JF1999: How to Identify The Right Partner With Ryan Groene #SituationSaturday

Returning guest Ryan Groene from episode JF1686 shares a great learning experience around partnering with the wrong group of individuals. Ryan explains how quick partnerships on a single deal or two is significantly different from partnering to grow a business. He shares 5 great questions he plans to ask before deciding to partner with a future individual and how important it is to get to know them at a more personal level. 

Ryan Groene Real Estate Background:

  • Full-time Mobile Home Park Owner and Operator
  • Has owned 3 mobile home parks totaling 175 spaces, 
  • Based in Charleston, SC
  • Say hi to him at ryan.groene55ATgmail.com 
  • Best Ever Book: What it Takes By Stephen Schwarzman

Best Ever Tweet:

“You kinda have to find somebody who matches your lifestyle, and somebody you don’t mind spending a lot of time with, whether it’s virtual over on the phone, email back and forth, texting back and forth or even in person.” Ryan Groene

The Best Ever Conference is approaching quickly and you could earn your ticket for free.

Simply visit https://www.bec20.com/affiliates/ and sign up to be an affiliate to start earning 15% of every ticket you sell. 

Our fourth annual conference will be taking place February 20-22 in Keystone, CO. We’ll be covering the higher level topics that our audience has requested to hear.

JF1908: Reinventing Yourself After A Traumatic Experience #SituationSaturday with Logan Freeman

Logan is coming back on the show to provide us with even more value. Having always been an athlete, that is how Logan identified himself – an athlete. When that life ended and he was released from his team in the NFL, he had to reinvent himself. As many of us know, reinventing or changing your identity is not an easy thing to do. We’ll hear tangible tips on making a transition from one life to another. We may not all be athletes trying to transition into “normal life” but, we all go through things that force us to change in some way. If you enjoyed today’s episode remember to subscribe in iTunes and leave us a review!

 

Best Ever Tweet:

“Don’t throw yourself into the deep end without a plan” – Logan Freeman

 

Logan Freeman Real Estate Background:

 


The Best Ever Conference is approaching quickly and you could earn your ticket for free.

Simply visit https://www.bec20.com/affiliates/ and sign up to be an affiliate to start earning 15% of every ticket you sell.

Our fourth annual conference will be taking place February 20-22 in Keystone, CO. We’ll be covering the higher level topics that our audience has requested to hear.


 

JF1873: Working Through A Sticky Real Estate Investing Situation #SituationSaturday with Colin Douthit

Colin and Theo will work through a situation that Colin is currently going through right now. A 16 portfolio of 16 homes is giving Colin a tough time and he’s currently trying to refinance as this project has cost him too much money and time. If you enjoyed today’s episode remember to subscribe in iTunes and leave us a review!

 

Best Ever Tweet:

“Our biggest takeaway has been doing the construction loan up front” – Colin Douthit

 

Colin Douthit Real Estate Background:

  • Real estate investor, general contractor, and property manager
  • Owns 70+ doors all acquired in the past 24 months, manages 50+ doors for other real estate investors
  • Based in Kansas City, MO
  • Say hi to him at colinATatlas.rentals

 


The Best Ever Conference is approaching quickly and you could earn your ticket for free.

Simply visit https://www.bec20.com/affiliates/ and sign up to be an affiliate to start earning 15% of every ticket you sell.

Our fourth annual conference will be taking place February 20-22 in Keystone, CO. We’ll be covering the higher level topics that our audience has requested to hear.


TRANSCRIPTION

Theo Hicks: Best Ever listeners, welcome to the best real estate investing advice ever show. I am your host today, Theo Hicks, and today we have a repeat guest. We’ll be speaking with Colin Douthit. Colin, how are you doing today?

Colin Douthit: I’m doing well, Theo. And yourself?

Theo Hicks: I am doing fantastic, I’m looking forward to speaking with you again. This time, as you guys know, it’s Saturday, so we’re doing Situation Saturday. We’re going to talk about a sticky situation that Colin is currently in, and dive into the details on that, some lessons learned that can hopefully help you avoid a similar situation in your real estate business. But before  we begin, a little bit of background.

Colin is a real estate investor, general contractor and property manager. He currently owns over 70 doors, which he’s actually acquired in the past 24 months, as well as manages over 50 doors for other real estate investors. To learn more about how he was able to acquire those 70+ doors in 24 months, make sure you check out his first episode, which aired on October 6th.

Colin is based in Kansas City, Missouri, and you can say hi to him at ColinATatlas.rentals.

Colin, before we get into the situation, do you mind providing us a little bit more about your background and what you’re focused on now?

Colin Douthit: Sure, Theo. As you stated, I started off as an investor, I started acquiring properties, and as I was going along, I was having some troubles finding reliable contractors… So I went ahead and started a contracting company that really just focuses on rehabbing rental properties and working third-party maintenance as well for any other investors that are out there, or property management companies that need that service.

With that, we just kind of specialized in what we knew, and what we were comfortable with, which was rental properties. Additionally, we had  already incorporated a Buildium, so a property management software that we had been using, so we decided to go ahead and roll that out as well to investors, so we could be a one-stop-shop for out-of-state investors if they needed to do a rehab on a home, to do property management, or whatever they needed, to help take care of them… But it was really developed out of my own personal needs.

Theo Hicks: And again, if you wanna  learn more about Colin’s background, we talked about how to find property managers, how to find GCs, about raising money… We talked about all that on the episode on the 6th of October, so definitely check that out. As I said, on this episode – it is Saturday, so we’re gonna talk about a specific situation that Colin is actually currently in. Colin, do you mind just diving in and kind of painting a picture for us about this situation?

Colin Douthit: Yeah, absolutely. We were looking to acquire properties – this was back in 2018; we were still buying a lot, and buying as fast as we could find them, frankly… And we were presented with a package of homes in a smaller town near where we live. We do co-investing in the city, in Kansas City, as well as out in some of the smaller, rural towns. This was in one of those smaller, rural towns; there was a gentleman that was getting out of the real estate business. He had a number of investment properties, but due to health reasons he was leaving the business and the industry… So we said “Okay, let’s do some analysis on this.” There were 16 single-family homes in this package.

So we did our analysis, we did our cash-on-cash return, it was great… We had plugged in 20-year amortization on our calculator, making sure we’re gonna have plenty of cashflow. We knew that there was  a lot of deferred maintenance. They were class C properties, and we have every intention of taking them up to a class B property, so that we had a nicer asset. We would add value and we’d be able to increase the rents over what they currently were.

During that process we didn’t really get a hard commitment from the bank, and when we were on the banking side of things, we said “Okay, we’re just gonna take out a loan for the purchase price. We’re not gonna have any additional funds out there for rehab or construction, because most of the properties are occupied.” We thought we’ll just cashflow the rehab; it won’t be a big deal. We’d just spend a few thousand dollars on each one, and that’s all that needs to be done.

As that process goes along, we get to the closing table, and we didn’t have an LOI or a commitment from the bank. They had just been kind of wishy-washy, “Yeah, that’s what we’ll do. 20 years, that’s all good…” And we get to the closing table and they throw a 15-year amortization at us. So that was the first issue that we came into – on the closing day we get that 15-year instead of 20-year amortization. We look at the cashflow, we know that we’re gonna take a hit on cashflow, but we still feel like it’s a good deal, so we still continue to pursue it, and go ahead and go through the closing process, and buy it… Because it was really either we lose all the money and time we had into it at that point, or we just go ahead and go forward with it.

We buy the properties, and then as we are going through the rehabs of these properties, taking them over and starting to do management, we start getting a few more vacancies than we were expecting. It turns out the previous landlord was a very poor landlord, and had upset quite a few of the tenants just due to deferred maintenance, due to lack of contact, or any host of reasons… He was just really poor landlord in general, so we start getting these vacancies.

Then we start going in them and seeing what needs to be done, and our initial estimate on what needs to be done was maybe a little bit lower than what was actual, but we were banking on having more cashflow, so it shouldn’t have been a problem. But when you compound the fact that we have a shorter amortization and higher vacancies, that starts to make the cashflow a real issue for getting into these rehabs.

So the next step is – that kind of brings us up to present day, and right now we have been cash-flowing a number of these rehabs as they go along, doing what we can to add value to these properties as soon as they become vacant. We paint, we repair, fix broken stuff, and then when the major things come along, that’s when we really notice and really miss not having had done that construction loan initially, which is what we would have done looking back and knowing what we now know to be able to tackle some of these bigger items – putting in all new HVAC systems, putting on numerous roofs.

What we’re doing right now is we’re actively searching for another bank to work with us to do a refi out on it. We do have a lot of equity in there; plenty of equity that we could still go up to 70%  loan-to-value and have a large chunk of money to then put back into the properties, and have them up and running at full speed and where we want them relatively quickly. However, not all the bankers want to lend in a smaller rural town, with a little bit lower price point on all these houses [unintelligible 00:08:19.10] closer to the city by about 30 minutes, we’d have no problem with it.

So that kind of summarizes it and brings us up to date, and that’s kind of the whole back-story on this situation that we are in.

Theo Hicks: Alright, I appreciate you going into extreme detail on that situation… So it sounds like these few challenges were 1) the loan itself, and then 2) the previous owner, and then 3) the deferred maintenance. Let’s take a step back and — so you’ve mentioned that this is an owner who was leaving due to health reasons… Was this an off market deal that you found, or was this owner actually listing these properties for sale?

Colin Douthit: This was brought to us by a realtor. It was on the MLS. They had each property listed individually, but then they had — essentially, they wanna sell this whole thing as a package was the goal.

Theo Hicks: Okay.

Colin Douthit: And the realtor knew that we were looking; he is a realtor out in one of these small towns that we work in. I actually live in one of the smaller towns, but then work in the city… So he was the connection, and that’s how we came across it. The owner actually was a realtor on the side. He basically had it just so he could buy and sell rental properties.

Theo Hicks: Yeah. Okay. So before the closing table, what sort of due diligence did you do on these 16 properties? Did someone go out and inspect all of them? Did you guys go look at all of them? What was your overall due diligence on these properties?

Colin Douthit: A little bit of background on myself – I am an engineer, and I was a project manager for commercial construction companies, and then my partner on this job as well; we actually met in school, he’s an engineer as well, and he’s a practicing structural engineer, so we have a fairly good handle on any major structural issues and general construction practices… So we were walking through the house, we went and walked every single house, we took pictures and we made notes on “Hey, this is what will need to be done once the property becomes vacant.” We didn’t note any major structural issues. We did note “Okay, these roofs are probably on their last leg, and they’re gonna need to be done pretty soon. These interiors on these units are pretty rough, but we’re not gonna go rock the boat and kick tenants out right away to start rehabbing these units.” Our due diligence was essentially just walking all the properties, taking photos and making notes.

Theo Hicks: Okay. So compared to your initial estimates from that entire process — or not even really initial estimates, but just a list of things like “Okay, here are the 20 things that we need to do”, after you took on the property, did that list remain that 20, it’s just the prices were wrong? Or did that list grow from 20 to 30 or 40? Were there things that you didn’t identify upfront that ended up being an issue after you actually closed? …just from a strictly renovations standpoint.

Colin Douthit: Yeah, from strictly a renovations standpoint I would say that it was some of the unseen stuff that  really started getting us. Water leaks, soft spots in the floors that we weren’t expecting… Once we got the previous tenants out – stuff we hadn’t seen before. HVAC issues was another one that came up and was an oversight on our part for not inspecting them thoroughly enough. It’s now something that we take a much harder look at, and try [unintelligible 00:11:22.13] and budget; even if it doesn’t need to be done, we now budget for those.

I actually just had a phone call with my A/C repairman today, that a compressor on one of the houses that’s vacant right now [unintelligible 00:11:30.28] and the air conditioner wouldn’t fire off… And the air conditioner compressor is completely locked up, so we’re actually having a new compressor installed this week.

Theo Hicks: Best Ever listeners know, I can totally relate with the HVAC issues. I don’t wanna talk about it too much, but I bought three fourplexes and the boilers were all completely shut, so I had to drop like 20k in the first few months to get the boilers to actually work… So I totally understand. Moving forward, I’m getting a boiler expert and an HVAC expert to inspect all of that stuff. So I can relate with you on that front.

Moving forward, just to wrap up with renovations – what are some things besides obviously making sure that you’ve got an HVAC person (or  you) inspecting those more…? Do you have any other lessons you’ll apply moving forward? Do you need to have a contingency just to cover these unexpected things?

Colin Douthit: Yeah, we’ll put a much larger contingency in the construction budget, knowing that on a class C property there’s gonna be more stuff that you don’t see, that’s gonna pop up once you get the tenant out and start digging into it. There’s gonna be roof leaks or pipe leaks that you weren’t expecting, HVAC is probably gonna be dated… Single-pane windows or storm windows are really common out in this area with a certain aged home, so if you replace all those, are they all working? A larger contingency and a larger construction budget would be what we would do now, going forward.

Theo Hicks: Alright, so that was one of the aspects. The other one was the loan. You’ve mentioned that you didn’t necessarily have a hard commitment from the bank up until closing, because they kind of pulled a switcheroo on you, and said one thing and ended up doing another thing… So what are some lessons learned, some safeguards to put in place for a future deal, so that you don’t have that switcheroo happen at closing?

Colin Douthit: Basically, now that bank still has our loan, but we’re not pursuing any new loans with this bank… But we are making sure that the lenders will give us some sort of commitment, an LOI if it’s a bigger package or commercial loan. Even if it’s a smaller property through a hard money lender, they give us a terms sheet; they analyze the property and give us a terms sheet within 24 hours, and say “Yeah, here’s what we can do, here’s what you’ll need to bring to the table, here’s what your monthly payment is gonna be, and here’s what your interest and amortization are.”

Theo Hicks: Yeah, because 20 to 15 – that’s a huge difference in debt service, for sure.

Colin Douthit: Yeah, 15 to 20 is a bigger jump than 20 to 30. So yeah, that was a real kick in the teeth.

Theo Hicks: And then on the construction loan aspect – so you’re looking at a deal… How are you going to determine in the future whether you’re going to do what you did for this deal, which was just take out a loan for the purchase price and just front the renovations with the cashflow, or maybe a budget threshold or a per-unit threshold that you say “Okay, we’re gonna go ahead and include renovations in this loan and then refinance out once we’re done”?

Colin Douthit: It’s very much a case-by-case basis. If it’s gonna be a property that just needs $5,000, maybe a fresh coat of paint and a little bit of touch-up here and there to get it rent-ready, we’d probably just roll it right into a typical, traditional 30-year loan. If it’s something that’s gonna need more extensive work, we are starting with construction loans right away, putting together estimates, putting cushions on those estimates, and then making sure all those numbers still work when we put it in our proforma, to make sure it’s gonna be a good deal and that we have plenty of give…

And frankly, when we are doing a lot of stuff for our turnkey or hyper-turnkey customers that we work with (out-of-state investors), we’re gonna tell them “Hey, let’s start out with a rehab loan here, and if we think the work is gonna cost 15k, we’re gonna put 20k-25k on the spreadsheet to make it work”, and hope that we can overdeliver and cut their construction costs.

Theo Hicks: Exactly. Alright, and then the third point was — I guess we’ll call it previous management. Obviously, when you’re dealing with single-family homes… I know on the one hand you can look at this as a 16-unit building, but it’s really not, because on a 16-unit building you’ve only got one roof, maybe a few water heaters, a few boilers or HVAC systems, whereas for SFRs you’ve got one of everything: 16 roofs, 16 HVACs, 16 yards… So whether you’re looking at multifamily or you’re looking — I guess my point of saying that is one vacancy on 16 single-family homes is a lot bigger deal than one vacancy on a 16-unit building, especially when you’re doing rehabs.

Colin Douthit: Yeah, it can be. At the end of the day though, we have enough (and still try to have enough) cushion that we can sustain a 25% vacancy rate and still be just fine.

Theo Hicks: Okay.

Colin Douthit: But one vacancy – it is very similar if you have a 16-unit multifamily building, just from the debt service aspect and the financial aspect… You’re still getting paid the same note, because it’s a portfolio loan. If you have 16 different individual loans, they’re owned by different LLC, if you put each property in an LLC; then you might feel the pinch a little bit more. But since it’s all in one company… We own a few other properties – this is the bulk of the properties that this company owns – we can  kind of wash the vacancies out a little bit. While we’re not gonna be making the money that we want to be making, we’re still gonna be able to cover all of our expenses and then continue to slowly cashflow the rehabs on the other properties.

Theo Hicks: Okay. Earlier we talked about the physical due diligence of a property… Is there anything you can do to determine the mindset of the tenants that you’re inheriting, and estimate “Okay, on average, if we’re buying 100 units, we expect 10 to leave. But if we do this, and find more details, and we figure out that the previous owner was really bad, a lot of deferred maintenance, half the tenants have issues that haven’t been addressed in years, so instead of 10 people leaving, let’s project that 25 are going to leave.” Is there anything you can put in place to do that, or is that something that’s just kind of random, and if it happens, you’ve gotta figure it out?

Colin Douthit: I think that you need to go into it with a plan, instead of just winging it. And we’ve done this on future renovations, with properties that we’ve owned, as well as with out-of-state investors that we’ve worked with. Personally, we’re working on the rehab of six duplexes, all in one package, all in one area, and a lot of deferred maintenance; 60% and — 75% vacancy, actually. So there was only four occupied units at the time of the purchase, and we knew we were gonna be getting rid of them… So we did cash for keys for one, and then one split, one is still there, and one just decided to leave recently as well.

But if we’re rehabbing this property and bringing it up probably two levels, to be honest with you – if you’re gonna be doing that and you have an extensive renovation, and you have properties that are really dilapidated, and it’s multifamily, I would go ahead and plan on kicking all of them out, or asking them to leave, or cash for keys; if they’re month-to-month, give them a 30-day notice. We’re doing that with an out-of-state investor that’s got an 8-unit building and had one vacancy… So we’re starting this week on the rehab for this one vacant unit, but we’re gonna go ahead and give 30-day notices to two of them, probably the two lowest-paying tenants, and start rehabbing those units, and then start doing two at a time… So we’ll get two vacant, rehab those… It won’t take too long – about a week, a week-and-a-half per unit –  then get them back on the market and get them occupied, and give the 30-day notice to the next set. We’ll kind of phase it in and out… But I would plan ahead of time on a complete turnover, and that’s what we plan on all the future projects. If it’s already occupied and we’re gonna be bringing it up a class level and renovating it, I’d just plan on at some point having every unit go vacant.

Theo Hicks: Well, Colin, is there any lesson learned as it relates to this situation that we haven’t talked about already?

Colin Douthit: I would say no, not really. We dove into all aspects of it. Our biggest takeaway has honestly been just doing the construction loan upfront, instead of trying to cashflow it. That’s the most important thing that we learned. When we were coming up and learning the game a year ago, we hadn’t been exposed to that idea. Then we got exposed to the  idea and it made total sense. So I guess it’s one of those “learn the hard way” things, but we try to share it with as many investors as we can.

Theo Hicks: Alright, Colin, I appreciate you coming on the show and sharing this situation with us. Again, some of the lessons you learned from this deal, as you’ve just mentioned – pursuing that construction loan if there’s going to be a lot of repairs that need to be. You’ve had the switcheroo from the bank at closing, so the lesson there was to get an LOI or some sort of harder commitment from your bank, so you know specifically what the debt service is going to be, what’s the amortization, down payment… Essentially, all the loan terms before you go to closing, so you’re not surprised and feel rushed and have to make that decision around the closing table.

We’ve talked about from a vacancy perspective – if you’re doing a value-add, going in there with a plan, and that plan might be getting rid of all the residents, and renovating all those units and bringing in people completely new.

And then lastly, we talked about the actual physical due diligence, and some of the things that you look at in more detail now, as well as making sure that you are having a contingency budget, especially when you are looking at the C-class, lower-class properties.

Again, Colin, I really appreciate it, I enjoyed the conversation. Again, as always, Best Ever listeners, thanks for listening. Have a best ever weekend, and we will talk to you tomorrow.

Colin Douthit: Thank you, Theo. Have a good night.

JF1761: What To Do When Your Lender Backs Out At The Last Minute #SituationSaturday with Michael Beeman


Michael is coming back onto the show (previous episode below) to share a situation he recently had in his business that taught him a lot. He had a lender back out of his deal THE DAY OF CLOSING! This was a 62 unit deal, and Michael was left scrambling to get this deal done. Hear how he overcame the situation and what he learned in the process. If you enjoyed today’s episode remember to subscribe in iTunes and leave us a review!

 

Best Ever Tweet:

“If you’re starting out, mortgage brokers can be an asset for you” – Michael Beeman

 

Michael Beeman Real Estate Background:

 


If you’re a passive investor wanting to learn more about questions to ask sponsors in order to qualify the opportunities, sponsors, and the markets opportunities are in, visit BestEverPassiveInvestor.com.

We created this site just for passive investors to have a free resource providing the questions to ask and things to think through. BestEverPassiveInvestor.com


TRANSCRIPTION

Joe Fairless: Best Ever listeners, how are you doing? Welcome to the best real estate investing advice ever show. I’m Joe Fairless, and this is the world’s longest-running daily real estate investing podcast, where we only talk about the best advice ever, we don’t get into any of that fluffy stuff.

Because today is Saturday, we’ve got a special segment for you; this is gonna be  a fun one… Situation Saturday, here’s the situation – you are about to close on a multifamily property, and uh-oh… Lender backed out. What the heck, what’s going on? Well, if you come across this situation – hopefully you don’t, but if you do, then fortunately we’re gonna hear about a situation just like that, that actually happened, with our Best Ever guest, how he overcame it, so that should you come across this situation, you’ve got a roadmap. How are you doing, Michael Beeman?

Michael Beeman: Hey, I’m doing great. How are you?

Joe Fairless: I am doing well, and looking forward to our conversation. A little bit about Michael, really quickly – he began his real estate investing career in May 2017 with 52k to invest. His company holdings now include ownership and management of over 120 multifamily units. He was a guest on this show in episode 1345, titled “Another real estate success story. 31 units with $60,000.” Now we’re gonna talk about a  situation that he was recently in; it’s a 62-unit that the lender backed out. I’m not going to give any more information about that. I think now we’d love for you Michael to just tell us the story about the 62-unit.

Michael Beeman: Okay, so how we came across it was that I had searched around online and I had inquired about a property that a broker had, and we went back and forth (the broker and I did) on voicemails that were left about every 3 or 4 days… Because he didn’t  know who I was, and when you get into that realm of things, generally brokers want to feel you out and have an understanding that you’re not just a big waste of their time.

So I wasn’t early enough on the first property, but he came down, visited me, [unintelligible 00:02:50.16] our operation, really believed in what we were doing, and I had a couple of investors – one that actually had heard me on your first podcast and wanted to partner with me.

Joe Fairless: Oh, cool.

Michael Beeman: Yeah, that was wonderful. He’s actually invested with us twice now, and we’re looking at doing another investment together on some smaller stuff… Because we do a wide range – we have stuff all the way down to duplexes, and then we have this 62-unit. But going back to the 62-unit, I had the investment money lined up; I had about 18 months track record with my own stuff, and this was last November and it was supposed to close… We had gotten the thing under contract, done our due diligence, gone through everything, figured out that we’re buying this at a 9% cap, where our value add was… We were going to separately meter the water, plus the rents – we were averaging about $55/door low, and the water metering was gonna save us $37,000. That, with increasing about $11,000/year, and lowering some of the other expenses, like maintenance and such. We had a nice half a million dollar value-add on something we raised about half a million dollars for.

It wasn’t a big purchase. This was in Springfield, Illinois… And I get to the day of closing; I’m driving there, and I’m like “Huh, it’s weird that nobody has called me this morning”, because it was a two o’clock closing in Springfield, Illinois, which is about two hours from me… And I said “It’s weird that nobody has called me this morning”, because I was told I was gonna get a confirmation phone call of exactly where the meeting place was. But I knew the name of the title company, so I just put it in Google and started driving.

Joe Fairless: “Everything must be going perfectly”, you thought. No issues.

Michael Beeman: Yeah, everything must be going perfectly.

Joe Fairless: No one’s calling you for any issues.

Michael Beeman: Yeah. I didn’t see any issues… And then I got a call from the mortgage broker, which is the lender that had worked out with this financial institution… The mortgage broker on these large properties; if some of your listeners don’t know, there’ll be mortgage brokers that shop around for the right bank for you and get you a deal, and then they throw on half a point or  a point on your note… But sometimes if you are starting out, they can be an asset to you.

So he calls me up and I’m about 30 minutes from the site and about an hour from close, and he calls me up to say the bank has called him this morning and they backed out; he has no idea, they wouldn’t give a reason… He suspects it was because it was right towards the end of the year and they had an overrun or an overload on multifamily loans, and they decided they weren’t doing anymore until the new year, and… Good luck with it. That was it. I was like “Whaaat?!”

Joe Fairless: That’s disgusting.

Michael Beeman: I lost my mind. I was like “What in the world?!” I’ve got investor money, I’ve spent at least $50,000 on my syndication attorney and my inspections and everthing else, which is gonna have to come out of my pocket, because I’m gonna have to return the investor money, because the investor money is sitting in an account, but I’ve got $50,000 in my dollars that’s gonna go down the tube, at least – maybe closer to 70k; if I look back, I could probably get the exact number, but regardless of that… I’m talking to him, like “What the heck do I do?” So I call my syndication attorney to tell her, and she says “Call this guy.” So I called this other mortgage broker that was really good, and then I called my local bank.

My local bank was actually somewhat interested in it… But it was their monthly meeting for purchases over a  million dollars where their board gets together, so they wanted to go to that meeting… And then when they went to the meeting, they decided that this wasn’t the right time for them to do this right now, that they didn’t really trust us yet, and they didn’t feel we had enough time. They were afraid of the distance from us, and everything else, even though we had an on-site manager there that came with the property.

Basically our system is set up where everything is online. Tenants pay bills online, they apply online, we advertise online, especially on Facebook Marketplace, Craigslist, our software puts it out to Apartmens.com, so… It’s not like the old days where you really have to be on-site. You could do a lot of stuff from a distance, especially if you have somebody on-site that does nothing but show apartments and give out five-day notices, and you have local maintenance.

So we actually felt like we had a very good organization, much better than the previous owner, who was just a mom-and-pop owner, and he basically was doing everything, with the metal box, and people dropped their cash in on the side of the door… It was a very mom-and-pop in that thing; just a sign hanging out front with his cell phone number on it… So we thought we were much better than that, so they backed out. Now we’re getting up into late January…

Joe Fairless: Well, time out before that, because you went through the moment you got the phone call…

Michael Beeman: You’re wondering how did I get the seller to go this far?

Joe Fairless: Well, there’s a whole lot of things I’m wondering, so time, real quick… Let me just ask a couple questions before we get into months down the road. We just heard you got a phone call; you were on the way to closing, and your mortgage broker says “Bank backed out, and I don’t know why. Good luck!” Did you ask that mortgage broker “Well, what are some other options for other lenders?”

I had talked to him, and in fact he was trying to find other lenders… So he was working behind the scenes, but by the time he said “Good luck!”, he realized that my contract was expiring within two weeks. So my $20,000 I had down, plus all my expenses, was going to just vanish…. So he realized all of that situation, and he said there’s no way I can get somebody within two weeks to do this.

Joe Fairless: And how much money did you need for the financing?

Michael Beeman: There was about a 1,5 million dollar finance.

Joe Fairless: Okay, so 1,5 million dollar financing, which is kind of touch, because it’s a little too large for most people, if they were to pool a couple people’s funds together, for them to take down… But not large enough for a lot of interest with–

Michael Beeman: Yeah, because one was a 36, and one was a 10, and one was a 16 – it was a portfolio – and they weren’t close enough to combine them and call them agency debt. So I could get agency debt either.

Now, they had a lot of cashflow opportunity because of that, and I was buying at a 9% cap and there was a ton of value-add… So I had a lot of things going for me with the property that I really liked, but I had that going  against me. So I’m discussing with the broker, because I got this through the Marcus & Millichap broker, and he has convinced the seller to not just take it off the market or go to anybody else, he has convinced the seller we are still a solid buyer… And he’s the one that really helps salvage the deal with me; we talk to the seller and he said “Okay, well I’m just gonna keep running it as is. It’s making more money for me now than it ever has”, because he had finished up a bunch of repairs and remodels… So new tenants were coming in at almost $100 higher than his current tenants.

So he was not upset at that point; he just realized that he was in his ’60s and he didn’t wanna be doing this forever.

Joe Fairless: And what if anything did you have to give him in order for him to agree to–

Michael Beeman: I did… I had to increase the price about $20,000 to get the large extension that needed.

Joe Fairless: And how did you all come up with that $20,000 figure?

Michael Beeman: Well, he basically came back to me saying “Look, I’ll do it for X amount of dollars”, and he was at like 50k. I said “You’re out of your mind. That’s $50,000. I’m not doing that.” So I bluffed and said I’d walk away, which I probably would have done at 50k.

So I bluffed and said I was gonna walk away and deal with the broker; I said “This isn’t gonna  kill the deal.” I said “Let’s bluff him and see how low I can get this number down, because he seems like a really reasonable guy, and I don’t want to spend an extra 50k. That throws off my projections on my returns by almost a full percentage point.” So I talked to the Marcus & Millichap broker and he communicated with the seller; he got me to agree to 20k, because I had been all the way down around 10k, but we agreed somewhere around $20,000, and I got an extension. Now, I closed on the very last day of that extension, and that’s a whole other story…

So I’m trying to salvage this deal, so from there I’m talking to this mortgage broker; now that I’ve got this extension, I’m talking to a mortgage broker…

Joe Fairless: The new one.

Michael Beeman: A new mortgage broker. His name is Eric Stewart, he’s great. He’s a great mortgage broker for large multifamily… Anyways, I’m talking to him and he thinks he’s got a lender that would specialize in this type of situation… Because he realizes my value-adds, so he says “You probably don’t want long-term debt that’s gonna cost you a lot of money, and you don’t want debt that’s going to cost you a lot of money to refinance out of, because I can see what your goal is here. You want to get all this water meter, get your rents up, and you want another 18-24 months to be able to refinance your investors to cash out…”, and I said “Exactly.”

So we’re talking, he thinks he’s found someone, but they’re dragging their feet at the moment, and he said “Go ahead to your local bank, and if you think they’ll do it, then try.” I mentioned before that they just didn’t like the management setup, plus they were a smaller bank and that was a lot of money to them.

Anyways, going forward – he’s found this bank, we got through the whole process again, we go through everything, give all of our information, which is reasonably close at this point, because we had all the information for the other bank, we were already at a closing… So we basically found a lender that would take on the property with 24 months of interest-only; so I get a little bit higher interest rate doing that, but then I still have time to refinance out at the end of 24 months, and on the one property that’s 36 units we believe we will have a valuation over a million dollars, which will allows us to put agency debt on it. The other two properties we’ll have to switch to more traditional financing whenever we refinance out.

So he gets that put together and we are on the last day at closing. My mom is one of the signers with me, she’s one of the largest investors; of our $500,000, she had brought 190k, because like I said in my previous, I started this company and my mom put in 20k of that original 52k I had, and she now owned one quarter… So whenever I came to want to do something big, she had belief in me, because she had seen what I was already capable of… So whenever I had this opportunity, she wanted in, so she was one of the signers on the deal, and then I was on there… And she’s on vacation, which is just perfect. She’s in Florida, we’re trying to do–

Joe Fairless: [unintelligible 00:13:13.22]

Michael Beeman: [unintelligible 00:13:15.09] my mom’s in Miami, Florida on vacation, and she’s supposed to sign this paperwork… And she’s driving all over Florida in an Uber to different places because she doesn’t know how to use some of the simple things that most of us know how, like CamScanner, to where you can just take pictures and scan the doc and it runs a scanning app, and you can send these documents back…. So she’s running to different banks to see if somebody will help her out with scanning these documents back to us, signing and scanning them back, and making sure she fills them out correctly on her end… So then there’s confusion on where she’s supposed to overnight them, so they got overnighted to the lender instead of closing, because that’s where she swore that lady [unintelligible 00:13:55.17] where to send them…

Joe Fairless: [laughs]

Michael Beeman: So I’m pulling my hair out on the day of closing… And finally they say — because this was the day before the closing; the day of closing I find out all this and I’m pulling my hair out because FedEx said they couldn’t reroute it, because it was overnight delivery… And even though the day before, whenever I figured this out, I had called them and they said they can reroute it, but that lady didn’t realize it was overnight delivery…

So the lender gets it, they call title, they say “Okay, we have everything. Do you need this?” and they said “No. If you’re saying you have everything and you’re gonna send us money”, she said “I have everything I need for title closing. I don’t understand why you guys wanted to send the documents here first anyways.” So they said “Okay.” So that problem was taken care of, and we finally got to closing there at the end, but it was just one of those things where you got to the end and you were just like “Nothing can go right…!”

It was a learning experience; there’s a  lot of tips I could give to people going forward…

Joe Fairless: What are they?

Michael Beeman: One of them is I should have been in much better communication with the lender to find out what the issue was from the very beginning to try and overcome their objection. The second time around it wasn’t as difficult for me to overcome objections because the mortgage broker I was working with, Eric Stewart, was in great contact with the lender, and he was like “Okay, here are their objections. Here’s how we can handle them.” So he kind of took me under his wing in a way to show me exactly what to say when I got on the call, tell me exactly how I was gonna do things, to say what they wanted to hear… And I never had that with my first mortgage broker.

So I will say that if you have the right team, that is 100% your most important thing. Then finding out what your objections are and how to overcome them. That worked out in my favor, having him on my team, in that same situation. That deal would have never got closed without him, and I would have been out 50k for trying a syndication.

Joe Fairless: And also having a broker from Marcus  & Millichap be able to navigate that conversation with the seller….

Michael Beeman: Yes!

Joe Fairless: Because he was representing the seller, right?

Michael Beeman: Yup.

Joe Fairless: Okay, so he was representing the seller, but he was just trying to make sure the deal…

Michael Beeman: Got done.

Joe Fairless: Yeah. And how many months delayed was it for closing?

Michael Beeman: It closed in early April. That was essentially 3,5 months late.

Joe Fairless: So it was delayed 3,5 months.

Michael Beeman: Yes.

Joe Fairless: And the only thing you had to do to get that additional time was increase the purchase price by $20,000.

Michael Beeman: Yeah, that was the only thing I ended up having to give up in the deal, which was amazing.

Joe Fairless: Yeah. If you had not closed within that 3,5 month time period and it expired again, would you have lost out on — the original 50k obviously, but then the additional 20k? Or was it just 20k tacked on to the purchase price?

Michael Beeman: No, that was my thing – I didn’t tack it on to the purchase price, because this was not a sophisticated seller. This was his only 62 units, he was selling them, he’d owned them for 14 years, and he had bought them in a partnership with some partners, and within 2-3 years realized he didn’t like the partners and bought them all out… So he had this property, he was self-managing. He was asking originally for 50k in increased price.

Joe Fairless: Right, right.

Michael Beeman: So he still had some belief by saying that to me, in my opinion, he had strong belief and belief in his broker that said “This guy will get the job done.” So he still had strong belief in his broker at that time in my opinion to just say “50k increased price”, instead of “Bring me 20k or 50k cash, so that if you don’t close, I have an even bigger pile of cash in my pocket to put the thing back on the market.”

And that put me in a safer situation going forward as well, because I didn’t have to put out any more cash, except for the $12,000 that the lender wanted me to plump forward for their appraisal/due diligence stuff, which the new lender cost me that 12k and it cost me 20k on the price, which ended up being about $32,000. So all in all I can’t complain too much. The mortgage broker and the broker from Marcus & Millichap really helped me, and then a little bit of me just basically not willing to quit, and just tried to figure out how to overcome every objection with the lender, overcome objections with the seller, and try to get something to the finish line, and we did.

Our team is up there right now, starting on their rehabs on some of the things and the metering of the water.

Joe Fairless: Well, I thoroughly enjoyed this story, and I’m glad that all is well that ends well… Thank you for sharing, and thanks for coming back on and updating us with a situation that took place that was very challenging. Best Ever listeners, if you liked this episode, then I did an interview with Mark Mascia, episode 599 – so that was like 1,000 days ago; longer than 1,000 days ago – and it’s titled “Big money raised, investor partners set, and on closing day the lender says…” Well, spoiler alert, same thing happened; in that case it was a large medical office building in Nebraska, and it was as storybook ending as yours is with his deal… [laughs] So if you’re curious about how it could have gone, then you can listen to episode 599.

Thank you for being on the show… How can the Best Ever listeners get in touch with you?

Michael Beeman: My e-mail is michaelbeeman@beemanandsons.com. I talk to a lot of people all the time; some people that have heard me on your podcast, and others, and I try and help them out. We partnered on deals… My number is 217-508-8185. That’s a good way to reach me, and if you just shoot me a text message, I give you a call most of the time. I’m like everybody else, I’m a bit busy, but you should me a text message, ask for a time to have 15 minutes of my time; I love helping people out. I also love hearing about real estate stories all over the country, and I get to hear those whenever I get to talk to people, so I have a good time with that as well.

Joe Fairless: Thanks for being on the show again. I enjoyed learning more about this story. I hope you have a best ever day, and we’ll talk to you soon.

Michael Beeman: Alright, thank you Joe.

best ever real estate pro advice

JF949: How to Make GUM BALLS Pay Rent #SituationSaturday

Gumball machines, you’ve seen him and they never disappear… Our guest has made big capital, OK well residual capital, on these quaint little machines that spill quarters. Hear what else he does and why he got into vending.

Best Ever Tweet:

[spp-tweet tweet=”Go door to door and don’t prejudge a location, it will all work out.”]

Matt Miller Real Estate Background:

– President and Founder of School Spirit Vending, a franchise company
– School Spirit Vending has raised over $4 million for education since inception
– They have a profitable business system for professionals looking to develop secondary income streams
– Formerly an Air Force pilot and advertising executive
– Based in Kingwood, TX
– Say hi to him at https://ssvbusiness.com/bestever 

Made Possible Because of Our Best Ever Sponsors:

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Go to adwordsnerds.com/joe to schedule the appointment.

 

Matt Miller rental property advice

 

Joe Fairless: Best Ever listeners, welcome to the best real estate investing advice ever show. I’m Joe Fairless and this is the world’s longest-running daily real estate investing podcast. We only talk about the best advice ever, we don’t get into any of that fluffy stuff.

With us today – we are going to be talking to an expert in a space that – my gosh! – after about a thousand episodes, I’ve never talked to an expert in this space… Vending! Yes, vending. How does that relate to real estate? Well, there’s some passive income opportunities and it’s an intriguing business model, so we’re going to talk about the ways we can make money as a vending machine investor, and how our Best Ever guest today has done that. How are you doing, Matt Miller?

Matt Miller: Joe, I am doing awesome, thanks for having me on.

Joe Fairless: Nice to have you on the show! Because it’s Saturday, we’re doing this special segment called Situation Saturday. We’re gonna do a hypothetical scenario where we want to create income; we’ve seen vending machines around – clearly, everyone’s seen a vending machine – but they take nickels and dimes and quarters… And clearly there’s a way that you’re making money, because — a little bit about Matt… He has raised over four million dollars in this business.

He is the president and founder of School Spirit Vending, which is a franchise company. They have a profitable business system where they work with investors who want passive income. They are based in Kingwood, Texas, and he is a four-million airforce pilot and advertising executive.

Before we dive into the scenario, Matt, do you wanna give the Best Ever listeners just a little bit more about your background and your focus?

Matt Miller: Yeah, Joe. I went to the Air Force Academy for college. Like you said, I was an airforce pilot for nine years; along the way I figured out that I really didn’t like being told what to do, so as soon as I could get out of the airforce, I did.

I thought the corporate space would be the answer, and worked there for almost a decade, but along the way I learned that the rules were always changing and they never seemed to be in my favor. I kind of got sick of being at the whim of decisions that were being made by others, that I had no control over. So I started doing some stuff on the side business-wise, I collected aluminum cans for a while, sold books on Amazon – my garage looked like a library at one point in time – but I’d read Robert Kiyosaki’s book, which I’m sure you talk about on your show and many of your listeners have read, and I bought into his whole idea of passive income.

So I was looking for a way to not just make side income to help pay the bills, but to make it passively and in the process develop more control over time for my life and be able to better provide for the family. I had a good friend of mine from church who on Sunday mentioned a gumball machine that he and his kids had bought, and had placed it in a local area business, and it was a business they could do together as a family; they were making a little bit of money, and it was something he could do with his kids.

I remember that conversation, and even though gumballs are a quarter, I quickly realized that the markup on them is over 1,000%, and that it would take a lot of gumballs for me to free myself up from what I was doing full-time – because we had a family of five at the time – but it was something I could do on the side. The machines did all the selling once they were placed, and it allowed me to continue to pursue my career, while building this business on the side.

So that’s where my start occurred in vending, about 13 years ago, in that position.

Joe Fairless: Now let’s talk through the situation… You’ve been exposed to the world of vending from the friend you know at church; he told you about the gumball machine… And I’m asking you about your story, because I’m sure a Best Ever listener who has their curiosity piqued as a result of our initial conversation, they’re gonna want to hear how you did it, so talk us through from that first conversation with that person at church – where did you go from there?

Matt Miller: I ended up finding a Yahoo! Group – which today I would liken it to a podcast like yours – where I was able to learn.

Joe Fairless: What year is this?

Matt Miller: This would have been about 13 years ago, so in the 2004 timeframe or so. We were in a really bad place financially at that point, and I found a  Yahoo! Group that I could plug into and kind of be a fly on the wall, because I didn’t know a whole lot about vending at all.
I also bought a couple of eBooks on Amazon, and kind of studied the industry. And it just so happened that I hopped on eBay and found a used candy and gumball machine from a guy across Houston for about $36, and I didn’t even have to pay for shipping because he was local.

I won that auction, loaded up a couple of my kids in our ’98 Honda Accord and drove across town one Saturday to pick that machine up. He taught me a little bit about what he had done and gave me some more insights.

We stopped by at Sam’s Club on the way home to pick up the gumballs and the candy for that machine…

Joe Fairless: What did he tell you in that initial conversation?

Matt Miller: He had done a lot of work in local bars and local restaurants and had done pretty well for himself, but he just decided that this really wasn’t for him and didn’t have the time to do it, so he was looking to get out… So he sold me his equipment for next to nothing. In fact, I could have turned around and resold that machine for twice what I paid him for it, so there was really no risk from my part.

But the biggest thing I learned is you gotta get out there and you gotta be willing to knock on doors and spread the word about what you’re doing, and to not be judgmental or prejudge any locations. Because what many of us might think is a great location often times isn’t, and what many of us might not see as an opportunity for a location is.

What most people don’t realize is if you were to put a video camera on a vending machine, in many cases it’s the employees in that location that drive the revenue, it’s not the customers that come in and out, often times… Especially when you’re talking candy and gumballs and that type of thing. So it doesn’t have to be a super high traffic place in order to have a successful location.

In fact, some of my most successful locations were actually break rooms in local area businesses where the public never even realized that the machine was there, but the employees went there for their breaks or for their lunch every day, and my machine ended up becoming a part of their lunch or their break every day, because the candy and the gum was right there and readily accessible.

Joe Fairless: What’s the incentive for that store to have the thing in the break room?

Matt Miller: There’s a couple different types of vending. We call what we do bulk vending. There’s the charity route, and then there’s essentially the revenue share route with a location.

When I was just doing simple candy and gumball machine, it was a charity angle. I worked with M. D. Anderson’s Children’s Cancer Hospital down in Houston, and a portion of the proceeds were donated to them.

Joe Fairless: What portion?

Matt Miller: Yeah, the location didn’t get any financial value, but they were given a foot-by-foot square foot space to benefit the hospital. I gave 10% of the revenue to them. There’s some charities where it’s just $1/location/month. So depending on what folks look into and decide who they wanna partner with on the charity side of things, it varies somewhat.

Joe Fairless: And is that the honor system, or do you submit financials to them every so often?

Matt Miller: It is purely the honor system.

Joe Fairless: Okay. Help me with the timeline or the progression… You started with one gumball machine, you put it where, and then where did you go from that point?

Matt Miller: So I went door-to-door… I just literally would go to a strip center and hit every business in the strip center. My first location was a karate studio in Kingwood where we were living at the time, and I set it up there. I waited a couple of weeks before I did anything else, because I’d never used these machines, my kids had never used them before… So I was like, “Okay, really? Are there people really putting money into these things?”

After two weeks I was chomping at the bit to see if this thing actually works. So I went back on a Thursday night, kids everywhere in the place for karate class, put the key in, and quarters spilled out of the machine all over the floor. I was like “Holy smokes! I’m onto something.”

Well, I took that money and was able to reinvest it into another machine. The guy that I got that first machine from had I think 19 others, and if I was willing to come back over the next couple of months to buy them, he’d sell them to me at the same price, he wouldn’t have to list them or ship them or whatever. So I went back a week later and had money for a couple more machines, and I just slowly cash-flowed this thing, because I didn’t have any other money at all to do it.

So once I got that machine, then I went out and knocked on some more doors to place the next one, and knocked on some more doors to place the next one.

Joe Fairless: When you knock on the doors, someone answers, what do you say?

Matt Miller: “I own a vending company here in the local area. We work with M.D. Anderson’s Children’s Cancer Hospital, helping them raise money. I’ve got a small candy and gumball machine that looks like would fit perfectly in that spot right over there, to the left of the cash register. I was wondering if you guys would be willing to support M. D. Anderson and let us place a machine.”

Joe Fairless: Okay, that makes sense. In that scenario, the store owner does not get a cut of the proceeds… Is that correct?

Matt Miller: Correct. Just to give you an idea, in that scenario, a typical machine is gonna make $15-$30/month. So if you’re giving the owner a cut, you’re giving him next to nothing. Now, if you venture into toys and temporary tattoos and stickers and that type of thing – which I eventually started doing as well – the revenue can be significantly higher for a location like that, especially a restaurant or that type of thing, to where now it is beneficial to have the owner involved and to cut them a check each time you come in. But with a candy or gumball machine the revenue numbers just really aren’t enough for them to get excited about it.

Joe Fairless: In that scenario, “I own a vending company. We work with ______ Kids Hospital. The gumball machine could fit right there… Is that okay?” In that scenario you’re making 90%, the hospital is making 10%, and the store owner is benefitting because there is another amenity that they have in their store to maybe make the experience better.

Matt Miller: Right. In the revenue share model, typically people will pay 30-35% to the location. Sometimes it’s revenue, sometimes it’s profit, depending on how the vending operator sets things up. They’re renting the space, essentially, and they’re setting up, in most cases, an entire toys and temporary tattoos and stickers and maybe some candy and gumballs… Typically it’s on a rack, like you’ll see at the local Wal-Mart, or whatever.

The vending operator’s job is to come in and to merchandise and to change up the merchandise on a regular basis, keep the machine clean and full. Every time they come in, they’re cutting the location a check based on the revenue that’s in the machine. The revenues are typically quite a bit higher for that type of setup in the right location, but there’s significantly higher investment in the equipment, to where some of the setups I had were $8,000 or more, when you factor in the equipment, the products of inventory, the machines and that type of thing.

Joe Fairless: How do you reimburse – if you do at all – for the electric, if you have to have a machine plugged in.

Matt Miller: None of our equipment has any electricity involved at all.

Joe Fairless: The toys and temporary tattoos – they don’t need that… So you start out with one gumball machine in the karate studio, you progressed from there… What was the tipping point?

Matt Miller: Within a year or so I got to about 125 locations all around the North side of Houston, and I was pretty stoked because I was making about twice in my vending route as I was working full-time, and I was able to do it on weekends.

Joe Fairless: A hundred locations with primarily gumball machines?

Matt Miller: Well, by then I had ventured into toys and all that stuff, too. So about half the locations were candy and gumballs, and then the other half was toys, temporary tattoos, stickers, that type of thing.

Joe Fairless: And for those 100 locations with that make-up, how much money is that a year?

Matt Miller: I was bringing in $4,000-$5,000/month, so 45-50k is what I was bringing in, just working a couple days a month. Then ’07 and ’08 hit in the middle of all that, and the revenues dropped off because people were hurt by the economy and weren’t frequenting a lot of the businesses where I had my equipment, so I was frustrated… Right around that time I had a bunch of young kids come knocking on my door, selling me stuff for the local school fundraisers.

I thought that was odd, because their parents weren’t with them; they were strangers to me, so they were essentially going door-to-door to strangers’ houses raising money for the schools, and I had kids of comparable age at the time. So that concerned me number one, but number two, because of the change in the economy, I was looking for a better way to stabilize what I was doing, and the whole idea of school mascot stickers and sticker machines in schools came to me around that point.

That’s where the whole idea of school spirit vending, which is what we do today – helping schools fundraise across the country with our franchise program. Initially, it just came from necessity on the revenue side, and like I said, getting some kids hopefully off the street by taking some of the fundraising in the school, instead of out into the neighborhoods.

Joe Fairless: And that’s your business model now, primarily?

Matt Miller: Correct. We work with busy families, professionals who are already doing extremely well in their career, but who are looking to diversity outside of that, and we show them how to do what we do in and around schools in their local area, and it ends up creating a win/win. They have the ability to develop a side income, much like real estate, with a very limited time commitment, but extremely high cash flow, and it also benefits local area schools because the schools now become that charity beneficiary with our program, and it gets some kids off the street. And because most fundraisers in the schools require volunteers, it’s a huge win for the school because we don’t require any volunteers for our program.

Joe Fairless: Basically, you’re selling custom stickers with the school’s mascot in the school, via a vending machine; the franchisee owners are responsible for getting the sticker machines inside the schools and collecting the residual income?

Matt Miller: Correct.

Joe Fairless: Out of all the different types of vending machines, why did you land on this one? Is it the most profitable?

Matt Miller: It’s definitely not the most profitable. First off, I don’t have a mechanical bone in my body. I flew the second-largest airplane in the world (the C5), but I still don’t know how to change the oil in my car… So I was looking for something that was very simple to operate. The reason why I went towards stickers is real simple. If you’re vending toys and you came up with a great idea for a new toy, it would take six months to a year before you had that item in your machine, because you’ve gotta send it to China and you’ve gotta go through all that process… Then, of course, you’ve gotta buy a container-full to ship that stuff back, in many cases.

With a sticker, you and I could come up with an idea right now, that sounds like a great idea. We could have a designer working on it later today, have designs within a week, and potentially could have that printed and in our machines within a month to a month and a half. So we are very fleet of foot because we’re just printing on paper, and that can all be done here in the states.

The other thing is the fact that a box of stickers is really not a whole lot bigger than a shoebox, just a little bit longer. At the time I had that ’98 Honda Accord I talked about early on… I could carry enough product in my Honda Accord to service 20-25 schools. Contrast that with the toys and all that that I was doing at the local area restaurants and all… I’d need a cargo van, if not a box truck to have a route of any significant size. At the time, I just didn’t have the money for any of that, so I had to get creative with what I did have, which was a Honda Accord.

So in fleet of foot and just the size of the product were the two main factors for me in going that route.

Joe Fairless: Interesting stuff, definitely. I love talking to entrepreneurs who have other businesses where they raise money and work with investors to provide them a passive stream of income. Really quick, how do you structure this legally? Do you have to do a private placement memorandum with investors?

Matt Miller: Up to this point in time it’s just between us and the franchisees. We are talking about some ways of working with private investors to produce a pool of money to allow our growth to occur even more quickly, because one of the points along the way where growth is sometimes stunted with some of our franchisees is on the capital side. We haven’t done that up to this point, but there is a big desire for more growth, and there’s tons of schools out there that we’re not working with yet, and it’d just be a matter of having the capital to put the equipment out there.
I think that’s a route we’ve been talking about pursuing here in the coming year to enable our franchisees to put this together more quickly. In that case, yeah, we’d have some sort of PPM for sure, and work out some sort of an investor arrangement from there.

Joe Fairless: Matt, where can the Best Ever listeners get in touch with you?

Matt Miller: Joe, I wrote a short eBook called “Live Your Dreams: The Top 10 Reasons Why You Should Own A Vending Business”. From a real estate side or from just a professional side, it highlights a bunch of things that most have never thought of in relation with vending. I’d love for your audience to have and download a copy of that for free, if they like. They can go to ssvbusiness.com/bestever and download that for free. They can learn a little bit more about the vending business itself. If they wanna talk about the franchise, we can do that, too.

Joe Fairless: Well, that will be in the show notes link, I’m typing it in right now. Matt, thanks for being on the show, sharing with us a business model that I wasn’t familiar with — well, I was familiar with vending machines, but I hadn’t talked to anyone who was doing it full-time, so thanks for sharing that.

Best Ever listeners, there is an apples-to-apple comparison for one thing in particular that Matt was talking about in terms of vending machines and real estate, and that is when he talked about how he got started knocking on doors and he said, “I own a vending machine company. We work with XYZ Children’s Hospital. We’re donating some of our profits to them” and he went into his pitch.

There is an interesting aspect of that where he immediately had some credibility with that company, with the people who’s doors he was knocking on because he’s partnering with an entity that they recognize already, and it’s an entity that they would want to help out. As real estate investors, we can do something similar by partnering with other nonprofits locally, donating a portion of our profits to them and then all winning along the way.

I can tell you I’ve done that personally with a lot of scholarships that I’ve created through Texas Tech, as well as some other things with Junior Achievement, where all the profits from my books go to Junior Achievement to help underserved kids in communities. It’s a great way to 1) give back, but 2) it’s a great way to get additional exposure and build your business, because you’re able to be associated with a larger association that everyone recognizes, even if you are just starting out. So that’s a takeaway, for sure.

Matt, thanks so much for being on the show. I hope you have a best ever day, and we’ll talk to you soon.

Matt Miller: Thanks, Joe, and God bless!

 

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Best Ever Show Real Estate Advice from experts

JF767: You Bought at the Top of the Market, Now What? #SituationSaturday

Today’s guest purchased a property at the top of the market in 2006, and his intention was to collect a cash flow. Hear how he had a trouble Tenant, moved into the house, and what he did with that property to leverage his next purchase.

Best Ever Tweet:

[spp-tweet tweet=”Just because you know someone doesn’t mean they’ll make great tenants.”]

Deacon Hayes Real Estate Background:

– Founder of Well Kept Wallet
– Featured in World Report
– Based in Phoenix, Az
– Say hi at wellkeptwallet.com

Want an inbox full of online leads?

Get a FREE strategy session with Dan Barrett who is the only certified Google partner that exclusively works with real estate investors like us.

Go to http://www.adwordsnerds.com strategy to schedule the appointment.

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https://www.youtube.com/channel/UCwTzctSEMu4L0tKN2b_esfg

Subscribe in iTunes  and  Stitcher  so you don’t miss an episode!

 

Best Ever Show Real Estate Advice from experts

JF746: What You MUST Include in Your Insurance Coverage or Pay the Consequences #SituationSaturday

Today’s guest has been in the insurance industry for many years and will share with us the importance of having water damage coverage in your insurance policy. Watermain break? No problem!

Best Ever Tweet:

[spp-tweet tweet=”Be realistic about your values.”]

Darrin Gross Real Estate Background:

– Host of Commercial Real Estate Pro Network
– Specializes in real estate investor insurance needs
– Based in Portland, Oregon
– Say hi at commercialrealestatepronetwork.com

Want an inbox full of online leads?

Get a FREE strategy session with Dan Barrett who is the only certified Google partner that exclusively works with real estate investors like us.

Go to http://www.adwordsnerds.com strategy to schedule the appointment.

Subscribe to Joe’s YouTube Channel here to learn multifamily and raising money tips:
https://www.youtube.com/channel/UCwTzctSEMu4L0tKN2b_esfg

Subscribe in iTunes  and  Stitcher  so you don’t miss an episode!

 

Best Ever Show Real Estate Advice from experts

JF745: How to Deal with Criticism #followalongfriday

Can you believe that Joe’s book had a negative review? We can, it’s what happens naturally when promoting a product or service, and the negative review’s critique was helpful to improve the next book. What will you do when someone criticizes your work? What can you absorb and what can you discard? Listen to hear what Joe and Theo have to share!

Best Ever Tweet:

[spp-tweet tweet=”You will eventually be criticized and it’s up to you to decide if it’s helpful or not.”]

Want an inbox full of online leads?

Get a FREE strategy session with Dan Barrett who is the only certified Google partner that exclusively works with real estate investors like us.

Go to http://www.adwordsnerds.com strategy to schedule the appointment.

Subscribe to Joe’s YouTube Channel here to learn multifamily and raising money tips:
https://www.youtube.com/channel/UCwTzctSEMu4L0tKN2b_esfg

Subscribe in iTunes  and  Stitcher  so you don’t miss an episode!

 

no fluff real estate advice

JF711: How to HANG ON When the Owner Dies Before Closing #situationsaturday

Sick seller of an assisted living facility dies before the closing docs are signed. Her son comes from Romania to stop the deal and…pandemonium! Lawyers, heated phone calls, and high stress abound…but our Best Ever guest and his partner do the right thing. Hear it here!

Best Ever Tweet:

[spp-tweet tweet=”There’s a point when you have to take a look at the time and energy you invest in a deal to make it worth it.”]

Greg Bilbro Real Estate Background:

– Fair Property Buyers
– Experienced in rehab projects, flips, and other investments
– Based in Scottsdale, AZ
– Say hi at fliptracking.com
– Best Ever Book: Think and Grow Rich by Napoleon Hill

Listen to all episodes and get a FREE crash course on real estate investing at: http://www.joefairless.com

Made Possible Because of Our Best Ever Sponsors:

You find the deals. We’ll fund them. Yes, it’s that simple. Fund That Flip is an online lender that provides fast and affordable capital to real estate investors.

We make funding your projects easy so you can focus on what you do best…rehabilitating homes. Learn more at http://www.fundthatflip.com/bestever.

Subscribe to Joe’s YouTube Channel here to learn multifamily and raising money tips:
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no fluff real estate advice

JF683: Selecting the Right Partner and Refining Your Biz Model #situationsaturday

Our guest has been on the show before and he is going to share some sticky situations! He, like many investors, has needed to refine his business multiple times until he got it right. He also shares how he selects the right real estate investing business partner. This is not an episode to miss!

Best Ever Tweet:

[spp-tweet tweet=”If you’re unhappy with your partner right now, it’s a great time to reevaluate your goals.”]

Jason Balin Real Estate Background:

– Founder of Hard Money Bankers
– Hear Jason’s Best Ever Advice on episode JF645
– Based in Columbia, Maryland
– Say hi at hardmoneybankers.com

Listen to all episodes and get a FREE crash course on real estate investing at: http://www.joefairless.com

Made Possible Because of Our Best Ever Sponsors:

You find the deals. We’ll fund them. Yes, it’s that simple. Fund That Flip is an online lender that provides fast and affordable capital to real estate investors.

We make funding your projects easy so you can focus on what you do best…rehabilitating homes. Learn more at http://www.fundthatflip.com/bestever.

Subscribe to Joe’s YouTube Channel here to learn multifamily and raising money tips:
https://www.youtube.com/channel/UCwTzctSEMu4L0tKN2b_esfg

Subscribe in iTunes  and  Stitcher  so you don’t miss an episode!

no fluff real estate advice

JF676: Mind Tricks to Overcome ANY Unfavorable Situation and How to Think #situationsaturday

Today’s guest had a high-profile listing appointment but no means of transportation to get there. After getting over the frustration of not having a vehicle at the time, he shares the one question that allowed him to begin seeking solutions instead of wallowing in his fear of not making it. This is an impressive episode!

Best Ever Tweet:

[spp-tweet tweet=”You have to be an idiot not to recognize success patterns and commonalities to apply.”]

Rock Thomas Real Estate Background:

    – Was previous guest on Episode 314
– Owns 4 Keller Williams franchises
– Based in Montreal, Canada
– Say Hi at http://www.rockthomas.com
Listen to all episodes and get a FREE crash course on real estate investing at: http://www.joefairless.com

Made Possible Because of Our Best Ever Sponsors:

You find the deals. We’ll fund them. Yes, it’s that simple. Fund That Flip is an online lender that provides fast and affordable capital to real estate investors.

We make funding your projects easy so you can focus on what you do best…rehabilitating homes. Learn more at http://www.fundthatflip.com/bestever.

Subscribe to Joe’s YouTube Channel here to learn multifamily and raising money tips:
https://www.youtube.com/channel/UCwTzctSEMu4L0tKN2b_esfg

Subscribe in iTunes  and  Stitcher  so you don’t miss an episode!

real estate advice podcast

JF669: What a Professional SQUATTER Will Do to Destroy Your Flipping Plans #situationsaturday

Today’s guest started back in 2009, but met Mike attempting to complete the most difficult transaction that would have taken almost three years to complete. It began with a foreclosure market, finding a home, then passing through all the legalities in attempts to flip it. They ran into a huge issues such as proving a pre-existing basement and a squatter that was very sly, you have to hear this show!

Best Ever Tweet:

[spp-tweet tweet=”You fail enough times to learn, quit, or find someone to help.”]

Mike Nuss Real Estate Background:

– Mike and Tyler met in 2010 on a complicated transaction
– Mike was previously an appraiser
– Based in Portland, Oregon
– Say hi at rarebirdinvestors.com

Listen to all episodes and get a FREE crash course on real estate investing at: http://www.joefairless.com

Made Possible Because of Our Best Ever Sponsors:

You find the deals. We’ll fund them. Yes, it’s that simple. Fund That Flip is an online lender that provides fast and affordable capital to real estate investors.

We make funding your projects easy so you can focus on what you do best…rehabilitating homes. Learn more at http://www.fundthatflip.com/bestever.

Subscribe to Joe’s YouTube Channel here to learn multifamily and raising money tips:
https://www.youtube.com/channel/UCwTzctSEMu4L0tKN2b_esfg

Subscribe in iTunes  and  Stitcher  so you don’t miss an episode!

Best Ever Show Real Estate Advice

JF620: Why You FAILED in Internet Marketing and When the Equity is Right to Buy #situationsaturday

He has a rule that if the property doesn’t have at least a $100k spread, he won’t buy it, and wholesale is the answer. He shares some deals he has recently closed and his knowledge with internet marketing. If you are serious about being ranked online, you MUST hear this show!

Best Ever Tweet:

[spp-tweet tweet=”For Internet marketing, you have to be in it for the long term.”]

Jerred Morris real estate background:

– Jerred is an average guy holding down a 9-5 while building wealth through real estate.
– He brings a real world business approach to real estate marketing. His main focus is buy & hold and wholesaling.
– He is currently active in the Austin, TX market but will be expanding to Dallas & Fort Worth.
– Feel free to connect with him at https://jerredbuysaustinhouses.com/

Listen to all episodes and get a FREE crash course on real estate investing at: http://www.joefairless.com

Do you need more leads for your real estate business and a platform to grab more leads?

Danny Johnson has a solution for you, go to leadpropeller.com set up your website for success and get more leads!

Subscribe to Joe’s YouTube Channel here to learn multifamily and raising money tips:
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Subscribe in iTunes  and  Stitcher  so you don’t miss an episode!

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Jf588: How Simple JV Deals Make $$$ When You Have ZERO Time!

Our guest today works every other month, and he is still closing deals! He is new to the game of wholesaling but has found a way to partner with other investors to ensure the transaction is completed while he is gone. He is a Marine merchant and is out on the ocean while the check is deposited into his bank account! If you are new to the game and feel inadequate you must hear the show!

Best Ever Tweet:

[spp-tweet tweet=”Be as consistent as you possibly can.”]

Quentin Vanderpol real estate background:

  • Based in Port St. Lucie, Florida
  • His focus is wholesaling
  • Travels a lot for his full time job being a Merchant Marine

Please Take 4 Min and Rate and Review the Best Ever Show in iTunes. 

Listen to all episodes and get a FREE crash course on real estate investing at:http://www.joefairless.com

Need financing?

Are you a buy-and-hold investor or doing fix and flips?

I recommend talking to Lima One Capital. A Best Ever Guest told me about them after I asked how he financed 10 properties in one year. They are an asset-based lender with unique programs for long-term hold and fix and flippers.

Click to learn more or, better yet, reach out to Cortney Newmans at Lima One Capital. His cell is 404.824.6121.

Subscribe to Joe’s YouTube Channel here to learn multifamily and raising money tips:https://www.youtube.com/channel/UCwTzctSEMu4L0tKN2b_esfg

Subscribe in iTunes  and  Stitcher  so you don’t miss an episode!

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JF578: He FAILED His First Mailing but PERSISTED with Tom Krol! #situationsaturday

He doesn’t lack enthusiasm, that’s for sure! If there’s anything you will learn from this show, it’s all about faith and persistence. Tom is anxiously engaged with his clients and followers and shares with us how he began his career and wholesaling properties. He failed miserably in the beginning, but surrounded himself by only the best individuals in the business. He quotes Jim Rohn and other icons, you must hear this show!

Best Ever Tweet:

[spp-tweet tweet=”It’s in your moments of despair you will find your greatness.”]

Tom Krol real estate background:

Please Take 4 Min and Rate and Review the Best Ever Show in iTunes. 

Listen to all episodes and get a FREE crash course on real estate investing at:http://www.joefairless.com

Are you committed to transforming your life through Real Estate this year? If so, then go to http://www.CoachWithTrevor.Com and claim your FREE Coaching Session.  Trevor is my personal real estate coach and I’ve been working with him for years. Spots are limited, so be sure to do it now before all the spots are gone.

Subscribe to Joe’s YouTube Channel here to learn multifamily and raising money tips:https://www.youtube.com/channel/UCwTzctSEMu4L0tKN2b_esfg

Subscribe in iTunes  and  Stitcher  so you don’t miss an episode!

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JF562: How a Real Estate Attorney’s Specialty in Commercial Leases Aided Financial Growth

Today’s guest is a commercial real estate radio host and he has been in the business for decades! He also practices real estate law and is an investor himself. Hear this episode to understand the commercial lease strategy and loopholes within.

Best Ever Tweet:

[spp-tweet “I love helping people.”]

Howard Kline real estate background:

  • Been involved in commercial real estate for over 39 years as a arbitrator and radio show host and founder of CRE Radio & TV
  • Based in Ladera Ranch, California and say hi to him at creradio.com
  • Expert in commercial lease negotiations, drafting and litigation
  • His Best Ever Book: Start with the Why by Simon Sinek

Please Take 4 Min and Rate and Review the Best Ever Show in iTunes. 

Listen to all episodes and get a FREE crash course on real estate investing at:http://www.joefairless.com

Are you committed to transforming your life through Real Estate this year? If so, then go to http://www.CoachWithTrevor.Com and claim your FREE Coaching Session.  Trevor is my personal real estate coach and I’ve been working with him for years. Spots are limited, so be sure to do it now before all the spots are gone.

Subscribe to Joe’s YouTube Channel here to learn multifamily and raising money tips:https://www.youtube.com/channel/UCwTzctSEMu4L0tKN2b_esfg

Subscribe in iTunes  and  Stitcher  so you don’t miss an episode!

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JF557: How Making a Tough Decision Elevated Her Rental Company

Need to make a change in the business due to underperforming partners? It may be better to do it now and do it quickly. Our Best Ever guest shares with us her property management underachievers and how letting one go was the best decision.

Best Ever Tweet:

[spp-tweet “Rip off the Band-Aid!”]

Brie Schmidt real estate background:

Please Take 4 Min and Rate and Review the Best Ever Show in iTunes. 

Listen to all episodes and get a FREE crash course on real estate investing at:http://www.joefairless.com

Are you committed to transforming your life through Real Estate this year? If so, then go to http://www.CoachWithTrevor.Com and claim your FREE Coaching Session.  Trevor is my personal real estate coach and I’ve been working with him for years. Spots are limited, so be sure to do it now before all the spots are gone.

Subscribe to Joe’s YouTube Channel here to learn multifamily and raising money tips:https://www.youtube.com/channel/UCwTzctSEMu4L0tKN2b_esfg

Subscribe in iTunes  and  Stitcher  so you don’t miss an episode!

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JF556: Adversity Will Happen; Have Faith and Be Ruthlessly Proactive Towards the Goal

Joe fills us in with his brothers business, Door Devil. He shares the adversity the owners are confronting by not getting a spot at an event to showcase the product to a huge company. He shares how it all worked out and how we need to have faith while taking massive action for us to achieve our goals, this is a must listen!

Best Ever Tweet:

[spp-tweet “Life happens for us and not to us.”]

Please Take 4 Min and Rate and Review the Best Ever Show in iTunes. 

Listen to all episodes and get a FREE crash course on real estate investing at:http://www.joefairless.com

Are you committed to transforming your life through Real Estate this year? If so, then go to http://www.CoachWithTrevor.Com and claim your FREE Coaching Session.  Trevor is my personal real estate coach and I’ve been working with him for years. Spots are limited, so be sure to do it now before all the spots are gone.

Subscribe to Joe’s YouTube Channel here to learn multifamily and raising money tips:https://www.youtube.com/channel/UCwTzctSEMu4L0tKN2b_esfg

Subscribe in iTunes  and  Stitcher  so you don’t miss an episode!

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JF543: What to Do When Your Property Management Company Underperforms #situationsaturday

What is your vacancy rate? What is your turnover? Do you know the answer to these questions? If you’re not sure, then your property management company may not be keeping track. Reports are necessary for added value and improvement, tune in to hear how our guest took care of a sticky situation with his property management company.

Best Ever Tweet:

[spp-tweet “At the end of the day it’s about what’s best for the property.”]

Spencer Cullor real estate background:

  • Director of Commercial Acquisitions at Apartmentvestors
  • Say hi to him at apartmentvestors.com
  • Been involved in over $20,000,000 worth of deals including a multifamily and a retail center
  • Based in Kansas City, Kansas
  • Here’s a copy of Spencer’s letter that helped him find on his first two apartment communities:
  • His Best Ever book is: The One Thing by Gary Keller and Jay Papasan

Please Take 4 Min and Rate and Review the Best Ever Show in iTunes. 

Listen to all episodes and get a FREE crash course on real estate investing at:http://www.joefairless.com

Are you committed to transforming your life through Real Estate this year? If so, then go to http://www.CoachWithTrevor.Com and claim your FREE Coaching Session.  Trevor is my personal real estate coach and I’ve been working with him for years. Spots are limited, so be sure to do it now before all the spots are gone.

Have you tried REFM’s Valuate software yet? It makes investment analyses a breeze, and makes you look like you spent all week on them. Go to app.getrefm.com to sign up today.

Subscribe to Joe’s YouTube Channel here to learn multifamily and raising money tips:
https://www.youtube.com/channel/UCwTzctSEMu4L0tKN2b_esfg

Subscribe in iTunes  and  Stitcher  so you don’t miss an episode!

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JF536: How He Avoided LAWSUITS Using This Technique #situationsaturday

Do you own real estate in your name? Why? There is really no advantage to owning properties in your name, in fact if you own multiple and someone decided to charge you with….you could lose them all. You have to hear this situation and how to avoid piercing the corporate veil.

Best Ever Tweet:

[spp-tweet “Do not own real estate in your name.”]

Randy Hughes real estate background:

Please Take 4 Min and Rate and Review the Best Ever Show in iTunes. 

Listen to all episodes and get a FREE crash course on real estate investing at:http://www.joefairless.com

Are you committed to transforming your life through Real Estate this year? If so, then go to http://www.CoachWithTrevor.Com and claim your FREE Coaching Session.  Trevor is my personal real estate coach and I’ve been working with him for years. Spots are limited, so be sure to do it now before all the spots are gone.

Have you tried REFM’s Valuate software yet? It makes investment analyses a breeze, and makes you look like you spent all week on them. Go to app.getrefm.com to sign up today.

Subscribe to Joe’s YouTube Channel here to learn multifamily and raising money tips:
https://www.youtube.com/channel/UCwTzctSEMu4L0tKN2b_esfg

Subscribe in iTunes  and  Stitcher  so you don’t miss an episode!

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JF529: Lessons Learned after Losing $50,000 #situationsaturday

Popular podcast show host Justin Williams is our guest today! He shares how he lost a large sum of cash for a speculative value add feature, you got to hear what he did to not make the same mistake!

Best Ever Tweet:

[spp-tweet “Make sure you cover your bases.”]

Justin Williams real estate background:

Please Take 4 Min and Rate and Review the Best Ever Show in iTunes. 

Listen to all episodes and get a FREE crash course on real estate investing at:http://www.joefairless.com

Are you committed to transforming your life through Real Estate this year? If so, then go to http://www.CoachWithTrevor.Com and claim your FREE Coaching Session.  Trevor is my personal real estate coach and I’ve been working with him for years. Spots are limited, so be sure to do it now before all the spots are gone.

Have you tried REFM’s Valuate software yet? It makes investment analyses a breeze, and makes you look like you spent all week on them. Go to app.getrefm.com to sign up today.

Subscribe to Joe’s YouTube Channel here to learn multifamily and raising money tips:
https://www.youtube.com/channel/UCwTzctSEMu4L0tKN2b_esfg

Subscribe in iTunes  and  Stitcher  so you don’t miss an episode!

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JF528: 10 Beliefs to Live a Successful and Fulfilling Life #followalongfriday

Are you getting the most out of life? How’s your business and personal goals coming along? Today Joe is sharing his 10 beliefs to living a successful and fulfilling life, and number 10 will have you rolling! Hear his 10 beliefs and begin implementing your own!

Best Ever Tweet:

[spp-tweet “I believe it’s important to quickly identify the cause to a problem then put the majority of the focus on the solution.”]

Please Take 4 Min and Rate and Review the Best Ever Show in iTunes. 

Listen to all episodes and get a FREE crash course on real estate investing at:http://www.joefairless.com

Are you committed to transforming your life through Real Estate this year? If so, then go to http://www.CoachWithTrevor.Com and claim your FREE Coaching Session.  Trevor is my personal real estate coach and I’ve been working with him for years. Spots are limited, so be sure to do it now before all the spots are gone.

Have you tried REFM’s Valuate software yet? It makes investment analyses a breeze, and makes you look like you spent all week on them. Go to app.getrefm.com to sign up today.

Subscribe to Joe’s YouTube Channel here to learn multifamily and raising money tips:
https://www.youtube.com/channel/UCwTzctSEMu4L0tKN2b_esfg

Subscribe in iTunes  and  Stitcher  so you don’t miss an episode!

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JF525: The 5 Questions You MUST Ask for the Best Tenants

He does it all! He invests, he’s a licensed real estate agent, and an insurance agent on top! He jumped into real estate by first investing in the lower class areas of Cleveland where someone stole stuff from his car! He now is more seasoned and is about to purchase a 4 Plex while waning his own commission through the transaction and insurance, this is an entertaining show you cannot miss!

Best Ever Tweet:

[spp-tweet “You need to ask more questions over the phone than anything else.”]

Kevin Hoag real estate background:

  • Real estate agent with Holton Wise Property Group based in Cleveland, Ohio
  • Has leased over 75 rental units since becoming and agent in 2015 and is also a licensed insurance agent
  • Real estate investor who has purchased and sold several turnkey rentals
  • Say hi to him at: holtonwisepropertygroup.com
  • His Best Ever book: The Property and Casualty Insurance Book

Please Take 4 Min and Rate and Review the Best Ever Show in iTunes. 

Listen to all episodes and get a FREE crash course on real estate investing at:http://www.joefairless.com

Are you committed to transforming your life through Real Estate this year? If so, then go to http://www.CoachWithTrevor.Com and claim your FREE Coaching Session.  Trevor is my personal real estate coach and I’ve been working with him for years. Spots are limited, so be sure to do it now before all the spots are gone.

Have you tried REFM’s Valuate software yet? It makes investment analyses a breeze, and makes you look like you spent all week on them. Go to app.getrefm.com to sign up today.

Subscribe in iTunes  and  Stitcher  so you don’t miss an episode!

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JF522: How NOT to Handle Evictions #situationsaturday

He made some mistakes in the eviction process, as do most first time land lords. He learned quickly and doesn’t waste time when rent is late—notice will be posted that day. Hear his advice about the whole process and be educated!

Best Ever Tweet:

[spp-tweet “Begin with the end in mind.”]

Bill Shaffer real estate background:

  • Him and his wife buy are buy and hold investors and have 14 properties with 36 units in Colorado
  • His properties range from single family homes to an 8 unit Him and his wife own 10 properties with 22 units and they have been investing since 2002 and is based in Denver, Colorado
  • He’s a real estate agent and has a brokerage called Reliant Real Estate
  • Say hi to him at: ibuycoloradore.com and http://evictioninformationdenver.com/

Please Take 4 Min and Rate and Review the Best Ever Show in iTunes. 

Listen to all episodes and get a FREE crash course on real estate investing at:http://www.joefairless.com

Are you committed to transforming your life through Real Estate this year? If so, then go to http://www.CoachWithTrevor.Com and claim your FREE Coaching Session.  Trevor is my personal real estate coach and I’ve been working with him for years. Spots are limited, so be sure to do it now before all the spots are gone.

Have you tried REFM’s Valuate software yet? It makes investment analyses a breeze, and makes you look like you spent all week on them. Go to app.getrefm.com to sign up today.

– Subscribe to Joe’s YouTube Channel here to learn multifamily and raising money tips: https://www.youtube.com/channel/UCwTzctSEMu4L0tKN2b_esfg

Subscribe in iTunes  and  Stitcher  so you don’t miss an episode!

 

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JF517: How She Received a 10% Response Rate Via Handwritten Mail

Today’s guest is new in wholesaling real estate, but she thinks big. She shares the mistakes she has made, and how she solved some EXPENSIVE problems. Hear her success from her direct mail plan and what her response rate was!

Best ever tweet:

[spp-tweet “Know your market inside and out.”]

Please Take 4 Min and Rate and Review the Best Ever Show in iTunes. 

 

Joy Oberholtzer Real Estate Background:

Subscribe in iTunes  and  Stitcher  so you don’t miss an episode!

Are you committed to transforming your life through Real Estate this year? If so, then go to http://www.CoachWithTrevor.Com and claim your FREE Coaching Session.  Trevor is my personal real estate coach and I’ve been working with him for years. Spots are limited, so be sure to do it now before all the spots are gone.

Listen to all episodes and get a FREE crash course on real estate investing at:http://www.joefairless.com

 

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JF515: How he Survived Bankruptcy and Rose from the Ashes Twice #situationsaturday

He lost 70 homes in the crash…but what he found is even greater. Our Best Ever guest is an advocate of liquidity and still uses leverage to acquire more properties. His “free and clear” philosophy is motivating, hear his situation and how he invests today!

Best Ever Tweet:

[spp-tweet “The problem solving skill can be developed as an entrepreneur.”]

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Nick Ruiz Real Estate Background:

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Are you committed to transforming your life through Real Estate this year? If so, then go to http://www.CoachWithTrevor.Com and claim your FREE Coaching Session.  Trevor is my personal real estate coach and I’ve been working with him for years. Spots are limited, so be sure to do it now before all the spots are gone.

Listen to all episodes and get a FREE crash course on real estate investing at:http://www.joefairless.com

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JF508: Many Mistakes Made on ONE Deal #situationsaturday

The title sounded bad, but our Best Ever guest absorbed the consequences and applied what he learned after making many mistakes on a SFR purchase. After closing, he planned to move in his Section 8 tenant and everything was going to work smoothly…After the repairs, notifying the Section 8 case worker, he rid himself of the property and lost money. He suggests that you do this…

 

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Best Ever Tweet:

[spp-tweet “Do an inspection on your house!”]

 

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Are you committed to transforming your life through Real Estate this year? If so, then go to http://www.CoachWithTrevor.Com and claim your FREE Coaching Session.  Trevor is my personal real estate coach and I’ve been working with him for years. Spots are limited, so be sure to do it now before all the spots are gone.

 

Listen to all episodes and get a FREE crash course on real estate investing at: http://www.joefairless.com

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JF493: What You CANNOT Ignore Before Making an Investment #followalongfriday

Please Take 4 Min and Rate and Review the Best Ever Show in iTunes. .

Investing in real estate is highly rewarding, but can involve many risks. Joe shares some steps to assessing risks before and during the acquisition of Multifamily properties. He shares why it’s important to live your passion despite what your closest family and friends may believe.

Best Ever Tweet:

[spp-tweet “Many investors only focus on the best case scenario, when it’s best to analyze risk.”][spp-tweet “”]

Another Best Ever Tweet:

[spp-tweet “Take all the free advice you can get, then decide what you want to do with it.”]

Listen to all episodes and get a FREE crash course on real estate investing at:http://www.joefairless.com

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Made Possible Because of Our Best Ever Sponsors:

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JF434: Why You CANNOT Quit after Someone Says “NO!”

Asking for private money takes courage. What if you were told “No!” by a good friend who knows you are trustworthy? What if you were told “No!” three times? Would you quit? Would it hurt your feelings? Today’s Best Ever guest is also a real estate investing podcast host and he is about to knock the excuses out of you! He began by owning a duplex while his friends bought Maseratis…he was smart, listen in!

Best Ever Tweet:

[spp-tweet “If your marriage is on the rocks, it’s going to get rockier…prepare and plan.”]

Brock Collins’s Real Estate Background:

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Made Possible Because of Our Best Ever Sponsors:

You find the deals. We’ll fund them. Yes, it’s that simple. Fund That Flip is an online lender that provides fast and affordable capital to real estate investors. We make funding your projects easy so you can focus on what you do best…rehabilitating homes. Learn more at http://www.fundthatflip.com/bestever.

What’s the Best Ever health plan for YOU?

Go to http://www.stridehealth.com/bestever and find a better health plan in 10 minutes or less. On average you’ll save $418 on coverage and care.

Best Ever Show Real Estate Advice

JF 424: How to Deal with a Falling Apart (High Stakes) Deal #situationsaturday

So you fork over a $23,000.00 non-refundable earnest money deposit and the deal begins to go South…what do you do??? Our Best Ever guest shares his experience of high stakes and last minute trials involving lenders with picky criteria to fund. There are some lessons to be learned when complex syndications don’t work, hear what they are!

Best Ever Tweet:

[spp-tweet “Make sure there is a little room in the deal so that little changes don’t kill the deal.”]

Jeff Greenberg’s real estate background:

  • Managing Partner of Synergetic Investment Group
  • Invested in over 700 multifmaily both as an active and passive investor
  • Runs three REI clubs in California
  • Based in Ventura, California

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Made Possible Because of Our Best Ever Sponsors:

You find the deals. We’ll fund them. Yes, it’s that simple. Fund That Flip is an online lender that provides fast and affordable capital to real estate investors. We make funding your projects easy so you can focus on what you do best…rehabilitating homes. Learn more at http://www.fundthatflip.com/bestever.

What’s the Best Ever health plan for YOU?

Go to http://www.stridehealth.com/bestever and find a better health plan in 10 minutes or less. On average you’ll save $418 on coverage and care.

Best Ever Show Real Estate Advice

JF410: He Lost $25,000, but Learned This Valuable Lesson #situationsaturday

“Measure twice, cut once,” are wise words that our Best Ever guest should have adopted on a particularly sticky deal. He is known as the Real Estate Dingo, Engelo Rumora, and he is back on the show to share an unfavorable situation that could have been avoided. Engelo is a growing investor in the Ohio area with a savvy team, hear what he did wrong and how he made it right!

Best Ever Tweets:

[spp-tweet “When you succeed, you are on such a high that you do not even evaluate the circumstances that made you succeed.”]

[spp-tweet “You do not have to scale your business at a rapid pace, if you do, you will cut before measuring twice.”]

[spp-tweet “Hire slowly and fire quickly.”]

Engelo Rumora’s background:

  • Trying to buy back his time doing 100 hr weeks
  • Cincinnati, Toledo, Dayton and Columbus
  • From Australia
  • Known as “The Real Estate Dingo”
  • Works with many investors in Ohio
  • Say hi to http://www.ohiocashflow.com 

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Made Possible Because of Our Best Ever Sponsors:

You find the deals. We’ll fund them. Yes, it’s that simple. Fund That Flip is an online lender that provides fast and affordable capital to real estate investors. We make funding your projects easy so you can focus on what you do best…rehabilitating homes. Learn more at http://www.fundthatflip.com/bestever.

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JF408: Unable to Drive a Car, He Closed Over 30 DEALS in 12 Months

He never gave up! Our Best Ever guest experienced an unexpected accident that changed his life forever…but all for the better. He did what most new investors MUST do by not making excuses and finding a mentor. He worked with a Phoenix investor legend, Dan Valentine, who later recently died of cancer. He took Dan’s legacy and continued to push through the low budget marketing and endless phone calls to see results…hear his inspiring story!

Best Ever Tweet:

[spp-tweet “Persistence rules in this game.”]

Charlie Tijerina’s real estate background:

  •  Wholesaler based in Phoenix, Arizona
  • In 2015 alone he has done over 30 deals
  • He used to be an auto mechanic until he had an accident and broke his neck
  • Say hi to him at firebirdwholesale@gmail.com

Subscribe in iTunes  and  Stitcher  so you don’t miss an episode!

Made Possible Because of Our Best Ever Sponsors:

You find the deals. We’ll fund them. Yes, it’s that simple. Fund That Flip is an online lender that provides fast and affordable capital to real estate investors. We make funding your projects easy so you can focus on what you do best…rehabilitating homes. Learn more at http://www.fundthatflip.com/bestever.

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JF 347: How to Posture Your Property to Get Appraised for the HIGHEST Value #situation Saturday

Picture this: You’ve got a beautiful property with an offer on the table, but you are terrified that your property won’t appraise for what they’ve offered. Our Best Ever guest today, walks us through how to handle this scenario to get the most value for your property.

Best Ever Tweet:

[spp-tweet “The best indication of how the property is performing today, is going to some of the most recent data.”]

Cam Palmer’s real estate background:

–          Based in Phoenix, AZ

–          He has appraised over $1 billion in real estate

–          Vice President of CBRE in Phoenix

–          Focused on multi-family

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Made Possible Because of Our Best Ever Sponsor:

Patch of Land – Could you do more deals if you had more money? Let the crowdfunding platform, Patch of Land, find investors for you and fund your next deal…and your next deal…and your next deal…and…well, just go find out more at http://www.PatchOfLand.com

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JF341: Your SIX Step Guide to Conflict Resolution

The next time you have a difficult situation to confront in your business or home life, HERE is your complete guide in order to deal with it. We discuss a SIX step guide to conflict resolution, and how it relates to you as a real estate investor.

Best Ever Tweet:

[spp-tweet “The more information you can put on the table, it helps everyone to figure where are we and what the appropriate process to resolve these things.”]

Bruce Eckfeldt’s business background:

·        Over 20 years of experience building teams, products and companies

·        Previously an entrepreneur and an INC 500 CEO of Cyrus Innovation

·        Technology and coaching companies on develop software

·        Work with startups and high-growth companies to clarify goals and set clear objectives

·        Say hi to him at http://www.Eckfeldt.com

·        Beat an Olypian in a cross country ski race

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Made Possible Because of Our Best Ever Sponsor:

Patch of Land – Could you do more deals if you had more money? Let the crowdfunding platform, Patch of Land, find investors for you and fund your next deal…and your next deal…and your next deal…and…well, just go find out more at http://www.PatchOfLand.com

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JF335: Why Walking Away From A Deal May Be the BEST Thing

Today’s Best Ever guest walked away from a deal, and although she lost money ended up gaining invaluable experience she shares with us today. Listen up as we discuss walking away from a deal and what she would have done differently.

Best Ever Tweet:

[spp-tweet “If I could go back in time, I would have lined up my finances more.”]

Rush Mars’ real estate background:

–          Getting her real estate license focusing more on modern architectural homes

–          Did a few wholesale deals and one fix and flip

–          Based in Dallas, Texas

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Made Possible Because of Our Best Ever Sponsor:

Patch of Land – Could you do more deals if you had more money? Let the crowdfunding platform, Patch of Land, find investors for you and fund your next deal…and your next deal…and your next deal…and…well, just go find out more at http://www.PatchOfLand.com

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JF331: Trouble With Water Meters? HERE’S Your Solution

Today’s Best Ever guest ran into trouble with water meters, and had a solution presented to him but it took a LONG time to get resolved. Listen to his story, and his advice on what you need to start doing to save money on water bills.

Best Ever Tweet:

[spp-tweet “I feel like I have a much better knowledge and understanding of the repairs and what it’s going to cost me.”]

Zah Schwarzmiller’s real estate background:

·       Started investing in 2013 and invests in triplex and commercial

·       Completed CCIM Series and the University of Washington’s Certificate in Commercial Real Estate

·       Member of the Snohomish Economic Development Board

·       Based in Seattle, Washington

·       Has an active broker’s license

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 Made Possible Because of Our Best Ever Sponsor:

Patch of Land – Could you do more deals if you had more money? Let the crowdfunding platform, Patch of Land, find investors for you and fund your next deal…and your next deal…and your next deal…and…well, just go find out more at http://www.PatchOfLand.com

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JF316: How to Solve A Real Estate Problem On the INTERNET

Today’s Best Ever guest has an incredible marketing, sales and advertising background which he uses to churn his real estate powerhouse. We discuss how to use the internet to solve your problems, pay by click internet marketing and how he has had a thriving real estate career.

Best Ever Tweet:

[spp-tweet “In the beginning it’s important to be focused on revenue generating activities.”]

Sean Katona’s real estate background:

–          Based in Huntington Beach, California and is a full time real estate investor and started investing in 2009

–          Has over 10 years of marketing, sales and advertising experience from his time working at Microsoft and EA Sports

–          He currently owns income properties in multiple states and has spearheaded over 50 deals from renovations to new construction

–          Has been to over 30 countries across the world

–          Visit him at http://www.simplifiedproperties.com

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Made Possible Because of Our Best Ever Sponsor:

Patch of Land – Want to learn more about crowdfunding? Let the leading expert in the crowdfunding space, Patch of Land, give you all the info you need to get started. Grab your FREE copy of Top Ten Answers to the Top Ten Crowdfunding Questions athttp://www.PatchOfLand.com/bestever

Best Ever Show Real Estate Advice

JF313: How to Measure Your Problems and Find Out the Proper Solutions #skillset Sunday

Sleeping in may feel nice, but it certainly doesn’t get you ahead in life! Let’s wake up and smell the coffee, because my life problems and solutions will certainly help you achieve the BEST EVER success in life and real estate.

Best Ever Tweet:

[spp-tweet “The high achievers wake up at the crack of dawn because they’re out there doing those high achieving type of activities.”]

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Made Possible Because of Our Best Ever Sponsor:

Patch of Land – Want to learn more about crowdfunding? Let the leading expert in the crowdfunding space, Patch of Land, give you all the info you need to get started. Grab your FREE copy of Top Ten Answers to the Top Ten Crowdfunding Questions athttp://www.PatchOfLand.com/bestever

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JF311: Why A Mobile Home Isn’t Exactly Mobile and Why YOU Should Be Investing in Them

Today’s Best Ever guest uses her knowledge about mobile home investing and all she has done to make build her fortune. We discuss what to do in the event of a mobile home disaster, and why you should NEVER stop being yourself and letting your personality shine in your business.

Best Ever Tweet:

[spp-tweet “Build your business around you, don’t try to build yourself around your business.”]

Rachel Hernandez’s real estate background:

–          Author of “Adventures in Mobile Homes: How I got Started in Mobile Home Investing and How You Can Too!”

–          Has been investing in mobile homes since 2002

–          Started out bird dogging and wholesaling then switched to mobile homes

–          Based in San Antonio, Texas

–          She used to work at Disney Land and was her hardest job interview ever!

–          Say hi to her at http://www.adventuresinmobilehomes.com

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Made Possible Because of Our Best Ever Sponsor:

Patch of Land – Want to learn more about crowdfunding? Let the leading expert in the crowdfunding space, Patch of Land, give you all the info you need to get started. Grab your FREE copy of Top Ten Answers to the Top Ten Crowdfunding Questions athttp://www.PatchOfLand.com/bestever

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JF274: The Best Investing Niche You’ve Never Heard Of…Fire Damage

Stop, drop and roll all over the dough you’re about to be making. Today’s Best Ever guest, the Fire King, shares with us how he is able to help people out after a home fire and how he makes money off of it. An incredibly unique niche we have never heard here at the Best Ever show, so listen up!

Best Ever Tweet:

[spp-tweet “I don’t buy houses, I really buy urgency.”]

Elijah Rubin’s real estate background:

–          Founder of Wiin LLC  and is based in Phoenix, Arizona

–          Completed over 400 transactions and sold over $300M worth of real estate

–          10 years of business

–          He is also known Fire Damage King

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Made Possible Because of Our Best Ever Sponsor:

Patch of Land – Want to learn more about crowdfunding? Let the leading expert in the crowdfunding space, Patch of Land, give you all the info you need to get started. Grab your FREE copy of Top Ten Answers to the Top Ten Crowdfunding Questions athttp://www.PatchOfLand.com/bestever

Empire Industries – Get your tenants, toilets and termoils managed today by investors just like you! The Best Ever property managers at Empire Industries are ready to offer you TWO FREE MONTHS of property management, so give them a call at 888-866-6727.

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JF228: Why You Shouldn’t Give Up After ONE Bad Investment

Are you overwhelmed by the amount of data and statistics you find while conducting your due diligence? If so, you better crank up your speakers because today’s Best Ever guest shares with us where to find everything you need to conduct your due diligence in ONE PLACE and why one bad investment DOESN’T make or break you.

Best Ever Tweet:

[spp-tweet “Make sure that you’re running your due diligence and seeking information.”]

Shane Sauer’s real estate background:

–          Co-Founder and COO of RentFax based in Kansas City, Kansas

–          Over 15 years of experience in the real estate industry

–          Licensed civil engineer, general contractor and appraiser

–          Loves to travel and scuba dive in Bora Bora

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Made Possible Because of Our Best Ever Sponsors:

Norada Real Estate Investments – Having a hard time finding great investment properties?  Unfortunately, the best deals are rarely found locally. Norada Real Estate’s simple proven system provides you with the best deals across the U.S. to create wealth and cash-flow.  Get your FREE copy of The Ultimate Guide to Out-of-State Real Estate Investing

Patch of Land – Want to learn more about crowdfunding? Let the leading expert in the crowdfunding space, Patch of Land, give you all the info you need to get started. Grab your FREE copy of Top Ten Answers to the Top Ten Crowdfunding Questions athttp://www.PatchOfLand.com/bestever

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JF191: Beware of the CapEx Shadow

With 2008 in our rear view mirror(ish), today’s Best Ever guest shares with you the ramifications on the multifamily industry as a result of it. And, what to look for now because of what happened. Plus, he shares with you his personal story of losing everything in 2008 and coming back much stronger afterwards.

Best Ever Tweet:

[spp-tweet “The most conservative asset class is multifamily.”]

Mark Jensen’s real estate background:

–        Senior VP of Investment Sales with Newmark Grubb Knight Frank based in Salt Lake City, Utah

–        Closed over $500,000,000 worth of investment sales

–        Recently nominated for CCIM Multifamily Broker of the Year

–        Say hi to him at http://www.markjensencre.com

Subscribe in  iTunes  and  Stitcher  so you don’t miss an episode!

Sponsored by Patch of Land – Could you do more deals if you had more money? Let the crowdfunding platform, Patch of Land, find investors for you and fund your next deal…and your next deal…and your next deal…and…well, just go find out more at http://www.PatchOfLand.com

Best Ever Show Real Estate Advice

JF72: Why Wholesalers Wholesale Houses is Beyond Me…

That’s a direct quote from today’s Best Ever guest. He shares with you the alternative to wholesaling homes. He says it’s all about marketing and negotiation. Let’s go!

 Tweetable quote:

[spp-tweet “We don’t buy houses. We buy problems.”]

 Michael Quarles’s real estate background:

–        Done close to 1,000 deals

–        Founder of I Buy Houses, Ugly Ones Too! and of YellowLetters.com

–        Been in the real estate business for over 30 years

–        Direct mail expert and considers himself a whole-tailer

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Sponsored by: Door Devil – visit www.doordevil.com and enter “bestever” to get an exclusive 20% discount on your purchase.

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JF36: Flipping Properties in Bad, BAD Neighborhoods

Flipping properties in bad neighborhoods can be scary and profitable. Today’s Best Ever guest talks about what it is like working in some of the roughest Las Vegas neighborhoods. He also gives invaluable tips how to effectively manage contractors.

Tune in to listen to his Best Real Estate Investing Advice Ever!

Jacob Cherrington’s real estate background:

–        Has done over 150 flips in Las Vegas since 2009

–        Largest deal is a 200 unit flip

–        Currently flipping three 30 unit properties

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Sponsored by: Door Devil – visit www.doordevil.com and enter “bestever” to get an exclusive 20% discount on your purchase.

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JF32: How to Collect the Most on an Insurance Claim

You’re standing in 4 feet of water. What’s your next step to getting the problem fixed and reimbursed for the damages? Today’s Best Ever guest is a public adjuster who represents property owners when they file insurance claims.

[spp-tweet “Most people do too much or too little of repair for insurance claims. “]

Tune in to listen to his Best Real Estate Investing Advice Ever!

Les Weitman’s real estate background:

– Works as a public adjuster representing property owners who file insurance claims

– Became a real estate agent at age of 18

– Host of popular real estate investing podcast called Life on PIRE

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Sponsored by: Door Devil – visit www.doordevil.com d enter “bestever” to get an exclusive 20% discount on your purchase.

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JF30: Mo Problems. Mo Income. What?! Yep. Turning Problems Into Income.

Every property has at least one problem. What if you could turn that problem into actual income? Jacob shares with you a story where his team turned two poorly functioning laundry rooms into cash money.

Jacob Durtschi’s real estate background:

–        Investing in real estate for over 11 years

–        Founded Jacob Grant Property Management (http://jacobgrant.com/)

–        Manages over 400 properties in Idaho while continuing to rapidly expand

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Sponsored by: Door Devil – visit www.doordevil.com and enter “bestever” to get an exclusive 20% discount on your purchase.

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JF 21: Bouncing Back. Methodically Scaling. Big Results.

Louis’s first investment property didn’t go according to plan. He bought in New Orleans right before Katrina hit. It wiped out the property but taught him some valuable life lessons. Lessons he has applied to become an over of 173 multifamily units. Want to hear his advice?

Listen to the show to hear his Best Real Estate Investing Advice Ever!

Louie Rodriguez’s real estate background:

  • Lives in New Orleans, LA and bought first property before Katrina in 2005
  • Currently owns a 16 unit, 37 unit and 120 unit
  • Focused on buying next multifamily of over 150 units

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