Dustin Bailey

INTRODUCTION
What a long week

I’ll spare you all of the details, but my wife was away all week. I was solo-parenting our two kids while still working.

She returns today (Sunday), and I can’t wait to have her home. I have so much more respect for single parents. Juggling school drop-off/pick-up, activities, and household chores while still working a 9-5 is a lot.

This is another reason to add to the list of reasons I am working toward financial freedom.

Don’t get me wrong, I don’t plan ever to retire. More than anything, my motivation is to recapture as much control of my time as possible.

What’s your motivation? Hit reply and let me know.

THE INTERVIEW
Dustin Bailey

I met today’s interviewee a little over a year ago, and we immediately hit it off. Dustin and I align closely on our reasons and motivations to seek financial freedom. I’m excited to share his story.

Like many of us, Dustin started out on the traditional path…get a degree, start a career, invest for 40+ years, and then retire. He graduated from college with a finance degree and then worked for a “big 4” firm.

Big 4 life was good, but Dustin quickly realized it was not for him. He also discovered that his degree had not prepared him for many things in the “real world.”

He moved on to work for another large company. Both companies had good 401k matches that he dutifully contributed. Why? Because that’s what you’re “supposed” to do.

There came a point in Dustin’s life when he started to sense something wasn’t quite right. He would check his 401k balances regularly. But one day, he started to question what good that money was if it was locked up. But that’s what you’re supposed to do so…

Around the time Dustin began to question things, he came across a phrase in the plan docs that was trying to explain a Roth 401k and a traditional 401k. It said, “If you plan to make less in retirement than when you’re working…”

Dustin kept bumping into questions that would send him down periods of research. In 2018, he stumbled across real estate and dove deep. Not long after, he invested in courses to learn commercial real estate investing.

His mind was opened to a completely other world. A path filled with options he was never taught in school and no one had told him about. The ultimate lesson was invest by buying assets, specifically cash flowing assets. So that is what he did.

Dustin is the managing partner for Big Spring Capital, a commercial real estate investment company. When I asked Dustin for his advice on how to get started in real estate, here is what he shared.

First, learn as much as you can. There are many ways to invest in real estate, from REITs to single-family homes, apartments, or real estate syndication. Learn what best fits your personality and go for it. Bigger Pockets was a resource that launched Dustin on his knowledge journey.

Second, invest in a mentor or coach. Sure, you can learn everything the hard way on your own, but a coach can help speed up your journey. They can also help you avoid the hazards and traps.

Third, think of it as a numbers game. All of the available deals are top of funnel. Only so many of them are going to pass your deal criteria. And only a small percentage of these will lead to a contract. If you don’t put enough deals at the top, you’ll never get contracts at the bottom.

Finally, getting emotionally involved in the deals is easy and natural when you start. You can’t let this happen. You have to treat it like a business and stick to the facts.

Dustin shared one more thing that resonated with me. If you take the “red pill” and start heading down a non-standard path toward financial freedom, you’ll have doubters.

People will tell you that you’re crazy. They’ll try to convince you that’s not how it is supposed to work.

You have to surround yourself with people on the same journey. Find a community of like-minded people you can feed off of. And most importantly, don’t get discouraged.

Do yourself a favor. Follow Dustin on X: https://twitter.com/TheDustinBailey. He is also active on LinkedIn: https://www.linkedin.com/in/thedustinbailey/

His real estate investment company is Big Spring Capital (https://www.bigspringcap.com)

KEY LESSONS AND TAKEAWAYS
Trust your gut

It is so easy to get caught in the pathway everyone is on. So many are happy on this path, but that doesn’t mean you have to be.

If in your gut, you start to sense there is a better way…there probably is. Dig in, do your research, and break free.

Here are my key lesson’s and takeaways from my interview with Dustin.

• Financial literacy is crucial: Dustin realized that traditional financial education was insufficient and sought knowledge outside the classroom.

• Challenging conventional wisdom: Dustin broke free from limiting beliefs and questioned the prevailing view that investing in your 401k was the only path. He explored alternative strategies such as commercial real estate and syndication, recognizing the potential for greater appreciation and cash flow.

• Overcoming the analysis paralysis: Dustin acknowledged the tendency to overthink and freeze in decision-making. He emphasized the need to embrace a mindset that encourages taking action and experimenting.

• Rejection is part of the journey: Dustin highlighted that real estate investing involves a volume game and requires overcoming rejection and setbacks. He adopted a business mindset, remaining disciplined and not getting emotionally attached to failed deals.

• Surrounding oneself with successful individuals: Dustin emphasized the importance of connecting with people already on the path to financial freedom. He sought out groups and mentors who could normalize success, provide support, and share valuable insights.