133. Wealth Without Wall Street

Jordan Berry [00:00:00]:

Hey. Hey. What’s up, guys? It’s Jordan with the Laudamet Resource Podcast. This is show 133. I’m pumped you’re here today because today, we have Russ and Joey from Wealth Without Wall Street representing the hat that they sent me. Big thanks to them for that. On the show, and this is an incredible episode because, these guys have dedicated, what they do, and they’ve built a community around helping people find wealth without Wall Street, which makes a lot of sense. And, we go through a lot about what they talk about their philosophies fees and all this stuff.

Jordan Berry [00:00:33]:

But one thing that they do is they set up a link for us, which I’ll tell you right now, but, you know, you might wanna go to it now or or after. It’s wealth without wallstreet.com/laudermantresource. And they’ve set up some tools and resources for us, including something that I encourage you to do and something that I have done, which is take their investor DNA assessment. And it helps you figure out What asset classes are best for you? So if you’re in that position where you’re trying to figure out, you know, are laundromats good for me? Is there another asset that’s good for me based on my personality and, you know, all the things going on in my life and stuff, this assessment will help you figure out how to narrow it down. Now hopefully, it comes out laundromats, because I love laundromats, and I think you should too, but it’s not gonna be a fit for everybody. So if that’s a place where you’re at, check out wealth without wallstreet.com/lawnemyresource, and they’ve cut us a sweet deal on some of their stuff that they’ve got going on over there. So check that out. We’ll talk about that in the episode.

Jordan Berry [00:01:34]:

But, again, this is an incredible episode. And if you are looking to sort of get out of that 9 to 5, you know, as quickly as possible or achieve that financial freedom as quickly as possible, this is the episode for you. We have a lot of fun. Real quick before we jump into it with Russ and Joey, one thing I do wanna say that we have added to the pro community, is one one comment that I get a lot, is that these podcast episodes are long, and people don’t always have time to listen to all of them. So one thing that we decided to do, and thanks to the pro community for this input, is I’m actually going back through all the old episodes and taking the 3 main takeaways from every episode and my favorite quote from every episode because I’ve been keeping track of all the quotes, from every episode. And I’m putting them into a podcast episode right now exclusively for the pro community that is 3 to 5 minutes long, and it’s my top 3 takeaways and my favorite quote. So just, wanted to let you know about that. I’m I’ve been having a blast actually going back through these podcasts, interviews and, and pulling out my top 3 takeaways.

Jordan Berry [00:02:49]:

A little bit of nostalgia going on, but also Just refreshing, the learning that’s happening over there. And if that’s something that’s interesting to you, check out laundromat resource.com/pro, and, come join the community. We’re having a great time over there. People are growing. That’s the whole thing. Right? Getting laundromats, growing their laundromats, all that stuff, joining masterminds, using all the tools and resources. There’s a whole bunch of pro perks where you’re getting discounts on stuff. There’s a lot going on over there.

Jordan Berry [00:03:16]:

So check out laundromat resource.com slash pro. If you want access to, that, pro community only as of right now at least podcast, and our new AI tool, which will help you sift through the mountains of information and data that we have, from podcast episodes, YouTube videos, blog posts, etcetera, etcetera. Can that AI tool can help you sift through that. Okay. I’m just I’m excited about all we got going on over here, but I’m also excited about jumping in with Russ and Joey. So let’s get into it right now with Russ and Joey from Wealth Without Wall Street. Alright. Joey and Russ, thank you for coming on the show.

Jordan Berry [00:03:54]:

Super excited to talk with you guys, on Wealth about Wall Street. Looking forward to getting into that and what that’s all about. But, how’s it going, guys?

Joey Mure [00:04:03]:

Man, it’s it’s always a good day We get to talk about strategies off of Wall Street. That’s why we love you and your your laundromat strategy as well.

Russ Morgan [00:04:13]:

It’s always good to also, So, you know, I’ll be able to have a chance to rag on Joey. And knowing your profile, just us being able to have you on our show, you like to, have fun and not afraid to beat somebody up. So this is gonna be good. Like and we got Joey in the middle here on the screen, so I think this is gonna be good, Jordan.

Jordan Berry [00:04:31]:

That’s That’s right. Oh, dude. We got him surrounded. A public humiliation is probably my love language. So, lot of lot I love coming towards Joey today. It’s gonna be great. It’s gonna be great. Guys, why don’t you give us a quick little background, on who you guys are and and maybe just a, like, a a a brief journey through your your investing career up to this point.

Joey Mure [00:04:57]:

Man, I I’ll tell you what, Jordan. To sum up, Russ and I. You got 2 rednecks from Alabama who are just, I mean, just out for freedom. I mean, mean, if you wanna, like, sum up our lives, it’s about freedom. We we homeschool our kids. We we love financial freedom because it gives us geography freedom, right, the ability to do our businesses From wherever, whenever, with whoever, and, ultimately, you know, spiritual freedom. And if we don’t have that, all the other things don’t matter. And but, really, how we got to this point is I was in the in the both, in the mortgage business for 11 years, and Russ was a CFP.

Joey Mure [00:05:44]:

He was the he was the bad guy. He was Wall Street. Like, Hint. Hint. Do you know, get away from him. And we learned over the time that, man, you can’t have Freedom from an active income. As I saw in the mortgage business, I was growing every single year, Getting higher and higher commissions, and I was losing more and more of the people that I love the most. I have 5 daughters, and, man, we would go on Vacation, and I would not be present mentally because I was physically there, but I was always working.

Joey Mure [00:06:22]:

My phone was literally on my hip. Russ always jokes with me. I had a little holster, you know, for my Blackberry.

Jordan Berry [00:06:28]:

You were one of those guys.

Joey Mure [00:06:29]:

I’m I’m giving myself away here. K? The holster with the Bluetooth headset, I mean, it was it was the whole thing.

Jordan Berry [00:06:36]:

You were slipping with Alabama, and now you’re feeling the phone hit. Oh my gosh. I don’t I don’t know if there’s recovery for you going forward.

Joey Mure [00:06:44]:

I’ll try. I’ll try.

Jordan Berry [00:06:46]:

Okay, we’ll see what happens, but I’m not holding out hope.

Joey Mure [00:06:48]:

But, hey, I think I’m in good company here that there’s a lot of people that were in the same boat that I was I said, I would send my wife and kids down to the beach and say, hey. I just have 1 more phone call, and I’ll be right there. And then 3 hours later, I’m walking down that boardwalk behind our condo just ready to get on the beach, and there’s my family coming up Just pissed that dad has missed another vacation because he’s working. And I I was lying to myself the whole time saying, I’m working for them. I’m working this hard for them, and I can’t stop this this kinda hamster wheel Lifestyle and the reality was I needed to be introduced to a whole new way of thinking, and that came in the form of, Rush sharing a book with me that totally transformed the way I think and put us on this path to now you know, You know, together, we’ve created over $50,000 a month in passive income to various different investments, and they’re all off Wall Street. And that’s what we’re about, just helping people get to that same point.

Jordan Berry [00:07:55]:

Well, that was kinda messed up of you to say that Russ gave you a book that transformed your life, and you didn’t even share what book it was.

Joey Mure [00:08:04]:

Well, this is where I totally redeem myself here. Right? You said I had to dig myself Out of a hole. Yeah. It was, I’ll give you the the short story is the book is, Become your own banker by r Nelson Nash. And, he actually became a mentor of Russ and I shortly thereafter, but the the The items in the page that stuck out to me was, man, I had to take control of my finances, and I had To create a different way of thinking, which is the way that a bank thinks, and that’s, through leverage, through passive income, and through Access to capital that, man, most of America does not understand, and we wanna continuously open their eyes to see it so that they can gain freedom.

Jordan Berry [00:08:55]:

Yeah. Awesome. Yeah. Thank no. Thank you for sharing that. That’s actually a book that has not come up on the podcast, but that definitely should have come up, by now on the podcast. So I appreciate you sharing that. I mean, man, I don’t I wouldn’t say it redeems you, but, you know, it gets stuck.

Jordan Berry [00:09:12]:

Man, you can’t

Russ Morgan [00:09:12]:

get the the phone off the hip. Like, that dude, come on.

Jordan Berry [00:09:18]:

I just don’t know if you can come back from that. Alright. I don’t know.

Russ Morgan [00:09:21]:

I I I I I whenever he just said, hey. I wanna come work with you, that’s like, phone’s gotta go, bro. I mean, we’re gonna have to put it in the pocket.

Jordan Berry [00:09:29]:

Listen. I cannot Nope. You see the public

Russ Morgan [00:09:31]:

touching no no more doing it.

Jordan Berry [00:09:33]:

Put it your pocket is so close. People just put it in

Russ Morgan [00:09:36]:

None of that? Yeah. They’re not doing that? That that work. No. He he it’s so funny. Like great. You know, the the story that he shares, though, it’s a story that we hear a lot when people come and join our community. They’re they’re telling that story of the things that they were doing, the mistakes they for making and I you know, our story really is a a little bit of learning, a lot of unlearning. Because as Joey mentioned I was a CFP.

Russ Morgan [00:10:01]:

Jordan said that there was a ton of things that I thought I knew about the way the world worked. And then when the 1008 crash happened, and I lost 50% of the money that my wife and I, you know, highly trained. She was a a dentist. I was a CFP. You’re, like, had great incomes. Not a whole lot to show for it, but have been doing everything the way the world had told us to, like putting money in the market, paying down debt we even had bought a rental property. Good for us. But we were no closer to financial freedom because we didn’t have the passive income that exceeded our monthly expenses.

Russ Morgan [00:10:35]:

And so for us, it it always had to start with what do we need to learn and unlearn, how do we start building a warehouse for our cash to reside. Right? We have to really organize our cash in a place that we can get to, and that’s what that book that Joey was talking about it it described that problem, the biggest obstacle to people to becoming financially free is they have lack of lack of access to cash, and there’s a lot of reasons why. And as I was reading that book and learning from it at a conference in January 2009, I’m seeing myself in in the situation. The problem he’s detailing is the exact one I’m in, and he starts laying out a solution to get out of of it. And, ultimately, that’s what led he and I to pursuing different asset classes. How do we start investing and Putting this cash to work to build the passive income. And there was a lot of mistakes. Right? We didn’t understand who we were as investors, So we were just investing in I buy wise Jordan.

Russ Morgan [00:11:34]:

I go, Jordan’s making money in laundromats. That must be good. I should just go do that. Right? Oh, here’s Sharron. He’s investing in because multifamily. He’s having success there. I should do that. Oh, here’s Mark.

Russ Morgan [00:11:44]:

He’s doing land flipping. He’s having success there. I should do that. And we started just chasing what other people were doing and hoping that we were gonna get the same results that they were getting because they were getting the results. And along the way, we started learning there’s reasons why People have success in different areas and way maybe we don’t. It’s not that the asset is bad. Right? There’s no good bad investments, there’s good and bad investors is what Kiyosaki would say. And so we had to learn how to become good investors.

Russ Morgan [00:12:12]:

We had to learn who we were as an investor so that then we could start matching gene upped that with the things we invested in. And that’s what’s really helped us accelerate. And I I think that that’s, you know, the message that we wanna keep sharing is that there’s a pathway to financial freedom. And if 2 knuckleheads from Alabama and one who is poorly dressed with bad technology skills can get there, you you can too.

Jordan Berry [00:12:36]:

Yeah. I mean, listen. I’m just gonna vouch. Like, if Joey can get there ain’t anybody listening to this can get there. I really don’t even know you that well, so I don’t know why it’s just flowing so easy, but it’s flowing pretty easy over here, and I’m just gonna let it happen. I don’t know. Hey.

Joey Mure [00:12:52]:

I feel like I’m in your, your Crowe McGraw, you know, class right now just getting beat, because I don’t like it so much.

Jordan Berry [00:13:01]:

Yeah. Krav Maga. So disrespected again, and I can’t I I don’t know. I can’t be held responsible for what happens. I’m just kidding. No. But, I mean, I think you guys’ story really, I I think think it really does resonate with a lot of people. Right? I mean, there’s a lot of content out there right now.

Jordan Berry [00:13:22]:

I think one of the reasons people are interested in laundromat is that freedom thing. Right? It’s like, How do I make income that’s not tied to my freedom? And and, you know, there’s So much there there’s a lot to be said about working hard. Right? There’s a lot to be said about that, but you’ve gotta find out ways to make money beyond just brute forcing it. Like, sometimes you just gotta, you know, you gotta bear down and you gotta work hard. Right? That just has to happen. But you’ve gotta find other ways to make money that doesn’t require that too. And, I mean, you said, you know, you can’t have Freedom with an active income, and that’s sort of that working hard model, which just it just doesn’t work in the long term of of building wealth. Right? So can you can you, can you guys just share a little bit? So, I mean, you said, okay.

Jordan Berry [00:14:15]:

I I have to we we have to change the way we think. We have to learn how to become good investors. You know, this book was it sounds like step 1 or early step in that direction. Can you talk us through you know, there’s there’s so many people listening right now who their goal is that freedom. Right. So can you talk us through the process, not yet about what investments you made and stuff, but what process did you go through to figure out how to become a good investor.

Joey Mure [00:14:42]:

I’ll I’ll say this. The good news is we we learned what we did right and what we did wrong, and it was over a long period of time. You know? This was a a roughly 10 year span of time that we did a lot of things, and we have the the benefit of, you know, looking in the rear view And seeing that you can see things very clearly in that situation. And so what we’ve done is we’ve since built out what the process Should be. And what that does is you’re able to borrow that from us and, as we like to say, compress time. Right? Not go through the situations of investing in the wrong things, not go through the situations of starting with the wrong vision, And not putting cash in places that are not efficient. Like, the big killers are home equity, qualified plans, like your 4 zero one k’s, your IRAs, those things are are absolute killers to financial freedom. And if if you could imagine it paying off debt.

Joey Mure [00:15:47]:

Like, you think, man, this is what could be wrong with that? That’s a good thing. But paying off debt is actually one of the Biggest, detractors from creating cash flow in your passive income journey. And so, I say that to say, we have a whole process that we walk people through, but the the kicker for us, man, really came, I think it’s the biggest accelerator in our whole journey was realizing that god has created each of you in each of us To see the world and to see investments in a certain way. And, man, some of those things are really positive. Some of those things are really negative. And some of those things are just impossibilities for us in how we’re wired. Like, for instance, I am not gonna go step in front of a drunk guy in my laundromat and proceed to, Like, put him in a sleeper hold or whatever and have him taken off the premises. I’m probably gonna be laid out in my own laundromat In in blood.

Joey Mure [00:16:55]:

Like, that’s just not gonna be my style. Right? So what did you know, what we had to do is develop That investor DNA profile, and then sit from that, start to filter down into what investments do fit for us and or do we need partners to help us be successful?

Russ Morgan [00:17:15]:

Me jump in there. I I wanna add some clarity to this because DNA profile is something that is usually new, Jordan. And I know that you’re a seasoned investor, and so you’ve thought about this in different ways. But as you’re listening to this driving down the road or running out of the treadmill, maybe you haven’t even considered this unique nature of how you’re built. And I’m gonna just give you an example for me. The very first, quote, unquote, passive income investment I made, Jordan, was into I bought a condo in in my college town. Right? Like, so a a buddy of mine had converted some apartments into condos. He sold them all off, made a ton of money.

Russ Morgan [00:17:54]:

2 of them came back to him in a foreclosure. A guy went in through bankruptcy. He got it back, came to me, and said, dude, I will give this to you at wholesale. I’ve already made my money in it. I’ve already got a renter in it. The property is selling at a 125 on the retail market right now. I’ll sell it to you at 85. And I will even give you a phantom second so you don’t even have to put any money in the deal, and it’s gonna break even cash flow for the first, you know, 9 months until the rent, the renter, the lease ends, and then you can raise rents or sell the property, get your money out, move on.

Russ Morgan [00:18:27]:

I’m like, genius. Right? Like, who wouldn’t take that Well, this is, early 2007.

Jordan Berry [00:18:38]:

Uh-oh. Okay. Yeah. What’s coming for you?

Russ Morgan [00:18:41]:

Well, there’s a lot of things that happened there. One, the university was building 2,000 units that they were gonna require freshmen to move into. I didn’t do due diligence to know that. Well, my profile, right, on a disc, I’m an I, influence. You know influencers in your life, you know that they’re they love talking. They love being in front of people. They do not love follow through or details. Right.

Russ Morgan [00:19:04]:

So I wasn’t doing any of those details. Well, secondly, I needed the ability to influence the come, but how can I influence the outcome of 1 unit in a college town that’s 2 hours away from me in the midst of 15,000, 20 unit you know, 20,000 units in the city? I couldn’t. I couldn’t influence it at all. And so in addition to, you know, the unit above it because Flooding it 3 times over the 14 years that I owned it. And, the the market crashing in 2007 and 8, because and, me struggling to rent it, having tenants come in for 6 months, having to deal with dogs, dealing with all the things. I realized that this was a terrible investment for me, not because of all of those other things, mostly because because I couldn’t influence his outcome. And I made that decision influence the rest of my next 10 to 11 years. Man, I didn’t make another truly passive deal outside of investing in just some basic things, some company you know, some friends that were starting companies.

Russ Morgan [00:20:15]:

I made some small investments, some small private lending deals. But for the most part, I did nothing for 10 to 11 years because I had such a poor experience with that. I thought, well, that’s just the way it is. And it wasn’t until we started, as Joey said, reflecting on looking back and saying, what aid investments good or bad for us, and it was the nature in which they connected to who we were. And I was like, I, as an influencer, like being able to influence. I like to be able to get involved. I like actually buying and building businesses. And I was like, well, why don’t we do more things like that? And so what did we do? We started building a land business.

Russ Morgan [00:20:52]:

We started building a short term rental business. We we started building some ecommerce business, started building information business we started building these different businesses, and I was excited. I was pouring effort. I was pouring money into it. And when Joey says, hey. We’re able to report every month on our passive income report, and it’s over 50,000 a month for the last several years, well, it’s a result of us investing through our unique abilities and through our unique gifts and the way that we see the world. And as we all know, there’s people who are making 1,000,000,000,000,000, it’s 1,000,000,000 of dollars in investment real estate. But for me, because I couldn’t influence it, I didn’t like it.

Russ Morgan [00:21:31]:

And I wasn’t gonna put any money in it, any real money into And so for that, I I realized, oh, I need to stay in my lane, find the things that I I get interested in, And then I can go deep and I can have success there.

Jordan Berry [00:21:47]:

Yeah. And I think I mean, I think that that is a huge thank you for sharing that that story Corey. And, you know, that that con a lot of people listening know my story of my debacle of an entry into this laundromat industry. Right? And sometimes you gotta take those lumps. But going back to what, you know, Joey said, I mean, I think that that fear of that happening keeps a lot of people from getting into the game. Right? Whether that’s, you know, buying a laundromat or buying a piece of real estate or a business or, you know, whatever it is, that fear of, oh, I’m gonna buy, you know, a a condo and, you know, a whole bunch of new ones are coming in, and the economy’s gonna collapse. Right? Or I’m gonna buy a laundromat, and I’m fighting in the laundromat and losing money at the same time. Right? Like, that that, you know, those are real fears.

Jordan Berry [00:22:39]:

But, you know, going back to what Joey mentioned earlier, like, It’s not just, you know, being in a community or borrowing your guys’ framework or or my framework for laundromats or whatever. It’s it’s not just about Collapsing timelines. It’s huge. That’s huge. Right? But it’s also weeding out a lot of those early on mistakes that are just so easy to make that become almost a rite of passage for a lot of people, but it’s a it’s a rite of passage for a lot of people who try to go it alone, you know, in the beginning. Right? And, you know, you can shortcut, it collapsed the time frames on, that journey towards financial freedom, and you can avoid or Borrow the lessons of other people who’ve already made the mistakes so you don’t have to make them. And I’ll just say as somebody who’s made some massive mistakes, there’s no Pride or no honor or anything in having gone through that. Yes.

Jordan Berry [00:23:36]:

You learn a lot, but I’d much rather, you know, instead of going through years of losing money and, you know, emotional suffering, I’d much rather just make a good investment the 1st time and start enjoying that freedom a lot earlier. So huge, huge there. Let’s talk a little bit more about investor DNA. I mean, I think that’s really intriguing. I don’t know I don’t know where Russ just went, but I’m sure he’ll pop back on. So, Joey, it’s on you until he gets back. But let’s talk about investor DNA. And can you talk just a little bit more about what that is.

Jordan Berry [00:24:15]:

And, you know, a lot of people listen to this are like, man, maybe I should invest in a laundromat or maybe I should invest in, you know, a, self storage or or whatever else. Right? Like, can you talk about what investor DNA is? And then maybe we can get into how do we figure out what my investor DNA is? Yeah.

Joey Mure [00:24:33]:

Yeah. So first and foremost, we created it as a profile, as an assessment to help people start to narrow down because as you mentioned, now your show is more niche. It’s more focused in one space. So for mats. And to be honest, I think that helps a lot because people just know what they’re gonna get. They they can go deep on 1 subject. In In our in our world, we were invite in you know, talking to all these different, you know, specialists, people that know all about land flipping, all about self Storage all about, in your case, laundromats, and it can be overwhelming. It’s like, wow.

Joey Mure [00:25:13]:

So many good ideas. Which one do I start with? And Russ wants to do all of them because he’s an I, and I’m over here, like, I’m an s, Which, by the way, just as I clarify that, you’re familiar with the DISC profile?

Jordan Berry [00:25:28]:

Can you give a quick overview for anybody who’s

Joey Mure [00:25:30]:

Yeah. So the DISC profile is a a personality assessment that really tracks, 4 main types, And there’s variations of the 2 of all of them. Like, you could have 2 or 3 of these as kind of primary, but you always have one that’s, like, your main driver. A d would be a dominant type. They’re gonna be much more driven for things that are gonna be, quick. They’re they have A quicker pace, potentially. They like to see higher rates returns. They wanna they wanna kinda be involved.

Joey Mure [00:26:04]:

They wanna have kinda, like, the bragging rights of our own things. And I would be, as Russ mentioned, more of an influence. They they like they like to party. They like to be, Social. They’re they’re very driven by, you know, how they how they look on the outside, contrary to how Russ dresses in his hygiene. But, you know, those things are are what high, you know, high i’s are all about. I’m an s, which

Russ Morgan [00:26:31]:

Sound that smell?

Joey Mure [00:26:32]:

You can I can smell it through the podcast at this point? We work from home, Jordan, so it makes it a little bit easier. But, you know, a high s is gonna be somebody who’s loyal. They’re gonna put up with a lot of crap from Russ. They are they’re looking for steady Consistency, like, not a whole lot of volatility and and, you know, chaos, and, they’re gonna be very nurturing in a sense. A c is gonna be very driven by numbers and analysis, details. They want checklists. They want, they wanna be able to just make sure that they’re tracking things very tightly. And so you fall into one of those main categories.

Joey Mure [00:27:19]:

And so then what we did from there is we said, okay. If that’s how you are, How would you see short term rentals as a passive income strategy? What would be the pros if, let’s say, for instance, it’s your high eye like Russ. On short term rentals, you’re gonna love the fact that it’s a people business. It’s a it’s a hospitality business. So you love the ability to be able to share a a really warm space with people and they have a a place to go. Now You’re going to have cons, though, with the short term rental business, I e, all the operational things that go behind it. Like, Russ can’t even literally turn on the Airbnb app. You know? So it it would it’d be terrible if we started a short term rental business And Russ was the operator.

Joey Mure [00:28:12]:

He loves to be the mouthpiece. He wants to be out there telling people about how cool it is and, man, stay at our place and here’s a discount code and all those sort But we hired an operator because of the cons behind short term rentals. Very time intensive, very operationally driven to get all the systems working and all that. And so we we break down 10 different, passive income sources, buy that DISC profile, both on the pros, the cons, and And then finally, on the key factors. I don’t know if you wanna talk about that, Russ.

Russ Morgan [00:28:49]:

Well, you said 10. We’re we’re about to add at 11 because laundromat Jordan has gotta get on the list.

Jordan Berry [00:28:56]:

That’s right. Thinking the exact same thing

Russ Morgan [00:28:58]:

right now. Like, I mean, the stallion here is just running his mouth may give an opportunity for the laundromat guy to get in here. Like, we need we need what the high eye likes about laundromats, dude. Tell tell me what what is it what’s interesting to you? Because I’m gonna fill this out on the spot. And then if you guys end up coming and doing the investor DNA on our Side, I’m gonna have this already filled in for you so then you can have Jordan’s take on it.

Joey Mure [00:29:23]:

How about that? This guy

Jordan Berry [00:29:24]:

is brilliant.

Russ Morgan [00:29:24]:

What is a high eye like about laundromats, That’s Jordan.

Jordan Berry [00:29:26]:

Yeah. I also am a high I mean, listen. It’s a people business. Right? It’s one of the few places, and I I say this a lot now, But it’s funny to kinda put it in this context, you know, from a perspective. And I’m like, oh, this is probably why I say this, and everybody else who’s not an I probably doesn’t care about this. This is what I love about it. Right? It’s like it’s one of the few places in in our communities, especially lower income communities, where people still gather. Right? Like, it’s a gathering for community.

Jordan Berry [00:29:54]:

So I really love that. It’s an opportunity to really inject a lot of value into a community and a lot of worth. You know, a lot of, a lot of businesses, including laundromats and lower income communities are, you know, are like have that sort of mindset of, like, I’m just gonna, like, keep it going. I’m not gonna really invest a whole lot into it. And that in my opinion, that communicates a lack of value or lack of because worth in that community, right, to that community. And but you have an opportunity as a laundromat owner to really inject a whole lot of value and worth into a community by saying you’re worth investing in. You’re worth, you know, having a, a nice laundromat here to come do your laundry. It’s comfortable.

Jordan Berry [00:30:39]:

It’s safe. It’s clean. So definitely a lot, on that side of things that laundromats have going for them. And And even in I mean, my my laundromats have all been in roughest of rough neighborhoods here in LA. And I would say at least 90 5% of even those neighborhoods, the people are great. Right? By and large, the people are great, and it’s a it’s a small minority that make the neighborhoods rough, a lot of times. So really awesome.

Russ Morgan [00:31:11]:

What would you say are the cons from from your profile’s perspective, what are the things that you your your personality style has to get over? You have to I figure out a way around.

Jordan Berry [00:31:22]:

Yeah. So, I mean, it’s gonna be tied to operations for sure. And, you know, one of the things about laundromats is that they’re very simple. Alright. If you keep them clean, you keep the machines working, you keep a smile on your employee’s face, you keep you know, you’re you’re doing just the basic the lights are all working. There’s change in the change machine. All that, but all those are, like, little details that not only do you have to keep track of and do, but you’ve gotta be consistent on those day in, day out. It’s the same stuff over and over and over, and it’s my nightmare.

Jordan Berry [00:31:56]:

You know, the operation side of it is it’s tough. Right? But some people thrive in that. Right? Some people really thrive in that. But for me, the operations and the consistency in providing the you know, almost that, like, franchise model, like, the same experience every time in every location and and just making sure it’s a good time good experience every time. It’s like it’s it’s a it’s a huge monumental effort, and it was part of what took me so long to figure out how to start making money with my laundromat that was losing money. I was like, I just have to do this for a really long time.

Russ Morgan [00:32:31]:

And as you’re listening to Jordan share these details, it’s interesting because I am an eye as well. And so, Jordan, I’m listening to you talk about that, and I’m the repetitive nature of anything is the opposite of what an eye profile wants. Like, every time Joey and I go we do presentations. I redo it. We used to make the joke when he came over to come work with me, and he was trying to learn how to have these meetings with people that you know, we had have 10 1st meetings with, you know, new prospective clients, and I do them 11 different ways. And it’s just I don’t wanna repeat anything. I like to recreate every time, and I could totally see how the repetitive details of Joey and I doing the same exact thing, making sure it’s always done that way is easy to get missed. And you’re spending more time I’m, like, making the parties look pretty.

Russ Morgan [00:33:20]:

You’re, like, probably thinking about what new technology can we make the you know, inside the machines? How can we do this better? What I I mean, I wonder if we can get this thing out on social. Can we can we get a guy on the street, like, spinning the board? You’re thinking marketing. Like, you got all the things. Right?

Jordan Berry [00:33:36]:

I can have a bunch of it’s that one time. Yeah. Yeah. Exactly. Like, I don’t have this part figured out yet, but I’m ready to go big with it.

Russ Morgan [00:33:44]:

Alright. So you you you led to me, Joey, on the the key factors. So I I wanna again, I’m just gonna have you fill in the blanks for us because I’m just doing this, on the spot. So there there’s really 4 key factors that we have put into the decision making for someone as they’re trying to narrow down the path of the things that they would wanna invest in. Right? And they come to time, capital, selling required, and detail. Now we just have have narrowed those 4 down for people. So this is someone operating a laundromat, not someone just being because Passive investor in a laundromat. How much time if a a one is 0 hours, a 2 is 5 hours are less.

Russ Morgan [00:34:29]:

3 is 20 hours, or less than less than 20 hours, and then 4 would be more than 20 hours. So more than 20 hours, more than 5 but less than 25 hours or, 0.

Jordan Berry [00:34:44]:

Yeah. So, I mean, I think you can set them up to where there are 2 around that 5 hour mark, but there are plenty I operate in that 3 timeline also. Okay.

Russ Morgan [00:34:56]:

And then let’s talk about capital required. So 1,000 or less, 5,000 or less, $25,000 or less, or 24 a thousand or more.

Jordan Berry [00:35:11]:

Most laundromats, you’re looking at that number 4. You’re looking at $25,000 or more to get started. It is a capital intensive business. You got a lot of equipment, in there. You’ve got locations to do. You’ve got deposits for utilities and rents, so there’s money definitely required.

Russ Morgan [00:35:29]:

Alright. Let let’s talk about selling marketing. Right? Like, being engaged. None, limited, moderate, or advanced. What would what sort of sales skills does someone need, marketing skills someone need to to operate a laundromat.

Jordan Berry [00:35:43]:

Yeah. I would give that, put that on the number 2 in the limited. It’s been like a badge of honor in this industry for a long time to never do marketing and not have to do, you know, that field of dreams business model. But because the the industry is evolving here. But I think that you can make massive gains by having even just limited knowledge in in marketing Awesome. Sales.

Russ Morgan [00:36:06]:

And then the the last 1 is details. One’s none. 2’s low. 3’s moderate. 4’s tons of details.

Jordan Berry [00:36:15]:

I’d say I mean, in comparison with other other businesses, I’d I’d probably give it a 2. There’s, I mean, there’s a very limited there are details to be had, but there’s a very limited number of categories of details that you need to actually nail down for a self serve laundry.

Russ Morgan [00:36:35]:

That’s awesome. So what what we did is just literally fill in our grid, but that’s the grid that we use to help people understand As they’re as they’re trying to narrow down the potentially hundreds of different options, I mean, listen to your podcast. They’re listening to ours. They’re listening to bigger podcast, all because Podcasts that keep hearing a new idea, and one of the biggest obstacles that they’re facing is just getting started. And they don’t know where to start. And if they make the mistake that I made and they do one thing and it doesn’t work out, right, then they they make the mistake of stopping.

Jordan Berry [00:37:09]:

Mhmm.

Russ Morgan [00:37:09]:

Right? And and and you you don’t have to you don’t have to be great to start. Right? You just have to start to be great. Because the I heard this this quote the other day. This guy said that we don’t rise to the level of our goals, but we fall to the level of of our systems. And the purpose for us was to build the systems, to build the organizational framework. As you go out to invest, you have a framework in which your your system that gives you the ability to reach the capacity that you want. Right? You have to be intentional as you’re pursuing it, but you have to have good systems. We all wanna be financially free.

Russ Morgan [00:37:52]:

We all wanna have geographical freedom. All these different things that we would say we you would want, but the problem is is that we just don’t have the systems built in a way to do it. So when we were doing this, Jordan, is we were trying to find ways to build systems, Frameworks, formulas, and every single time we could look back on it, whether it’s this or somebody Joey mentioned, you know, the worst investment is a four zero one k. People say, Russ, but I’m getting a match on it. Well, why do you say that? Well, we have a formula. Either it’s producing a passive income or it’s reducing a monthly expense because that’s the passive income over greater greater than monthly, expense formula. That’s a financial freedom formula. So somebody says a four zero one k.

Russ Morgan [00:38:29]:

I said, great. Does it produce passive income? They say no. I said, does it reduce the monthly meant to say no. I say is it then is it either getting you closer to or further from financial freedom? And they go further from. I go, now do you see why it’s the worst investment? And they go, oh. So that’s a framework, having a tool like this, investor DNA. I’m a I’m a s profile. I I I I love steady.

Russ Morgan [00:38:50]:

I love consistency. Okay. Great. What are the investments that meet that criteria and how I’ll see them, pros, cons, and then what’s the details? Do I have the ability to invest in Capital that’s needed. Do I have the time requirement needed? All those things that go into it in that framework, that system helps set them up for

Jordan Berry [00:39:11]:

Yeah. I love that. And I I mean, I think that, you know, having having that framework I mean, it’s it’s such a shot in the dark when you’re trying to get started. Right? And that you know, people who are thinking about getting into business, you know, we’re already prone, a lot of us, to that shiny object syndrome that you were talking about earlier, like, oh, laundromats. Oh, self storage. Oh, land flipping. I never heard that. That sounds interesting.

Jordan Berry [00:39:34]:

Just even as you were mentioning some of those things, I was like, yeah. I do wanna learn about land flipping. I’ve seen that around a little bit, and I gotta get I gotta get in there. So, I mean, it’s happening a lot, like, as we speak here. Right? And so, you know, having a an investor DNA assessment like this to help kind of focus us. Right? And what’s the, there’s an acronym I was just gonna throw out there, and I I can’t remember. But it’s, you know, it’s essentially like, hey. You know, when we can focus down into, you know, Starting with at least one thing, find some success in it and build off that success.

Jordan Berry [00:40:14]:

That’s where things start to compound And and, you know, that passive income, if that’s your goal, right, you’ve gotta find something that’s a good match with you, and then you’ve gotta do it the right way, you know, as much as possible early on because, like you said, it’s so easy to get discouraged, you know, if things go wrong early on and, you know, I experienced that too. And I got to that point where I was like, so Do I cut bait and and try something different or just lick my wounds? Or do do I say, okay. I learned some expensive lessons here. Let’s put them to use. And it’s really difficult to do the latter. Right? When you’ve been beat up and you’ve lost a ton of money, it’s so hard to just say, okay. I’ve learned some expensive lessons. Let’s push on so we don’t make those mistakes again.

Jordan Berry [00:41:06]:

But, you know, having that investor DNA and knowing what you know, knowing yourself and what you’re gonna resonate with and being able to match that up with, with a business or an investment that’s gonna help you achieve that freedom, hugely valuable. Which leads to the question, there’s gotta be people listening right now that are like, what ant what can I do here? How do I get this, assessment, and figure out who I am as an investor.

Joey Mure [00:41:36]:

Oh, I’m so glad you asked, Jordan. We actually, have created a landing page that, we’d love to connect with people from podcasts. It’s it’s one of our favorite things to do. And, we also wanna make the assessment available to you. It’s normally, by the way, $200 in our community if you come into our community. But for your listeners, we wanna offer it for $15. We have some hard costs associated with it, and but we wanna make that available to you, if you go to wealth without wallstreet.comforward/ laundromat resource, wealth without wallstreet.comforward/ Laundromat resource, you can get access to this course, along with the assessment for $15, and we also have coaches They’re to walk you through the process that you get a free 15 minute call to follow that up. So both of those are there on the, on the webpage.

Joey Mure [00:42:33]:

And, man, we’d love to connect from with you and hear more about your journey and and how this has helped you along the way.

Jordan Berry [00:42:41]:

Awesome. Dude, that Super generous. So 2 things about that is number 1, I have also joined your community. It’s very cool, and it’s cool to be in the room with other people with similar goals. Right? Like, we have a community over here of people who are interested in laundromats. But also I’m a part of a couple different other communities, including yours, that are just a little bit broader and a little bit wider, and and that’s how you get exposed to new ideas and and really see, growth. So check out their community. And then number 2, I gotta know if land flipping is for me, so I’m gonna go take that assessment myself and see you know? But I’m gonna be pretty discouraged if it tells me that lawn rats are not a good fit for me.

Jordan Berry [00:43:22]:

So I don’t know. I’m a little nervous about that, but I’m a go take it. Guys, I appreciate you guys coming on the show and sharing your story and sharing your framework of how you, think through passive investing. And, I also encourage you guys to go check out. They share their actual passive investment and their numbers, that they get from each of their, categories of investment every month, I think. Right?

Russ Morgan [00:43:46]:

Yep.

Jordan Berry [00:43:46]:

Yeah. Awesome. Well, guys, thank you for coming on the show. Really appreciate it, and looking forward to doing more stuff together.

Joey Mure [00:43:52]:

Likewise. Thank you, Jordan.

Jordan Berry [00:43:54]:

Alright. Hope you loved that interview with Russ and Joey from Wealth Without Wall Street. I hope you got a lot, to take away from there. Pick an action step, any action step, but I recommend that your action step might just be go to wealth without wallstreet.com/lawnermyresource and check that, DNA, investor DNA assessment that they have over there, especially if that’s the phase that you’re in in your investor journey. But it could be whatever you want. But just pick something and put it into action because that’s what’s gonna help you achieve your goals. Alright? We’ll see you next week.