As a, Real Estate, property manager, and, real estate, investor, here are 6 tips to finding good tenants. I offer my clients the peace of mind of, long term tenants, who take care of their property and pay their rent on time.
Finding good tenants, is the goal of all, real estate investors, especially out of town investors who can’t manage their properties themselves.
What does a Real Estate Property Manager do?
As a, Real Estate, property manager, I offer a unique proposition for my local market of , Fort Myers, Fl. I will:
market your listing on the MLS, Zillow, Apartments.com, Craigslist
screen tenants over the phone before scheduling showing appointment
show property to qualified tenants
do background check on all adults, including rental references and job
If qualified, prepare legal lease and collect holding deposit
organize any repairs needed to get property ready for new tenants
move in tenants and collect first month rent and security deposits
be the agent for any notices for maintenance
organize or dispatch any maintenance repairs
All these services are FREE with the listing of the home or condo.
My fee is the standard one month rent that other realtors collect just for showing your property and putting in the MLS
Off loading the task of finding good tenants to a, real estate, property manager, limits the occurrences of having bad tenants who:
don’t pay their rent on time
who destroy your property
who don’t pay at all and you have to evict
who disturb the peace and cause problems with the HOA
Some other benefits of hiring a, realtor property manager, to find you good tenants:
Saves you time of dealing with all the calls, showings etc
As a, Realtor property manager, I have access to other Realtors in the MLS and their clients
As a, Realtor property manager, I know the areas that can command the highest rents
As a, Realtor property manager, I can do research on areas and prices on the multiple listing service and public records
As a, Realtor property manager, I have access to off market discount properties so you can buy your real estate investment property at discount prices thus lowering your monthly carrying costs.
As a, Realtor property manager, the biggest benefit to you is that you can get into the HOT Florida real estate market while living in the North. Your, Realtor property manager, will be your feet on the street.
Some other services I provide:
Do you have a property to sell? As a, Realtor, I offer the same all inclusive service to help you market your property and get top dollar
Looking to Buy a home owner occupied or as a, real estate investor? I have access to property on the MLS, Zillow, Craigslist, pocket listings and off market discount properties
If you are a cash buyer and looking for rehab properties, I work with local wholesalers to get you inventory.
As a, Realtor property manager, I can offer you a turnkey investment. I find the property, find the tenant, move in the tenant, you collect the rent!
“The Ultimate Beginners Guide to Real Estate Investments”
If you are new to investing, start today and be on your way to becoming an Automatic Millionaire Real Estate Investor. Properties in the USA average about a 5% increase in value every year. My first investment property I bought 35 years ago for $185,000 is worth over $1,000,000 today. That story can be heard all over the country. There are more millionaires being made from real estate investing than any other investment.
Call Myrna Young at 239-542-5777 Century 21 Selling Paradise and to schedule your listing or property management consultation or email me at [email protected].
You can also check out my blog https://myhelps.us/ and subscribe to my iTunes podcast to listen the Transform your Mind podcast and receive weekly tips, Life coaching advice, and, Realtor property management, tips and strategies.
Mike Wolf has made millions from, investment property, and created, freedom lifestyles, for many of his investors. Mike has helped investors in the Atlanta area build wealth and passive income from, investment property, by offering them turnkey services.
I wanted to spend some time on how to build wealth through the vehicle of, investment property, As you know I am a Realtor, an Investor, Property Manager and a, Life Coach, so I have a very high-level overview of how to build wealth through home ownership or with, investment property.
So, this month I will be interviewing experts in the field of, real estate investments, investment property, as I help you to get into the space of building wealth.
Wealth is the vehicle that you need for any successful venture in your life, whether it’s to give your kids a better life, whether it’s to have financial freedom, whether it is to retire wealthy, whatever you need to do, you need money unfortunately to do it with. So, building wealth through, real estate investments, investment property, is what we’re going to be focusing on for the next three remaining episodes in our four-part series.
So what I will be doing is bringing you experts who have made millions through, real estate investments, investment property, and who will share the details and how they did it so you can do it too! Be sure to subscribe to your iTunes, Google play, Stitcher, iHeart Radio, or TuneIn Radio, so you’re not missing any episodes.
Mike made his wealth from offering turnkey, investment property, services to in the Atlanta area. His system allows his investors to sit back and collect, passive income, while living a, freedom lifestyle,
Mike Wolfe has been a real estate investor for over 28 years. Over the years he’s gone from being a workaholic who would put in 15 hour days, seven days a week to someone who works smarter, not harder. He regularly travels the globe doing humanitarian projects and seeking Sun and sand while living off the, passive income, that he’s created through his, investment properties,. Mike’s company sells, turn-key real estate, and, investment property, in and around Atlanta to investors around the globe. He helps his investors create truly, passive income, where they get all the benefits of owning a real estate, investment property.
Starting your investment property business
I started, investment property, in Calgary Canada. I was only investing in Canada back then at the beginning of my, passive income real estate, career but I had a friend of mine move to Las Vegas and when I went to Vegas to visit him, I got into this addiction. It’s not what most people have when they go to Vegas. It was not gambling or drinking. It was actually this addiction to go look at real estate. I noticed that back in those days the prices of, investment property, kept going up and up.
I had no intention of investing in Las Vegas originally but I ended up doing it and it was kind of at that point I was forced to start building a team, because I couldn’t be in two places at the same time. I couldn’t go collect my rent from my, investment property, in Calgary and my rent from my, investment property, in Las Vegas. So, I reluctantly hired a property manager.
Three phases of investment property business cycle.
At first, I find most entrepreneur’s do is we go through three phases if we survive long enough.
The first phase is where we do everything ourselves, usually because we don’t think anybody else can do what we do as well, and we don’t have the funds to hire help. It’s kind of like for an entrepreneur our business is like a birthing a baby and you don’t trust just anybody with your baby.
The second page where I had no choice but to get somebody to help me, so I reluctantly hired a property manager; but phase two is what I call the micro manager phase. I needed to about know every little thing that was going on. So I basically told my property manager to keep me in the loop with every repair, every issue with the tenants. I remember there was one week where my property manager called me twice with the same issue, it was about a broken fridge. Two of my properties had a fridge that wasn’t working and in either case I tell the property manager. I don’t think the tenants need a new fridge, just fix it. I realized I gave the exact same answer. Let’s see what it cost to fix it and if it’s over a certain amount then we’ll replace it. I started thinking if I gave him the same answer both times maybe I can systematize this and instead of him having to call me, I can give him the freedom to follow our systems and procedures manual, which is to find out what is the cost to fix and if it’s more than X number dollars let’s just replace it.
Phase three was where I hired a team and put the right persons on our team. You trust them and they do a good job for you. I started to realize that I could build a whole team like that, where I put the right people in the right position, give them a certain system so that they were following my procedures then it made me feel comfortable to let them do their thing. I would get my time back and so that was kind of the start of the transition to my, freedom lifestyle,. That now has led to a typical work day for me these days is literally. I wake up, I answer some emails and make a few phone calls when Myrna asked me to do a radio interview I do that and then I’m done for the day!
How to become efficient in, investment property, business:
After 28 years in the, investment property, business I still go to seminars. I still open to seeing how other people run their businesses and how they make their money. I’m always looking to be more efficient. I also do a lot of personal development of work on myself. Back in the early days I thought I was too good for all that; but the most successful people I know are all lifelong learners, or at least they’re always trying to strive to be better and get to that next level.
I’m making it sound like it was a very short transition like I just did some deals and I became rich and start traveling the world. There were a lot of ups and downs along the way.
Let’s say that you know someone is listening to this podcast right now and they want to quit their job and go into real estate full-time, because obviously they can make much more money in, investment property, real estate then they can working for a pay check.
How would someone start an, investment property, Business?
If I could go back 28 years and talk to myself, the first thing I would ask myself is, Do I want to have my money work for me, or do I want to work for money?
Take advantage of the benefits of, investing in real estate, to create, passive income,
Investment property, is something you buy once and it generates income forever until you sell it.
You’ve got to be ready for that kind of commitment. You’ve got to treat, investment property, as a career. You don’t dabble in it. If you dabble in it and try and mix it part-time and with your job, I don’t see very many people being successful.
That’s the number one thing. Figure out what type of investors you want to be. You want to be creating, passive income, or you want to get out of your job and make this your career?
Make sure you have a passion for, investment property, don’t get into it just because you see those shows on TV that make it look really easy, flipping this property and that property. These shows make it looks like you can just every day wake up find a property, flip it, make a couple hundred grand and call it a day. It doesn’t work like that.
So number one thing is to figure out what kind of investor you want to be. Then the second thing that I would do is figure out what resources you have. Whichever side of that equation you’re on. Whether you’re the passive investor side or whether you’re an active investor. Figure out what your resources are. How much cash you have available? How much time do you have? How much education do you have?
When I first started I got really lucky on that first deal, otherwise there would have never been a second deal. Then I had some humbling experiences that made me go get educated. I got a mentor, somebody to help me. So I didn’t go winging it.
Joint ventures in, investment Property,
If you were to go do a joint venture with somebody. You have to decide what are you bringing to the table. Are you bringing money? Are you bringing the ability to qualify for the mortgage? Are you bringing education? Or are you’re bringing access to good deals? Figure out what you’re adding and then figure out what you’re lacking and then go find joint venture partners. Find other people that have the pieces that you’re lacking. So if you have a lot of spare time and no money, there’s a lot of people out there with money who can’t create more hours.
I want to be enjoying time with my grandson and my daughter doing a lot of volunteer work and humanitarian things. I don’t want to be door knocking, looking for good deals anymore. So if I find somebody who’s got some time, I have got the money.
If you start off on that track asking yourself those two questions, then you’re going to have a pretty realistic chance of succeeding and going forward in your, investment property, business. A lot of people have really big dreams because they go to some seminar where they make it sound really easy, because they’re trying to sell you some high-end expensive, investment property, coaching program. They fill your mind with all these things you can achieve and probably only about two percent of people who go to those seminars ever end up not even earning their money back that they spent on the seminars!
People come to me after they’ve invested a lot of money in their education and their education is pretty much worthless. So make sure you do your homework and you know what the reputation is of these quote-unquote gurus that are selling stuff. They are professional marketers.
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Biggest Myths in, real estate investment, investment property,
I think I think a lot of myths are perpetuated by the media. We see all these shows about flipping this and flipping that. I feel the biggest myth is that you know, real estate investment, and, investment property, can create, passive income, but it can also become something that takes up a lot of your time. You might be trading your eight-hour day job for a 20 hour a day job. It can be fun it’s exciting because you’re out there and you’re meeting new people but sometimes when you spend so many hours working on your business, you kind of forget about things such as your health, such as your family and other things start to fall apart.
A lot of people get into, real estate investments, investment property, because they think it’s going to change their lifestyle to a, freedom lifestyle, and they actually end up with actually sometimes with a worse lifestyle with no freedom, because, investment property, is something you take home with you every day. You can’t just say oh I’m going to work from 9:00 to 5:00 today on my, real estate investment, business. Because guess what at six o’clock when you’re having dinner with your family, a tenant will call about a leak in the bathroom! And you have to take care of it.
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Building wealth with, turnkey real estate, is offering fully finished performing properties that have inspected, warranted, and professionally managed to, real estate investors. The benefit of this service to a new investor or even an seasoned investor who already has a portfolio, is we just know that we can do it better than they can.
You want to invest in, turnkey real estate, near or in bigger cities, near big employers, and near downtown areas.
How to build a turnkey investment business
Jeff Schechter, CEO and co-founder of High Return Real Estate teaches, how to build wealth though, turnkey real estate investing. Jeff has been helping his clients, build wealth, though, turnkey real estate investing, for close to 40 years.
As a Realtor, real estate investor, as well as Life coach. I myself have been in the, real estate, business for some time 19 years. So, I can lend a lot to this conversation. In fact, if you google, Realtor Life coach, I am at the top of the list!
CEO & CO-FOUNDER Jeff Schechter, aka “Shecky” has had the entrepreneurial bug his entire life. He started his first business right out of college, and over the years been involved in numerous businesses ventures. His love for, real estate investing, began in the 1980’s, when he rehabbed 5 of his own residences, before the term, house hacking, even existed.
Since those early days of torn up kitchens and bathrooms, he’s bought and sold many properties, and is an active investor to this day. In addition to, real estate investing, he operates a private consulting practice. He thrives on helping people realize their full potential…not just in business and investing, but in all aspects of life.
I kind of sucked at school. I was not very focused. I came from an incredibly traditional background, where I just reversed a lot of expectations placed on me. As a result, it was very difficult for me to follow through with stuff in college. So, entrepreneurialism and starting my own businesses were really a form of necessity, because I didn’t really have any terrific formal training. It was also a form of establishing my own, freedom Lifestyle.
Myrna: What made you choose, real estate, as your business?
I just always kind of have this entrepreneurial bend and would look for ways to increase my income. Eventually I started seeing that high ticket items like homes, had lots more opportunity for profit. I figured out back in the 80’s, I could buy them in not as good a condition and be able to buy them for a whole lot cheaper than what the pretty ones were, and I could fix them up and add a whole lot of value to them, because people were willing to pay a premium for the really nice homes.
So what I would do is, I would just live in them for a year or two while I was fixing them up and then I would sell them and move on to the next one. It was a way to make some really nice extra profits and live for free for many years.
That was kind of the initial seeds of my, real estate investing, career before I started, turnkey real estate investment,
That’s also a good model as well, because you know the government helps you with the capital gains tax breaks. If you live in a house that’s your primary residence for two years and sell that home, then you can earn up to $250,000 in tax free income if single and $500,000 if married.
I actually didn’t know that at the beginning, but learned it very early on. I would figure out that I wanted to live in most places exactly two years and one day!
I was listening to the audio book “The Automatic Millionaire Homeowner” and the author was interviewing a lot of homeowners who started off with purchasing small homes, like buying a $30,000 home and then selling it to buy a bigger home and so on and so on. One homeowner couple who started off with like $3,000 or something like that to buy their first home ended up making $500,000 on a $750,000 property. All tax free!
Myrna: What is your advice for someone who is starting out today, Real Estate Investing, in 2019?
Someone starting with a small house or a condo or something and trying to build wealth?
There is a bit of a downturn going on in the current Real Estate market, but you know, Real Estate, is cyclical and there’s a natural cycle. When we look back at what happened in 2009, the banks were doing some really stupid stuff. Anybody could get a loan, even if they didn’t have a job. It had to crash. Fast-forward to today, there’s been a lot of laws and regulations that has been put into place to prevent that situation from happening again.
But playing the appreciation game is dicey. It’s not the way that we invest anymore in our, turnkey real estate investment, model; appreciation is not our primary concern. What I mean by that is the only thing that we know for sure is that people need basic things. They need food and they need shelter, and so from a shelter standpoint, we know that owning a basic property whether you call it a house, duplex, apartment, whatever it is, always going to be something that’s in demand, because people will always need a place to live.
You want to invest in, turnkey real estate investing, near in or in bigger cities, near big employers, and near downtown areas. Rental properties are always going to be in demand in those areas. So what we look for from a standpoint of, turnkey real estate investment, are properties that we can buy inexpensively and sell as, turnkey real estate investing, that we don’t have to put a lot of money into rehab. The price to rent ratio is everything to us. In other words, can want to get a really good return on our money when we put that property out there into the rental pool.
So cash flow is more important to us than appreciation. We start by getting that thing rented and cash flowing. Even after we take out all kinds of money for taxes, insurance, property management, repairs all that other kind of stuff, can we still make a really attractive and in most cases, a double-digit return on our, turnkey real estate investing,.
If we can do that, we don’t really give a crap about appreciation. We don’t even really care if we have a little bit of depreciation, because we always have the demand for the rental properties, and as such we will always have cash flow. If we always have cash flow, we always have a great asset and the investors are happy.
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Myrna: What, turnkey real estate investment, services you offer?
We offer fully finished performing properties that we have inspected, warranted, and professionally managed. The benefit of this service to a new or an investor or even an investor who already has a portfolio is we just know that we can do it better than they can.
We buy properties in bulk, so the properties are acquired for the right price, rehabbed correctly so that it’s in great condition. It doesn’t need a lot of repairs moving forward and most importantly it has to be managed correctly for cash flow.
My business partner and myself are buying properties in the Midwest and Indianapolis and neither one of us lived in Indianapolis, but we wanted to invest where it made sense. In the last two and a half to three years, we’ve just really dialed everything back and built a better mouse trap.
We now have an amazing acquisition team, amazing rehab teams and a full property management division that really does everything. We married the combination of this great city for investing where prices are low and price to rent ratios are really like the best in the country and we’re also in a state that has incredibly friendly landlord laws.
Ben Oosterveld became a, real estate agent, and a coach and said I would literally show the agents how to do sales using their, inner game. I convinced 12, real estate agents, to coach with me, and I said, I’m gonna really kill this. I’m going to destroy it. It’s not going to be hard. I know how to do it, but I’m going to do it alongside you.
And it was the weirdest coaching program ever. I said only one group of people are ever going to see this and I became Rookie of the Year. My first year I did over 80 transactions. But I but I also hired an assistant within my first three weeks, because I was businessman.
Ben Oosterveld, didn’t have an easy start. He lived on the streets from the age of 14, survived a failed suicide attempt at age 15, and later spent 365 days in rehab. Ben’s, inner game, needed work. He was a pure-bred, people pleaser, manipulative & controlling man who always compared himself to others to the point of constant self-sabotage.
Ben has since coached entrepreneurs and national companies. Previously, he built a real estate investment company that held 61 properties with investors in 4 different cities. After getting his real estate license, he built a multimillion-dollar real estate business with an award winning top national team in 3 years.
Today, Ben helps business owners and, real estate agents, get clear about who they really are and what they really want. He helps them make the right changes in their business and life with the new goal of building a life they love. His focus is on coaching, speaking, and running personal growth retreats. Ben loves business but his real obsession is helping people break free of the old patterns that hold them back in life. The, inner game, is everything to him and he is on a mission to find his tribe, one extraordinary person at a time.
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Myrna; : Can you share your backstory, why you were suicidal and bridge the gap for us and how you went from there to here?
Ben: Sure, I grew up in a tough childhood. I had good parents, but my dad was not in a place to be a parent. He has his own backstory that shaped him. And yeah, just I started running away from home when I was 12 and lived on the streets. I was a very industrious kid, but still and I would find places to sleep and just honestly just got into drugs. Alcohol found a place of acceptance. I never felt accepted.
I got really good at doing drugs as a young kid, every day just getting go. I ended up trying to commit suicide and committed in a psychiatric ward. I broke out of the psychiatric ward as a kid and that was on the news. My parents told me the news it was a pretty crazy story. But there’s lots of stories within all these stories, but I went to a place called Teen Challenge. I went to 365-day rehab center, my plan was I was gonna give this one last try. And I went and that helped me. It helped me a lot.
And then I went into the world. I got into sales. I got into selling. My dad was a salesman, so it’s just ironic that I got into sales. I desperately wanted his approval and his love thinking that was the missing hole in my life, thinking that was the actual hole that I needed to fill was based around my father relationship. But it was a relationship with myself. I didn’t realize that till later. And I figured, you know, we got to work on this relationship with my dad and, and he was really interested in to me when I was doing things that he was interested in.
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The performance mentality to crush real estate sales
I built the, performance mentality. You know, people pleasing, mentality where I felt loved when I worked hard, so became a workaholic. My dad was a salesman and a financial planner. I became a, salesman. But I’d be not just a, salesman, I became number one, salesman. I had this weird drive that but if I wasn’t number one, I was nothing. I had this huge gap happiness was always based on my performance, and what other people would say about me. I knew I could control what other people say if I just become number one.
I became a, real estate investor, and the first year or so I bought 41 properties and ended up building a, real estate investment, company. I ended up coaching, real estate agents. We changed the investment company when the crash happened. That was a pretty huge hit in my psychology, because I was always winning, and I didn’t know what it was like to not win. I cried at my desk. I went through a lot then I hired a, life coach. And I hired someone I thought he was a, business coach.
His name was Mr. McKernan and I worked with him for eight years. And he was the first guy to challenge me. I was a very strong, strong person. I could tell myself stories and I could convince you and me of these stories. And a lot of times we just got to identify some self-awareness around these people that are going on with their stories. I’ve really niched out in, real estate, to help the, real estate industry and, real estate agents.
I actually became a, real estate agent, and a coach and I would literally show the agents how to do sales. So, I convinced 12, real estate agents, to coach with me, and I said, I’m gonna really kill this. I’m going to destroy it. It’s not going to be hard. I know how to do it, but I’m going to do it alongside you. And it was the weirdest coaching program ever. I said only one group of people are ever going to see this and I became Rookie of the Year. My first year I did over 80 transactions. But I but I also hired an assistant within my first three weeks, because I was businessman.
Why would you buy a restaurant and try to cook and serve all at the same time? Real estate agents, all over the country are doing everything themselves. And I realize it’s the thinking that’s the problem. They think they can keep selling and selling, but they forget that you could build a, referral base, every single year bigger and bigger and eventually if you did 1000 deals in your lifetime and you have a 10% referral rate, you’d have 100 sales every single year without even spending $1 in marketing. So, no one’s playing the long game. I coach now helping, real estate agents, put in the right systems in place, so they can buy back their time because a business is if you’re a, salesman, you got to grind it out.
But if you’re a business owner, what you’re doing is designing your company to serve the life that you want. The question is what else do you want? And that’s where I’m a blackbelt, because I can help people uncover what they want. Now we create that then we say how much does that cost? Cool. So, you only need 200 grand a year to have the life you want when you thought you needed a million.
So, we do a lot of work regarding the, inner game, and figuring out what they want. Most people don’t know. My journey has been this weird, obsessed with human behavior and psychology because I was broken and I hated myself. So, I just was I tried to fix myself along the way and then the, inner game, really changed me.
It’s been many, many lessons. We could talk for long. I’m sure we could share stories. The thing is, though, the biggest one. The biggest one happened the last, say three years for me. I’ve done well. I’ve done been doing this for years now. But the thing is, I got to a place where I would see something in my life and I want to fix it. I want to fix, people pleasing, manipulative, anger, whatever you can choose, anxiety, and I looked at it and I say I don’t want that in me.
So now I’m going to use my skill of attacking and my builder skill, which is like, let’s figure out how to get it down. I would study and try to attack these ailments that I had that I didn’t like. But the more I fixed them, I find more, fix more and find more, that’s when I realized I knew I know a lot of knowledge and I can help a lot of people. But I realized I was digging myself into a hole of unsatisfied anxiety, depression, hatred, through the, Personal Growth Movement. Because I just found that I was still broken.
Then I would go into judgment and say I should feel better. I’m doing all these, personal growth tools, and affirmations and all this stuff. But it was judgment because I didn’t feel better. I felt like I could get through stuff, but I had five more things in me that needed to be fixed. So that fixer in the builder just led me to more fixing and builder and what I realized is self-acceptance is enlightenment.
Why hiring an assistant is setting realtors up for success
Myrna: Yeah, you got so many nuggets in there. I got to remember which ones I want to circle back to. Okay. All right. Let me take let me let me test my memory here. So, the first thing I want to circle back on was and you hired an assistant right away. A lot of, real estate agents, wouldn’t understand that because we know in, real estate, you don’t make enough money to hire and assistant when you just get started. I interviewed a guy a couple months ago on the on the show and he became a top, commercial Realtor, in in San Francisco. And he was talking that for the first two years he didn’t get a paycheck because of course he was working on big deals.
We know as, Realtors, when you come in, you don’t always get the 10 deals a month. You get a little bit of money. And you’re not thinking of hiring someone. You said you went in and immediately hired someone because you understood sales.
Ben: I hired an assistant because I was planning to be successful. Are you planning to fail?
Myrna: Yeah, exactly. That’s a good tagline. You know, don’t plan to fail, you know, set your business up for success.
Ben: I’m dealing with hiring an assistant, it’s my secret way to get to find out where you psychologically create emotional friction. So, watch this. Hey, why don’t you hire an assistant? Well, I don’t have money or time. I don’t know what to do. Hold on. That’s all emotional friction. Let me change your thinking for some of the people on the show right now that have a business or anything. I’ll just do it really quickly.
Can you afford $20 a week? Of course, you can. So, what we need to do is not go to the black belt hire, I gotta get you to hire well white belt, because I need you to get a psychological win. I want for you to become a CEO or a boss. The learning curve is way too high. But if I can get someone to manage your birthday system to make sure that you send a birthday card to every single client, I call that project hiring. You can practice being a boss and the cost is 20 bucks, one hour a week. It’s the only mindset first, real estate coaching, in the world. It’s called the Richest Real Estate Agent Facebook group.
Myrna: Okay, I love that. I will definitely join that. But you know in my defense, I focus a lot on my time on my podcast. Explain what you mean by the, inner game?
Ben: The, inner game, it’s the relationship with yourself. When you wake up in the morning, how do you feel? It’s your, emotional intelligence. Let’s talk about, people pleasers. If you’re a, people pleaser, you are extremely selfish person. I can speak about it because I got the medal of honor. And so, here’s the thing, let’s play this game with the readers and even ourselves. If someone says something like this, “You let me down.” If you can really take a second, close your eyes and think about how that would make you feel with someone that mattered. People pleasers, only please the people that matter.
Myrna: I would feel pretty bad. I would feel that I let you down and since I’m a caring person, that would bother me.
Ben: Correct, you have this internal energy this chaos that says, I don’t like this feeling that I get when someone lets me down. By the way I can manipulate anybody with that right now. All I got to do is say you let me down and I can pull the strings on people, that’s manipulation. So, if you just be very careful, miss everyone wants to be an independent man, independent woman. Great. So, if you’re a, people pleaser, super easy to control. FYI. That’s how you give your power away. Second thing is this, if you are people pleasing, you act as if it’s about the other person. And it’s such a lie, because all I want is that feeling to go away.
So, I got to make sure you’re not upset with me. That has nothing to do with the, is all about making sure I don’t feel those emotions. Because it makes me feel bad. So, who are you really pleasing? Yourself. How do you like when someone says I’m doing something for you, but they’re not using you so really, as a, people pleaser, you use people. No wonder there’s no real deep connection.
Myrna: That’s true. That’s a different way of looking at it. That’s a different spin. Tell us about the 16 Psychological languages.
Ben: we’re born with 16 personality types and we all are the same human. There are 16 through the study of 100 years of psychology, there’s 16 combinations of personality. So, when we say that’s just my personality, you’re all personalities you just haven’t visited say the organizing person, you’re more of a winged person or you’re more of a detailed person, you’re more of this, so forth. So, this is years and years of studying humans is understanding myself as being my obsession, and now I understand the people and I’ll give you an example.
Let’s just do a practical example on a language understanding human language. So, let’s say that, you’re a real estate agent, and you go into a house, let’s say I’m brand-new, real estate agent. I sit down and the client askes me, so how long you’ve been in the business, I’m thinking who says that? What if I’m brand new, you know? I’m gonna feel terrible.
And so here’s the thing. I look at a guy like that. And so, speaking his language, he has the balls to hit me with a bat. That is a test on my credibility. Okay, we have to understand that we can stop being so self-centered, and observe how people talk to us. Here’s the trick. Here’s some tactical training. The guy says, how long you been in the business? You have to hit him with a sarcastic hit and you got to be direct, or you’ll lose the guy’s credibility. That’s understanding his language.
So, I would say, you know what? I’ve only been in the business under a year. And I might not be your, real estate agent. Then I’d say to him, I’d say, but I do know someone 40 years in the business, her name’s Betty. She has a walker. If that’s how you’re going to choose, let me give you her your number right now. And then guess what he says, I like this guy. I want to hire him. Because sarcasm is the language of the logical, but then later, they become loyal.
Myrna: So you’re really pretty confident to do that. That’s pretty good.
Ben: In my course I teach the psychology of all the languages and when someone teaches sales training, I think it’s manipulative. What I do is it’s like, I look at human connection.
So there’s building connection and rapport through tactics or authenticity, and then one is rich, but people pleasing one is real. Like if I really understand you, I’ll probably find out what makes you tick. What’s your nostalgic value? That’s what I think of when I meet a client. So, this isn’t this isn’t mirroring, its building rapport. This is truly at a psychological level, making a connection.
Myrna: Tell us about your podcast is called the, Inner Game.
Ben: I am no longer doing the, Inner Game, Podcast. We’re all in on bringing mindset and personal growth and business mindset versus worker mindset to, real estate. And so, I’m focused 100% of that in my podcast is called “The, Richest Real Estate Agent. The other thing is I have a book coming out called the real “The richest real estate agent: how to build a seven-figure business without sacrificing your relationships.” It’s the first mindset book for, real estate agents, with full tactical training. Never ever has this been combined. We’re going to be going after the, inner game, for, real estate agents, and that’s our focus.
And so that’s the book, the podcast and our group on Facebook is all The, Richest Real Estate Agent. I also run, personal growth, retreats that I do that once a year for people that want to bring up their teams or whatever, and I take them on a three-day kind of off grid or adventure retreats. And that’s three days I can’t even compare to the effectiveness of what three days away on one of my retreats does for the for the head and the heart. All these information can be found on my website www.benoosterveld.com
Looking for, passive income streams, for retirement? Jack Gibson, President of High Return Real Estate, shares how to use real estate to build passive income.
Today’s episode in the 3rd in our series on building wealth with Real Estate investments. My intention is to sow seeds into your subconscious that 2019 is the year to build your net worth. The power of intention is an invisible force of energy in the Universe. It is activated when we become inspired and will propel us towards our goals.
Looking for a Passive Income Coach? Check out my one hour coaching special on Shopify
Guest Biography
Jack Gibson began his entrepreneurial journey at 19, and founded his first company at the ripe old age of 21. Operating a successful nutrition consulting and distribution company. He had built a multi-million dollar venture before he was old enough to rent a car. Soon thereafter, he bought his first home as an investment. One home quickly became five, and then the bug hit. He became obsessed with learning everything about Real Estate Investing and soon had over 50 investment properties generating Massive amounts of passive income. Today, Jack spends his time mentoring other entrepreneurs, building his real estate investment portfolio, and helping other investors to build a brighter future through the power of turnkey real estate income.
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Show Notes
My very first business that I started at age 19 was a multi-level marketing nutrition distribution business. The whole goal of that business was to build up a sales team and create ongoing, passive streams of income, so I got that concept right away. I built that business up over the years and we currently have annual revenues over ten million dollars. The last couple years it’s been a little bit more part-time or quite a bit more part-time as I pursued building my real estate company.
But I mean I still love it, I still love the people and I love the, passive streams of income,. Two years into my network marketing company, I read the book Rich Dad Poor Dad, that was the book that really transformed my mind to start thinking about utilizing real estate as a way to deploy the cash that I was making in my primary business and add additional, passive streams of income,. I was still investing in stocks until about 4 years ago. I was in stocks for most of the last 14 years, so about four years ago two events happened that were critical and really pushed me over into investing into real estate as another, passive streams of income,
There were two negative events, but you know most negative events if we look back we can find the good in them. One of them was I had some insider information, not anything illegal by any stretch, I mean I knew that our company had a good earnings quarter. I mean it wasn’t that hard to figure out based on what I heard from all my colleagues, so that’s kind of my insider information.
I bought into the stock about a week before the earnings report was to be released expecting things to be great. Well the earnings report was phenomenal and typically, not always but typically stocks go up when the earnings report is great. Well this billionaire Hedge Fund investor was very well known as an activist in terms of shorting stocks. He gets on our company earnings call, he asked three or four pointed questions and then it appeared that he was shorting the stock; the stock drops 30% overnight.
I realized then that I didn’t have control over stocks. Not even a sure thing is guaranteed. I want to be in the driver’s seat and put myself in a great position where I have as much control over the outcome as possible. I took that as my sign that this is my time to learn a new asset class and another, passive streams of income, it was the final push. I told myself, I’m going to draw the line in the sand. So I studied real estate and listened to podcasts for a hundred straight days.
Jack you know that someone listening is going to pay devil’s advocate and say the same thing happens in real estate. What’s your come back on that?
So here’s what we have to consider when looking at real estate as another, passive streams of income, we look at the past. I mean could go back 100 even you know 200 years or whatever, the variance between real estate and the stock market is almost four times different. If you look at historical data, the swing in the stock market is around a variance of 16 or so from year to year. Real estate has a variance of four. That means from year to year on average that the swing in the market is going to be four percent, so you’re not quite so volatile in real estate.
The other part in this, passive streams of income, scenario is it that you’re investing in the real estate as Robert T. Kiyosaki says, for the cash flow that it produces. Not necessarily for it to go up in value. You really don’t care if it appreciates or depreciates. As an investor and you’re renting it out and you will always be able to rent it out for more than the mortgage payment.
At the same time property values will go up eventually, even if it dips for a little in the short term. I was listening to the Automatic Millionaire Homeowner and the author was interviewing homeowners who lived in their homes for about 2 years and then sold and moved to bigger homes, and became millionaires because homes always go up in value.
We’ve discussed real estate, we’ve talked about the stock market and we’ve also talked about multi-level marketing. I understand why that’s been your foundation for, passive streams of income, because you’ve been you’ve been taught well. You stayed in the business for 20 years so you must be really doing well, because everybody that joins the business under you feeds you, passive streams of income,.
Multi-Level Marketing a Tool for generating, passive streams of Income,
Yea, it is phenomenal. If I could describe the business to people without saying what it was they’d be like wow that sounds too good to be true. I have a multi-million dollar business that I work right here from my home office. That I help people with their health and nutrition. I have no employees, I have no accounts receivable. I have no inventory, I have no monthly overhead whatsoever. I have a free cash flowing business that produces ten to twelve million dollars in sales revenue per year. That’s not obviously my income; but a percentage of that.
Skilled , passive streams of income: Writing a book, Music, software
That’s why, passive streams of income, is so important. On my website, www.myhelps.com I talk about a some other forms of, passive streams of income, like writing a book, or writing music. Mariah Carey wrote the song “All I want for Christmas” in 15 minutes. She’s generated sixty million dollars in royalties off of that 15 minute work. So her, passive streams of income, is phenomenal.
Explain what we mean by, passive streams of income, which ones would you recommend it to a seasoned investor or someone just starting out?
Passive income is created from work you have done in the past, that is paying you today.
You have one or two scenarios. You either have money at work or capital at work and you’re drawing royalties. There’s multiple ways to go about creating, passive streams of income, it boils down to either unskilled or skilled forms of passive income. It’s like what you talked about in terms of creating music and selling music, or writing a book, or creating a piece of software that you then are able to license out and sell. Those are very technical skills, very skilled types of, passive streams of income,.
Creating, passive streams of income, from a business I won’t say is unskilled in terms of work. It does it takes skills to put the right management team in place. There’s a way you can have any type of business that you set up to become a, passive income stream, if you’re not involved directly in day-to-day operations, then it’s a, passive income stream, business.
To listen to the full interview, download on iTunes and please subscribe and leave a review.
Check out Jack on the web https://highreturnrealestate.com/. All of our properties are listed on the website. Nicole is the Head of Investor Relations and she will be happy to answer any questions.
On the nutrition side, we have a brand new system, it’s a nine week online body transformation Course that we’re planning on scaling so that over 10,000 people can participate. Check out Jack’s Body Transformation podcast
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I thought about all the things I could sell and, commercial real estate, looked like the biggest assets and I figured they must have the biggest commissions.
Martin Sawa’s story is about the American Dream. He went from selling hair brushes door to door, to becoming a success in the world of, commercial real estate, in the top market of San Francisco.
MARTIN SAWA is a first generation Ukrainian American, former San Francisco real estate power broker, and author. His remarkable rise to, self-made wealth, from the humblest beginnings. A devastating loss forced him to reevaluate the meaning of success, and how the impact of love, family, religion, and race shaped the metaphorical zoetrope of Martin’s own, American Dream.
A son of poverty-stricken Ukrainian immigrants who as a teenager sold hairbrushes door to door, Martin later quit a stable 9-to-5 job to try his hand at the high stakes world of San Francisco, commercial real estate, in the early ‘80s. As the demands of the job required more and more of him, Martin found himself in the grip of, alcoholism. It would take a tragedy to pull him out of it.
Martin’s new bookTHE OTHER SIDE OF SUCCESS: Money and Meaning in the Golden Stateis an account of the new American experience, told from the perspective of a first-generation immigrant who made the, American Dream, a reality. The book tells stories of the glamorous and cutthroat world of, commercial real estate, in the second most expensive market in the country. Readers will be inspired by Martin’s tenacity and drive as well as his resilience in the face of personal trauma and tragedy.
Book The Other Side of Success
Getting started in Commercial Real Estate
Myrna: I love your story. Can you bridge for us as we start off. I know you sold hairbrushes from door to door. What was your entry into, commercial real estate, like? How did that happen?
Martin: Well, at the time I was almost 30 years old, (I had grown up in the Midwest but moved to California) I was living in Oakland which is across the bay from, San Francisco. I had a dead end job – I was driving 40 miles one way down to San Jose and I was a city planner.
One day, I was standing at the counter processing permits and a developer came in. He was angry and waving his plans. As I looked at him, he was like a silver fox with a big gold medallion. I wondered why I was doing what I was doing because not only did I not like the job, I was dead broke and my then wife was pregnant with our daughter. So I just quit and walked away. I didn’t know right away what I was going to do, but then I remembered when I was a teenager my first sales job.
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Google Podcast Transform Your Mind
When I just finished high school, I sold the hair brush products, door-to-door sales, in the west side of Chicago. I was good at it and it taught me, sales skills. I had a great mentor too who taught me the, fundamentals of sales, and I knew I could sell. The, fundamentals of sales, don’t change whether you’re selling hair brushes or high-rise office buildings as a, commercial real estate agent. It’s just a difference of degree.
Specializing in Commercial Real Estate
I thought about all the things I could sell and, commercial real estate, looked like the biggest assets and I figured they must have the biggest commissions.
Myrna: Yes, why not go for it?
Martin: I go for it and I started out. There are many specialties or work opportunities and, commercial real estate,
You can do brokerage,
leasing office space,
property management
I chose to be in investment property sales which was the riskiest because these deals took months to put together.
If they came together at all! You weren’t guaranteed a paycheck and usually had to wait a long time to see the money. It took me a year before I actually got my first commission check. So, that taught me how to make ends meet without having any money coming in.
Door to door sales is usually the first entry into sales
Myrna: Wow, there are tons of things I want to circle back to, – one my entry into sales was similar. I sold encyclopedias from, door-to-door sales, and found that I was good at it. Not because I had any, sales skills, they didn’t really teach us any, sales skills, but I learned that I had the, personality, that people would buy from me.
I went into sales later on in my career as well. As I mentioned, I’m a, Realtor, but, door-to-door sales, kind of started my, sales career. I’ve always sold that way with my, personality, not necessarily knowing that there’s a stage one, two and three, sales skills, and following it kind of format.
The second thing is about, real estate, whether it’s, commercial real estate, or, residential real estate, is that you are working and you don’t get paid until there’s a closing. So, obviously, the bigger the deal, the longer it’s going to take to put together, the longer you have to wait for a pay check.
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I started trying to get into, commercial real estate, just before the pandemic hit. Everybody wanted, multifamily real estate, because they said it was recession proof. Real Estate Investors, and there were people calling me all the way from California and all around the world even as I’m in Florida. They wanted these, multi-family deals. What happened is that the sellers wanted more money that the buyers were willing to pay.
So, I was never able to get it married, get a marriage and get this big ass commission because I offered one of the buildings for $10 million, so it should have been a really nice commission but then the pandemic happened.
Now it looks like multi-families wasn’t recession-proof because now, nobody really wants to touch him because of the eviction ban. The tenants are not paying their rent and you can’t evict the tenants.
Myrna: Why did you say that, commercial real estate, is glamorous and cutthroat?
Martin: It’s the people would use you up and just throw you out, that kind of thing – like they do in the residential. Well, first of all, you have to understand my perspective or baseline. My parents grew up in Ukraine in the years before and during the Second World War, they lived under both Hitler and Stalin so it doesn’t get any worse than that.
I will say one thing and if you’ve been in the business and you understand that you can work like crazy a year on a deal and it falls apart and on another deal you can work 10 minutes, five minutes and make a huge commission and you have the mindset that that’s the way it works. If I could predict which deals I was going to close, I could have worked one month out of the year!
Myrna: You mentioned that San Francisco is the second largest, real estate, market in the USA. So, I’m assuming the top is New York?
Podbean
Martin: It always used to be Manhattan but then with the expansion of Silicon Valley, and in San Francisco, (historically was a financial services city) there are insurance companies, banks etc., but with the technology explosion, it moved up into San Francisco so now half the tenants are tech. The whole nature of the business changed in terms of who were your customers and clients, and with tech you got all these. All of a sudden, billionaires living 30-40 miles down the Peninsula, in the Los Altos, Hills of Palo Alto etc., and the prices not just in San Francisco but throughout the Bay Area just exploded.
Commercial Real Estate in San Francisco
So, San Francisco, caught up to Manhattan sometime in the last five years and just in terms of absolute property value per square foot, not only for commercial but for residential as well.
Myrna: You said that when you were doing, door-to-door sales, you had a mentor that taught you the skill sets to sell and you said it was transferable. Can you give us a bit of the skills that you learned doing, door-to-door sales, and how you’re able to transfer those skills into being successful a, commercial Real Estate agent?
Door-to-Door sales convert to Commercial real estate skills
Martin: If you sold encyclopedias, you understand it’s the most kind of basic Fundamental mono a mono that you can have. It’s you and another person, and that person in my case was typically a housewife in her personal home environment. So, it’s you the housewife. The key is – if they open the door at all you have a minute or two to develop trust to get in two minutes and you either do or you don’t.
If you’re broke and extended on credit cards and have a baby girl and two step kids, you’re going to do whatever it takes to get in that door, and that cannot be taught. The sales supervisor can kind of tell you how to do it, but you’ve got to be hungry. That’s pure desire, you take the rejection and keep going. If you get rejected at ten houses, you’re going to go to the 11th. So, once you get in, there are techniques for converting the trust into an order and making a commission. I was again fortunate because the mentor I had was very good at teaching me these, sales skills.
Alcoholism and commercial real estate
Myrna: Before we get into your book, what happened that made you become an, alcoholic, and how did tragedy and self-resilience pull you out of that?
Martin: Well, there’s just a little back story in the little town I grew up in. I had a population of 5000 people and 40 bars. Most of the male population in the town was quote, alcoholic. I was a two-fisted drinker and that was a compliment. I mean that’s just the way those times were and it’s still that way in many parts of the world, in rural areas where alcohol drives a lot of choices that people make and sometimes they’re not very good.
I started drinking beer in cornfields when I was 12 and then, I went to College and I finished at University of Wisconsin in Madison which was a huge party school and it’s just something I did. When I got into, commercial real estate, there were all the functions and cocktail parties, so I just remained a, functional alcoholic, in the business, but it became more and more of an issue when I remarried my second wife.
She became the person who was not only wife and lover, but became my spiritual mentor in moral compass and she had powers in what I call the world of the unseen. I think you probably can guess what all that involves. It got to the point that there was a major incident (I won’t give you the spoiler), you just have to read the book, but it came down to her saying “you either quit drinking or that’s it”.
Transform your Mind Stitcher
I got it and I did what I had to do then, but the really most impactful experience in my life was a few years later when she dropped dead one night. There was nothing to prepare for that experience and that’s when I really had to evaluate the big picture and business and all of that and then life and meaning.
Tragedy and alcoholism
Myrna: That is you’ve got “a you” and a great story. There are so many different nuggets and many different checkpoints in there. You said you share all this in the book so that people would be able to understand the, sales skills, understand how you were able to move through, alcoholism, and now you’re on the other side.
You learned the fundamentals like you said and then you’re able to build on that by being at the highest level of, real estate. You know, commercial real estate, and in a city that is number one or number two interchangeable in, real estate. I’m pretty sure you’ve got a lot of good stories in there.
Your book “The other side of success, money and meaning in the golden State”, my favorite question to ask authors is what do you want readers to walk away with after they close the book?
Martin: If I just wanted to work off grief, I could have kept the personal journal. First and foremost I created it as a story. I think I have a good story that even if, commercial real estate, is not something the reader has a high interest in, they will find enough else in there about life and so forth – that they’ll find rewarding.
Myrna: Your parents lived in the Hitler era, you came to America as we all come to America hoping for the, American dream.
You found that dream, but along the way you had some personal tragedy and, Alcoholism, but you were able to get over to the other side. Now, as you write the book, you’re sharing the story of personal tragedy and success with some business nuggets. Do I get that right?
Martin: Yes, exactly okay. I try not to get too technical also because this is for the general reader in terms of, there’s one chapter devoted just for, commercial real estate, and share how I put a deal together. I try not to get too much in the financial aspects and all of that.
Myrna: That’s good though, because when you’ve got, commercial real estate, in the tagline, someone will pick it up because they’re in, commercial real estate. So, it’s good that you have a chapter on putting together deals in, commercial real estate.
Conclusion
Martin: If listeners would like to buy the book, the easiest thing is just to go to my website www.martinsawa.com. You can buy it online from Amazon or the bookseller of your choice. With another click, go to my social media sites where you can see some of my other archived interviews. If you scroll to the bottom you can send me an email. I love to hear from readers.
Myrna: This was a very great interview. Like I said, I love combining self-help with a bit of business and building wealth. In the, commercial real estate, you didn’t want to talk about your commissions, but I am sure they were impressive. The deals may take one or two years to do, but in the end it’s rewarding. Do you have any last words for the readers?
Martin: Yes. Take advantage of the time while you have it because you never know when the big guy is going to call your Number.
Real estate investor, Trainer Trevor Evans, teaches, how to invest in real estate with No Money. Trevor teaches, how to get funding for your deals, fix and flip, your, investment properties, and, how to flip a house.
Watch the YouTube video to learn how to Invest in Real Estate from a, Rich Dad, real estate investor.
What you will learn about Real Estate Investing in this motivational video:
1. What are some strategies to purchase property for your, real estate investing, business with little or no cash?
There are several way to do this. You can max out your credit cards, you can set up a lease to own deal, you can get seller financing.
2. What does, Hard money lenders, look for in a good deal?
They look for the ROI or return on investment
3. How do you make your deal attractive to a, Hard money lender?
Show that the resale value is at least 40% higher that the investment.
Strategies using other people’s money to fund your, real estate investments:
1. Using your credit cards to fund your deals. The more credit you have the better off you are!
2. Hard money Lenders, Hard money lenders, look at the asset and not at your credit score.
3. Borrow money from friends and family. You convert them into, Hard Money lenders, and pay them a good interest rate to start your, house flipping, business.
4. Borrow from your Whole Life Insurance policy.
2. Take a loan from your 401K.
3. Take out an Equity line of credit on your personal house.
The commonly used strategy in, real estate investing, is the use of a, Hard Money Lender.
You need a, Hard money lender, for your, real estate investing, business. A money lender does not look at your credit, what does he look for?
1. Your expertise. Most, Hard money lenders, want you to have three investments under your name. This does not include your personal residence.
2. The ARV or after repair value. The property must have equity before the deal is made.
3. How did the property come on the market. Eg is it a Foreclosure, short sale or probate.
4. What is your, exit strategy? Is your, exit strategy, to, buy and hold, or, fix and flip?
Make no mistake, hard money lenders, need borrowers to deploy their capital and get a return on investment for their capital partners. They often enjoy repeat business, real estate investing, aren’t typically one-time borrowers, so asset-based lenders like, hard money lenders, or, private money lenders, value the business relationships they develop with quality borrowers.
Real estate investing, with no money down or little or no cash is to borrow from, Hard money lenders, who charge high interest for short term loans. When, hard money lenders, provide a loan, they want to be confident that the, borrower, is able to repay the loan on time. If the, borrower, isn’t able to pay back the loan, this creates a great deal of extra work, stress and potential financial loss for the lender. A strong, borrower, with a significant down payment (or equity in the property) and cash reserves has the best chance of obtaining a, hard money loan, and succeeding with their, real estate, project.
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Looking for a, Hard Money Lender? Here is an article from Connected Investors on how to get bids on your project.
Connected Investors, the world’s largest, real estate investing, network and marketplace, today announced the launch of the first centralized real estate investment funding portal, CiX.com. The technology allows real estate investors to quickly and easily submit their deals to a network of asset-based lenders, ensuring the best terms for loans on their, investment properties.
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Wholesaling, is often marketed as a low-to-no cost way of getting into real estate investing and this can be true. A new, wholesaler, can certainly profit with a much lower initial cash outlay than a, real estate investor, who has to buy a property and rehab it.
In, wholesaling real estate, a real estate, wholesaler, contracts with a home seller, markets the home to his potential buyers, and assigns the contract to the buyer. The, wholesaler, makes a profit, which is the difference between the contracted price with the seller and the amount paid by the buyer.
What Exactly is Wholesaling Real Estate?
Wholesaling, is often marketed as a low-to-no cost way of getting into, real estate investing. However, the successful, wholesaler, has to have a firm grasp of what makes for an attractive deal – once you understand this process of , wholesaling, it becomes much easier and can be broken down into a serious of repeatable steps.
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My co-host today on this podcast is Trevor Evans.
Trevor is a Professional Speaker, Real Estate Investor, Retail Store Owner.
Speaker/Trainer for Rich Dad Education and Founder of Personal Awakening brand “Being Normal Sucks.” Trevor has also been married for 19 years and have 2 beautiful daughters ages 22 and 18.
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Investors ready to learn how to start, wholesaling houses, will be happy to know the process is not complicated. Here are a few simple steps to get started, real estate wholesaling:
Research your local market before getting started.
Find a realtor with off market discounted properties.
Secure a financing source that works best for you. This is usually a Hard Money Lender.
Begin searching for potential, wholesaling, properties by driving for dollars.
Decide whether to sell the contract or assign the contract.
What is a step by step plan to becoming a Real Estate Wholesaler?
Step 1: Create a Database of buyers:
Contact local Rehabbers and Contractors and ask them what kind of properties they are looking for to rehab.
You can find them at your local Chamber of Commerce or your local REIA
Ask them these questions.
1. What kind of properties are they currently rehabbing?
2. Type of properties they like to work with Eg. Single family or multi family?
3. What are they certified to work on? Eg. Are they certified to work on burn down or water damaged properties?
Step 2: Put an AD on Craigslist
Ask the following questions when you get responses to your AD
1. Is the property listed with a Realtor?
2. Are you speaking with the owner of the property?
3. Is the property in, Foreclosure, probate, bank owned, or free and clear
4. Does the property need rehab? If so what is the estimated cost of repair.
Step 3: Put together your power team which includes your Title and Escrow Agent.
If you structure your deals properly, you could use one escrow deposit for 10 properties!
In our first episode you talk about process. You said that setting up a process prevents failure.
What is the process for the real estate Wholesaler?
My friends at Connected Investors wrote this article on Getting started with, real estate Wholesaling.
Wholesaling, is often touted as the easiest entry point into the world of, investing in real estate. And financially speaking the barriers to entry are generally a lot lower, especially when compared to fix and flipping or buy and hold investing. Many experienced, professional investors have door-knocked and bandit-signed their way up the REI ladder without having more than a cell phone, gas money, and the will to WIN. read more …
Mobile home parks, are a great, real estate investment, because of their low maintenance, high returns and overall affordability. There’s a strong argument for, mobile home investing. Listen to this interview with Jefferson Lilly, mobile home park, investment expert and educator and learn why and how you should be investing in one of the, real estate, industry’s hidden gems.
Jefferson Lilly is the founder of Park Avenue Partners, a private equity real estate fund that acquires and operates, mobile home parks, nationwide. His investment funds are currently returning 8% – 15% cash annually to Limited Partners. Both personally and through his partnerships, Jefferson has acquired 25, mobile home parks, in 13 states since 2007 totaling over $56mm in value.
He also started the industry’s first, mobile home park podcast, and the largest group on LinkedIn dedicated to, investing in mobile home parks. Jefferson has been featured in The New York Times,Bloomberg Magazine, and on the Real Money television show. He holds a B.A. from the University of Pennsylvania and an MBA from the Wharton School of Business.
Listen to the full interview here:
Warren Buffett advises that we should stay within our circle of competence, so I figured that I had always lived in a house or apartment so that was within my circle of competence. I started looking for traditional apartment buildings; but kind of stumbled into, mobile home parks,. I began researching it, in then realized why, mobile home parks, was really the best niche in, real estate.
How to Get Started investing in, Mobile Home Parks,
I started out by buying my first, mobile home park, it was a little under $500,000. I put down a little less than $100,000 and I borrowed almost $400,000 from a bank. I still had some other reserves and I still had my day job. Just to be clear, at no point you can say like hey, mobile home park, next stop actions is silicon valley. I was looking for passive income, I had two streams of income the, mobile home park, and my regular W2 income for about a year. It’s now just coming up on 12 years later and I haven’t looked back.
The first, mobile home park, I purchased, I just bought the land, I didn’t actually buy any of the homes at that time. My tenants owned all the, mobile homes. There were about 45, mobile homes, in the park. I purchased the land and the, mobile home, owners paid me rent to park their homes in the park. Think of it as a parking lot. You own the lot, not the cars parked on the lot. The cars pay you to park there. Same concept in a, mobile home park.
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Investing in, mobile home parks, instead of mobile homes
Then about 5 years ago, I formed my first partnership to start acquiring, mobile home parks, Nationwide. Now sometimes I buy, mobile home parks, with the homes as well as the lot.
We call those a horizontal apartment building of sort, our colloquial term for that. Most of the, mobile home parks, the owner of the park does not own the, mobile homes, and the owner is paying rent to the park owner.
Whenever we buy a, mobile home park, with the homes, we tell the tenants, hey you can now own your own house for the same monthly payment as renting. Depending on the value of the house they can own after about thirty six months or less then 60 months. When they become homeowners they have to actually maintain the houses. It’s just like real home ownership, they’ve got to put on big-boy pants, there now a homeowner. So when that proverbial toilet leaks, they don’t call me. They have to go to Lowe’s or Home Depot and spend $12 for the part instead of the $200.00 it would cost me to send in a plumber to fix.
The optimal way to own these, mobile home parks is to not own the home but just home the park. You don’t want to be responsible for fixing leaky toilets and such.
If you don’t have the money to buy, mobile home parks, for $500,000 as most of you will not, then buying individual homes and fixing them up or something and selling them or even renting them would be a good start. I know one gentleman who started with just a couple thousand dollars and now owns over 50 mobile homes.
How to talk to the owner of the, mobile home park, to get a deal
If you don’t have a lot of money to start, investing in mobile home parks, what you can do is you can go to a, mobile home park, owner and say. Hey do you have any individual, mobile homes, in your park that are just sitting there vacant? Maybe they need some renovation so you you can hopefully find a win-win scenario.
That Park owner may even give you the house for free or maybe just for a couple thousand dollars. You then put some sweat equity into it. You paint, put in new flooring etc. Your agreement with the park owner is that maybe you’ve got a couple months to get the house fixed up. Hopefully you can do it in one month and then indeed you’ll begin paying the lot rent. Because that house is just sitting there un-renovated and obviously the, mobile home park, owner is getting no cash flow off it because it’s sitting there vacant.
So you get a month or two abated lot rent, you fix up the house and then rent it or sell it. You might then get an extra two to three four hundred dollars a month for the house depending on the market. You put that additional money in your pocket, and that is how you get started.
The average income of a, mobile home, owner is around $35,000 annually. That’s about three thousand a month. So their housing budget is around a thousand dollars a month. Most folks that make thirty five thousand a year aren’t going to be able to save up twenty thousand for a down payment on a single family home, so that is the target market for the mobile home buyer. Our, mobile home, a 3 bedroom, 2 bath rents for about $800.00 per month. We offer a rent to own package and in 3 to 5 years, they can own their own home. Beats a 30 year mortgage any day.
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If you visit my website https://parkstreetpartners.com , on the homepage you’ll see our phone number and information on our, mobile home parks, nationwide. There is also information on investing in our private equity fund. You can also email us at Park Avenue partners. com. You will find other information on the web site as well. Articles and webinars on investing in, mobile home parks, on the upper right corner of that web page they’ll see a button that simply says “Invest” they will find and again they can find summary information on the fund and also the PPM, the private placement memorandum which is a very long and dry legal agreement.
