it with Matthew and get some of you guys to financial freedom. through the information you’re gonna learn from Matthew today. Alright. Here we go. Matt. Awesome to have you on the show, man. How are you doing?

Matthew Ambile [00:03:57]:

Jordan hyped up, man. Ready to go. Ready to rock. ready to dig into some information about financial Freedom, bro. Thanks for having me on here.

Jordan Berry [00:04:07]:

Dude, I am super pumped to have you on. I know we have kind of run across each other in go button and stuff and all that, but super glad to have you on here. And you know what’s funny is, you know, obviously, this is a laundromat podcast. but really, you know, the more I’ve been kind of thinking about it lately. The way I’ve been framing it in my mind, it’s still a laundromat podcast. We’re still all about laundromats here. But really the, like, thing behind the thing is freedom. Right? Like, that is the thing behind the thing. And laundromats are the vehicle that we focus on here, but the whole goal behind laundromats, any business ownership, any investment, thing like that. Right? It should be freedom. And I actually just saw a post from a former guest who you probably know also Brian Lubin, I just saw one today, actually, on Facebook. He posted, and he was he in Europe, and, he was like, I was kinda bummed because my business dropped a little bit. And then I was like, you know what? The whole business exists. to help me live a good life. Right? Like, that’s what it’s all about. And I was like, yes. That is the thing. And that’s the thing with laundromats too. why they’re attractive. So we’ll get into more about that freedom thing, here in a little bit, but why don’t you tell us a little bit about you Who are you? And, then we’ll jump into why you’re here on this podcast today.

Matthew Ambile [00:05:28]:

Dude, sounds, sounds like a plan, man. And, 100% agree with you, man. Freedom is why we’re all really doing anything that we are doing right now. And if you’re not focused on freedom, I would say that you should take a step back and take a look at your life right now and assess the things that you are doing because it’s likely that a lot of the things that you’re doing behind them have this hidden notion of, like, I am I am working towards freedom, but some of us may not have that crystal clear idea of what freedom looks like for us. and the path to get there and then being able to actually take those steps to get that freedom. And once you have freedom, aka, your time, back to yourself. You don’t have to trade time for money. your life will change. But, yeah, man, love freedom, love everything about it. A bit about me. I am twenty six years old. I am financially free. I know you just got back from Europe. I did a big 6 month trip, Europe, Puerto Rico, West Coast after I quit my job, last October. And, you know, since then I’ve just been building out my business, building out my podcast, building out, different resources for other people to to reach freedom I was able to reach financial freedom through real estate investing, buying a a 4 unit house back in in the beginning of my career and then partnering with other people to be able to scale my business up by more properties, even when I didn’t have a ton of money. So I was, like, twenty two years old when I started buying properties. Didn’t have a ton of money to my name, but, you know, I used the financial information, financial resources, and, frugality to be able to save more, buy more, and and work with high or powered investors to get me to my goals. So, got to

Jordan Berry [00:07:35]:

$7000

Matthew Ambile [00:07:38]:

a month passively. I’m single. No kids. So it’s, you know, that’s an income that can that I can survive off of. And, decide my to quit my job, take freedom, and, go out at the world and and see what else I wanna do in this thing that we call luck. So that’s the the short version of that. I can dive more about how I got into investing or wherever you wanna take it from here. But, that’s that’s the synopsis.

Jordan Berry [00:08:09]:

Well, dude, I I don’t know about anybody else listening to this right now, but me, I’m like goosebumps. You’re you said you’re 26. and financially free. And, like, there’s so many of us who are, like, the the dream, the goal is that freedom. Right? So I wanna talk about 2 main things. I’m sure we’re gonna get into a lot of the details here and maybe we’ll go down some rabbit trails, rabbit holes, rabbit trails, rabbit trails, rabbit trails.

Matthew Ambile [00:08:34]:

Yeah. We gotta go down the rabbit.

Jordan Berry [00:08:36]:

Yeah. We gotta we gotta get down in there. but, you know, the main things that I think I wanna talk about because they just fit so well with the idea of laundromats and why a lot of people wanna own them is the freedom for 1. And then number 2 is you know, where where we’ll probably spend a little bit of time because I talk to so many people who are like, I wanna get in the laundromats or real estate or whatever, I wanna start my journey towards financial freedom and get that crystal clarity that you were talking about there. but I don’t have any money right now or I don’t have F money and how do I do that? And, you know, I do wanna talk a little more about how did you, you know, even though the vehicle is a little bit different, although there’s a lot of similarities and a lot of, things that relate and, and a lot of times they partner really well together, real estate and laundromats the vehicles were a little bit different, but I wanna talk about how did you get started on that journey at 22? And how did you get started on that journey with no money because those are 2 big obstacles. Right? Age and money that people feel like are keeping them from achieving that financial freedom. So Can you talk about how did you get started, with your journey towards financial freedom with real estate?

Matthew Ambile [00:09:55]:

Yeah. I this whole thing starts with my relationship to money and how I how I view money as a as a resource and as a tool to get things done. So right out of high school, I was actually I was gonna go to West Virginia University. I was gonna partied it up with my friends, have a good time, and rack up about $40,000 of debt, maybe $35,000 of debt every single year that I went there. I would’ve came out school with, you know, right around a

Jordan Berry [00:10:27]:

$120,000

Matthew Ambile [00:10:28]:

of debt, maybe a little less, a little more give or take. And that number to me so I had actually committed to go there, told my friends about it, but that number to me just kept hit me in my head like, man, 4 years, a

Jordan Berry [00:10:44]:

$120,000

Matthew Ambile [00:10:45]:

that’ll have to get paid off after the fact doesn’t seem worth it to me right now. And I’m literally going to go to school, which wasn’t one of my favorite to begin with. So I I had actually received a a full scholarship for community college That wasn’t my first choice because I was a very social kid. I was a party or I was, you know, I I wanted to go out and party with my friends, but I made the decision to go to community college did very well there, got another full scholarship out of community college to go to a 4 year, school, based on academics and, you know, came out of college with no debt, still got for anyone who’s considering college right now, Community College is an awesome, awesome choice. You’re gonna save a ton of money, and you still have the option to go visit your friends who are paying for for your education at that cool party school, you can still go visit them, have the experience, but not, 1, not have to be there full time. And then, 2, you get to save your money on your education. So I came out of school 4 years, no debt in my name. and then I went and I did a one and a half month trip to Europe, with my girlfriend at the time. And I did this entire trip for a month and a half and spent right around $5000. And so that to me meant that if I could create

Jordan Berry [00:12:13]:

$5000

Matthew Ambile [00:12:14]:

a month, or if I could save up $60,000 in a bank account, I could go travel Europe. If I can only spend $5000 a month, I travel Europe for a year, or I could if I could make that passively, I could do that for the rest of my life. and that sparked something for me. But I come back from college. I’m working in the New York City area making

Jordan Berry [00:12:38]:

$55,000

Matthew Ambile [00:12:39]:

a year. not making great money, working a sales job, working pretty hard, waking up at 5 AM to get to the gym, to go to my job, to come back from from my job and, you know, be tired and and a little bit miserable. And, And I’m sleeping on my I was sleeping on my cousin’s couch at this point because I did not want to pay rent in New York City areas. So because the rent was so expensive there. So I was paying my cousin $400 a month for the rent. and, you know, I I needed a way to get off this couch. I wanted to figure out how to get off this couch, especially because we get back from this Europe trip. I’m not making good money. I’m sleeping on my cousin’s couch and all at once my girlfriend breaks up with me and my job lets me know that in the future, they’re going to be doing layoffs pretty soon. So I’m like, damn, I need to figure out how to get off this couch. So I looked up the top personal finance book that brought me to rich dad poor dad, which introduced me to the idea of cash flow to the idea of financial freedom, to the idea of real estate. And after that, I went down a rabbit hole of real estate found out different techniques and strategies to buy real estate ended up buying a house hack and then, you know, started scaling scaling in my partnerships after that, but that’s how I got introduced to this first idea of money and mindset and, and freedom coming after that.

Jordan Berry [00:14:12]:

Dude. I mean, that’s a wild story. So, I mean, there’s some there’s some interesting themes that came out of that that, are we’re gonna we’re gonna talk about those. I’m gonna ask you more about those. and, you know, it’s a very counter cultural path that you decided to choose in some ways. And in some ways, you were kinda going the mainstream too, there for a little bit. So I wanna talk a little bit about that real quick, though, just because you mentioned this earlier, and I just wanna get this, out there right now, because your story is so, intriguing, compelling, and so many of my audience, whether they currently own laundromats or they’re trying to get, their 1st laundromat here are that the goal is that financial freedom for so many. Some of us, you know, are Ambile builders, and that’s where we’re heading right now. And it’s a little bit different but you gotta hit that freedom number at some point in order to be able to set your eyes at at the bigger empire that you’re looking for there. So real quick, can you just tell us you mentioned your podcast. Can you tell us what that podcast is real quick?

Matthew Ambile [00:15:20]:

Yeah. So the podcast is Financial Freedom Fast podcast, daily podcast 5 days a week. And, you know, it digs in. You’ll actually be on my podcast. shortly. I think we have that interview. And, you know, I dig in with guys like yourself that have different ways to reach financial freedom, not just real estate or car washes or laundromats or whatever we we dive into, but different tips strategies and, tactics to reach financial freedom.

Jordan Berry [00:15:50]:

Awesome. I just wanted to get that out there and we’ll have links to that and everything else we talk about including You mentioned, and this has been mentioned on my podcast and on so many podcasts, and it was a pivotal book for me too. Rich Dad Poor Dad. Listen. If you haven’t yet read or at least listened to that book yet, I’m gonna put a link in the show notes, mandatory. You’re not allowed to listen to the podcast anymore unless you go get that book and read it

Matthew Ambile [00:16:14]:

over to you. So,

Jordan Berry [00:16:17]:

so that link will be there too, but also link to the podcast. So we’ll have everything else that we talk about here, including contact information, all that stuff will be in the show notes page. So go check that out. okay. Getting back to it. One of the big themes that I’m seeing here is this frugality. You mentioned frugality, and then, you know, you talked about, hey, not wanting to get on all that college debt. There’s some frugality there for you sleeping on on couches and stuff. Why? Why? Why? Why? Why were you so frugal and, how did that play out for you?

Matthew Ambile [00:16:50]:

I I don’t pull value, and this is a a really awesome thing that I was able to learn young. I actually in high school and in early college, bought the cool fancy cars. I had the sports cars. I had the nice things, like, to impress other people. And then as I started digging into things, I realized that I’m buying these things. I I like to drive fast cars. I like to do that stuff, but I was buying these things to boost my ego a little bit and to show myself like, as this cool, successful person to people that I don’t even care about, and they don’t even care about me. They they mostly just care about themselves. So I realized that a lot of these things that I was doing weren’t even worth my time. So I had the fancy cars. I did that type of stuff, and I realized, like, that is not what I need. What is it that I need? I want the option to is it is it more worth it for me to have a nice car and a Rolex so I can wake up every single day and drive that nice car into work and then look at my Rolex so I could see what time my lunch break is at. Or is it more worth it to me to not have that stuff and to be able to wake up and whenever I want, wake up at 10 o’clock, like I did today, 9:45, like I did today, like sleeping in, having the option to do what I want create whatever business I want now that I have the time freedom and the ability to focus on whatever areas of my life I want to And the latter was was much more attractive to me, especially since I had already lived that, you know, let me impress other people lifestyle. So I I got into that mode. And then once I learned about rich dad poor dad and something called cash flow, and and using your money to buy assets. An asset is something that puts money into your pocket every single month and that takes money out of your pocket, I realized that I need to fully focus on buying things that keep me alive food, shelter, water, things that bring me in money, so assets that are bringing me money every single month, and then things that bring me value. And that was deciding what those things are. So once a month or twice a month, I’ll go out and I’ll party with my friends. I don’t do that a lot. I don’t really like drinking, but I do like to go out and be social. I love working out. I love going to the gym. I love doing yoga. So those are areas I love, like, like, workout supplements I’ll spend my money there because that is something that brings a lot of value into my life. so being frugal and that discovery of frugality really was just an accelerator to bring me to financial freedom as fast as possible once I realized that I wanted financial freedom. because I need the cash to be able to buy some assets as quick as possible and get the financial freedom as fast as possible.

Jordan Berry [00:20:18]:

Yeah. I love I love that. And I mean, the it’s so easy, right, to fall into that, like, hey. I wanna get a nice car. When you get the nice watch, what whatever in the nice clothes. And, you know, That there’s something to be said for that. I mean, some people really value that. There’s nothing wrong with that necessarily, but it comes down to going back to what you said, like, the crystal clarity on what it is that you want. Right? And if it’s freedom, if it’s that option, if it’s, you know, and the option might be when to wake up. The option might be you know, I’m sitting here with a rage against a machine t shirt and you’re in here with a tank top, right? Like, that might be the option that you wanna what you wanna wear when you wanna wake up. Like, That’s and that’s fine. Like, there’s, you know, but that crystal clarity on what it is that you want is what’s gonna drive how you should set your life up. Right? And for you — Yeah.

Jordan Berry [00:21:15]:

—

Jordan Berry [00:21:15]:

that goal was freedom. And as fast as, you mean, you said a couple different times in a couple different ways, as fast as possible. Your your podcast has to do with speed, right? Financial freedom fast. and so, you know, if that’s your goal, then align align all of your life towards that. And right? And if your goal is that fast, then sleep on the couch if you have sleep on a couch. Right? Don’t go to the big school where you’re gonna be in a lot of debt. If if that’s your goal unless that’s gonna help you get there faster. Right? but you gotta align your goals with and your actions with the why and and what your big goals are. So I love that. And and the frugality thing is, it’s interesting because I I think there’s like, I don’t know. I’m gonna I’m gonna bounce a a an idea that I’m not even sure I’ve fully thought out, but I’m just kinda like been thinking about a little bit lately. I’m like way pro frugality until you hit that financial freedom number. And then I become less and less pro that frugality as your freedom kinda grows. And I almost think it’s like a it’s like a sequence, right, be super frugal. And especially if you’re young, like, it gets harder and harder to do that. Like, here, like, I’m I’m over here old. I’m on the other side of the hill, you know, as you. How old are you? I’m I’m forty one now, and I’ve got

Matthew Ambile [00:22:39]:

Wow, man. You’re you’re getting towards

Jordan Berry [00:22:42]:

I know, man. I’m like I’m like halfway to 80. I’m way past halfway to 80 now. My kid’s telling me this all the time. And I got these kids that are now, like, my son’s gonna be a teenager next year and then, like, it just caused you to think about things, right? But it’s harder to do these, like, frugal things. You’ve got a family. Not not that it’s impossible because it’s totally possible. And it’s a good lesson for the kids too, right? Like, hey, you know what? I didn’t align my life that way early on. And I I’m just real like, I’m forty and I’m realizing it’s important to have that financial freedom. So we’re here’s what we’re gonna do because getting that financial freedom is like priority 1 for me now in in our family. Right? So here’s what we’re gonna do. Right? There’s something to be said about that, but it becomes more difficult as you as you get older. And so, you know, kind of aligning yourself with that stuff is it’s just so it’s so important, to do that.

Matthew Ambile [00:23:35]:

Dude, and and that’s it. And like your that why I was like, I need to do this now because it’s actually socially. And I I said in the beginning, like, I really don’t care what other people think about me, but it is more socially acceptable for a twenty two year old to be living on a couch than it is for a thirty two year old

Jordan Berry [00:23:56]:

to be

Matthew Ambile [00:23:57]:

living on a couch. So I realized, like, I can do that. I can house hack now. Maybe not in one of the the best areas that I would ever want to live in. but I can do that now because I’m 26. I I I’ve got a lot of years and time ahead of me. And I have this financial freedom now that leaves me stress, like stress free, which will add years, not stress free. I have a ton of stress, but it less stress than I did having to wake up and answer to someone every day, which will add years to my life. So I’ll have even more time on my life to be able to enjoy things and build out. And now the financial freedom base that we talked about, you say you you want people to be frugal until they reach financial freedom, and then it’s time to take off. And that is exactly what I promote. I say Let’s reduce those expenses. Let’s make it so we can get financial freedom. Then once we get financial freedom, now we’ve got an extra 40 hours a week. So now we can use that financial freedom base as getting our time back we have our time back, we can focus all that time on building that income up and rocket shipping off on the income generating, lifestyle. So now we can increase our lifestyle with that modestly as we are increasing our income. So that’s That’s the basis of it. And then the last thing that I will say is if someone needs $10,000 of passive income, And somebody else needs $5000 of passive income, and they invest the in the same exact assets, making the same exact cash flow, whether it’s car washes, laundromats or real estate, The person that needs $5000 will reach financial freedom 2 times quicker. And then they can build they have that financial freedom base, and now they could get they can put all that time into getting even more of these assets and using their skills to get there because now they have their time back. So they’ll probably reach 15,000 before the original person reaches $10,000 per month. And, plus, if they learn different strategies and tactics, like I’ve used to not need your own money to get into these assets and to be able to leverage other people’s experience time, capital, to get into these by partnering, you if you need less passive income and you could figure out a way to buy assets 2 times quicker, you’ll get to you’ll get to your financial freedom number 4 times quicker than the person trying to get to $10,000. So it’s a good mixture of both. Let’s figure out how to accelerate our investing and let’s figure out how to reduce our expenses so we can accelerate the time in which we reach financial freedom.

Jordan Berry [00:27:01]:

Yeah. I I love that. And I I mean, I think, like I said, you know, a lot of people well, I don’t even know if a lot of people think this, but it it can feel like this, where you’re like, I whatever wherever you’re living now, whatever your expenses are now, it can feel like you’re you’re tapped out. Like, you can’t live on less than that. It it it easily it’s so quickly. And it reminds me of one of my favorite books is a richest man in in Babylon. And there’s a story where, you know, the rich man of Babylon’s talking to all these people and he’s teaching them about wealth and he’s you know, he’s he’s saying, oh, you’re a baker. You know, how much do you live off of? Oh, you’re a scribe. How much do you live off of? And they’re all saying different numbers. and he’s saying, hey, look, everybody’s saying all these different numbers, but it just becomes the number that you you get comfortable at at living at. Right? And Right. And it can feel really it can it can feel even like painful to try to live on less than that and to cut things out initially, right? to be more frugal. But like you said, if you can do that early on, it doesn’t have to be a forever thing. if you can do that early on, your financial freedom is gonna get there so much faster. I would say, you know, the person who needs 10,000, the person who needs 5000, It’s probably not even double the time. It’s probably more than double the time to get to 10,000 than it is

Matthew Ambile [00:28:27]:

to get

Jordan Berry [00:28:27]:

to 5. And so the more you can kind of cut on the front end, and again, it doesn’t have to be forever. but once you hit that financial freedom number, if you can get it down 5, not 10. and you get to that 5, you just have so much more space and you have so much more clarity and you have so much more so much less stress, like you mentioned, and and more freedom, that actually that second 5000 dollars will happen faster than the first did because you’ll have more skills and knowledge and all that. But you’ll also just have that freedom and that ability to focus on creating that next 5000, which is so cool, I think.

Matthew Ambile [00:29:10]:

And you have a contingency plan too. Right? Like, you know, in the future, that if things fall apart, and you had increased your expenses from there, you still got that original $5000 passive base that you can fall back to. if things tighten up and you need to go to that level, you know that you can live there, but that’s not the goal. In the beginning, financial freedom is the goal. And then after that, it’s let me create the life of my dreams. Let me create what I want for myself, for my family, for the people around me. Do I wanna be able to pay for people to come on vacations with me? I have all this free time, but not everybody else does what if I could try and figure out a way to make so much money and bring in so much passive income that I could retire my mom? and my dad and my brother and my sister and my girlfriend and go on go on these huge trips with family and pay for everyone to come out to my stuff. And that’s kinda that’s the journey that I’m on right now and and figuring out what the best way to get there is. I’ve realized that, like, I’ve got this lifestyle and, like, I don’t need much more. The only thing doing solo trips has brought into me that relationships are the biggest thing in my life and they are they follow you. If if you go somewhere alone, all you have is yourself to be with, and you need to learn to love and be with yourself as securely as possible. And then outside of that, you realize how important relationships are to you that social connection. So it’s like how can you modify your life to be able to always have this relationship and social connection with other people no matter where you are, where you’re going, what you’re doing, And that’s kind of that’s the the life construction that I’m working on for myself right now.

Jordan Berry [00:31:08]:

I love that. I love that. okay. So, I mean, it begs the question though. I mean, especially from your story, and and we can maybe we can kind of peel back and talk about your experience and then get a little broader with it. But it begs the question like, what if I’m in a place where like, I I’m starting from scratch or maybe even less than scratch. Like, less than 0, maybe I’m in debt or I don’t have any money, And I I mean, I don’t know even how to get start. Like, do I need to just say, like, what’s what do I do here? Right? You’re 22 and you really don’t have any money to get started. How did you get started in this?

Matthew Ambile [00:31:51]:

Yeah. So it really was knowing knowing all the options. Right? So knowing how I can finance a deal knowing what the right deal for myself to look like, to to go buy look like. So Step 1 would really be educate yourself on what you think is the best asset or the best path for you to go buy the best path for you to go follow. And that’s great that you’re listening to this podcast because this might be the best the best path for you. And and laundromats may be the way to to go for you, but you would never know unless you do the education. So the first step is to educate yourself on what you, ways that you could actually get into it. And then Once you decide, yeah, I think launch of mats are probably the way to go. Alright. Well, what’s the best way to finance? a laundromat, the different loan types, how much money is going to have to be brought down to to to actually close on that property And when you look at the average purchase price of a laundromat, wherever you’re looking to buy, and then the average down payment that you’re likely going to need to bring with a lender. and I I know you mentioned at the beginning of this is tip could be around, like, 40% in some cases. Right? So just getting a good idea of what you need to execute on something and then not using your current position as an excuse for why you cannot do that because other people can can go and do that. You can go and partner with other people to be able to get these deals done. I can promise anyone listening on this podcast. If you go and find a good deal, that makes financial sense for you to buy, you can have it make financial sense for someone else to buy who has even more money than you. And you can bring them into work with you and go get those deals done. So, like, in the beginning of my career, how did I get into that first investment? I was making $55,000. I actually jumped. I used a few different techniques. jumped jobs 6 months later after I started my first job, jumped me up to 70 k. and that’s when I got my first house hack. And I used I knew all of my options, and I used a low down payment option to do this this giant renovation project, this giant house act, I only had to bring, I had to bring around

Jordan Berry [00:34:28]:

$25,000

Matthew Ambile [00:34:29]:

to the table to close. I had about

Jordan Berry [00:34:32]:

$12,000

Matthew Ambile [00:34:34]:

saved up in my maybe around 15,000 in my bank account saved up. but I used 12 of that. And then I, I borrowed

Jordan Berry [00:34:45]:

$8000

Matthew Ambile [00:34:46]:

from my dad. And originally, I gave him equity in the property, 25 percent equity, but then I actually ended up buying him out of that equity down the line for 12 6 months later. Paid him

Jordan Berry [00:35:01]:

$12,000.

Matthew Ambile [00:35:02]:

on his 8000. So he made a 50% return. And then, I also pulled out of my Roth IRA. for a first time home buyer, penalty free. And so that’s another tool I educated myself on the myself on the best way to finance this knowing that I could pull out of my Roth IRA account penalty free, and tax free on that money to be able to go buy my first property. So it’s all about educating yourself and knowing what your options are and then being resourceful. Right? So I went to my dad and I offered him equity. I I wasn’t saying dad, I need money. can you just do this? No. I offered him value. I offered him equity in the property. and then I ended up buying them out of that equity. So even on my first deal, I was technically partnering with people to to get that get those deals done. And then you build that experience up with that first property and you use that experience as a has basically a social credibility of this is what I can do. This is what I’ve done in the past, and we can use this as experience to bring in somebody else who wants to work with us and bring even more money on future deal. So I I started structuring partners, partnerships after that as I was finding great deals to go and buy. I structured partnerships had people bring money to the table to get those done. And, yeah, it’s enabled me to buy, right around

Jordan Berry [00:36:41]:

$3,500,000

Matthew Ambile [00:36:43]:

in in real estate Ambile only I think out of my pocket fully, I’ve brought about

Jordan Berry [00:36:50]:

$50,000

Matthew Ambile [00:36:52]:

or so, to the table. And every single one of my investments, I I the the money that was used to buy those properties has come back to myself or my investors within the 1st year of buying those properties. so getting so educating yourself, using getting experience, using that experience as social credibility and then going out and finding the partners that want to work with you on good deals. You gotta find a good deal to be able to bring the money to you, but it’s a mindset of I know I can buy anything if I find the right partner that wants to buy that thing. So you just have to find the right people that wanna buy the asset with you. Like, maybe, you know, Jordan wants to buy something with you. Come talk to him, bring him an asset, bring him a, you know, a a laundromat and see if he wants to buy it with you. But, that’s the I think that’s the main lesson I’d like to drop there.

Jordan Berry [00:37:51]:

Yeah. I I love that. And just, you know, just to kinda contextualize this. So I know you’re talking about real estate, and I’m gonna ask you to define a house hack here for in a second just so everybody’s on the same page, which I have also used in is can be super powerful. So especially if you’re younger, but really any time. but real quick, what I wanted to say was, just to kinda contextualize what you’re saying to laundromats, you know, it can feel very like, I don’t know if I can partner with somebody and maybe we can talk about how to find partners here in a second, but Here here’s a couple of the pain points that investors who have money may want to partner with you who maybe maybe if you don’t have money. So a couple things that you could have in your, in your belt here is ammunition. to say, hey. Here’s why I’d be a good partner, even though I don’t have much money or any money, is number 1, I mean, not just killed it with the education side of it. Right? a lot of times investors have money they wanna deploy, but they don’t know this business specifically. And this business specifically can get you into a little bit more trouble than even real estate sometimes because it’s a cash business. And you gotta really understand the money side of this business. And so that’s where you can come in and say, hey. Look. I’ve listened to all 120 plus episodes along my resource podcast. you know, I have done the free course at Lana Resource. I maybe you’ve even done, you know, the the the pro course or you’re in the pro community there. and, you know, you’ve got the knowledge. There’s tons of knowledge there on the platform now. and you can learn everything you need to know for free online and rent resource podcast, if you put the time and effort in. So education side of it is one side of things. Number 2 is and you mentioned this too, finding that deal, finding deals is easier said than done right now. But if you can go find a deal and and bring it to an investor and say, hey, look, here’s here’s where this is a deal. And I understand because I’ve looked at a 100 deals, and this is actually a really good deal. Here’s why. And here’s what we could do to make it even better. then that’s a huge value add, right there too. And then number 3, one of the big obstacles for people with money sometimes is the time side, they don’t wanna manage a laundromat, right? And a laundromat management actually takes a little more time and effort than real estate management, which even still takes a little bit of time and effort, right? And so if you could come with 1 or more of those things to somebody with money who either doesn’t have or doesn’t want to invest those, the education, finding the deal, managing the laundromat. If you can come with that, then that can be a match made in heaven right there. And a way that you can get in with very little or no money, with partnering with somebody who has some of that stuff. So just wanna contextualize it.

Matthew Ambile [00:40:43]:

That that That’s, that’s exactly it. There I always say, like, there’s 4 things that you need to get a deal done. You need time, knowledge, capital, and a deal. So if you could bring time, knowledge, and a deal to the table, there’s only one other thing needed. That’s capital. And if you look at that, that’s only 25% of the equation of the things that you need. So realistically, you, you should switch your mindset around that, like, capitals on this pedestal. Now the time knowledge in a deal are really where the value is at. That’s 75% of the equation, the capitals only a small portion of that. So make sure that you know your value under and the value you’re bringing to the table to to be able to get some deals done.

Jordan Berry [00:41:28]:

I love that. And I love putting it in that, that context of understanding your value because the money does feel like and, you know, I can’t remember if we mentioned this while we were talking with the record button on, or if it was before, but, you know, The money thing is one of the higher obstacles of entry in this industry, right, because you you do need some money even if you’re getting the quote unquote free laundromat, there the money is involved. Right? It takes money, to, start, run, operate a business. And so, it does feel like an obstacle, but it’s not the only variable here. I love that the 4 time money, capital, and a deal. I love that. So understand your value. okay. How how well, okay, real quick, before we get into how do we find people to partner with, which we can talk about, Can you just really quickly just so everybody’s on the same page and understands what you’re talking about? Can you can you define a house hack for us?

Matthew Ambile [00:42:32]:

Yeah. How sec is, when you live on a property and you are using that property, to also generate income for you at the same time. So your living expenses are either 0 or you get you make a little bit of money every month or they’re subsidized, subsidized living costs. Most people think of it as me. I live in 4 I have a 4 unit apartment building. I own all four apartments in this building, and I rent out the other 3 apartments. I live in one apartment I pay no rent expense every month because I’m the owner and the other apartments make me right around 1600 bucks a month. So that I get to live for free and I make money. But there’s also other ways where, you know, people live in a single family home with five bedrooms. They live in one bedroom. They run out the other bedrooms. Some people just have, you can rent out I saw this post yesterday from Henry Washington. You can rent out the pool in the back of your house. You can rent out, like, on weekends. You can rent out your garage for to people for storage. It doesn’t have to be actually letting people live there. it’s just using your home as a way to, rent it out, make some type of income to subsidize your living costs.

Jordan Berry [00:43:52]:

Yeah. I’ve seen it going around where you can rent out your backyard so that people with dogs who don’t have a yard can just come and let their dog run around in your backyard. or story RV or, you know, all that kind of stuff. and, you know, it’s funny because it I think it brings home the point. So one of one of the more controversial things of rich dad poor dad is, you know, Robert Kiosaki will say your house is not an asset. it’s a liability, and people get take offense to that because, I mean, house’s personal residence is the biggest asset, quote, unquote, for the majority of Americans. Right? And who who have any assets at all, it would be their house. Right? And and so people take offense to that, but by Robert Kiyosaki’s definition, right, it’s an asset is anything that’s putting money in your pocket, not taking money out of your pocket. And for most Americans, the way that they have a house, You pay a mortgage every single month in property taxes and insurance, and that is taking money out of your pocket. Yes. it’s going towards equity in your house, but it’s taking money out of your pocket. It’s not cash it’s the opposite of cash flow. Right? And so like you’re saying, using something to help at the very least, offset those expenses and ideally to eliminate those expenses from coming out of your pocket and and allow a renter or, you know, somebody to pay those expenses for you. And that is where a house turns into an asset even if you’re living in it. And, you know, I’ll just say, you know, as as a, an old adult who has a family. We have house hacked with Ambile while we’ve had kids, through having a, an ADU or a rental unit in the back of our house. So we’ve had a house, and we rented out the ADU, and that offset our mortgage pretty significantly. So that allows you to I mean, and you can do different things with that. Right? you can continue to sort of make bad. I’ll I’ll I’ll say questionable financial decisions where you take that extra money and you go buy a nice your car or, you know, whatever you wanna do, like, with that. And that’s one way to do it. Or you can utilize that income to offset your mortgage and take that money and, you know, put it into more investments, whether that’s stock market, buying another house, whatever it is. So you’ve got options there.

Matthew Ambile [00:46:23]:

But again,

Jordan Berry [00:46:25]:

if you your goal is that financial freedom, you have clarity on that. Go get some more assets and get to that financial freedom number so that you have the space to grow your wealth more from there.

Matthew Ambile [00:46:35]:

Dude, that’s the amazing thing. Once you reach financial freedom. Once you’re actually there, then every asset that you buy that’s making you money every month, that could pay for your things that you need every month. If you gotta a cool car that you want, and maybe you’re not gonna go this is another thing that I do. I only buy anything that I actually that’s a want and not an asset or a need, I only buy I basically buy everything cash. So if it’s a car, I better have that cash in the bank account. I’m not putting it on credit but if you could get, like, a 0% interest loan, whatever, and that car is gonna cost you $500 per month, and you’re already at financial freedom. Alright. You’ll find an asset gonna make you $500 per month, and you just use that asset to pay for your car every single month. So

Jordan Berry [00:47:20]:

Yeah. That and that’s the ideal. Right? That is that’s That’s what wealth is. Right? And that’s what laundromats can help you do. Right? If you’re if you need that financial freedom, we’re talking, you know, about it. 1 to 3 longer mats, and you could be financially free in

Jordan Berry [00:47:38]:

99.99999

Jordan Berry [00:47:40]:

percent of our expenses as Americans or Australians or Europeans or Europeans or Canadians or Canadians or wherever you’re listening from. you know, 1 to 3 laundromats is gonna get you to that freedom number. And then beyond that, you can start Ambile building, right, or not. If you don’t want to, not everybody wants to have an empire. They just want the freedom to live the life they want, but I love the concept. And it’s, you know, one pulled out of Richard at Port at too is let your asset pay for your wants. and and pay for the liabilities that you want. And if they can’t, then you probably shouldn’t buy those until they can. and so I I love that. alright. Let’s go back to partnerships real quick. I just wanna touch on this, because this is another, I’m gonna I’m gonna just call it what it is. This is another excuse that we due to ourselves and saying, I don’t know where to find money or I I don’t know how to do that. So I’m not going to find a partner I’m not going to buy that laundromat. I’m not gonna look for deals because if I find one, I’m not gonna have any idea how to find the money for it. So how — Right. You got any tips for us? Like, how can we find people to partner with to to do these deals if we don’t really have a whole lot of money.

Matthew Ambile [00:49:01]:

Dude, I got I’ve got all the that’s

Jordan Berry [00:49:03]:

what I love to hear.

Matthew Ambile [00:49:05]:

So I, for everybody listening, I know we’re gonna throw a link to it somewhere. I I I literally created because I noticed there’s an issue across all industries, everybody says we should partner to to get deals done quicker and and just use it as a cheat code to doing deals because you could use other people’s capital knowledge time, like, their experience that they have. but nobody ever talks about like how to actually find a partner, how to underwrite a partner, how to do all this work. So I act I made a after my time partner, over the past 3 years or so and using different partners, finding the best systems to go and find a partner to do specific deals with, I created an ebook on it that is literally a step by step guide walk through on how to do that. We’ll link to it You guys could throw your email and it’s free. Just take a read and and it’ll it’ll teach you a lot of what we’re going to to go through here but I’ve got 5 steps when it comes to finding a partner. Step 1, we’ve already talked a good amount about, and that’s understanding your value, knowing exactly what you’re bringing to the table, the value, the experience, the knowledge, that the time, whatever you can bring to the table, you’ve gotta know it, be secure in it, and be confident in who you are and what you’re bringing. if you want someone else to work with you. So let’s understand what value we’re actually bringing to the table. And then once we have that, we’ve got to we’ve gotta find a deal or create a type of sample deal. So this is where I get into getting a lead flow of potential partners to come to us And now that involves finding and understanding where the people that would be your potential partners are going to be hanging out. they might be hanging out on one website I use is Facebook. I know, like, everybody uses Facebook to connect with their high school friends and family members. They once every 2 years, but I use Facebook as a social networking tool to grow my business and my partnerships. So I will go where real estate investors that invest in New Jersey, which is where I invest, hang out. And that’s New Jersey Real Estate investor, Facebook groups. Maybe there’s there’s definitely, like, laundromat facebook groups. There are areas where you can go and and just find people with capital, like, like doctors, lawyers, you can literally find lists of cash buyers in in potential areas and reach out to them directly. But I like to focus fully on on finding people who are going to bring capital and value to the table and value is probably gonna be in that specific asset class. So what I’ll do is I’ll create a sample deal post. So if you’re doing this for a laundromat, it might be, hey, I have a property or or I have a laundromat in XXX town, wherever it is. Current gross income is x. current expenses are x bringing us a net operating income of x. based on the cap rate or however, I don’t know if it’s cap rate. So you guys go buy a multiple. Yeah. multiple. based on the multiple, that would currently value the business at X. I could have this laundromat under contract at x price. And now this doesn’t have to be a deal that you actually have right now. It could be a deal you’ve seen in the past that you had an opportunity to get under contract or just a similar type of deal that you know you could get under contract. And then at the bottom of this post with the the details of this, or at the top, I’ll typically put right at the top. Hey, looking for a capital partner on a deal. AKA, that means somebody who’s bringing money to this deal. So looking for a capital partner, you’ll get if you’re posting in the right places, the laundromat groups, wherever wherever the best places are that these people are hanging out, you’ll get 10 to 20 to 30 people who are going to shoot you a message or comment on there to talk to you, then you’re just going to use, like, a a booking, you can use calendar apps. Whatever you wanna do, or just set a time to talk with each of these people. And that’s where you run you set your meetings. That’s step 3 after you do the sample deal post. And then after that, you’re going to run the initial meeting that’s step 4. You’re going to dig. You’re going to let them know what you’re doing, the value that you’re bringing, which is why it’s important to understand your value. you let them know that you’re bringing the deal. You’ve also got time to put in your boots on the ground, whatever it is that you’re doing, And then just let them know, like, in the case of this deal, I would need $50,000 to be brought to the table and you know, I’d I’d be looking to split the equity up as 60, 40, or or 70, 30, whatever it would be. And you would be pretty passive, but I would ask you for, some help on this area in this area. Is that an investment that you would be interested in in the future. And out of 20 people, you might get, 8 that say yes. And then out of those eight people, now it’s your turn to start interviewing them and seeing who’s the best fit for you. So now you have eight people who told you, yes. maybe you’re going to find 2 of them that when you underwrite and dig deeper into them, what is their experience What are their ethics? What are their morals? How do they operate from a business stance? How much cash do they have in the bank account? What what are the what is the experience that they actually have in your field and and what can they bring to the table. Once you find those two people, you you have them in the future now, or you could have three people, four people, that when you find a deal, now you have that deal, you can bring it to them and say, hey, I’ve I’ve got this deal with these numbers. Maybe. If you don’t have the deal under contract, you don’t tell them exactly what it is. as as long as you trust them, you can tell them exactly what the deal is. If you don’t fully have that trust. I wouldn’t even recommend partnering with these people. but you can take risks on that end, but at that point, then it’s just bringing them the deals in the future. almost having a dating period with these guys. So talking to them about guys or girls and talking to them about the deals and what they understand and what they could do and what they’re doing in their businesses and really building a relationship And now you’ve got 3 solid relationships too or 3 or 4 to bring deals to that now you have potential to get deals done. And this can if you have no money whatsoever. and it it’s it’s a way to to get out of the excuses in your head that you need all the money to be able to get deals done. So that’s Facebook is my favorite way to find, partners and then using that sample deal post. But, I mean, find out where these people hang out and what they do, what they talk about, what they’re interested in and then bring them the things that they are interested in to be able to to get some deals done for yourself.

Jordan Berry [00:56:38]:

That was like a summary of a master class right there. You definitely gotta go. This is where you’re at, and you’re looking to get into this business or any business or investment, and you are you’re at a place where you don’t have enough capital. You don’t have any capital, to bring to the table. You definitely gotta go download, this book. link will be in the show notes. like Matt said, he he created it. It’s free for you. just drop your email in there and go download it. Here’s a little hack Again, to contextualize this for laundromats, the best place to go that I have found the best kind of group of people that I have found to go look for partners to partner with. if you’re looking for a capital partner, a money partner, is real estate investor groups. Real estate investors, what I have found, especially real estate investors who are looking for cash flow, What I have found is that as soon as they hear about laundromats and that laundromats, the average laundromat deal can expect a 20 to 25 percent return on their capital, unleverage without using a loan and it goes up from there. ears perk up. So real estate investor groups, that is a money place to go. and also, I mean, you can look into a lot of different options. I mean, you mentioned that you had partnered with your dad early on, you know, family could be a great way to go. And, you know, we’re not gonna go into the details of this. Make sure you gotta do this correctly and with the correct people, but a lot of times, certain family members or friends, depending on your relationship with them. Again, do a little research on this, but they can use retirement funds. They can use a retirement accounts and, you know, different, things like that where they can actually invest in your business with you, become a partner with you using some of the, you know, retirement accounts that they have or retirement funds that they have from previous jobs and things like that. So again, there are some regulations around that, so definitely do some research on that. But those can be great ways to get started in this business. And, you know, like Matt said, and how he actually ran it with his dad is it doesn’t to be a forever partnership either. You can buy out your capital partners down the line, or you can sell a deal you know, and split that deal and and use the proceeds of that to go buy your next deal on your own if that’s what you wanna do. So there are definitely ways to do this, to get this, started. So don’t let it be an obstacle for you. I mean, I think the mindset is actually the biggest obstacle, not the money, not finding the deal, not getting the education, you know, not the time it’s the mindset that you have. And if you have that mindset that there are no obstacles that you can’t overcome, there are no problems that you can’t figure out a solution to. then you’re gonna get it done. Like, it’s I’ve just seen it happen over and over. I’ve had so many consulting clients who have, you know, come to me with you know, no money in wanting to get started and having that passion. And it’s, you know, like Matt said, get that clarity of what it is that you’re looking for and then align your mindset and align your actions towards that, you know, achieving those goals and you’ll get it done. You will.

Matthew Ambile [01:00:04]:

Yeah. And you’re never gonna move anywhere if if you don’t take a step in the direction towards your goal. So I’ve learned that life is like this big continuous thing that’s going to just go on until I die. So if it’s this big continuous thing, why might wanna I don’t wanna stay in the same exact place. If you don’t take a step, you’re gonna stay here, you’re gonna go So you need to take a step forward in every step forward that you take, maybe not every single step, but you’re gonna run into obstacles on the way. So the thing is we wanna hit these obstacles as as early as possible because when we hit them as early as possible, now we have gained a new comp confidence and a new skill set to be able to get around these obstacles. We’ve learned something new. We’ve learned how to grow through these obstacles. And now those skills that you have taken from that issue are now gonna help you compound and grow your investments, grow your value as an investor over time.

Jordan Berry [01:01:03]:

I love it. I love it. awesome. Okay. So one more time. What is, what what’s the name of your podcast?

Matthew Ambile [01:01:14]:

financial freedom fast part.

Jordan Berry [01:01:15]:

Okay. And the book that, you just wrote and you just came I mean, you just came out that when we’re doing this interview, you just came out to, this week or last week. Right?

Matthew Ambile [01:01:23]:

Literally last last week. Yeah. Dropped it. Actually, maybe it was.

Jordan Berry [01:01:27]:

I think it was this week. I think it was early this week. And I because I picked it up as soon as I saw you drop that out there, I I went and picked it up. so, okay, so where do people go to get that book?

Matthew Ambile [01:01:39]:

You can go you could actually follow me on instagram at madamabile, mattamabile, and there’s a link in my bio. Just click that link right at the top. It’ll say download my free ebook I can also shoot a a link over to you guys. Yeah.

Jordan Berry [01:01:58]:

I’ll have it in the show notes. yeah, too, just in case you, don’t have Instagram. or whatever. I’ll have the link for you. you definitely are gonna wanna go pick that up if that’s in a place that you’re in. but Kinda no matter where you’re at in the process. If you are looking to buy your 1st laundromat or just exploring whether a laundromat’s a right for you or if you own a laundromat or 2 or if you have a laundromat Ambile already, I I just dude, I’m super glad that you came on this podcast because I think that, you know, the especially, I I love the flow of this podcast. See, like, we started with, like, Get clarity on what it is you want out of life and and get alignment there and started with talking about freedom and you know, having options in life and just the clarity that you can have once you and the space you can have once you have that freedom. And then kind of we spent the rest of the time tearing down some of the obstacles that so many of us have bumped up against that we’ve allowed. And I’m saying I’m saying this very intentionally. Like, we allow these obstacles to stop us from achieving that freedom. No more. Like, let’s just, can we all just, like, kinda commit to not allowing those obstacles to stop us anymore? There obstacle. That’s all they are. They’re just problems to be solved. And we, as humans, are problem solving machines. Right? but sometimes we need a point in the right direction. Sometimes we need to kick in the pants. And sometimes we just need a little bit of information. And Matt’s here saying, Hey, I’ve got what you need, in a free free ebook here. so go snag that thing. Matt, dude, this has been anything else you wanna leave us with? I don’t wanna cut us off too short.

Matthew Ambile [01:03:46]:

Dude, I mean, I I’d like to say that all your listeners, man, you’re the guy, dude. If if you’re looking to learn about laundromats, stick stick with him and Jordan will take it, take you where you wanna be while you’re trying to trying to learn about that. And whatever you wanna learn about, it’s all realistically towards this end goal of freedom. So create that crystal clear criteria of what freedom looks like for you. and then go out there and create the freedom for yourself. And then you could figure out what the hell you wanna build after that. But for now, let’s just create this life that we wanna live, and that’s a free life that most of us wanna live at least. So that’s it, man. That’s what I’ll leave leave everyone with.

Jordan Berry [01:04:34]:

I love it. And, if you guys want to hear a little bit more about how you can find financial freedom fast with laundromats. Head over to his podcast. Make sure you subscribe to it, and I will be popping on there, real quick. basically explaining why lauter mats are better than everything else. So

Matthew Ambile [01:04:54]:

Are the best thing in

Jordan Berry [01:04:55]:

the world?

Matthew Ambile [01:04:55]:

That’s right.

Jordan Berry [01:04:57]:

dude, I really appreciate you coming on and, taking the time to do that. A lot of fun hanging out as always. Looking forward to hanging out on your show here pretty quick and, dude. Let’s do some more stuff together.

Matthew Ambile [01:05:09]:

Let’s do it, bro. Appreciate you, man.

Jordan Berry [01:05:12]:

I got you. Alright. I hope you loved that interview with Matthew. man, I don’t wanna hear anymore from any of you. I’m too young. I’m too old. I’m too ugly. whatever your excuse is. They don’t matter. Right? And Matthew proves that just through his life and also through what he is doing, over there. And so, man, I loved that episode. like I said, I was pleasantly surprised at how well this translated and, our industry and what we’re doing over here. So, you know, reach out to Matthew. If you have more questions, go grab that ebook for sure. And if nothing else, pick one thing from this episode and put it into action. I will allow your action to actually be educational this time and go get that ebook. If that’s what you want your action to be, But then you gotta take some action from something you learn from the ebook. Alright? It’s all about the action. That’s gonna help you achieve your goals and get you where you wanna go in life. Alright. Alright. Hope you guys loved it as much as I did, and I will see you next week on the Linerat Resource podcast Peace.