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Wealth Independence Podcast
Dustin Bailey & Adam Penn
56 episodes
4 days ago
Dustin and Adam reflect on completing their first full year of the Wealth Independence Podcast (version 1) and share what’s ahead for version 2. The conversation covers which content resonated most with listeners, including strong feedback on the “No Investor Left Behind” series, particularly the cap rates episode. They discuss plans to expand educational content with topics like waterfall structures, bring on more established names from their network, and feature interviews with actual passi...
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Investing
Business
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All content for Wealth Independence Podcast is the property of Dustin Bailey & Adam Penn and is served directly from their servers with no modification, redirects, or rehosting. The podcast is not affiliated with or endorsed by Podjoint in any way.
Dustin and Adam reflect on completing their first full year of the Wealth Independence Podcast (version 1) and share what’s ahead for version 2. The conversation covers which content resonated most with listeners, including strong feedback on the “No Investor Left Behind” series, particularly the cap rates episode. They discuss plans to expand educational content with topics like waterfall structures, bring on more established names from their network, and feature interviews with actual passi...
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Investing
Business
Episodes (20/56)
Wealth Independence Podcast
v2.0 - Welcome to Wealth Independence Version 2
Dustin and Adam reflect on completing their first full year of the Wealth Independence Podcast (version 1) and share what’s ahead for version 2. The conversation covers which content resonated most with listeners, including strong feedback on the “No Investor Left Behind” series, particularly the cap rates episode. They discuss plans to expand educational content with topics like waterfall structures, bring on more established names from their network, and feature interviews with actual passi...
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4 days ago
10 minutes

Wealth Independence Podcast
v1.51 - “Alternative” Investments & the Knowledge Gap Problem
Dustin and Adam break down a recent Wall Street Journal article examining the push to bring private assets into 401(k) plans, and why this approach misses the point for passive investors seeking true alternatives. The discussion reveals a troubling reality: nearly 40% of Americans have never heard of private credit funds, and mainstream financial education continues to overlook the alternative investment space entirely. The episode explores the fundamental difference between real private inve...
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1 week ago
27 minutes

Wealth Independence Podcast
v1.50 - Asset Protection: Trusts, LLCs, and Privacy Strategies
Dustin and Adam explore the often-overlooked world of asset protection for real estate investors and high-income professionals. They break down the key difference between control and ownership, explaining how properly structured trusts and LLCs can create legal barriers that protect your assets without sacrificing your ability to manage them day-to-day. The conversation covers why living in America (where anyone can sue anyone for anything) makes asset protection especially relevant, addressi...
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2 weeks ago
31 minutes

Wealth Independence Podcast
v1.49 - No Investor Left Behind: Ratio Utility Billing System (RUBS)
In this “No Investor Left Behind” episode, Dustin and Adam demystify RUBS (Ratio Utility Billing System) and explain how this common multifamily value-add strategy can significantly increase a property's net operating income and valuation. Using a practical example, they demonstrate how implementing a $40 per unit monthly utility billback across 20 units can add approximately $160,000 in property value when calculated at a 6% cap rate. The discussion covers different RUBS approaches, from occ...
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3 weeks ago
17 minutes

Wealth Independence Podcast
v1.48 - Don’t Fall for the Doom and Gloom
Dustin and Adam tackle a question many passive investors face right now: is the market too high to invest? With concerns about AI investment bubbles, potential recessions, and stock market volatility dominating headlines, it’s easy to fall into analysis paralysis. In this episode, they make the case for why focusing on cash-flowing real estate investments provides a fundamentally different risk profile than timing the equity markets. The conversation explores why some wealthy investors contin...
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1 month ago
26 minutes

Wealth Independence Podcast
v1.47 - Gratitude, Freedom, and Hard-Won Lessons
In this Thanksgiving special, Dustin and Adam step back from deal analysis to reflect on gratitude, freedom, and the mistakes that shaped their investing journey. They discuss critical lessons learned the hard way, including the challenges of investing out of state too early and why property size can matter more than cap rates when factoring in real costs like travel and management. Adam shares insights from investing in smaller out-of-state properties versus larger multifamily assets, explai...
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1 month ago
22 minutes

Wealth Independence Podcast
v1.46 - Why Smart Investors Never Go It Alone
Dustin and Adam explore one of the most underappreciated aspects of building wealth: the power of investing alongside others and being part of a mastermind community. They share real examples from their experience in groups like Robert Helms and Russell Gray’s syndication mastermind and Ken McElroy’s Collective, showing how exposure to different perspectives transformed their underwriting approach and deal selection. The discussion turns to how passive investing itself serves as an educationa...
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1 month ago
22 minutes

Wealth Independence Podcast
v1.45 - The Complexity Trap in Real Estate Syndications
Dustin and Adam tackle a common misconception in real estate syndication investing: that complicated deal structures signal sponsor sophistication. They break down why simpler structures, like straight 80/20 splits, often serve passive investors better than multi-tiered waterfalls and accruing preferred returns. They walk through real-world examples of overly complex deal structures, including waterfalls with multiple performance tiers and preferred returns with catch-up provisions. They also...
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1 month ago
24 minutes

Wealth Independence Podcast
v1.44 - No Investor Left Behind: Understanding Cap Rates
In this first episode of a new “No Investor Left Behind” series, Dustin and Adam break down one of commercial real estate’s most critical concepts: capitalization rates (cap rates). The conversation covers how cap rates function as the primary valuation multiplier in commercial real estate, the relationship between Net Operating Income (NOI), cap rates, and property value, and why understanding this metric is crucial for evaluating any commercial real estate investment opportunity. Adam and D...
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2 months ago
26 minutes

Wealth Independence Podcast
v1.43 - Don’t Let Bad Deals Kill Your Investment Strategy
Dustin and Adam tackle a critical topic many passive investors face: recovering from investment losses and knowing when to get back in the market. After reaching out to investors about a new investment opportunity, Adam noticed a pattern: roughly 10% responded that they’d lost money in multiple deals and were writing off entire investment categories as a result. The discussion covers why this reaction, while understandable, often prevents investors from capitalizing on current opportunities, ...
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2 months ago
25 minutes

Wealth Independence Podcast
v1.42 - When “Passive” Real Estate Isn't Actually Passive
Dustin and Adam dive into the harsh reality of “passive” real estate investing, exposing why the common advice to “just hire a property manager” for single-family rentals often creates more problems than it solves. The discussion covers why good property managers are expensive and hard to find, especially for smaller properties, and how the best property management companies don’t even manage properties for other investors. They explore how syndications and private placements offer truly pass...
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2 months ago
16 minutes

Wealth Independence Podcast
v1.41 - Tax Planning for Passive Investors
Dustin and Adam dive deep into proactive tax planning strategies specifically designed for passive investors. They explain why waiting until March to think about the previous year’s taxes is too late and share their systematic approach to tax optimization throughout the year. The discussion includes the short-term rental “loophole” strategy for W-2 earners, qualifying for real estate professional status, and the critical importance of working with qualified tax professionals who understand al...
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2 months ago
24 minutes

Wealth Independence Podcast
v1.40 - The Liquidity Misconception
Dustin and Adam challenge the common assumption that stock market liquidity provides a meaningful advantage over real estate investments. They explore why many investors view the illiquidity of real estate as a downside and argue that this perspective may actually hinder long-term wealth building. They examine the trade-offs between liquidity and volatility, explaining how frequent price fluctuations can damage compounding returns over time. They share practical insights on why cash-flowing a...
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2 months ago
18 minutes

Wealth Independence Podcast
v1.39 - Behind the Scenes of a 20-Unit Acquisition
Dustin and Adam go behind the scenes of a recent 20-unit multifamily acquisition, pulling back the curtain on what passive investors typically don’t see: the last-minute surprises, changing terms, capital raising challenges, and sponsor decision-making that happens right up until closing day. The discussion covers the realities of working with local banks versus larger lenders, how unexpected insurance requirements can materially impact deal returns, and the importance of conservative expense...
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3 months ago
24 minutes

Wealth Independence Podcast
v1.38 - Out-of-State Real Estate Reality Check
Thinking about buying rental properties out of state? Dustin and Adam share hard-earned lessons from managing 25+ units in Memphis while living hundreds of miles away. This episode reveals why out-of-state real estate investing is rarely as passive as it seems, covering the real challenges of building reliable contractor teams in different markets, dealing with quality control from a distance, and the hidden costs that can wipe out years of cash flow. The discussion includes practical realiti...
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3 months ago
16 minutes

Wealth Independence Podcast
v1.37 - When Deals Don’t Perform
Adam and Dustin tackle a topic most investors prefer to avoid: what happens when your real estate investments underperform or lose money entirely. The conversation includes candid insights about different levels of deal performance, from cash flow shortfalls to complete capital losses, along with why position sizing is the most critical risk management tool for passive investors. The discussion also explores the safety nets that can protect your investments during challenging times, including...
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3 months ago
20 minutes

Wealth Independence Podcast
v1.36 - Finding Deals When Others Retreat
Fresh from the Limitless Financial Freedom Expo, Dustin and Adam deliver boots-on-the-ground insights from networking with dozens of active and passive investors. Rather than sitting in sessions, they spent their time in conversations with deal makers, capital raisers, and fellow investors to get a real pulse on today’s market conditions. Their key takeaway? While conference attendance was down 25% and fewer vendors were present, serious money is still moving and some of the best investment o...
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3 months ago
18 minutes

Wealth Independence Podcast
v1.35 - Amazon-Proof Real Estate Investing (ft. Steve Salvigsen)
Dustin and Adam interview Steve Salvigsen of Sage Square Capital, a seasoned commercial real estate investor who specializes in strip mall and medical/retail properties. Steve shares his transition from residential development to building a successful portfolio of cash-flowing commercial assets, and dives deep into his unique investment thesis targeting secondary port cities like Savannah, Mobile, and Charleston, where major infrastructure investments are driving population and business growt...
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4 months ago
39 minutes

Wealth Independence Podcast
v1.34 - Building Your Retirement Cash Flow Portfolio
Adam and Dustin challenge the conventional retirement wisdom of shifting from stocks to bonds just when you need income most. Adam shares his personal journey from W-2 employee to building a cash-flowing real estate portfolio that generates consistent monthly income, explaining how he constructed a diversified investment strategy using rental properties, oil and gas investments, and strategic tax planning. The discussion includes why successful investors stay actively involved in their wealth...
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4 months ago
18 minutes

Wealth Independence Podcast
v1.33 - Building Passive Income Through Private Credit (ft. Jared Benson)
Dustin and Adam interview Jared Benson of Clotine Capital, a successful real estate broker who partnered to launch a debt fund while maintaining his real estate practice. Jared shares his journey from struggling with house flipping side projects to discovering the power of passive investing and eventually partnering with experienced operators to create an income-focused debt fund. Key topics include the critical differences between debt funds in today’s market, red flags to watch for in prefe...
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4 months ago
35 minutes

Wealth Independence Podcast
Dustin and Adam reflect on completing their first full year of the Wealth Independence Podcast (version 1) and share what’s ahead for version 2. The conversation covers which content resonated most with listeners, including strong feedback on the “No Investor Left Behind” series, particularly the cap rates episode. They discuss plans to expand educational content with topics like waterfall structures, bring on more established names from their network, and feature interviews with actual passi...