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JF978: How 9 MILLIONAIRES Were Made with This Simple Trick #SkillSetSunday

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He’s a professional consultant from New Zealand and helps other people get their business off the ground with their own ideas and unique talents. There are too many gold nuggets to not take notes, be sure you bring your full attention to this episode, enjoy!

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Sam Ovens Real Estate Background:

– Millionaire Consultant & Creator of Training Programs For Consultants at OVENS International
– CEO & Founder of SnapInspect; A property inspection app for property management companies
– Created 9 Millionaires & 136 6-Figure Consultants from his trainings
– SnapInspect has an office in New Zealand, North America with over 2,000 clients in 16 different countries
– Based in New York, NY
– Say hi to him at http://www.consulting.com 

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Sam Ovens real estate 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 fluff.

I hope you’re having a best ever weekend. Because it is Sunday, we are doing a special segment called Skillset Sunday, where by the end of our conversation you will have a specific skill that you will then be able to apply towards your real estate investing ventures. Now, today it is a unique skill, in that this is a skill that you can implement prior to starting your real estate ventures, to have the capital to actually use to invest. That’s the focus of our conversation – how to generate cash flow to use for your real estate investing.

With us today to talk us through that – Sam Ovens. How are you doing, my friend?

Sam Ovens: Good, thank you!

Joe Fairless: Nice to have you on the show, Sam. A little bit about Sam – he is a millionaire consultant and creator of a training program for consultants at Ovens international. He has created nine millionaires and 136 six-figure consultants from his trainings. He created SnapInspect, which has an office in New Zealand, North America with over 2,000 clients in 16 different countries. That is a property inspection application for property management companies. So he does have some experience within the real estate category. He’s based in New York, New York. You can say hi to him at his website, which is the show notes page.

Before we get into it, Sam, do you wanna give the Best Ever listeners a little bit more about your background and your current focus?

Sam Ovens: Sure. I did the normal sort of thing – went to school, went to college and then got a corporate job, and then realized that I didn’t like my corporate job pretty quickly. I decided I wanted to be an entrepreneur, so I quit my job and then I moved back home with my parents into their garage, and decided I was gonna start a business. I didn’t know anything and I had no money either, really… I had probably about $1,000 or something, which was supposed to keep me alive.

The first couple of businesses I started were just cool ideas; that’s how a lot of people start, they’re just like “What’s a cool idea?” I started a job board, and then an office lunch delivery business, and they both failed, and I spent my first year pretty much just failing. Then that’s when it really hit me that all these businesses I’ve created, they were just cool ideas which I’d come up with. I just thought “What’s a cool idea?” and then I created it and went out there and tried to sell it, and then no one wanted it.

That’s when I really realized that no one wanted the things I was coming up with, and the ideas that were cool in my head weren’t exactly things other people would pay money for.

It was like a big wake-up call, so the next time around I decided to go to the market first and ask them. So I went out to the market first and I said, “Hey, what are some problems that you guys have? Maybe I can help you solve those.” So I went out to the market and I found out that property managers had a massive problem with property inspections, so I decided to start helping them with property inspections and I came up with SnapInspect. For the first time ever, something I created worked, and it was because I got outside of my own head and went to the market, and I created something that people actually needed, instead of something which I thought people would want.

That worked, and that kind of evolved… I grew that business up, I ended up selling my shares in that to my business partner, so I’m out of SnapInspect now. Then I became a digital marketing consultant, helping businesses get customer online, and then that’s involved into — now I help people start consulting businesses. I help people who have a skill or want to have a skill start their own private consulting business. We have online trainings that help people do that.

Just recently we acquired Consulting.com, so now we’re really growing into a company that has multiple offices and a big team, and it’s less about me now and it’s more about a company. It’s gone from being a private consulting business to being kind of like an e-learning platform. Like most entrepreneurial stories, it started one way, ended up somewhere totally different, but that’s kind of how it happens.

Joe Fairless: What was the need that SnapInspect solved the problems, based on your original research?

Sam Ovens: Property managers – when I spoke to them… This was back in 2012, or something… Back then, the way they were doing property inspections is they were going to the property, carrying a clipboard with a printed checklist; they’d have a pen, they would complete the inspection checklist like that, and then they would have a digital camera with them, they’d take photos, and then they’d go back to the office. There they would open up a template on Microsoft Word, manually copy the information over into the template, and then upload the photos from the digital camera to the computer, format them, put them in, save it as a PDF, attach that PDF to an e-mail, then send that e-mail to the owner.

The average property manager managed 130 properties and they had to inspect each one twice a year minimum, legal standard. So we’re talking about like 600 of these inspections, and each one of them was quite an ordeal of just shuffling things around, and it was very inefficient. People hated it, it was their number one problem.

If you spoke with a property manager then – I’m sure even if you spoke with a property manager now – and you were like “What’s the number one burden of your day-to-day in your job?” they would say “It’s property inspections.”

Joe Fairless: So you put it in a digital template or format, so they could easily upload the content and then the output would be something they could send out.

Sam Ovens: Yeah, I created a mobile app; you just take photos, you complete the checklist, and then it creates the PDF and e-mails it to the owner as you walk out the door.

Joe Fairless: Now we’ll transition into what we kicked off the show talking about, and that is how to generate cash flow for investments so that we can invest in real estate? How do we build up our cash flow? Your focus was teaching how to get online customers, now it is help to start a consulting business… Take it away – how should we structure our conversation so that by the end of this the Best Ever listeners will know how to generate cash flow so they can start investing in real estate, if they haven’t already?

Sam Ovens: Well, generally you have to have cash flow to build up a large stake, like a war chest of cash to invest. Unless you’re lucky enough to get given some, which I’m sure most people aren’t — that was the big hurdle for me… I was like, “Well, I’ve got no money to invest, so there’s no point in learning how to invest unless I’ve got money to invest”, and it’s like the chicken and the egg problem, which one comes first?

That’s when it really dawned on me that when you’ve got no money, cash flow is the most important thing in the world, because you have to keep yourself alive and you have to stay in the game. And most importantly, I found you have to have confidence. If you don’t have a certain amount of cash in the bank, you start making lousy decisions, and you’re desperate, and you’ll want to jump at a deal which you usually wouldn’t jump at if you had enough cash to float you through the year.

Warren Buffett talks about it a lot – he even calls it “cash float.” Berkshire Hathaway always has at least 36 billion on cash, purely because he never wants to worry, because when you worry, you make poor decisions.

So I realized this, and I was like “Okay, so you need cash to really be a good businessman, but how do we get it?” All the product businesses I looked at, they were capital intensive; you had to spend money upfront. To built a software product, you had to spend money upfront. So when it came to developing SnapInspect, for me, I had a great idea, the market validated it with me, they saw that this would work, and we all paid for it, but I didn’t have the thing to sell to them.

So I was kind of stuck here, I was like “Well, this is a good investment, but I don’t have the money to front it”, so I was forced to figure out a way to generate the cash to fund the investment and bring it all to life, and that’s when I first turned to a consultant. Plain and simple, I knew that a lot of businesses and a lot of people out there, they need help with different things, they have problems, and a lot of problems people have aren’t just product problems… Like, there’s not a product to solve everyone’s problem; a lot of them are services and advice, and there’s a whole market out there for people that just need advice, and that’s just talking to someone and they give you money in exchange for it, and you can actually charge quite a lot of money for that.

I realized that the stuff I had in my brain just from understanding a little bit about marketing and sales and stuff, to me it was worth nothing because it was just what I knew, and everyone always undervalues what they know, but to other people, I had no idea that that was worth money. So I started talking to other people and asking them about what their problems were, and then if I could help them, I would say “Okay, well I can help you with that. I’ve got experience with this thing, I know how to solve this problem. Would you be willing to have an agreement together where I train you on this or consult you on this, and you pay me in return?” I was able to get a few deals like that… None of them were huge, they were like $500-$1,000. And just by selling those things, I was able to get enough money to build SnapInspect and actually get it off the ground.

So it was through selling my advice that I got enough money to front an investment, and I think having a consulting arm really for any business is a great thing to have, because if you need cash flow or if you need to get some liquidity at any point in time, you can do that.

Joe Fairless: So for the Best Ever listeners in varying backgrounds, because we’re all over the United States mostly – 93% of the listeners are in the U.S., and then 7% all over the world – where do we go from here? …Where yes, agree, Sam, it makes sense; we should start a consulting arm for our business to help generate cash flow. Now what do we do?

Sam Ovens: Well, if it’s something you actually want to do, you have to go to the market. You need to know what you’re gonna be selling. People feel like they have to go out and just learn a whole bunch of skills and acquire a whole bunch of knowledge, and it’s the wrong way to go about it. If you just go out and you start learning – learning for what? What are you optimizing for? Your mind is an algorithm, and if it doesn’t have an output function set for what it’s optimizing for, it’s just gonna make a mess.

Whenever you’re gonna learn or whenever you’re gonna acquire information and knowledge, you need to have a reason why, you need to have some sort of intent. And then once you have the intent, it’s very easy to acquire the knowledge. Where you find that intent is you don’t [unintelligible [00:13:31].05] because you don’t know what you need to know.

The way I make it really simple for people is it’s like imagine that there’s a girl called Suzie and she’s sitting on a park bench, and you’re sitting on a park bench opposite of her, and you’ve gotta guess what Suzie wants for lunch. You have no idea what Suzie wants for lunch; you could sit there and think about it all day, you could read every book there is, you could listen to every podcast, you could read every blog… You could own Google, and you still wouldn’t really know what Suzie wants for lunch.

This is kind of what entrepreneurship is about, and people kind of messed it up a bit… They try and learn all this stuff and then guess what Suzie wants for lunch, but you’re never gonna know, no amount of information can tell you. The easiest way is to just go over and ask her. That’s what entrepreneurs need to do, any type of entrepreneur. This doesn’t matter what niche, what country, what anything.

Very simply, Suzie is the market. You need to go out to your market. If your market is real estate investors, if your market is property managers, if your market is whatever – you can go and talk to your market and be like, “Hey, what are the most painful problems that you face on a day-to-day basis as an X?” And X could be a property manager, it could be an accountant, it could be a real estate investor… You ask them that, and then you’ll be quite surprised – people love telling you about their problems. They love talking about themselves, and they’ll tell you. And you don’t just listen to the first one, because one person can be wrong, one person can be an outlier; you need to listen to enough of them. I would say a sample size of about 20 or more.

After you’ve talked to 20 people in one specific niche, you’ll start to recognize a pattern, and you’ll start to recognize reoccurring themes between these conversations, as I did with property managers. I started to notice that out of 20 property managers I spoke to, probably 18 of them hated property inspections. I was like, “Okay, this isn’t just one person. This is like a widespread issue here.”

You’ll be amazed at how easy these things are to find. If you talk to the market and you care for them and you don’t have any agenda or any bias in your mind when you go there… A lot of people – they already know what they want to sell to the market, so they go there and they’re asking questions to position it just so that they can sell their thing. You’ve gotta remove all the bias; you can’t have an agenda, otherwise you’re gonna skew the conversation. You literally have to have no bias.

You talk to them, you find out what you want, and then you create the offer. That’s where you get the information and you create the offer, whether it’s a product or a service or a consulting business or whatever, and that’s how you find out what to sell.

Once you know what to sell, then you know what skills to acquire, and if you don’t have those skills in order to solve their problem – it’s very easy, you can go and learn them.

Learning things is very easy. Knowing what things to learn is the hard part. So that’s how we figure out what to learn, we optimize off the market. We go speak to the market, find out what Suzie wants for lunch, figure out a solution to give Suzie what she wants, and then acquire all the knowledge and information necessary in order to fulfill Suzie’s want.

Joe Fairless: On the very first step, which is really knowing who you’re speaking to, knowing your audience, knowing which niche you’re focused on – do you have any suggestions for the Best Ever listener who hasn’t identified who they should be speaking to?

Sam Ovens: Yeah. Well, the first thing is you have to pick a niche. The man who chases two rabbits catches none. The guy who tries to chase all of the rabbits, he’s like “Screw chasing one, I’m going for everything. I’m gonna chase everybody.” And he goes chasing everybody and he gets nothing. Then the guy who just chases one rabbit, he always ends up catching it. Business is very much like this.

A lot of people, a lot of entrepreneurs are too afraid to narrow their reach because of what they might miss out on, but they don’t understand without narrowing their niche they don’t get anything. So the key is to pick a niche, that is mandatory. You can always make it wider later, but to begin with, it has to be nice and narrow.

To answer the question “What niche to pick?”, it honestly doesn’t matter. You can’t pick the perfect niche, there’s no way to do that. This isn’t a science, or at least a science that exists at this present moment in time. There’s no way to study and theorize on what niche to pick. The best thing to do is just to pick one… Just use your instinct.

Imagine someone has a gun to your head. They’re gonna blow your brains out in ten seconds. What niche are you gonna pick? Whatever you say is a good one to start with, because we can always change it. Like I said, your mind is like an algorithm, it optimizes. If something doesn’t work, it’s like “Okay, we don’t do that again.” If something does work, it’s like “Maybe we’ll do more of this.” So it doesn’t matter what you start with, it’s just that you need to start.

I told you my story before about how I started with an online job board, then an office lunch delivery business, then a property inspection app, and now I’m here… I’m probably doing the thing right now which I should have always been doing, but I was only able to find that by doing the wrong things. So that’s the key – pick anything, and just do it. If it’s not right, then change it. If it is right, do more of it. Trying to get it right, you’ll never have picked anything.

If I was still trying to pick the perfect niche, I’d still be back at the starting blocks, five years ago.

Joe Fairless: Once you identify what should be created based on what your target audience says they have a problem with – so you’ve got the offer, and then you went and learned whatever is necessary, assuming they didn’t have that knowledge, how do you know how to price or structure the consulting program?

Sam Ovens: That’s a very good question. We’ll handle the structure of it first, and then we’ll handle the price. In terms of the structure, I like to use this thing I call ‘minimum viable offer’. I blatantly stole that from the guy who wrote Minimum Viable Product, which is MVP – Eric Ries, The Lean Startup. He found in the sales world that people were building these big bloated products that had like a thousand features and they were like rocket ships, and people were sick and tired of all of this crap; they just wanted something lean, and just something that was simple and could do the job…

So these new protagonists emerged in the market who were people who focused solely on minimum viable products and made them dead simple, and they were actually able to beat the fancy, complex products. It was a case where simple beats complex. In the consulting world right now it’s gotten complex, so it’s a ripe time to come in with that same strategy.

I came up with the term ‘minimum viable offer’ – it’s the same as minimum viable product, except we’re selling services instead of products. So we look at the customer’s problem and we ask the question to ourselves “What is the least amount of work I can do to get that person what they want?” I’m not trying to show off how smart I am, I’m not trying to talk about this new theory that I read in this book, I’m not trying to talk about any crap which they don’t need… I’m just trying to offer the least possible, because that means it’s easier for me to deliver, it means it’s simpler for the client, it’s more simple to communicate, and it’s a lot easier to do.

So you really have to start with that question, “What’s the least amount of work possible that I can do to help this customer achieve their result?” and again, like everything in life, you’re not gonna be able to figure this out perfect before you do it. So you kind of come up with a hypothesis; you’re like, “I believe this is going to work” and then you form your hypothesis and you go out to a customer and you sign them up, and you start doing the work with them. Then they either get the result they were after or they don’t. Then you go back to your hypothesis and you’re like, “Okay, where could I have improved this? Where did I go wrong? What should I do more of, what should I do less of?” Then you form a new hypothesis, you go back to the market, you implement it again, and it’s just an iterative process, each time coming closer and closer to the perfect offer.

So that’s how we create the perfect offer – it’s minimum viable, and we use the scientific method of hypothesis, iteration and feedback to optimize it to get it to that perfect product market fit, or in our situation, service market fit. So that’s how we do that.

Then in terms of pricing the offer, what I like to do is price around 10% of value. You have a price on costs. I think costs-based price is a very stupid way to do things. That came about from the industrial revolution when people were selling steel and oil and things, and we’re not in the industrial revolution anymore.

These days it’s all about value. You really have to determine what is it worth for this person to have their problem fixed. Let’s say we’re in real estate investing and this guy has a bad deal; it’s bleeding him out like 2k/month. If he doesn’t fix that, it’s gonna cost him 2k/month for some horizon of months; you could assume maybe six months – it would cost him $12,000. Then if we would have priced our offer, if we thought we could save him from that deal, we could say “Okay, the value would be $12,000 for him”, and to make it a blockbuster deal, we wanna price on 10% of value.

If he’s gonna save 12k if we charged him $1,200 for that, then it’s a no-brainer, right? That way you’re gonna have an awesome offer. We don’t wanna be too greedy and be like “We’ll charge him 10k.”  We could absolutely do that, but my view is that you want to blow people away. You want to be like the iPhone. The iPhone is pretty cheap for how much value you get.

When you have an offer like that, it just goes crazy. You don’t even need to market, you don’t need the webinars, you don’t need all this crazy copywriting which all these copywriters do and put highlighter and countdown timers everywhere… It’s just a bloody good offer and people talk about it.

That’s what happens when you price it about 10% of value, so that’s how I recommend everyone prices things.

Joe Fairless: I love that. And just to ask a clarification question on the pricing – do you recommend pricing based off of, say, monthly retainers of 10% of value, or a one-time thing, or any combination thereof?

Sam Ovens: That’s a good question. It totally depends on the nature of the problem. If the problem is kind of a one-off sort of thing, then you’d probably just have a one-off fee. If it’s an ongoing thing, which is like you’re going to be working together for a while, and personal training is one of them – you just don’t get fit and then that’s it; people who have tried to do that, they often end up not fit again.

So it totally depends on the nature of the problem. If it’s an ongoing thing, then you would have a retainer; if it was a one-off sort of thing, you would go one off. You’ll be able to tell what makes sense when you see the problem.

Joe Fairless: Sam, is there anything else that we haven’t discussed as it relates to generating cash flow so that we can then invest in real estate that you wanted to mention?

Sam Ovens: We’ve talked about some good theory and everything about how to go out and make money, but the big thing that I see every day with entrepreneurs is that they become great money makers but not very good money keepers. Pretty much everyone I’ve observed – even my heroes who I observed five years ago – it’s amazing to see that all the money that’s gone through their hands, they still don’t have any of it… So I think there’s massive amounts of information missing in this industry, and in terms of accounting and finance and being financially responsible.

I think everyone’s being so pulled on the bias of “Make money!” It’s all about making all this money, and it’s great, people have learned how to make a lot of money, but they haven’t kept any of it. It’s kind of like, if we observe history, when pro athletes first started making a lot of money, in boxing or in football or in basketball or whatever, the first people were the pioneers of their industry; the first people who did it, they lost it all. Only the modern day people can look at their mistakes and learn, and that’s why they have financial managers, and they’re more sensible now.

I think it’s more than just making the money, I think it’s also hanging on to it, especially in investing. I understand now that in business once you’ve got money, it’s more of capital preservation than trying to make more. Protecting your downside is more important than trying to make more, and that’s the number one thing that becomes an issue once you have some money.
So I think a lot of people need to read some books on accounting and on finance, and just on managing money, because the biggest thing — I’ve seen so many millionaires do it… They’ve made millions, and they don’t have millions anymore. So that’s the only other piece of advice I would add.

Joe Fairless: I was interviewing a gentleman, and his mentor was Ross Perot… And Ross had a famous saying that he’d always mention prior to investing in something; he said, “It’s more important to be focused on return OF capital than return ON capital”, and that’s exactly what you’re talking about here.

Sam Ovens: Yeah, absolutely. It’s a concept which you don’t learn to appreciate until you have some capital. Because most people are swinging for the fences all the time, because they’re like “What does it matter if I lose 1k?” But once you’ve got a pile, it’s more about protecting that pile than trying to add to it.

Joe Fairless: Where can the Best Ever listeners get in touch with you or your company?

Sam Ovens: My website – the new one, which is live right now, but it’s just one page… There’ll be a full blog there and everything in the next few days. It’s Consulting.com.

Joe Fairless: And what will they find when they go there? On that one-pager, what will they find?

Sam Ovens: They will find a basic video about what we do – we provide training programs helping people become consultants. The reason why I’m saying it now is because in like two or three days’ time there’s gonna be a proper website there, which has a lot more information… Because we’ve only just acquired that domain name.

Joe Fairless: Well, congratulations on the new acquisition and thank you for being on the show. You walked us through six steps to start a consulting program, so that we can go invest in real estate if we haven’t already. Step one is pick your niche; as you said, if you chase two rabbits, then you get no rabbits… So find your rabbit and go chase it. Two is know your audience. Three is know what you should be selling to your audience; talk to them, do 20+ interviews. Four is create the offer based  on what they want, and then five is know how to structure it with your minimum viable offer approach. You test and optimize that. Six is getting the pricing right, and you recommend pricing it at around 10% of value.

Thanks so much for being on the show, Sam. I love your quote also — you had a couple of money quotes, in my opinion. One is “Don’t undervalue what you know. Most people do.” And also, “Learning things is easy. Knowing what to learn is the hard part.” Ain’t that the truth?

Thanks for being on the show, my friend. I hope you have a best ever weekend, and we’ll talk to you soon.

Sam Ovens: Thanks, you too!

 

 

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best ever real estate pro advice

JF977: Commercial Loans 101!

Listen to the Episode Below (31:07)
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He wrote a book all about it, so today get your notes ready for commercial loans. From being approved to closing the deal you will understand what lenders are looking for in this niche.

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Michael Reinhard Real Estate Background:

– Commercial Mortgage Banker at Texas Commercial Mortgage, LLC
– Author of successful book Commercial Mortgages 101: Everything You Need to Know to Create a Winning Loan Request Package
– Masters Degree in Land Economics & Real Estate from Texas A&M
– Based in Houston, Texas
– Say hi to him at www.texascommercialmortgage.com
– Best Ever Book: Hamilton

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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 fluff.

With us today, Michael Reinhard. How are you doing, Michael?

Michael Reinhard: I’m good, thanks.

Joe Fairless: Nice to have you on the show. A little bit about Michael – he is a commercial mortgage banker at Texas Commercial Mortgage. He is the author of the book Commercial Mortgages 10Joe Fairless: Everything You Need To Know To Create a Winning Loan Request Package.

He’s got his masters degree in land economics and real estate, and he is based in Houston, Texas. With that being said, Michael, do you wanna give the Best Ever listeners a little bit more about your background and your focus?

Michael Reinhard: Yes, Joe. As you mentioned, I received my masters degree in 1989, and I immediately began my career working for savings and loans in the REO department. At that time the savings and loans crisis was at its pinnacle, and basically there’s no lending on real estate in Texas for the most part. I kind of cut my teeth on commercial real estate by analyzing the cash flow, the assets of the bank that were basically in the [unintelligible [00:03:34].20]  to get sold. It was the mandate by the Resolution Trust Corporation – the RTC acronym that most people are familiar with that are probably in their 40s and 50s.

That’s where I really learned the analysis of cash flow for all types of properties, so it was a good, well-rounded, quick education in all types of commercial properties. It was from multifamily, to office, to warehouse, industrial, self-storage and even MUD receivables.

Joe Fairless: What are MUD receivables?

Michael Reinhard: MUD is an acronym for Municipal Utility District. For example, if you’re outside a subdivision and a growing community is outside the reach of the main city’s water facilities… It’s almost like a privately-run organization to provide water lines to the community. Usually the taxes are a lot higher. There’s like a board — it’s kind of like a quasi-government agency that’s privately run and provides the utilities to that area because the city hasn’t been able to get out that far.

I don’t know exactly how they were set up or the history of them, but when the developer would develop a subdivision for single-family homes (or even a multifamily property), you’ve gotta go to the MUD board to get a approval for the capacity you’ve got, to determine if there’s enough capacity to build  a 200-unit apartment complex. You’d have to get the board to vote on it. There were some politics involved… But when you do that — and let’s say… Because I mentioned that at the bank, when the savings and loans crisis hit, and the recession, a lot of these subdivisions were abandoned, and there was a lot of money spent on these water utility — I don’t know if they were just water taps, or sometimes water plants or water pumps that were just sitting out there… They had value; the bank owned those, and we were just trying to determine what the value of those was at the time. That was kind of interesting.

With that said, in the early ’90s there were a lot of ex bankers, a lot of ex real estate people in the late ’80s or the ’90s that were working these different failed savings and loans; they were all being propped up by the selfless bailout government financial rescue… So when all the assets were sold, everybody was kind of losing their jobs, worked themselves out of the job, so there’s just a lot of real estate, analyst people in 1993-1994, and then we had another recession in ’94… That’s when I transitioned into working as an analyst on the mortgage banking side, because around ’94, ’95 this new conduit lending – it’s called the CMBS Loan… CMBS is a commercial mortgage-backed security; it’s the same thing as a residential MBS… That was kind of a new vehicle to provide commercial real estate loans to commercial property investors.

I started off as an analyst at a large commercial real estate firm called [unintelligible [00:06:33].15] which is a national firm… That’s where I had to shift a little bit my real estate career from just more of an analyst and selling assets to now getting on the mortgage side.

It was a good move, and I learned the conduit lending along with Fannie Mac and Freddie Mac agency lending… I spent years as an analyst, an underwriter, working for various banks like Bank of America, John Hancock Life, and some other smaller Texas banks… Then I finally decided in 2009 when the great financial crisis hit – of course, so many people got laid off, there just wasn’t any lending – to take all the expertise I had, venture out as an independent commercial mortgage banker. That’s when I wrote the book.

That’s kind of the genesis of my current position as a commercial mortgage banker, because I’ve spent years and years as an analyst, underwriter, and I felt at that point there’s no place to go at the bank. I was never really an executive or a major stockholder of a bank, so I thought there’s really not much more for me to do or contribute at a bank, and I would prefer to be able to help investors with all types of financing.

As a broker, if one bank says no, then I just go to the next bank or the next type of lender… So it’s more exciting, it’s more challenging. Every deal is different, there’s not one commercial real estate loan that’s alike, unless you’re doing the same old cookie-cutter Fannie Mae loan. That’s how I came about working for myself; I’ve got clients in California, in Florida, in Texas, I’m doing some loans in Indianapolis… I can do loans nation-wide.

I normally don’t do anything in California, because there’s just an inordinate number of brokers there, and I don’t really know the market in California. It’s a different market, and there are some licensing requirements. Texas is big enough, there’s plenty of real estate here.

Joe Fairless: Yes, there is, that’s for sure. I have purchased your book right before we got on the call… I bought your book “Commercial Mortgages 101: Everything You Need To Know To Create a Winning Loan Request Package.” I’m very intrigued by this, and I’d like to spend some time talking about the content of your book.

For a Best Ever Listener who has some single-family home properties and maybe a small multifamily property, but now they wanna go a little bit larger, and for the sake of simplicity, let’s say it’s multifamily… They wanna go a little bit larger to, say, a 20-30 unit property. What do they need to know about commercial loans, in particular as it relates to getting a package together for the lender?

Michael Reinhard: The first thing I’d like to emphasize is that a commercial real estate loan is an entirely different industry than a residential loan… A residential loan meaning either a homeowner loan or even a 1-4 family, whether it’s a duplex, triplex or fourplex. Everything you know about and any experience you have with that type of loan – forget about it. Don’t even try to make a comparison. It’s a different industry. So when you’re attempting to buy a 5-unit, or a 10-unit, or a 20-unit, as you’ve suggested, often times you have to deal with a local bank or maybe a national apartment lender.

Credit scores, for example, would be the first place to start. It’s always good to have a good credit score. It’s not all that critical, where residential mortgages it’s almost like it literally hinges on your credit score only, and of course income, but with commercial real estate loans credit score is not the top consideration, it’s not the most important. Then the next thing that a lender would like to see in an investor is net worth and liquidity. Net worth is, obviously, the difference between your assets and liabilities, and they like to see a net worth equal to or greater than the loan amount.

If you’re wanting to buy a $1,250,000 apartment building – I always like to use that number – in an 80% loan, to be a million dollar loan, they would like to see your net worth equal to a million or more. It is not always the rule that you have to have a million dollar net worth; you could have $800,000, $600,000… Because if you have a lot of income, if you have a good income, if you have a high salary or a W2 salary, or you’re self-employed and you make a lot of money, net worth is not all that important. There’s some mitigation for the net worth.

Then the liquidity is really important. Yes, you have to have enough money to put down; in that situation you’d need $250,000 to put down… But if that’s gonna use up all your cash, just to get into that deal, the lenders will look upon that as a little weary, because you have no cash left. They don’t like to see someone use up all their cash after a closing and then not have anything for an emergency such as a $10,000-$20,000 deductible for an insurance claim; let’s say you have a fire immediately after you purchase the apartment building – which has happened to one of my clients; within 3-4 weeks he had  a fire after just closing on a 44-unit apartment complex. He had to make a claim, and the lender wants to know that you have enough cash to make the claim and get the property fixed, and get it re-leased, or re-tenanted and cash-flowing, sufficient enough so it doesn’t put your payments in jeopardy and putting any hardship on you.

Joe Fairless: What type of liquidity do they look for?

Michael Reinhard: It varies between lenders. The general rule is 10%-20% of the loan amount. If you’re wanting to borrow a million dollars, you have to have at least $100,000 after closing; $150,000 or $200,000 is even better. Sometimes they use 6-12 months’ worth of principal and interest payment. If your mortgage payment was, say, $10,000 a month, they’d like to see $120,000 or so in liquidity. Those are the general rules.

Then the next would be ownership experience. Owning a duplex, or three or four single-family rentals, or maybe 10 or 12 (you could even have 30 of them) – that’s even better if you have a large portfolio of single-family rentals. But if you’ve only had one or two, and maybe a couple of duplexes, that’s not the same as a multifamily, because it’s a little bit different animal.

Anywhere between 5 up to maybe 50 units – they pretty much allow you to self-manage the property because there’s not a lot of third-party management companies that would want to take on a management of that size; it’s just too small and they don’t make enough money to do it.

Because the lender knows that it’s difficult to find a third-party management company and they know that the investor will be attempting to manage the properties themselves, they want to see “Hey, what do you know about leasing, and doing the credit checking, verifying employment and background, the criminal background?” and just qualifying tenants and management of the property. They’re gonna wanna know if you have some experience in managing the property. You could have owned properties and had some third-party management – that’s fine, too.

So ownership experience and management experience. Ownership experience is a little bit more important than management because they know not everybody manages their own property and it’s not that important.

So those are the five: net worth, liquidity, ownership experience and management experience, credit score  – that’s six. Income, in terms of whatever you are – a W2 employee or self-employed… They also wanna know if you have a portfolio of properties; they wanna look at your global cash flow, how much cash you earn after debt service… Because any excess cash flow after debt service meaning you’ve got your net operating income, then you have a principal and interest payment to the lender, and the rest is taxable income. That’s pre-cashflow — not necessarily pre-cashflow, but that’s taxable income that you have left over that if you’re experiencing some hardship on one property, you can then move that cash around to keep all your debt service intact.

A lender likes to see your global cash flow, and that would be your income in whatever profession you’re in, or if you’re in real estate full-time, they wanna just see your overall cash flow. There’s really no ratio on that. People ask me about your debt-to-income, what is the residential ratio…? It’s your income-to-debt, or is it debt-to-income…? They don’t really use that in commercial real estate. They just look at the property’s loan-to-value and the debt coverage ratio, meaning how much does the net operating income exceed the monthly principle and interest payment.

And the PITI is not applicable. So when I say debt service, it’s not principal, interest, taxes and insurance. In commercial real estate it’s just PI – principal and interest. Because in multifamily investing, as part of your operating expenses, it includes property taxes and insurance. It’s always an operating expense, it’s not a part of your payment to the lender, because those may be ESCROWs in those 1-4-family… It’s still an operating expense, but they collect them. And it’s not to say that the commercial lender doesn’t ESCROW for taxes and insurance – they do, but when they’re calculating all their ratios, your debt coverage ratio, that’s only principal and interest.

Joe Fairless: What are some immediate disqualifiers that a commercial lender will have?

Michael Reinhard: Generally, the first thing I like to ask is — an extremely low credit score is… I would say below 600 will raise some eyebrows or will require further explanation. When you get into the 500, that’s difficult.

The next would be any bankruptcies, and usually anything older than 10 years is okay. So any bankruptcies less than 10 years may disqualify you. And then foreclosures – any type of foreclosure and any summary judgments, and that could be for any reason. Any summary judgment, which is basically a court order settlement in which somebody has won a claim against you for any reason, any business, lawsuit, any real estate, and which you’ve obviously not been able to settle or pay, and therefore it lines up on your credit report… Because often there’s no real explanation of that on the credit report, there’s not much detail, so you then have to ask the credit applicant “What is this? What was it for?”

And usually, another thing is self-employed people who are living off the cash flow of some real estate investment. If you have one or two or three single-family rentals and that’s all you have, but that income is what’s supporting your family, that doesn’t bode too well for the lender… They see that you’re generating enough income obviously to support your family or your house (even if you’re single), but it doesn’t leave anything to service the debt of another loan or to give you any cushion in the events of some financial hardship. It’s just too tight. They like to see people who don’t have to depend on their commercial real estate investments or even their single-family real estate investments, they don’t have to depend on it to pay their bills.

Now, if you have a huge portfolio and you’re making 200k/year off your real estate, that’s fine. But if you’re just barely getting by and you’re trying to buy your next deal, that’s a little bit of risk to the lender. So self-employed people have to be pretty well established.

Joe Fairless: What type of loan-to-value ratios should we project when we’re initially running numbers on a stabilized multi-family property of about 30 units?

Michael Reinhard: 80% is the standard loan-to-value for a multifamily apartment building. Anything commercial-wise – an office building, a retail center, industrial warehouse, a medical office – is 75%. But there are some exceptions on the 80% for multifamily, and that would be depending on the debt coverage ratio – how much the debt coverage ratio is, how high it is, the income of the borrower and the strength of credit worthiness and financial strength of the borrower.

If you don’t have much net worth and you’re trying to do your first deal or your second deal, they may say “Well, we’re not gonna provide that much leverage. We’d rather limit out exposure to 75% and not 80%.” So if all looks good – good income, decent net worth – you can always pretty much get an 80% loan. But there are extenuating circumstances that may limit to 75%. In each deal, all of the information has to be considered: the borrower information and the property information… And the age – it could be an older property in a rougher neighborhood. It’s really subjective, so it’s up to the chief credit officer, chief lending officer to determine whether they can go that high.

Joe Fairless: Michael, what is your best real estate investing advice ever?

Michael Reinhard: I know this sounds simple, but not to overpay for properties based on when cap rates are trending down. Right now, and what’s gonna happen to my clients that have five-year money with banks – interest rates are gonna go up, and cap rates that are now in the 6%-7%, if they don’t go up with interest rates, a lot of borrowers are gonna be stuck trying to refinance a property five years from now at a much higher interest rate, and I’m talking about 7%, where now the lender is making more money than the investor is.

So it has to do with buying at the right cap rate. Don’t buy into this notion “Where else are you gonna put your money?” 6% is a good return, but you can get burned in real estate using that logic. So no matter how badly you wanna buy a property and how you wanna get into this market and get in the game, patience pays off to make sure you start off with a good at least 7,5%-8% cap rate. Because interest rates are gonna go up, and a lot of people are going to be in shock three and four years from now.

If you don’t have rental rates that are  increasing to increase the value of the property, it’s gonna be a little bit more difficult to refinance. And what’s gonna happen, your return on your equity is going to plummet if you had paid too low of a cap rate in a rising interest rate market.

Joe Fairless: Good cautionary advice, that’s for sure. Thanks for sharing that. Are you ready for the Best Ever Lightning Round?

Michael Reinhard: Absolutely!

Joe Fairless: Alright, first a quick word from our Best Ever partners.

Break: [[00:21:52].16] to [[00:22:34].14]

Joe Fairless: What’s the best ever book you’ve read?

Michael Reinhard: Hamilton, I just finished it… Alexander Hamilton.

Joe Fairless: Oh, yeah…

Michael Reinhard: I just finished reading it, and I was like “This guy is a genius!” He’s a financier; this guy was a genius. He created our financial system.

Joe Fairless: There’s a couple books out about him… I’ve got a gigantic one that I’m about 20% of the way through; I’ve been working on it for about six months. [laughs]

Michael Reinhard: Yeah, Alexander Hamilton is the name of the book… Ron Chernow is the actual book that inspired that musical Hamilton.

Joe Fairless: Okay, got it.

Michael Reinhard: It’s 800 pages long. He created our financial system, he created basically our mortgage system… It’s amazing. This guy was [unintelligible [00:23:15].24] He died at the young age of 49. He just wasn’t given the credit that he deserves.

Joe Fairless: Best ever transaction you’ve done?

Michael Reinhard: I placed some preferred equity for a group that was buying a multifamily property in San Antonio. They had the deal under contract for a long time, and the investors were just coming up short — well, they weren’t just coming up short; they were about 3-4 million short of raising their equity, and they had literally three weeks to close. I was able to bring in that preferred equity lender that provided 3.2 million dollars in equity that was able to salvage the deal; earnest money was hard at risk, and I made a handsome fee on 3.2 million dollars.

Joe Fairless: What type of rate would that preferred equity partner charge?

Michael Reinhard: It was 15%, but there was no carried interest, or what they call “No promotion”, meaning that they had a superior position of preferred equity versus the common equity, but it was priced like mezzanine financing, which is like a second loan. That means they’re just saying, “Look, all we want is the 15% annual return. We don’t get any of the upside, we don’t get any of the profit. You sell it, you finance it… We don’t get any more. We’re not going to increase our return”, where a joint venture equity investor would say, “Okay, I’m going to get a 8% preferred return every year, and then I’m going to get 50% of the cash flow when they sell it.”

Well, then if you do an internal rate of return calculation over that three, four, five-year period, you could have wound up making a 20% internal rate of return. Well, it was simple; it’s just a plain, non-compounding 15% return on the investment. If they invested three million, they’re gonna make $450,000, and that’s all they get. After the another three years, they just get their 15% for over three years. They don’t get anything more and nothing less.

Joe Fairless: That was a three-year term…

Michael Reinhard: Yeah, it was to be a three-year term and they had an option to extend, so if they needed more time, they would have given them another year.

Joe Fairless: That’s interesting.

Michael Reinhard: Yeah, so they wouldn’t have made any more or less; they would have gotten their $450,000 for those three years, and no matter how much the sponsor — if they made a two million dollar profit, the preferred equity lender would not get any of that.

Joe Fairless: Did they buy this property all cash?

Michael Reinhard: No, that’s why it was the best deal ever, because there was an existing HUD loan that they were assuming. And there were some complications under any kind of a Fannie Mae, Freddie Mac or even an FHA HUD loan, because they don’t allow hard second liens, they don’t allow a pledge of the partnership interest that mezzanine financing usually involves. This lender is familiar with all of those loan covenants and requirements, so they’re able to structure the partnership agreement, basically amend the partnership agreement to secure their investment right… Because they weren’t taking an ownership interest, but they have certain rights and remedies, and if they didn’t pay back that 15%, then they could essentially take over — really, they actually provided credit enhancement to the transaction, because the company is well capitalized and actually is probably worth more than the investor sponsorship. So those first lien lenders – they’re fine with that.

So time was running out, the approval of that assuming that loan was running out… This group was able to work through the terms of the partnership agreement and within three weeks analyze the transaction and make a decision and fund it in three weeks. It was actually less than that, because the borrower was really becoming a little difficult to deal with because they were making some demands, and I said, “Don’t look [unintelligible [00:27:22].21] I said “This is a good deal, quit pushing back.”

Joe Fairless: Yup. What’s the best way you like to give back?

Michael Reinhard: Education. I’m always helping people. I do my own tax returns, so I have a lot of people that have nothing to do with real estate, but just sharing information, networking and sharing… I believe that sharing and helping people in areas that you have a specialty and knowledge in — I always find it rewarding to share my experiences and help people. I believe that if I can help you make money or help you achieve your goals, some day you can reciprocate. When someone calls me and asks me for advice, I don’t hurry them off the phone. I’m glad to help someone or refer them to somebody else that could help them… Because I know how frustrating it can be.

I had some accounting questions and tax questions; I was so frustrated with the actual CPAs that I felt like they didn’t know what they were talking about. I actually called the IRS and did all the research and I figured out how to solve this problem of mine. Now, anytime that you spend that much time and effort, then at that point you’ve become an expert, because now you can share that and save somebody else the grief, or getting wrong information. There’s plenty of wrong information out there.

Joe Fairless: That’s a perfect segue into — not the wrong information part, but the reaching out and talking to people… That’s a perfect segue into the last question – where can the Best Ever listeners get in touch with you?

Michael Reinhard: They can reach me at my website at www. texascommercialmortgage.com. I also have a website for my book – www.commercialmortgages101.com. So you can go to my website, texascommercialmortgage.com and I have a link to the book’s website, and I have a phone number on my website. They can call me, or you can send me a message from my website, or give me a call.

The book is available also on Amazon and Barnes & Noble, but I do have a website, and if you order the book from my website, I’ll actually mail you a signed copy. If you order it from Amazon or Barnes & Noble, I’m unable to sign it.

Joe Fairless: Michael, thank you for being on this show, sharing your best advice ever, talking about the differences between commercial and residential loans, as well as the things we need to make sure we have taken care of prior to applying for a loan. One is credit score 600+, two is net worth of equal the amount of the loan, three is liquidity 10%-20% of loan amount after closing, four is experience of the owner (our experience), and five is our global cash flow. Thanks so much for laying that out there so clearly, as well as talking about the things that would dissuade a lender from lending to you… You mentioned a list of those as well. And then the interesting story about the 15% interest equity partner for that three million dollars in a very short amount of time.

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

Michael Reinhard: Thank you, Joe!

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JF973: How to Make a Pot of Gold with Tax Advantages

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Just go to the end of the rainbow… Okay Okay, well in fact this is all about IRAs. Yes, with tax advantages, why wouldn’t you open a self-directed IRA to invest out of? It’s definitely not for everybody, but if you are one to hold large sums of cash and not sure what to do with it, this episode is for you!

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Clay Malcolm Real Estate Background:

– Chief Business Development Officer at New Direction IRA, Inc.
– 20 years of teaching and 25 years of management experience
– Teaches continuing education classes for CPAs, CFPs, and real estate professionals
– Degree in communications from Northwestern University
– Based in Boulder, Colorado
– Say hi to him at https://newdirectionira.com
– Best Ever Book: Spectrum of Consciousness

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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 fluff.

With us today, Clay Malcolm. How are you doing, Clay?

Clay Malcolm: Great! Good to be here, Joe.

Joe Fairless: Nice to have you on the show, and glad you are here. A little bit about Joe – he is the chief business development officer at New Direction IRA. He’s got 20 years of teaching and 25 years of management experience. He teaches continuing education classes for CPAs, CFPs and real estate professionals. He’s based near Boulder, Colorado – between Boulder and Denver. With that being said, Clay, do you wanna give the Best Ever listeners a little bit more about your background and your focus?

Clay Malcolm: Sure. Well, I’ve been here at New Direction IRA for a little over five years, coming up on six, and for my real estate investing experience it’s been a great learning place, because IRAs can be a real estate investor, and it’s something a lot of people don’t know. From my perspective, I came into it personally needing to change my retirement investments, because they were pretty static in 2008… A lot of people got clobbered. So this has met my personal needs, as well as my professional needs. It’s a great learning experience, like I said, and the nice thing is that I’m usually telling somebody something that they can use and that they haven’t heard before, so it’s a really satisfying position to be in. It turns out not to be for everybody, but certainly it’s a nice thing to be able to give somebody more options.

Joe Fairless: Who isn’t it for?

Clay Malcolm: Well, I would say that it can be for everybody, but I would say that if you’re in a long-term government position or a company that has a very robust pension, you might not need to do this, simply because IRAs in and of themselves, your retirement accounts, including HSAs are really built to help yourself later in life, give you income and hopefully retire the way that you want to, pay for your medical expenses, so on and so forth.

If you have that stuff covered, you might not need to move those retirement funds into alternative assets like real estate, but then again, you might. But a lot of those plans for government and some pension plans don’t actually allow you to move the money or to do real estate… So if your mind’s locked up, then it’s probably not the exact right tool for you, but pretty much anybody else, especially somebody who has contributed to a 401k or 401a, 403b, 457 – any of those plans, and you separated from employment, and those plans aren’t making money… A lot of those are static; a lot of people actually have put them on the sidelines, and they have real estate investing expertise, but they’re unaware of the fact that they can actually combine the tax advantages of the account with their real estate investing experience and preferences. That’s the combination that a lot of people don’t have in their heads.

Joe Fairless: Can you elaborate on that combo that you just mentioned?

Clay Malcolm: Certainly. The IRS does not limit your IRAs asset purchases other than to say “No collectibles and no life insurance.” The IRS does not however tell IRA providers which assets they have to handle, so IRA providers like us, or Schwab, or Fidelity, or your bank – we’ve all chosen a business model built around the rules [unintelligible [00:05:32].19] and so on and so forth. Banks and brokerage houses typically have built their business where you have to invest in publicly traded securities, which often you get a commission from, and so on and so forth; that’s the business model.

We’ve actually taken the opposite approach, and we’re not the only company that does this, of course, which is that we handle almost all the assets that are allowed by the IRS – including real estate – and the fact of the matter is the IRS does not limit real estate investors. So if I get one message across today, it’s really that your IRA can keep its tax advantages and be a real estate investor. The thing that conceptually you’re kind of adjusting to is just that the money, once it’s been contributed to the account, instead of it buying stocks and bonds and funds and looking at the appreciation or dividends and things like that, that same (tax advantage) money is buying real estate, or making a real estate loan, or something like that, and that’s how the IRA or the account makes the revenue. It’s still tax-deferred while the money is in there, so if your IRA buys a house at $80,000 and several years later gets to sell it for 95k, first of all, good job! Second of all, that entire 15k, the profit, would come back into your IRA and be ready to be reinvested without any capital gains and things like that.

By using the tax advantages, the tax-deferred status, hopefully you can get that money to compound faster, so that’s really the get. So really just taking those tax advantages and graphing it on to your real estate investment preferences.

Joe Fairless: This is two separate questions — actually, I’m not gonna ask you two separate questions, I’m just gonna ask you one question: what are some mistakes that you see people make when it comes to setting up or thinking about a self-directed IRA?

Clay Malcolm: I’ll give you the two most common ones. One is people are very unaware of the differences between a 401k and an IRA, and there are some specific rules that they have to follow, one of which is that the IRA provider is the signer for the account, and things like that. So I would say conceptualizing that difference is one thing.

The other paradigm shift that I think is a little bit tough for some people to get into their heads is that in this particular scenario, which is typically called “Self-directed IRA Investing”, the account holder is calling all the shots. The provider, us – we’re a very neutral part of the equation. Our job is to make sure that the account is documented properly, so that the IRS knows that it’s a part of that account type and it gets to keep the tax advantages. But the account holder himself is the one who chooses the assets, and you can use your regular real estate team or a financial team, but you choose the assets, you negotiate the deal, you’re the motive force.

In the scenario where somebody’s IRA is with a managed company, whether that’s a bank or brokerage house, it’s a very passive kind of participation. In the self-directed world, especially in real estate, it’s very active; you get to make calls, and we’re really just responding to your scenario, the thing that you’ve developed. And again, we don’t supplant anybody, so bring your own real estate team, bring your financial team, whoever helps you work, your preferred method for real estate investing – bring them all, and they can just, again, take that same scenario and move it into your IRA. But a lot of people don’t realize that you’re gonna have to be the motive force, and get to be the motive force.

Joe Fairless: When your company starts working with someone, what are some surprising elements that they come across? And perhaps you just covered it, where that’s basically the same question. If so, say “Joe, dude, that’s the same question”… But I’m wondering what surprises people when they’re working with you.

Clay Malcolm: I’ll give you a different slant. I think that one of the surprising things is that they think it’s gonna be very expensive usually, and they think that it’s gonna be difficult. Neither of those things is necessarily true. One of the things I mentioned is that each IRA provider has their own revenue models and their own technology… But in this day and age of electronic banking things, tools that you can use, so on and so forth, a real estate investor who has an IRA that owns a property – you can pay your bills online for free with some providers, the paperwork is becoming almost always electronic – things like that.

Again, it will vary from provider to provider, but I think people are surprised that it can be relatively easy. The information is out there, we do a lot of education, so we want people to do it well. The other thing is that our fees are different and often less than what they’ve been paying at a 401k company or an IRA company, so that surprises some folks, too. But I would just say that your ability to get into this type of investing – it probably doesn’t have the barriers that a lot of people expect that it will.

Joe Fairless: What is your company’s revenue model?

Clay Malcolm: We basically charge for our bookkeeping labor… Things like when you open an account, it’s $50, because we have to push some paper. When you make a purchase or sale, we have a transaction fee that corresponds to how much paper it is, basically. If you’re buying precious metals, it’s $40. If you’re buying a piece of real estate, it’s $250. All of it is really based on our bookkeeping labor. It’s like hiring a bookkeeping and custodial entity to document your IRA transactions.

We’re not gonna take percentages, we’re not gonna be reliant on — we don’t sell any assets, things like that… So that’s the way historically banks and brokerage houses have built their revenue model. So again, we’ve kind of taken the other approach – you’re hiring us as a service so you get to do the type of investing you want, and we’ll just tell you what we charge and you run the show.

Joe Fairless: There has to be a larger way that your company makes money other than just charging $250 here and there…

Clay Malcolm: Well, there is an ongoing annual fee, because an IRA obviously keeps its tax advantages over a number of years, so a lot of the real estate investors that we work with choose our flat, which is $295/asset/year; it doesn’t matter what the value of the asset is… It could be 100k or one million, or whatever it is, because every year we report to the IRS the value of the account, and certainly we have to set you up with the online portal so you can pay bills, and that kind of thing. So that’s what the ongoing fee is about. So yes, there is an ongoing piece.

Joe Fairless: There’s gotta be another way that your company makes money. Do you invest? Because $295 – you have to have 203 people just to make $60,000, which would be to pay one person’s salary -ish… So do you invest the money that is in the self-directed IRA or do you borrow against it and then invest in something else from a larger revenue standpoint for your company?

Clay Malcolm: It’s a good question. We, as part of [unintelligible [00:12:15].07] FDIC-insured, but it’s also static… But typically speaking, in our agreement with account holders we’re allowed to invest any of the cash position that’s left with us. Now, as you might imagine, most people come to us with an asset in mind, so the cash is only here for a short amount of time. So they open an account, they do a transfer or a rollover, and then they take that money to buy a condo or a commercial property, or whatever it is that they do to invest. So the cash doesn’t typically stay with us very long, but we are allowed to invest it in the interim while we have it. It’s still liquid for everybody, but we can invest it, so there is some revenue there.

Joe Fairless: Okay, I imagine that’s gotta be the foundation of the business from just a business model standpoint for you all.

Clay Malcolm: Well, in our particular case because we try to get people to understand that their cash position is gonna be static and that they really need to be looking for investments, it’s not our major source of funds, and it’s not something that we really promote. We can do it and we do do it and it does help us to keep our costs down, but generally speaking, most of the way that we’re approaching this is we’ve been very bullish on investing in technology. We have IRA holders who have real estate, and the renters can pay the rent electronically. As you might imagine, in the bookkeeping and in the financial world, anytime you can automate a process and take a person’s attention away, so you don’t have to sit there and go “Okay, this check is for this thing, and I’ll enter it into here and there…” – any of those efficiencies that we can create, we do. So we’re trying to keep our cost down because, frankly, it’s all part of the bottom line, and we encourage people — if you’re the motive force in any investing venture (and that’s basically what you’re doing with your IRA here), we encourage you to do due diligence on every participant, whether it’s the asset or the IRA provider, or anybody that you’re working with… So we encourage people to look into our business model as well.

Those are the two things that we’re trying to work on: making sure that people understand what we’re doing, and also make it easy for them.

Joe Fairless: Based on your experience as a self-directed IRA expert, what is your best advice ever for real estate investors?

Clay Malcolm: Well, the best advice ever for the Best Ever listeners is really just to keep the idea that your IRA money is in play when you’re out looking at deals. That doesn’t mean just your IRA money either; if you’re gonna invest in a deal and you are gonna control it, but you need other investors, introducing that idea to them, that their IRA money is available to possibly invest in a project can be a huge boon.

Lots of times people are out looking for money, looking for investors, and all they really need to do, in some cases, is to just introduce the concept that their IRA money can invest in real estate, because most people don’t know, and that’s a fact… Most people will go, “Huh? Never heard of that.” I asked my bank, “Could I invest in real estate with my IRA?” and he said no. And the reason he said no is because they don’t handle real estate, not because the IRS prohibits it.

So I think my best ever advice for listeners is really to just keep in mind that that pot of money that is tax advantaged is available… So don’t forget about it, make sure that you incorporate it, and it can be for other people, as well, so it’s a real estate investor in and of itself.

Joe Fairless: What does someone have to submit, once they identify that they wanna do a self-directed IRA, in order to be fully up and running, and how long does that take?

Clay Malcolm: Good question. The typical process that we see is that somebody will open an account with us – in our particular case it’s online, so it takes 15-20 minutes to fill it out. The account is usually officially open within a business day. Transfers, rollovers and contributions are the way that money gets into that account in order to be positioned to disburse. Contributions are very fast, you can do those online with us. Transfers and rollovers are a little bit longer process, simply because we don’t control them; you’re actually asking your bank or brokerage house to liquidate those funds and then send them over.

We tend to tell people it’s 1-3 weeks to get that money from the old IRA or the old 401k over to us. Often, it is somebody who has a 401k at a company that they no longer work for or that they forgot about and left it there, so that comes over via transfer or rollover; no tax, no penalty… You’re really just moving it from one custodial entity to another. So I would say opening the account and getting it in position – we’re probably looking at 1-3 weeks; that can vary some.

During that time, most of our investors are already looking for the project or even negotiating the deal. So you can make an offer on a property even if all of your money hasn’t hit us yet. You can make an offer, be negotiating the deal, because the money will be needed at closing time. Often, people are in this sequence – they’ll be multitasking along the way, trying to get the investment ready to go as the money moves. So I would say that you’re looking at a few weeks.

Joe Fairless: Very helpful. Clay, are you ready for the Best Ever Lightning Round?

Clay Malcolm: Ready, Joe!

Joe Fairless: Alright, well let’s do it! First though, a quick word from our Best Ever partners.

Break: [[00:17:34].22] to [[00:18:26].19]

Joe Fairless: Clay, what’s the best ever book you’ve read?

Clay Malcolm: I will say Spectrum of Consciousness, although anything that Wallace Stegner wrote, I really like.

Joe Fairless: Alright… New author for me, new book for me – thank you for sharing that.

Clay Malcolm: Certainly.

Joe Fairless: Best ever way you like to give back?

Clay Malcolm: Well, my favorite way is I have been involved with a company that reads textbooks onto tape, so that blind students can use those textbooks in their studies. I always thought that was cool.

Joe Fairless: What would you say is a mistake you’ve made on a particular business deal or just as a business professional?

Clay Malcolm: I would say not empowering myself to make a move… And I’ll go back to 2008 – I hadn’t practiced moving funds into different investments, and it stalled me. It was an interesting thing, it’s part of my psychology that if I haven’t done it before, it seems bigger than it would be, and if I had been more agile and thinking and been empowered already to make financial moves, I think I could have mitigated some of my losses. It didn’t work, but that was the lesson, for sure.

Joe Fairless: Where can the Best Ever listeners get in touch with you?

Clay Malcolm: Well, the easiest way to get in touch with me is an e-mail address, which is info@ndira.com. I do get to travel a lot and have a lot of things that I need to be doing around here, but that way I can get that information, that question or anything and get back to you pretty much anywhere I am.

Joe Fairless: Well, from giving specifics on the process for opening up a self-directed IRA, and the timeframe that that requires (usually about 2-3 weeks from start to finish), to talking about the price points that it does cost with your company in particular, to the mistakes, like not knowing the difference between a 401k and an IRA, and the ramifications for the difference (like you said, the IRA provider is a signer on the contract), as well as the little know fact for some investors – perhaps not all of the Best Ever listeners, because we’ve talked to self-directed IRA experts, but as you mentioned, the self-directed IRA account holder is the one calling the shots… And then your overall lesson learned, that can be applied really towards anything we do as a real estate entrepreneur, and that is – I love your quote – “if you hadn’t done it before, it seemed a lot bigger than it should have been”… Isn’t that the truth with anything in life? If we haven’t done it before, it just seems like it’s a whole lot more complicated and harder than it actually is once we end up doing it.

Thanks, Clay, for being on the show. I hope you have a best ever day, and we’ll talk to you soon!

Clay Malcolm: Sure, I enjoyed it!

 

 

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JF971: Why and How to COMMIT to EXTREME Wealth #SkillSetSunday

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Want to be, hope to be, or wish to be wealthy? Why not just commit to be wealthy? It starts with your head. Our guest is about to lay the basis for having a mentality of extreme wealth!

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John Bowen Real Estate Background:

– Founder of four multi-million dollar businesses, including CEG Worldwide and AESNation.com
– Host of Accelerating Entrepreneurial Success Podcast
– Founder of Financial Advisor Select, an organization that matches customers with vetted financial advisors
– Author of more than 15 books and a regular columnist for The Huffington Post and Financial Planning
– Based in San Martine, California
– Say hi to him at http://www.aesnation.com

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extreme wealth

 

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 podcast. We only talk about the best advice ever, we don’t get into any fluff. We’ve spoken to Barbara Corcoran from Shark Tank, Robert Kiyosaki, the author of Rich Dad, Poor Dad and a whole bunch of others.

With us today, John Bowen. How are you doing, John?

John Bowen: I’m doing fantastic, Joe. I really appreciate the invitation and I look forward to helping your listeners be even more successful.

Joe Fairless: Well, that is a wonderful thing, because I would love for my listeners (and myself) to be even more successful.

John Bowen: This is one that we’re all aligned. You can’t be too healthy or too wealthy.

Joe Fairless: Exactly. It reminds me of one of my favorite book, Crucial Conversations, where you start out with a mutual purpose, and then you build up from there, which you just did… So I love that.

A little bit about John – he is the founder of four multi-million-dollar business, including CEG Worldwide. He’s the host of Accelerating entrepreneurial success podcast, he is the founder of Financial Advisor Select, which is an organization that matches customers with vetted financial advisors. He’s authored more than 15 books and is a regular columnist for The Huffington Post. You can say hi to him at his website (it’s in the show notes page) and he’s based in St. Martin, California. With that being said, John, do you wanna give the Best Ever listeners a little bit more about your background? And then we’ll dive into the focus of our conversation.

John Bowen: Well, Joe, my whole professional career is in financial services, but I grew up in a small town upstate New York, and my parents were entrepreneurs. My dad and my uncle owned a cast iron foundry, and I was always being groomed to be a key part in it and ultimately take over. I can still remember a call in my junior year I got from my dad… I was kind of the rich kid in the small town, and in my junior year I got this call, and I’m waiting, because my dad every year would give me a call before the summer break to tell me what job I was gonna get. He was one of those big believers, hard knot, so he would give me the worst jobs, but I thought this year I might get an air conditioned office job, and he calls me up and he goes “John, I’ve got some bad news…”

The founder, which had been employing 400 people, is going under, and I’m gonna go get a job because we’ve got nothing. Your uncle is gonna wrap it up and go through bankruptcy, and your mom and I have decided to get a divorce, and you don’t have a summer job. That was a turning point in my life, Joe, because I remember taking a step back, and I go “Dad, are you gonna be okay?” and he said, “I don’t know.” That was when I committed to being in the financial services; I had the  privilege of being a financial advisor to really almost every walk of life, but mostly business people, real estate investors like your listeners… I’m in Silicon Valley, so high tech has been a big part, and then at one time I had a [unintelligible [00:05:07].20] business as well.

We had 600 of the highest profile — I mean, most of your listeners would know well over half the clients’ names, and we had the largest collection of NFL quarterbacks, for instance.

I saw over and over again, Joe, and you know this from your real estate experiences, people make costly mistakes along the way and they don’t need to. If we’re gonna build personal, really serious wealth, then we gotta stop those mistakes.

Joe Fairless: Yes, we do; we’ve gotta stop those mistakes. You had mentioned something before we started recording, that your group has been doing a study, all in an effort of both stopping mistakes and also creating long-term wealth. Can you tell us a little bit about the study?

John Bowen: You might know Dan Sullivan of Strategic Coach, Joe Polish of Genius Network… Dan is one of the most successful entrepreneurial coaches; Joe is more of a marketing mastermind, he’s got a mastermind group… Probably one of the most successful in that. And the three of us got together, and I can make available, Joe, it’s at our website, AESNation.com, we have The State Of The Entrepreneur. We did a big study of 3,500 successful business owners, and we look and said, “Okay, how are you being successful? What’s working? What’s not?”

We saw their big financial concerns number one was making smart decisions about their money; whether it’s traditional financial assets or real estate assets, they wanted to do that. They also wanna mitigate taxes, take care of the errors, protect the assets from litigation and divorce, and charitable.

We did that study, and that got us on a journey of going deeper and deeper. What we found was that 88% of the business owners, quite honestly, are disappointed in their professional advisors – financial advisors, accountants, attorneys, in they’re not being proactive; they’re missing the solutions. So what we do is we coach financial advisors, we train the top tier wealth managers on the [unintelligible [00:07:14].20] of what the super rich (people with 500 million or more) are doing.

My partner in this is a guy Russ Alan Prince, who’s written 50 books, writes for Forbes, has a whole bunch of millionaires, consulting engagements, family offices, that type of thing. And what’s been missing so often, Joe, is there’s so much of this — what people who have, for the most part, unlimited resources and access to talent and solutions, they have that, and so many of us as individuals don’t. But you can bring those down now, because the networks, the cost of technology has brought them down, so that really more average folk can do this, and it accelerates your success, your ability to build that personal wealth up.

One of our goals is to have everybody that really wants to build wealth to become seriously wealthy. We define that as 20 million dollars financial assets, personal – not in your business. I would count real estate as a business. You know, it’s never quite passive; there’s a little work involved in this stuff, but building those passive assets so you can fund whatever quality of life you want… When you have 20 million, there’s enough for private jet money.

Joe Fairless: You mentioned you all did a study on what people who have 500 million or more are doing… What are they doing?

John Bowen: One of the things that’s kind of interesting in all this is they are going ahead and they’re being very deliberate about building their wealth. When we think of it, the whole process of this – I’m gonna pull up so I get the seven rules right in order for you here… So when we did the study of the 500 million and above, what we found was there’s seven things they do; I’ll just go through them fairly quickly, because of our time.
Number one is a commitment to extreme wealth. This is that mindset, Joe, that you talk about… You have to decide that you wanna do it, because it’s gonna take a fair amount of work. Second is engage in what we call “enlightened self-interest.” Capital markets work because of enlightened self-interest. Whether you voted for president Trump or not, he wanted to put America’s self-interest first – it’s that type of thing. Those people are doing it.

Now, what’s key – and I’ll come back to that – is you’ve gotta take care of everybody, but the first rule is commit to whatever your number is that you wanna build; number two, engage in enlightened self-interest, and number three – and this is a big one, and this is one of the reasons, Joe, I’m sure you’re involved in real estate – is put yourself in a line of money.

If I’m gonna look at the largest wealth that’s being built around the world, it’s coming from business owners. It’s coming from real estate. Those are the two drivers of wealth out there. Number four – and this is a key one – is you pay everyone involved. One of the things – you think so often that the people that are building these huge net worths, that they’re cheap… They’re not. They’re very deliberate on who they hire, they work with the top talent, and they make sure they’re taken care of. And then they are big networkers.

One of things… I spent over a hundred thousand a year in mastermind groups. Why? The old line of “Your network is your net worth.” It’s not networking, it’s the network that you build, and they are unbelievably connected, and it’s connected deliberately on creating value that can result in economic gain.
Number six is they’re fine failing. I’m in Silicon Valley; it’s fail quick, fail fast. But they use failure to refine and refocus.

And above all, rule number seven is stay focused on that extreme wealth. We go in a lot of detail… We’re actually just finishing a book, so I’m pulling up that book that we’re writing. This is on those at the high level, that we see.

Joe Fairless: “Your network is your net worth” – is that number five?

John Bowen: Yeah, number five.

Joe Fairless: Okay. Enlightened self-interest, number two – what does that mean exactly?

John Bowen: There’s a lot of nice people out there, and what you wanna do is you wanna be deliberate in what you’re doing; you wanna define your own criteria for success. Joe, you and I define our success differently. There’s no one right or wrong answer. We’re at different times in our lives, and all that stuff. Everyone has to define it for your own, and then what you wanna do is you wanna determine what your counterparty – whoever you’re gonna do the deal with, you’re negotiating with, you’re partnering with – what is their criteria for success, too? And then you’re gonna find that and leverage it to use it.

Joe, if we’re looking to create economic glue, and we’re gonna do a deal together… I’m the first to make sure that whatever I’m doing is going to be aligned for my success criteria, then I’m gonna try and gain a better understanding of what you want to accomplish; can I help you advance what you want to achieve, and will that move me toward my success? Then I’m gonna go ahead and negotiate in good faith to have that happen. That’s really what it’s all about.

You never wanna burn the counterparty, whoever you’re working with, because we’re in it for the rest of our lives. You wanna make silence, and one of the things you’ll find about billionaires is they’re silent a lot. They’re letting you do a lot of the conversation, and one of the biggest risks of all is so many people negotiate with themselves; they’re going through all these mind games. What we wanna do is hear from the counterparty how we can we help them be successful, and then how can we design it to achieve that mutual success in our own enlightened self-interest.

Joe Fairless: I’m gonna go through the seven, and I’m going to elaborate on how I interpret them, and then feel free to correct me or elaborate on what I mention, just so I can make sure I’m understanding.

One – commitment to extreme wealth. We need a quantifiable goal. You mentioned earlier you define seriously wealthy as 20 million dollars personally, not including real estate owned property. Is that correct?

John Bowen: That’s correct. Liquid financial assets. And real quick – what’s your number? That’s what we’re asking. Commit to extreme wealth – just determine whatever that means to you. For some people it’s a million dollars, for some people it’s a billion. It’s everywhere in between.

Joe Fairless: Okay, good. So it’s quantifiable and it’s personal. Two, engage in enlightened self-interest. You need to know what you want first, and then you need to structure the partnerships accordingly, so that you can get what you want, as well as identifying what your partners are seeking, and have alignment there.

John Bowen: Yeah, you wanna gain the advantage in negotiating and use that leverage, but make sure both parties win.

Joe Fairless: Put yourself in the line of money. Earlier you mentioned real estate and business owners; so the number one way according to the research you’ve done with 500 million net worth individuals or families and above is they’re making their money either in real estate and/or as a business owner…

John Bowen: Let me just give you a number. People with 25 million or more of financial assets, 9 out of 10 made it being an entrepreneur (business owner). And even at a million dollars in financial personal assets, one out of three made it as a business owner. Now, I’m counting, Joe, real estate as a business in that definition, too. That is really important. What we have is an opportunity here…

Once we know that’s where the money is — it’s like, you and I could decide to be social workers; we could make a huge difference in the world doing that, but we’re never gonna become wealthy. That’s not in the line of money.

Joe Fairless: I think the majority of the listeners are shaking their head and saying, “Hell yeah, that’s why I do it, baby!”

John Bowen: If you’re gonna be successful, you wanna be successful on purpose, and this is a big one… We find so many people — if you’re gonna do a nine to five job and you’re gonna do it well, you can have a great life; I don’t wanna ever say that — it’s different things for different people, but you’re not gonna become extremely wealthy, you’re not in the line of money. Unless you have an equity ownership, you’re not in the line of money.

Joe Fairless: Number four, pay everyone involved… And really, it’s pay everyone involved who has a high area of expertise in their field very well, correct?

John Bowen: Yeah. You wanna motivate that talent to be inspired… One of the things I love – I’ve got about 50 people in my companies; I have a virtual business in place… I love getting up every morning knowing 50 fellow entrepreneurs are really working hard to try to help me be even wealthier. Now, I am paying them well to do that as fellow entrepreneurs, too. This is at alignment. That’s that economic glue I was talking about.

Joe Fairless: As far as the compensation for other team members – are you heavy on incentives, or are you more on salary, or is there an approach you take?

John Bowen: I’m not big on salary. You wanna build something – particularly the key talent, you’ve gotta provide an opportunity for them to be successful, too.

Joe Fairless: Number five – network is your net worth, it’s self-explanatory there. Do you make a concerted effort to identify the closest people around you? Because I’ve heard some people say “Hey, you should have six people who are in your closest people, and those six people will be able to determine your net worth based on the average.” Do you look at it as granular as that?

John Bowen: No, Jim Rohn, a great motivational speaker – his was five, he always said. I think in today’s world, you can have high network and loose ties, both personally and in business… But what we find is there are very few networks that are bigger than about a hundred. I have LinkedIn, I know the number – I have over 5,000, and I think about the same on Facebook… I don’t have 5,000 friends. I have a database with between business owners and advisors of around 400,000. I’d like to believe everybody knows who I am, or they wouldn’t be on our database, but that’s not a network.

The network is somebody that I can get on the phone, and we can have a conversation and create value together in our collective, enlightened self-interest, and we’re gonna maintain that relationship over time. We see at the most it’s usually about a hundred people, and more typically we’re seeing somewhere between 10 and 50. But these are not your best friends’ network; these are business people that you’re working with, that are going to help you advance to whatever your number is, but you’re gonna do it with them as well.

To me, this is probably one of the most important things. A lot of it is strategically stumbling, I call it. You and I are just meeting, we were introduced by Jessica Rhodes of Interview Connections, and this is a great way, I found — I do podcasts because I love  meeting the people who are doing podcasts, like yourself, are drivers, and so often out of this type of things conversations happen; it could be we develop synergies, we may not. Putting yourself out and then really watching that network to create value is so important.

Joe Fairless: Is there a particular tactic/approach you use to stay in touch with someone that you desperately want to stay in touch with after you were introduced to them?

John Bowen: What I do is I try to create value. When I meet them, I’m always looking to see what the value is. I’ve had the privilege of starting a number of businesses and I’ve been pretty successful and I have a bit network. There’s almost always something I can do, a quick connecting there, and then following up – I make sure that I follow up within two days of any event that I’m doing, and then three weeks later.

I don’t know what the benefit will be down the road, but I know this is a cool, talented, knowledgeable person I want to stay in touch with. I’ll also include them if I can help them on my networks, bring them out and share them, whether it’s virtually in some of the events I do, or live events… And then things happen.

Joe Fairless: Number six, did you say “refine failing”? Did I write that down correctly?

John Bowen: Failure to refine and refocus.

Joe Fairless: Okay. Will you elaborate?

John Bowen: The key here is “I screwed up. I tested something.” The nice thing in today’s world, the cost of testing anything has gone way down, whether you’re creating products, the ability to 3D print, whether you’re doing it electronically, the internet, buying a few ads digitally… It’s very low cost. Good business people always mitigate risk; we’re not big risk-takers. But what we wanna do when we fail – we wanna fail quickly, and then how do we avoid making the same mistake repeatedly? And more importantly, doing an autopsy so we can see “Is there some value here that we can capture and tweak it, refine, it refocus it to create value?”

Joe Fairless: Can you give an example of your own business, how you’ve used failure to refine, refocus and then ultimately come out ahead?

John Bowen: I had a business coaching top financial advisors, and we have about 500 advisors in our one-year coaching programs. Of those 500, 200 are in a mastermind group. They pay anywhere from 18k to 24k/year. These are the top wealth managers, not only in the U.S., but around the world. I have a great guy, he’s one of my key educational development people, PhD from Berkeley, and Dr. Bob came and goes “John, you know what? We should teach the next tier down, how to get to the level.”

The average income in this group is about $700,000; very successful individuals, many making over a million a year… Targeting kind of the $200,000 threshold. I said, “Okay, I’ll give it a shot…” I had some concerns, both with the branding and positioning, as well as how hard it is — successful people are easy to coach, because they just take the ideas, run with it if it works, and they continue, and it’s great. People who are unsure of themselves and don’t have that confidence – much more work.

We ran a pretty big project for our company, Bob and I. Did it work? The answer: marginally. We said, “Do we wanna do it again?” “No.” Why? Because it was so much more effort than working with the top tier. We only have two solutions for our company for our financial advisors: one coaching program and a mastermind group. There’s all kinds of temptation to do more, and I can tell you, Joe, we tested a whole bunch of things, we came back – and we’ll probably test some more things down the road, but it’ll always come back to “Fail quick.”

Joe Fairless: And then number seven, stay focused on extreme wealth. So number one, we committed to extreme wealth, and then number seven, we’re staying focused. What’s a tool or technique to stay focused on our original plan?

John Bowen: It’s always keeping number one in place. One of the things I like to do, Joe, is to take a look, from the standpoint of “Where are you spending your time, your money and your energy?”, because really time isn’t a finite resource, it’s energy. And take your calendar – I’d encourage all your listeners to take their calendar and look at it for a week. We can really get caught up in going ahead and thinking because we’re so busy, we’re doing well; what I find over and over again (and it’s one that I struggle with, too; and many business owners and entrepreneurs do) is it’s so easy to lose track of what’s working and get defused… And as we get defused, boy, we’re in trouble. So it’s focus, focus, FOCUS.

Joe Fairless: Well, I love this title — it’ll definitely be a title: Seven Ways 500 million dollar net worth individuals…

John Bowen: We call them The Money Rules – How To Join The Ranks Of The Super Rich.

Joe Fairless: Yeah, how they build wealth… Or the Money Rules, even more succinctly. Anything else that you wanna mentioned that we haven’t talked about as it relates to that topic?

John Bowen: I think the big thing to think about is we live in a great world; it’s a time of abundance, it’s not a zero-sum game… For you to become wealthy, somebody else doesn’t have to lose money. We can create wealth. In financial markets it’s really easy; in the first 40 days of the president Trump, I think we’re approaching two trillion dollars of value created. Nobody was taken money from, it’s that value.

Now, what we wanna do then is not only create that value – and you can go to our website and download the book The State Of The Entrepreneur, get on our mailing list so you get access to this stuff… But what happens, Joe, is it’s what you get to keep and making those smart decisions along the way.

Joe Fairless: John, where can the Best Ever listeners get in touch with you or your company?

John Bowen: The best place for business owners and successful entrepreneurs – we have a website called AESNation (Accelerating Entrepreneurial Success) and we are launching a whole bunch of new books, and stuff. At the time of this recording, we’re a couple months away from — everything’s gonna be launched in June 2017, but there’s a bunch of resources there, too… I’d recommend everybody download the book that I wrote with Joe Polish and Dan Sullivan, called The State Of The Entrepreneurs. You can see how you’re doing, and then there’s a scorecard where you can look at “Are you really maximizing your personal wealth?” and if not, how you can get a second opinion to see how you can accelerate it even more.

Joe Fairless: John, it’s been interesting and educational talking to you. I appreciate you spending some time with us and walking us through the money rules, the seven ways 500 million dollar net worth individuals approach building wealth. I won’t go through all seven again, because we just walked through them. A lot of lessons within those seven…

Thanks for being on the show. I hope you have a best ever weekend, and we’ll talk to you soon!

John Bowen: Thank you very much, Joe.

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JF957: How You Can Tap into MILLIONS through Your Business Credit #SkillsetSunday

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Business credit, such a mysterious topic… Most of us don’t understand it, but after this episode you should understand and use it. Business credit is established off of three indicators and through one of them you may already qualify, here’s a hint… You don’t need good personal credit. Tune in and take notes!

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Ty Crandall Real Estate Background:

– Director of Business Services at Credit Suite
– Internationally known speaker, author, and business credit expert
– Author of two books Perfect Credit and Business Credit Decoded and has been featured by Entrepreneur, Inc, and Forbes
– Over 17 years of financial experience
– Based in Land O’Lakes, Florida
– Say hi to him at http://www.creditsuite.com/ 

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Ty Crandall

 

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 fluff. I hope you’re having a best ever weekend.

Because it is Sunday, we’re gonna talk about a special segment… That segment is skill set Sunday, where you come away – and I come away; I’m learning, too – with a specific skill that perhaps we didn’t have before the conversation, or we simply hone a skill that we had prior, and it gets a little bit sharper to help us be more successful.

Today we’re gonna be talking about how to get a line of credit for your business, so you can do more deals. With us today, Ty Crandall. How are you doing, Ty?

Ty Crandall: Good, Joe. How are you doing today?

Joe Fairless: I’m doing well, nice to have you on the show. A little bit about Ty – he is the director of business services at Credit Suite. He is an internationally-known speaker, author and business credit expert. He’s the author of not one, but two books on the subject, and he has over 17 years of financial experience. He’s based in Land O’ Lakes, Florida. With that being said, Ty, before we get into the nuts and bolts of how to obtain business credit for a real estate investing business, can you give us a little bit of background on yourself, just briefly?

Ty Crandall: We were just talking before the show – I know you’re out of Ohio, and I actually grew up in a small town in Indiana, and literally joined the military to see the world… They put me an hour and fifty minutes from home in Ohio. I got out of the military – I was doing medical there – and I’ve been in financial services ever since. I really found a passion with business credit. I found that a lot of business owners just don’t know much of anything about business credit, and I discovered it myself about going on seven years ago.

I’ve been passionate, and this is what I do – I get out there and teach everybody that will listen about exactly what business credit is and how they can use it to grow their business.

Joe Fairless: I certainly am intrigued… Before we dive into that, first off, thank you sir for your service in the military.

Ty Crandall: Thank you very much, I appreciate that.

Joe Fairless: Alright, let’s roll into the good stuff, let’s roll into business credit. We’ve got real estate investors on pins and needles, being like “Yeah, I want some business credit!” How should we think about it? How do we approach it?

Ty Crandall: Well, the one thing to know – and a lot of people don’t know; about 90% of the population doesn’t know – is that you actually as a business owner have three credit profiles. You have your consumer credit, which we’re obviously all familiar with TransUnion, Equifax, Experian… You also have what’s called “bank credit”, which is an internal credit scoring system that the bank uses to rate whether you’ll get a bank loan or not, but most commonly what you’ll run into is corporate credit (or business credit).

What business credit is is it’s basically an entire credit profile that’s linked to your business’ EIN number, the same as your consumer credit profile is linked to your social security number. But the biggest difference is that you are completely separate from each other, so you can build business credit without personal liability, you can build it without any kind of personal credit check, so no matter how good or how bad your personal credit may be, you can still get very high limit credit accounts using your business credit.

There’s a lot of benefits, but the biggest way to look at it is that you literally have two separate credit profiles. One comes down from your social security number, the other is right below your EIN number. In obtaining business credit, you can get really high limit accounts to be able – like you said – to fund your business, which a lot of real estate investors use to even purchase real estate.

Joe Fairless: Alright, please continue.

Ty Crandall: The way business credit works is ultimately very similar to how consumer credit works. With consumer credit you start with no credit profile on score; you obtain credit that reports to the consumer credit reporting agencies, you pay those bills as agreed, you’re issued a score. With business credit it just happens a lot faster. With consumer credit you have to have six months’ worth of credit reporting for FICO to even give you a score.

In the business credit world, as soon as accounts start to hit your business credit reports with Dun & Bradstreet, Equifax and Experian Commercial, then you’ll immediately be rewarded with a score. One of the huge benefits there is with consumer credit there’s five components that make up your FICO score. Things like length of credit history and credit mix – it’s very hard and convoluted, and it’s tough to get a really good score unless you have many years of well-disciplined borrowing. But with business credit, your scores are literally the reflection of how you pay. If you get accounts, you pay them as agreed, on time, you’ll immediately be rewarded with a good score.

Within 30 to 60 days those accounts report, you’ll get a good score. With some reported accounts and a good score, you can then continue to get higher and higher limit accounts. And again, all that it takes is just reported accounts that are paid as agreed. If you pay the accounts early, then you get an even higher score. Once this starts to happen, the credit reporting agencies then issue a credit report, if not already.

A lot of people have credit reports because the credit bureaus know who you are, but they have low scores or just no credit reporting because you’ve never done anything with it.

Experian, for example, out of 100 points scale with 100 being the highest will give somebody a 28 or 29 score just because they know they exist, but the person has not built any credit. The minute you start to build credit, your scores get high, the reporting agencies start to recommend you for higher and higher credit amounts. Then with about five accounts reported, you can then go into most stores. You can go into Staples and Home Depot and Office Depot… Almost every major retailer – Sam’s Club, Costco, BT, Chevron, Sunoco… They all offer business credit, and you’d be able to apply, leave your social security number off the application, forcing them to pull your business credit only, and then you’re able to get very high-limit accounts based on that established business credit profile and score.

Joe Fairless: How do you check your current business credit score?

Ty Crandall: There’s three different reporting agencies, as I mentioned: Dun & Bradstreet, Equifax and Experian. Anybody can go to our website, which is CrediteSuite.com/reports, and we have links to all three of them there. Or you can go to any of the three directly, and then pull your business credit report. It’s anywhere between 30-60 bucks with each reporting agency to see what’s on there. With Dun & Bradstreet, they have a service called iUpdate which is absolutely free. Go to Google, search iUpdate, and even see if Dun & Bradstreet knows you exist, if they have in information, if the information is accurate.

You can easily access your reports, and it’s important to note that so can anybody else. With consumer credit we’re very used to having to give permission for somebody to pull our credit reports, and that’s required under the Fair Credit Reporting Act that says that somebody has to have a permissible purpose to be able to access your information. But in the business credit world, literally I could right now pull business credit reports on any company with just their business name, and that report will say your employees, your revenue, it says your profits, it talks about any outstanding loans you have, anything that’s reported, your high credit limits, your recommendations – all of that is available to anybody that wants it. So not only could your listeners access their own business credit reports through Dun & Bradstreet, Equifax, Experian, they could literally pull their prospects, their clients, their competitors, as well as all of those other people can pull your listener’s credit reports the same.

Joe Fairless: I’m on Dun & Bradstreet’s website… Do you have to have the address and the city and the state and the zip code of the LLC?

Ty Crandall: Not typically. You will if there’s a lot of records with the same name. In my live Facebook and Periscope streams we do this all the time with people. What we’ll do is if you give me your business name, we’ll pull in the business name and you can see in the search if they know you exist, is it pulling up a record, or is it pulling up multiple records because there’s multiple businesses with the same or similar name. That’s where a city and a state helps to narrow it down. Nine out of ten times I type in a business name, the business name pops up, and that’s maybe the only one. Then the rest of the time there’s multiple records, and by knowing the city and state I know which one to pull. You can pull a report with only a name; if multiple names come up, that’s when the city and state becomes important to narrow down which company it is exactly that you’re trying to pull a report for.

Joe Fairless: You mentioned that once you have five accounts or so — is it “or so”, or is it definitely five accounts and you then can go into most stores, like Costco?

Ty Crandall: Each store, each retailer is a little bit different. You wanna get started the same: there’s really three different ways you can start building business credit. You start with what are called vendor accounts: Uline, Quill, Seton, Monopolize Your Marketplace – this type of vendors are unique because they do two things… They report to the business credit reporting agencies and they will give you credit even when you have absolutely none already. So you could go into Quill and order 50 bucks worth of office supplies, throw it in your shopping cart, go to checkout, and they offer an option of Invoice Me. If you choose Invoice Me, you could place that order without ever giving them a credit card; they then process your order. Sometimes, if you’re a brand new business, they may make you order one or two times before they do this, but in a lot of cases they immediately issue the credit, they send out your order, and then they invoice you. Then, as soon as you get the invoice, your pay your bill, they then report that to Dun & Bradstreet, and then once you have five of those accounts – which we call “payment experiences” – reporting across all three of the reporting agencies, so two could report to Experian, three could report to Dun & Bradstreet… That gives you a deep enough credit profile and score that most retailers will then start to issue you credit from that point on.

Joe Fairless: So we’ve got Quill, which I had to google because I’d never heard of this company… But it looks like an office supply store, like an online Staples, basically. So you could go to a company like Quill – that would be step one. You said there are three ways to build business credit. The first step is to have vendor accounts, and Quill would qualify for that. What’s the second way?

Ty Crandall: The second way is through Dun & Bradstreet’s credit builder. Dun & Bradstreet has a product called the Credit Builder. If you get on the phone with them, they’ll charge you $1,500 or $2,000 for it. You can also get it with a monthly subscription of about $150/month. What they’ll do is they accounts you already have and they will add it to your Dun & Bradstreet business credit report. Let’s say you’re paying a software company monthly for your CRM software. You can have that reported and then have an account added to your credit report you already have. That could then give you those initial trade lines. The only drawback is it only works with Dun & Bradstreet, so if you’re applying for credit where somebody pulls Experian or Equifax you still wouldn’t get approved.

So option one is still better, because it works across all three reporting agencies. But the Credit Builder can work for you if you’re applying for credit where they’re only looking at your Dun & Bradstreet reports, and you’ve gotten with Dun & Bradstreet, got with their Credit Builder and had a handful of accounts added.

Joe Fairless: If you are in step two of the three-way process to build credit, how would you know what the group is that’s eventually gonna give you the credit, what they’re looking for?

Ty Crandall: You won’t. It’s trial and error, and that’s why I recommend the vendor step. Building credit across all three reporting agencies is as important in the business world as it is in the consumer world. You never wanna have all your credit on TransUnion and nothing on Experian and Equifax in the consumer world. You can imagine the problems that would cause, especially in mortgages, where they’re looking at the middle of three scores.

It’s the same in the business credit world. Dun & Bradstreet – sometimes people will use it as a shortcut and it will help them in some cases… But in a lot of cases it can create issues because you’re only building credit with Dun & Bradstreet, not with Equifax and Experian. So if you have a choice, you wanna go the vendor account route… Which you do have a choice. You wanna go with the vendor account route – that’s the better, cheaper way to go, than trying to deal go with Dun & Bradstreet’s Credit Builder.

Joe Fairless: Okay, that makes sense… And just so I’m clear – I’m taking notes, I’m trying to track the three ways to build business credit. Number one is vendor accounts, for example Quill, and underneath vendor accounts you can go through Dun & Bradstreet’s Credit Builder and pay the $150 subscription; it might be what you need, it might not be what you need. So that’s number one. What’s the second way to build business credit?

Ty Crandall: The first way is to use those vendor accounts… To go out to Uline, to Quill to get those added.

Joe Fairless: Okay.

Ty Crandall: The second is Credit Builder. It’s to go through Dun & Bradstreet and pay them to have accounts you already have added, instead of going and getting new credit at reports.

Joe Fairless: So three ways to build business credit. One, vendor accounts, which is Quill. Two is you can go through Dun & Bradstreet’s Credit Builder, which may or may not give you what you need.

Ty Crandall: Right. Well, it will give you what you need only on Dun & Bradstreet’s reporting.

Joe Fairless: Exactly. But for our goal that we’re trying to accomplish, which is getting business credit, when we ultimately go to the company that we get business credit from, they might not recognize just Dun & Bradstreet, so it might not accomplish our goal.

Ty Crandall: Right. So that wouldn’t be your preferred method. Most of your listeners aren’t gonna wanna go that way either way, because there’s a hefty cost involved. And that brings about the third option, which we see a lot of investors choose if they have the credit to do so… Which is you have a good personal credit – a 680 credit score or higher – or you have someone around you that has good credit that will sign as a guarantor for your business. They come in, they use the credit, there is a personal guarantee, and they basically get approved for what are called cash credit cards.

Let’s say, Joe, for example, you’ve got a 690 credit score and you say, “Look, I wanna be able to build my business credit and also get financing to buy investor properties.” Well, you can come in and use your personal credit to qualify with a personal guarantee, to get 50,000-150,000 in unsecured credit, even as a startup. These are credit cards that report to the business credit reporting agencies, not the consumer. So you’re getting them under your EIN. You do have to have good credit for these, you do supply a personal guarantee, but the benefit is that even as a startup you can often get 50k, 100k, 150k in unsecured financing within a few weeks. It all reports to the business credit reporting agencies, so you’re getting actual cash credit you can use immediately, and in doing so it’s for building your business credit at the same time, because it doesn’t report to your consumer reports, it only reports to your business credit reports.

Joe Fairless: That sounds intriguing for sure, so let me make sure I’m understanding. You can get a cash credit card, and in order to do that you either need to have good credit or a personal guarantor, and you get that under your EIN for your business. And as a result of getting that, you can have a — what is the $150,000 unsecured financing in a few weeks? That’s the part that intrigued me.

Ty Crandall: Basically, what will happen is they’re going to mimic your highest credit limit account you have now. So let’s say that you have a credit card on your credit report right now with a $10,000 limit, through whatever – maybe it’s a Visa card, maybe it’s a Sam’s Club card, whatever. Then you’re gonna come in with this program and get about five of those kinds of accounts, that are Visa, Mastercard, AmEx. So you’re gonna come in, they pull your credit, they say “Okay, you’ve got good credit. You’ve got a $10,000 high revolving on the account now, so we’re gonna give you five $10,000 limit accounts. Maybe 10 or 12, right around 10.” You’ll have five cash credit cards that look just like a Visa card, Mastercard you’d use normally, but the difference with these is they all have 0% rates for usually 6-18 months, and they report to the business credit reporting agencies only. So you could max these out and have no impact on your consumer credit, because they’re only reporting to the business credit reporting agencies. Outside of those, they look and feel exactly the same as the consumer credit card that you’re used to. The main difference is they report only to the business reporting agencies.

Joe Fairless: If you have on your personal line of credit a credit card at most for $10,000 limit… And who’s “they”, by the way?

Ty Crandall: Well, there’s sources out there that do this. We offer a lot of different kind of business loans. For example, we work with a lot of different kind of lending companies. There are companies out there that this is all they do – they specialize in unsecured financing using these kinds of business credit cards and lines, that report to the business reporting agencies. So there’s at least 10-15 of these… I refer to them as finance companies.

Joe Fairless: Name a couple, please.

Ty Crandall: Credit Card Builders is one of them, for example. Capwell Funding is another one… Those are two, to name a couple. Hawk-Eye Management is another one that’s out there in that space.. There’s about 10 or more of this type of companies of good size, where all they do is move forward and help you secure this kind of unsecured credit cards, that also report to the business credit reporting agencies.
And not to self-promote at all, but if a customer wants to learn more, we don’t charge anything to help them secure this kind of financing. They can go right to our website, which is CreditSuite.com/getfunding. They can fill in their information there, and then based on their scenario of all the sources we work with – I think 15 more of these sources – we can then help them get placed at whatever is gonna give them the most amount of money. On quick review of their credit, we know who’s gonna give them the most money. We can help them through the whole process, and we don’t charge anything to do that – not on the front, not on the back end. So that might be a shortcut for your listeners.

Joe Fairless: I wanna come back to that one point, but the thought process I was having before I asked the question “Who are they?”, if I have a $10,000 personal line of credit and I say, “Hey, I’ve got an LLC now”, why would they give me five credit cards to match that limit of what my personal line of credit already is?

Ty Crandall: That’s a great point for a couple of reasons. This isn’t something you could do at a bank. It’s not something you could go to Chase or discover any of these sources direct to do, and that’s why these companies exist that help you through this process, because what they’re ultimately doing is they will be able to look at a report and know the best sources that will give you the highest amount of approvals and the best terms.

What they will do is they will go in and apply for these all around about the same time, so they’re not securing five times the amount of credit through one source; they’re not obtaining five credit cards through one source. They’re ultimately getting you five different cards through five different sources, and the way they’re doing it, the inquiries won’t prohibit you from being able to get approved for that much.

If you went in to your bank, for example, and tried to do this, they would give you one card that equals your highest limit. If you go to Wells Fargo, the bank beside it, they’re gonna see the previous bank’s inquiry and either not approve you or approve you for less. By the time you get to the third bank, you’re gonna be done.

What these sources will do is they will look through reports, and they know exactly who to go to to get you the most amount of credit. They do it in a timeframe where the inquiries won’t prohibit your approval of the other sources, and then in doing so they’re able to get you about five times the amount of what your highest credit limit is, or what you’d usually be able to do on your own.

Joe Fairless: Okay. So a lot of people don’t have one credit card that has up to $30,000, and if it’s five times, then 30k times five is 150k. You’d mentioned earlier 150k in unsecured financing in a few weeks – how is that possible for a regular listener who doesn’t have a $30,000 line of credit already with one credit card?

Ty Crandall: That’s what I mentioned… Look, somebody can get 50k to 150k, and that’s usually the range that we see. When you’re getting into somebody that has 700-750 credit scores, those people typically do have 10k, 15k, 20k dollar-limits or higher. We deal with a lot of customers that have 50k dollar-limits or higher at that point… But let’s say somebody doesn’t have that. Let’s say they only have 10k. Well, then they’re gonna get about five times that amount, which is about 50k. Let’s say they have a 5k dollar-limit; well, they’re gonna get about five times that amount, which is about 25k.

Let’s say they have them self and the guarantor, and the guarantor has that 10k dollar-limit, and they have a 5k dollar-limit. There’s a lot of ways to get to a higher number, including that your limits are higher, that you’re bringing in a guarantor and both of your applying being the most common two ways to get the higher limits. But it will typically mimic about five times the amount of your highest limit account, so whatever your listeners have as their highest limit revolving account, they’re gonna get about five times that. If they want more, they need to focus on contacting their card companies to get small increases to their limits, or even bringing in guarantors to help them get more.

Joe Fairless: Basically, let’s say they end up with, in total, 100k dollars, split up between five cards, so a 20k limit per card. If we’re buying a property for 100k, then we’d be maxing out each of those five — not to say we should, but this is the thing… In order to spend a hundred, we’d need to max out each of the five. How do we pay for a house on a credit card?

Ty Crandall: The same sources that help you go through that product or that program also have ways where you can get access to cash without paying the high penalties. Of course, anybody can just take cash out on the card and pay a higher rate to do so. You could do that with any credit card. But they actually have ways – and I’m not exactly sure how they do it – to access the cash from the credit card without paying the 20%-30% rates.

Joe Fairless: “They” meaning the Credit Card Builders, Hawk-Eye Management…

Ty Crandall: Yeah… I mean, Capwell is really one of the best that’s out there. But again, it really depends on the unique situation, and that’s what we found… We’ve worked with 20 or more of these different sources, and for every unique situation some are better than others. Does somebody only have two accounts, or do they have five? Does somebody have some derogatories, does somebody not? Each one of these sources is going to be different based on that person’s unique scenario, and that’s where I threw out that link, because we can always look at it and say, “Look, Capwell is gonna give you the most in your situation”, and help somebody through that process without them having to pay to do so.

Joe Fairless: Fascinating stuff. We’ve gotta wrap this up. Real quick, how does your company make money?

Ty Crandall: What we do is we have a business credit building program that helps everybody expedite this process. It gets them access to all different kinds of business loans and financing, including the unsecured financing we talked about, and a lot of others. We’ve got about 30 different types of loan products that people can obtain or can access to get capital for their business.

Then we also help expedite the business credit building process. We help everybody, even if they don’t have good credit, be able to build a business credit profile and score from scratch, to get to a point where they’re getting this kind of high-limit cash credit accounts without needing a personal guarantee, without needing a personal credit check, and we get them there in about 4-6 months, where they’re getting the high-limit Visa, MasterCards just based on their business credit quality, without that personal guarantee and without the personal credit check.

Joe Fairless: Ty, where can the Best Ever listeners get in touch with you if they wanna learn more?

Ty Crandall: Our main website is CreditSuite.com. If they go to CreditSuite.com/ein, there’s a great guide that maps out more in depth the steps to build business credit, offers more vendor accounts etc. Then they can always go to CreditSuite.com/getfunding and we can then get them pre-approved for the unsecured program we talk about, amongst the 30+ other funding programs where we can help them access capital as well.

Joe Fairless: Best Ever listeners, I hope you enjoyed this, as did I. As with all conversations, you’ve gotta do your own due diligence, do your own research. Ty, I appreciate you walking us through the three ways to build business credit. One is vendor accounts, for example Quill. Two is through Dun & Bradstreet’s Credit Builder; it costs a little bit of money, and it may or may not be relevant for what we ultimately need. Three is to have good credit or a personal guarantor and get a cash credit card under your EIN.

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

Ty Crandall: Thanks, Joe.

 

 

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real estate pro advice

JF861: From 9 to 5 Call Center to Multimillion Entrepreneur and Why You MUST Think This Way

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Are you working a full-time job right now? Do you hate what you do? So did our guest, and now he is consulting multimillion dollar companies on the daily! If you are about to quit and give up living your dreams, turn this episode on full blast. All of this applies to real estate as well!

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Kolby Kay Real Estate Background:

– Entrepreneur and Owner of The Healthy Primate
– Built, sold and advised over 20 startups that have generated over 50 million dollars in revenue
– Spent 15 years running sales and marketing for companies such as IBM, Hewlett Packard, Microsoft,
– In 2015, he joined UK2 Group where he is Head of Global Sales
– Author of Why Your Life is Killing You
– My Journey to Reducing Stress and Living to Tell About It
– Based in Phoenix, Arizona
– Say hi to him at www.simplemoneymethods.com or www.facebook.com/imkolbykay
– Best Ever Book: The Alchemist by Pablo

Click here for a summary of Kolby’s best ever advice: http://bit.ly/2jESeOh

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real estate pro advice

JF857: How to Communicate Succinctly through Complex Deals and in General #FollowAlongFriday

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Communication is what allows deals to happen, marriage is to succeed, and friendships to last. If you were to 10X your communication by speaking succinctly and breaking down your point into bite-size pieces, your listeners will never forget your goal of that conversation.

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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.

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JF824: The 5 Reasons You Are Not Scaling Your Business and 5 Keys to Push to the Next Level

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It’s time to take all your plagues that keep you from growing your business in real estate and throw them out the window! One of our favorites, Trevor McGregor, is here to share what five roadblocks stop real estate investors from growing. He also has five keys that you can apply today to turn your operations up a notch.

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Trevor McGregor Real Estate Background:

– A Master Coach with the Tony Robbins Group
– has done over 10,000 hours of coaching
– Based in Vancouver, Canada
– Real estate investor who has done fix and flips, buy and holds and wholesaling
– Visit him at www.trevormcgregor.com

– Listen to his Best Ever Advice here: https://joefairless.com/blog/podcast/jf320-the-three-ss-of-real-estate-investing-that-you-need-to-know-skillset-sunday/

Click here for a summary of Trevor’s Best Ever Advice: http://bit.ly/2gvgLAe

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.

Download your free copy at http://www.fundthatflip.com/bestever

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

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Best Ever Show Real Estate Advice from experts

JF823: How to Delegate Everything and Become a Nomad While Running Your Business #SituationSaturday

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Have you ever wanted to live outside the country while still running your business? Seems impossible doesn’t it? It’s not, it’s a matter of selecting the right team to hire, setting an expectation, and preparing yourself in the business accordingly. Hear how our guest had closed her biggest deal while living in Thailand.

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Micki McNie Real Estate Background:

– Owner, Broker, Investor at 33 Zen Lane, a Denver real estate team that focuses on “investment-minded” clients
– A commercial leasing broker and a residential broker
– Owns rental properties, hold notes, and flip houses
– Based in Denver, Colorado
– Say hi to her at www.33zenlane.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.

Download your free copy at http://www.fundthatflip.com/bestever

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

JF822: The 4 Mindsets to the Mastery Process #FollowAlongFriday

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You have so many ventures and goals that you want to pursue, yet can you master all of them? Join Jo and Theo as they share the four mindsets to the mastery process and how each one is important to recognize and understand, this could save you a whole lot of time and get you on the straight and narrow to fulfilling your passion.

Best Ever Tweet:

Click here for a summary of the 4 mindsets of the mastery processhttp://bit.ly/2fTEiJS

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

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

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Best Ever Show Real Estate Advice from experts

JF817: How to DIVERSIFY Your CASH and Stay Passive #SkillsetSunday

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Putting all your eggs in one basket can be very dangerous in real estate investing, so today you’re about to hear a plethora of ways to push your money into passive passive cash flow systems. From mobile home parks to multiunit syndications you’re going to know what’s a good deal and what’s not a good deal.

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Jeremy Roll Real Estate Background:

– Co-Founder of For Investors By Investors (FIBI) and Advisor for Realty Mogul
– Manages a private investor group of over 1,000 investors
– Currently an investor in more than 50 opportunities
– Passive cash flow investor for over 14 years
– Based in Los Angeles, California

Click here for a summary of Jeremy’s Best Ever Advice: https://joefairless.com/importance-diversification-passive-real-estate-investing/

Sponsored by:

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

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

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Best Ever Show Real Estate Advice from experts

JF802: Google Adwords Aren’t Dead and In Fact Will Make You a BIG SHOT Over Time #SituationSaturday

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Google Adwords were extremely possible 10 years ago, and now with all these social media streams people veer away from them. That’s a mistake! Today you will hear from our guests who have tried and tested Google Adwords and have built many entrepreneur’s businesses through lead generation.

Best Ever Tweet:

Dan Barrett & Nick Perry Real Estate Background:

– Head Nerd at AdWords Nerds, which helps real estate investors get more leads and deals with paid traffic
– AdWords is Certified Google Partners, the highest rating Google gives out
– Partnering with Investor Carrot, 1800FairOffer, Investor Fuse, Joe McCall, Tom Krol, Alex Joungblood.
– Based in Middletown, Connecticut
– Geat a FREE strategy session from Dan at http://adwordsnerds.com/strategy
– Say hi to Nick at https://www.wanttosellnow.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

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Best Ever Show Real Estate Advice from experts

JF789: What it Takes to Be an Empowered Startup Founder #SkillsetSunday

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Have an idea or the drive to get your business up and running? Do you have both? You’re about to hear what it takes to be a founder and stay in the game, because it’s not easy. Be sure to have a pen and paper and take notes to begin your journey in becoming a founder.

Best Ever Tweet:

Kevin Siskar Real Estate Background:

– Managing Director of the Founder Institute in New York; Helps entrepreneurs launch startup companies
– Hosts the Ambition Today podcast interviewing ambitious startup founders and entrepreneurs
– He was named Best Startup Ecosystem Developer in FI’s global network in 2016.
– Based in New York, NY
– Say hi to him at http://www.siskar.co

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

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Best Ever Show Real Estate Advice from experts

JF782: How to SELL YOURSELF in Business #SkillsetSunday

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As a real estate entrepreneur you are constantly selling yourself to multiple people. Sellers, JV partners, lenders, and even your spouse! Today we are going to hear from someone who has successfully developed a talent to sell himself appropriately in business.

Best Ever Tweet:

Gino Barbaro Real Estate Background:

 Created JakeandGino.com with Jake Stenziano, a real estate investing educational company
 Real estate investing for 15 years and has grown his multifamily portfolio to 674 units in 3 years
 Wrote the book Wheelbarrow Profits: How to Create Passive Income, Build Wealth and Take Control of Your Destiny Through Multifamily Real Estate Investing
 Say hi to him at www.jakeandgino.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

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Best Ever Show Real Estate Advice

JF779: You’re Losing MILLIONS Without Him on Your Team

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In some states a real estate attorney is needed for specific transactions such as the wholesale pass-through from the B to C Funding to take care of the A to B purchase. Hear how he handles that and also his advice that improved someone’s cap rate to 25% by doing one simple thing.

Best Ever Tweet:

Gary Davidson Real Estate Background:

– Owner at Castle Law
– Represents hundreds of property investors and businesses and contractors on corporate affairs
– Unparalleled experience working on land use, zoning and development issues
– A frequent lecturer at numerous real estate investor seminars.
– Based in Homer Glen, Illinois
– Say hi to him at http://www.castlelaw.com
– Best Ever Book:Margaret Thatcher

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.

Click this link http://www.adwordsnerds.com to schedule a free strategy appointment.

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

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Best Ever Show Real Estate Advice from experts

JF774: Try Explaining Why an Auction Platform is a GOOD Idea for Your Million Dollar Property Seller #SituationSaturday

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Sounds silly, but this could be the best opportunity for a high-end property to sell given a certain timeframe. You’re going to hear from an HGTV star and previous guest who used an auction platform to get a high-end product sold, hear how he did it and the way he explained it to his buyers.

Best Ever Tweet:


Matt Beall’s real estate background:

– Principal Broker and co-owner of Hawaii Life Real Estate Brokers, a firm of over 200 brokers and agents and 10 offices around Hawaii
– Named Third Fastest Growing Hawaii Company by Pacific Business News
– Co-host of Hawaii Life TV show on HGTV

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

JF773: Why Haven’t You Started a Podcast? #FollowAlongFriday

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They are extremely popular, but they also have a bigger purpose than simply getting the word out. Joe and Theo will tell us the benefits of having a podcast especially for business growth.  Start applying these principles when you set up shop for your first podcast for maximum results. Grab your mic!

Best Ever Tweet:

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

JF742: The Ultimate Online Real Estate Marketing Breakdown!

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Do you want to understand the importance and psychology of online marketing? Look no further, this episode will take you deep into the “why” you need to get it done. Our guest shares the integrity and significance of online marketing and how it will gather you leads that you are looking for.

Best Ever Tweet:

Kasim Aslam Real Estate Background:

– Owner of Solutions 8 Digital Marketing
– Marketing in real estate lead generation strategist
– Over ten years of experience as a Digital Marketer
– Based in Scottsdale, AZ
– Say hi at fairpropertybuyers.com and sol8.com
– Best Ever Book: 7 Habits of Highly Effective People

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

JF740: This Trick Makes You MILLIONS in phone Leads and the Conversion Code #SkillSetSunday

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Today’s guest is an expert in turning leads into paying customers. He cofounded the company that will change the way you generate leads and capture them. He wrote a book that can hope you crack the conversion code. Tune in if you want to sell more and make more for your company.

Best Ever Tweet:

Chris Smith Real Estate Background:

– Co-Founder of Curator; A social media, digital marketing and sales coaching company
– Key note speaker and master lead generator
– In less than three years, Curaytor has grown to over $5 million in annual, recurring revenue
– Author of The Conversion Code
– Based In Boston, MA
– Say hi at curaytor.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

JF717: 10 Ventures that Joe Pursued to MAXIMIZE Results #followalongfriday

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Each venture that Joe has attempted and is currently attempting revolves around one purpose, creating relationships. For Joe to invest in apartment buildings, he creates relationships by carrying out a daily podcast. Hear all the other ventures that has made him who he is today.

Best Ever Tweet:

Want to take your real estate game to the next level? Attend Real Estate Success Rocks Conference!

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 from experts

JF712: How He Cleared $52,000 of Debt in 18 Months

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In debt? Have you taken a close look at all your expenses? Is there a way to reduce and/or eliminate them? Today’s guest is here to help us skinny up on our capital expenditures, be sure you reach out to him!

Best Ever Tweet:

Deacon Hayes Real Estate Background:

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

JF710: This Drink will Wake You Up and Other Success Habits #followalongfriday

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Joe and Theo share a few success habits they practice on the daily. From drinking wheat grass water at 5am and smiling on the phone, they invite you to do the same. Hear what has changed them and apply these habits in your life.

Best Ever Tweet:


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

JF697 How to OUTSOURCE and Explore Other Real Estate Businesses #situationsaturday

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Need to develop a new investor? Soon enough you will be looking to outsource much of the load that you carry, which is a pivotal part of your business progress. You may like to dive into another investing niche…hear our guest share how he’s doing it!

Best Ever Tweet:

Scott Bower Real Estate Background:

– Owner of HBSB Holdings
– Previous guest on episode 510
– Based in Phoenix, AZ
– Say hi at (480) 331-4165

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

JF689: World’s LONGEST Daily Podcast, marketing, and TONY ROBBINS #followalongfriday

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Joe and Theo chat about the show’s conception and what it took to get where he’s at today. From humble beginnings to big checks from investors to fund deals, Joe spills the beans. Too many gems inside this show, please have a notepad handy!

Best Ever Tweet:

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

JF684: 3 Steps to Turn an OPEN HOUSE Into a ROCK CONCERT!

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Marketing and event expert Louie La Vella is here to share his techniques to creating the hype you need for your next open house! He shares his success on branding, pre-selling, and staging. This is an episode you will not want to miss if you’re serious about creating a large following!

Best Ever Tweet:

Louie La Vella Real Estate Background:

– President of La Vella Nightlife and Events
– 20+ years in nightlife consulting
– Author of Nightclub and Bar Marketing: http://amzn.to/2a0fb5u
– Based in Toronto, Canada
– Say hi at http://louielavella.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

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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:

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!

no fluff real estate advice

JF670: These Few Tips Will Assist You to Close Your Next Probate Deal #skillsetsunday

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Want to close more deals? Try going for the deals that very few are searching. Probate deals are everywhere, and today’s guest is going to share how he finds his deals, and what he does to close them. He will share a specific encounter he had with a family and walk us through how he was able to wholesale the probate deal.

Best Ever Tweet:

Jimmy Reed Real Estate Background:

    – Founder of 1reclub.com
– Specializes in wholesale deals
– Based in Ft. Worth, Texas
– Say hi at 1reclub.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

JF649: How to Monetize Your Intellectual Property #skillsetsunday

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Today’s guest has been through the ringer in her first few years of entrepreneurship. At a young age of 22 years old, it seemed the sky was falling down, but she began to brand herself and add value to everybody that surrounds her. She has since been able to monetize her passion for personal development and has helped others along the way, this is a fantastic episode if you want to learn how to make money while doing what you love!

Best Ever Tweet:

Danielle Sabrina Real Estate Background:

    – Owner of “What Vibes Your Tribe?”
– Regular contributor to The Huffington Post
– Based in Dairy, New Hampshire
– You can reach her on Facebook at Danielle Sabrina

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

JF648: How to Host a Rockstar MEETUP Where all Deals Find You

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He and his partner host four meetings A week, no mistake, four meetings a week! It makes sense as the majority of all his deals came from these meetings of adding value to other investors and has been diligent in doing so. He has raised a following in Charlotte and is quickly establishing himself as an authority in his local market. Hear how he sets it all up and what success he has seen.

Best Ever Tweet:

Taylor Peugh Real Estate Background:

– Holds 4 meeting a week for real estate investing (over 15 hours)
– Acquired properties via meetings
– Based in Charlotte, North Carolina
– You can reach him at taylor.peugh@gmail.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!

JF643: Why Your RE Business Lacks if You Don’t Do This One Thing

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You are probably wondering “What else does my business need!?” Well, have you written a book yet? Today’s guest is an investor/ghostwriter who writes for big name speakers in the real estate industry. Of course she can’t disclose who she helps, but you can bet she has big clients as her charge has now hit the $7,500 range for a basic book. Turn it up!!!

Best Ever Tweet:

Barbara Grassey Real Estate Background:

– Founder of Punta Gorda, Florida REIA
– Investor/Ghost writer for big name real estate investors and thought leaders
– Author of many books
– Based in Punta Gorda, Florida
– Reach her on Facebook

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

JF642: All You Need to Know about Real Estate Syndications #skillsetsunday

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Today’s guest is an attorney who specializes in the creation and legalities of a proper real estate syndication. He speaks of the private placement memorandum and the total makeup of a security. He shares the importance of verbiage and proper documents. He also advises that you need to hire the right professionals to complete the syndication.

Best Ever Tweet:

Gene Trowbridge Real Estate Background:

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

JF635: How to TRANSFORM Your Morning and Respond to Adversity #SkillSetSunday

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Hal Elrod, Author of The Miracle Morning, a Best Seller, shares his skill of facing adversity head on and transforming your morning! More than just mornings, he shares how to change your life and be a positive influence in the world. This is one of the greatest #SkillSetSunday episodes! Turn up the volume!

Best Ever Tweet:

Hal Elrod Real Estate Background:

– Best-selling author of The Miracle Morning and The Miracle Morning for Real           Estate Agents
– Host of the popular podcast Achieve Your Goals
– Say hi to him at http://halelrod.com/ and http://www.miraclemorning.com
– Based in Los Angeles, California

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!

JF605: Why Shark Tank’s Barbara Corcoran Endorsed Joe’s New Book #followalongfriday

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You know who she is, Shark Tank’s star, Barbara Corcoran, is a
huge influencer in the investing space and Joe was able to grab her
endorsement for his new book. Joe has interviewed many high-profile
individuals and shares how he was able to contact these VIPs, turn
up the volume to hear how he did it and how you can do it
too!

Best Ever Tweet:

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!

JF601: What a HUNGRY Software/RE Entrepreneur Does to Attract Millions and Pave a Success Path

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Today’s guest owns cash flow properties, but that’s just the tip
of the iceberg. He is a software entrepreneur that has organized,
built, and sold programs for millions and has also invested in real
estate. He’s the podcast host of The Top Entrepreneurs, and
surrounds himself by only the most brilliant minds with
cutting-edge products, you must hear the show!

Best Ever Tweet:

Nathan Latka real estate background:

  • Currently owns 9 beds and started investing when he was 21
    years old
  • Host of the propular podcast, The Top Entrepreneurs
  • Based in Austin, Texas and say hi nathanlatka.com
  • Text “Nathan” to 33444 to get the financial statement

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!

JF598: How an Assistant, a Book Keeper, and a Little Empathy Will Change Your Life #followalongfriday

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Joe shares his condolences for individuals in Houston affected by the rough weather. He tells us about his new hire, an administrative assistant, who has been a relief much needed for over a year. Joe speaks of a new CPA who has aided him in bookkeeping on a monthly business. Finally, he shares stories with a similar theme of enjoying this life as much as possible before the end comes.

Best Ever Tweet:

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!

JF584: Hire an ADMIN First, and Do Us a Favor…Update Your Vision Board! #followalongfriday

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Today Joe shares with us all the successes and goals he has in his life, like closing on a large apartment community and updating his vision board. He shares with us a piece of a book he is reading where it prompts readers to hire an admin before a sales rep and why you should do so. Joe shares why it is OK to update your vision board over time, tune in and follow along!

Best Ever Tweet:

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!

JF579: How to Connect with VIP’s in Your Industry #skillsetsunday

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Ready to contact the big bosses of your niche? First you need to tell yourself that you can do it, and it’s all in your head. Remember, these are VIPs are human too… In fact only a human can reach out these individuals, you must build the relationship and be sincere. This episode covers many tactics and methods in which you can reach the top from adding value to interviewing hot shots. You can’t miss this episode!

Best Ever Tweet:

John Corcoran real estate background:

  • Smart Business Revolution and has interviewed Marie Forleo, Guy Kawasaki, Gary Vaynerchuk
  • How to Launch a Successful Webinar from Start to Finish
  • At 23 years old he landed a job as a writer in the Clinton White House
  • Say hi to him atsmartbusinessrevolution.com
  • Based in San Francisco, California

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!

JF570: New Book, New Site, and Deals! #followalongfriday

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Follow along with Joe as he shares more of his book to come and much more! His clients have deals, his brother has a great product for you to buy to stop burglars, his website coming out soon, and his monthly meet up is growing! A plethora of positive and progressive activities going on!

Best Ever Tweet:

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!

JF551: How to Connect With Others on a HIGHER Level #skillsetsunday

How important are the relationships around you? If you plan to live a wholesome life of abundance, freedom, and happiness, then you must peer deeper into the individuals that surround you, and today’s guest is ready to show you how!

Best Ever Tweet:

Aliya Levinson real estate background:

  • Coaches emerging female entrepreneurs in conquering hesitancy, overwhelm and fear to launch their service-based business
  • Say hi to her at aliyalevinson.com
  • Is a Certified Professional Coach and holds an MA in writing and based in New York City, New York

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!

Listen to the Episode Below (19:29)
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JF549: Are You Setting Monthly Goals? #followalongfriday

Joe shares his vision and focus for the month of March. Hear his plans for this month specifically and follow along! Set monthly goals for yourself like Joe by writing them into a notebook you will refer to daily. You have to hear what Joe did at the end of the show, and why you shouldn’t repeat it!

Best Ever Tweet:

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!

Listen to the Episode Below (18:34)
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Best Real Estate Investing Crash Course Ever!

JF542: Top 7 Tactics You Should Use to Build Your Real Estate Business #followalongfriday

Are you in need of basic marketing fundamentals to grow? Look no further! This show will share the skinny on all the strongest business building tools Joe uses, so listen closely!

Best Ever Tweet:

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!

Listen to the Episode Below (19:44)
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JF537: How to Generate Business RESULTS with INSTAGRAM #skillsetsunday

Think Instagram is just pics? Think again! This social media platform is top-notch in lead generation, and the creator of Foundr magazine will show you how.

Best Ever Tweet:

Nathan Chan real estate background:

  • Based in Melbourne, Australia and creator of Foundr Magazine
  • Say hi to him at foundrmag.com or Instagram.com/foundrmagazine
  • Top Ten Ranked Biz and Investing Magazine in the iTunes App Store
  • Got 10,000 followers on Instagram in two weeks and 110k followers in 5 months
  • Go to foundrmag.com/free to

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!

Listen to the Episode Below (22:27)
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JF535: Why You Need to Focus on One Thing at a Time #followalongfriday

Joe shares his experiences meeting new people to expand his network. He tells us about his trainer’s process of recruitment at a division 3 school and the singular focus necessary in the selection. Joe extends the challenge to talk to someone new, and you can tweet him @joefairless describing your experience.

Best Ever Tweet:

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!

Listen to the Episode Below (15:59)
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JF530: How to Leverage the Power of Your Network #skillsetsunday

How many people pass you daily whom you’ve never spoken to? What are their challenges, strengths, or resources? When you can tap into your network to add value where needed, you are sure to see it come back, you can’t miss this episode!

Best Ever Tweet:

Best Ever Tweet:

Rashad Pleasant background:

  • Host of the podcast, Partners in the Field
  • Has over 15 years of entrepreneurial experience
  • Say hi to him to partnersinthefield.com
  • Award-winning wedding photographer and expert networker
  • Based near Philadelphia, PA

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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JF521: Schedule K-1, What It Is and Why It’s IMPORTANT in Partnership Investments #followalongfriday

TAX TIME! Joe shares the Schedule K-1 that he uses with his partners on his apartment syndications, in fact a copy is available below in the notes! Depreciation, write offs, and other tax advantages have benefited the investors involved in Joe’s deals, hear how!

Best Ever Tweet:

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

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

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!

Listen to the Episode Below (15:56)
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JF516: How to Create a Referral Based Business #skillsetsunday

His strength is developing a referral business. He is a student of Zig Ziglar, Tom Hopkins, and other great salesmen and motivational speakers. He co-authored The Go-Giver and is a success in the business network realm. Hear about the skill he shares with us to improve your likability, trust, and respect amongst your peers and those you work with.

Best Ever Tweet:

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

Bob Burg’s background:

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.

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

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

Listen to the Episode Below (32:05)
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JF514: Raise Private Money through DATING WEBSITES and 3 Other Tips #followalongfriday

Joe shares what he has learned from his mastermind in Cincinnati, and we bet you haven t heard of tip number one! Follow along!

Best Ever Tweet:

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

Made Possible Because of Our Best Ever Sponsors

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

Listen to the Episode Below (16:34)
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5 Tips for Attracting QUALITY Tenants via Facebook Ads #skillsetsunday

167,000,000 people login to Facebook every day! If you know which of the 167 MM people would make a great tenant, then you are in business! How do you target the best tenant? How do you get a reaction? Hear this episode to bump your Facebook marketing and get awesome tenants for your properties!

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

Best Ever Tweet:

Gary Griffiths’s background:

  • Founder of ThreeSides Local which helps realtors attract more buyer and seller leads
  • He is a “for purpose” entrepreneur where he donates his time and money to volunteer to run non profits
  • Say hi to him at http://www.threesideslocal.com/
  • Based in Australia and moved to the US about a year ago and is based Fairfield County, Connecticut

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 the Episode Below (30:04)
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JF502: How to DOUBLE Your Business Profits! #skillsetsunday

Are you stuck? Striving to earn more clients, sell more products, or find more deals? You’re in luck because today our Best Ever guest is a marketing nd sales MACHINE! He has mastered lead generation and shares his skills with us enthusiastically, tune in!

Best Ever Tweet:

Dan Kuschell’s background:

  • CEO of Genius network based in Phoenix, Arizona
  • Started his first company at 22 years old and has over 22 years of experience helping businesses grow
  • Bestselling author of Bootstrap Business
  • Dream was to play pro baseball as a kid
  • Say hi to him at http://www.dankuschell.com/meet-dan-kuschell.php   Subscribe in iTunes  and  Stitcher  so you don’t miss an episode!

Made Possible Because of Our Best Ever Sponsors:

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

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.

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

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JF500: BOOST Your Following for MASSIVE Success! #followalongfriday

1,800 followers and counting! Joe shares his techniques to grow a following that he uses to fund deals for everyone to win! It is important to interact with others through webinars, podcasts, and videos that add value and answer questions. Hear him now!

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

Best Ever Tweet:

See Joe’s YouTube channel that offers a visual of him giving the community a tip!

My YouTube Channel

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.

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.

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

 

Listen to the Episode Below (28:44)
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JF495: How to be a Polished Public Speaker #skillsetsunday

Public speaking…perhaps a chilling subject, but our Best Ever guest breaks down the psychology of speaking in front of a crowd, and with the right mindset, it’s not that bad at all! It can be rewarding, entertaining, and our guest suggests that it is necessary to master for many reasons including business and personal.

Best Ever Tweet:

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

Michael Port’s background:

  • Professional public speaker
  • Called “an uncommonly honest author” by the Boston Globe, a “marketing guru” by The Wall Street Journal, and a “sales guru” by the Financial Times
  • NY Times bestselling author of six books including Book Yourself Solid and his hot new release, Steal the Show
  • Master of Fine Arts, NYU’s Graduate Acting Program
  • Say hi to him at http://www.Heroicpublicspeaking.com
  • Former professional actor
  • NY Times Bestselling Business Author
  • Based in New Hope, PA

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.

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.

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JF488: How to Build a Million Subscribers #skillsetsunday

He mailed out 2 BILLION direct mail pieces to clients…yes 2 Billion. He stood out, and eventually built his “tribe” or his following rather. He is a relationship genius and believes that customers will return many times if the proper content is created. Hear why consistent blogging, lead capture, and value add opportunities will land you a large subscribers list.

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

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Brian Kurtz’s background:

  • Recently left Boardroom Inc after 34 years where his team mailed out close to 2 billion direct mail pieces over his career and under his leadership revenues of the company went from $5M to $150M
  • Was also responsible for building Boardroom’s print and electronic newsletters which now has close to 2M subscribers
  • Founder, Titans Marketing, LLC is direct response across multiple channels
  • Say hi to him at www.briankurtz.me

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JF472: We’re All On the Same Team #followalongfriday

Raising money from investors is the name of the game with the majority of Joe’s deals. Everyone participates and everyone is paid…no one person takes it all. Everyone wins! Joe shares his underwriting abilities and partnerships with other skilled investors. Hear about the team advantage and learn how to collaborate skills and funds.

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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:

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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JF465: The 5 Most Effective Deal Flow Strategies #followalongfriday

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

Bandit signs didn’t make the list…but SEO did! We are in transition to a new and more socially connected world; deals are found online! Joe shares other methods of keeping deals in the pipeline. Did you know Joe runs 10 miles a week? And not to spoil anyone, but a new website is coming out soon. Hear it here!

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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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JF458: Top 10 BILLIONAIRE Family Office Take-Aways

Number ten will make you laugh!!!

Joe took a trip to Miami to discover what family offices’ purpose is, and he came home with ten. Family offices are investing strategist groups specifically for very high net worth families. Joe shares ten intriguing notes he learned while attending the conference…this is a must see!

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JF453: How to Harness Opportunities and Financial Mastery!#skillsetsunday

Broke? Why are you broke? What goes through your mind everyday? Today’s Best Ever guest is a renowned author of 21 international best sellers, influencer, public speaker, business developer, investor, entrepreneur, and a wealth of knowledge ready to share. She has worked with Robert Kiyosaki, George Bush, Barrack Obama, and is now a huge part of the Napoleon Hill Foundation. She expresses the importance of harnessing your inner entrepreneur by building multiple cash flow streams. She covers her favorite and most impactful book, Outwitting the Devil and what the majority of mankind do that falls short of achieving financial freedom. Can’t miss this one!

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Sharon Lechter’s Real Estate Background:

  • Author, philanthropist, real estate investor, and entrepreneur
  • Author of 21 international best sellers including 15 in the Rich Dad, Poor Dad series
  • Say hi to her at sharonlechter.com

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JF437: Money is in the MANAGEMENT! #followalongfriday

Updates! Joe is in Lubbock, Texas instructing a class a Texas Tech. Cincinnati property is in line with LOI and additional legal assurances are being made. Houston multifamily property has had a 30 unit rehab and additional upgrades. Hear about the three things Joe is most grateful for right now. Just follow along!

Best Ever Tweets:

It’s not about your ideas, it’s about the execution.

The money is in the management.

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JF432: How to Make 5 FIGURES in One Webinar with John Corcoran #skillsetsunday

He has made 5 figures in ONE WEBINAR! Since his youth, our Best Ever guest found a purpose to inspire and elevate others. He sees an opportunity to instruct professionals abroad through the webinar, a seminar broadcasted over the internet. He covers the basic fundamentals of the complete and successful launch of a webinar and of course the best part…monetization! Hear how to get started!

Best Ever Tweet:

John Corcoran’s background:

  • Smart Business Revolution and has interviewed Marie Forleo, Guy Kawasaki, Gary Vaynerchuk
  • How to Launch a Successful Webinar from Start to Finish
  • At 23 years old he landed a job as a writer in the Clinton White House
  • He’s on track to do about 100 webinars in 2015 and made over 5 figures in one webinar
  • http://www.webinar1k.com and http://www.smartbusinessrevolution.com
  • Based in San Francisco, California

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Made Possible Because of Our Best Ever Sponsors:

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JF 430: Don’t QUIT Your Day Job Until You Get One of These! #followalongfriday

Joe advises that being able to control equity via your properties or through other partners can boost your investing power, and you may qualify for personal line of credit if you have a secure income.

Updates! Cincinnati offer soon to come. Houston apartments are currently under renovation. New deal (under wraps) going well but not certain if accepted yet. Master leases will be a future episode topic. Diversify your funding resources. Family Office Podcast Ultra Wealthy Investing is an amazing resource for learning about hi net worth families and how they invest in real estate.

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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?

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JF425: Pitch Anything to ANYONE with Oren Klaff #skillsetsunday

Closing deals begins with a “big idea” as our Best Ever guest boldly suggests. He has raised hundreds of millions for investors in multiple industries and is the New York Times Best Seller author of Pitch Anything. No more predictable figures, ROI, and other ordinary abbreviations…it’s time to begin your next pitch with an entertaining twist, one that will relax your investor to squeeze the goods out of you. Follow Joe’s challenge at the end of the show, and hear Oren teach!

*Register on pitchanything.com and receive insider knowledge of the best and most professionally structured pitch.

Best Ever Tweets:

Oren Klaff’s background:

  • He has raised over $400 million from investors
  • Author of Pitch Anything (one of my new favorite books)
  • He is based in Carlsbad, California

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Made Possible Because of Our Best Ever Sponsors:

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JF423: How BRAGGING is a GOOD Thing! #followalongfriday

Updates! Cincinnati apartment community offer in the works! Two offers made for two apartment communities in Texas. Joe advises that having a “bragging partner” is a healthy confidence boost and can refocus your goals. Being open with someone you trust about all your achievements is refreshing…hear more!

 

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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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JF418: Target, Whole Foods, and College Students are BEGGING for His Services, He’s Only 25! #skillsetsunday

How to start a company and scale it. Startup mogul, Brian Foley, has started five companies, and now has focused his efforts on building BuddyTruk, a service like Uber that transports goods from one place to another. He and his team has built an app that allows customers to seek a BuddyTruk representative to move their furniture, and Target along with Whole Foods have jumped on board. Our Best Ever guest is tenacious and shares his story of persistence, and he even used cookies to buy clients…hear it now!

Best Ever Tweet:

Brian Foley’s background:

  • Based in Santa Monica, California and is the founder of BuddyTruk, offering cheap moving help and local delivery service on demand
  • Named one of four founders under 30 to keep an eye on by Entrepreneur Magazine
  • He’s 25 and has started 5 companies

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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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JF416: Stop Worrying About Your Goals! Do What Needs to Be Done Every Day! #followalongfriday

New sponsors and updates!!! Stride Health and Fund That Flip have joined the Best Real Estate Investing Advice Ever show and are ready for our Best Ever listeners to reap the benefits! Our host shares an update on his Cincinnati property which should be under contract and in the due-diligence period soon. Joe offers some advice to start a local mastermind, meetup, blog, podcast, or any real estate collaboration which will bring you more and diverse deals. He shares some tips on consistency and how the day to day tasks are more important than the prize at the end.

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Made Possible Because of Our Best Ever Sponsors:

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JF411: The Art of Charm Host Spills the Skills of an Introduction

Social capital…how much influence is hiding in your inner circle? How are you able to connect individuals in your network to benefit everyone? Well, sit back and prepare for a riveting interview from the host of The Art of Charm, a popular podcast that empowers big thinkers. Our Best Ever guest has a few tips that will allow you to be an extraordinary connector of the human race…hear it now!

Best Ever Tweet:

Jordan Harbinger’s background:

  • Host of the Art of Charm, where ordinary guys become extraordinary men
  • #1 Self-help podcast in iTunes
  • Been kidnapped…twice
  • Based in San Jose, California

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Made Possible Because of Our Best Ever Sponsors:

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JF407: 5 Takeaways from a Book that Gives You an UNFAIR Advantage

I was recommended Pitch Anything by Oren Klaff by a client of mine. I was hooked from page 1.

This book is for anyone who sells anything. It is one of the most effective books at helping you get more transactions completed.

If I had to summarize it in 25 words or less here’s what I would say:

Take control of meeting.

Tell a story.

Remember you are the prize.

Don’t be needy.

  (Best Ever Tweet)

BUY IT HERE

Read it. Hug it. Sleep with it. You need this book. Here are my Top 5 takeaways.

  1. You are the prize.
    1. Money is a commodity. It doesn’t do anything unless it goes to work investing in something. What you are selling is the prize. Act accordingly.
  2. You have a crocodile brain. And so do your clients.
    1. You must make the message:
      1. New, novel and intriguing
      2. Tease the solution to their problem but wait to give solution until later
      3. Tell a story – don’t focus on analytics
  3. When pitching remember the acronym, STRONG
    1. Set the frame
    2. Tell the story
    3. Reveal the intrigue
    4. Offer the prize
    5. Nail the hookpoint
    6. Get the deal
  4. Immediately secure “frame control” by using light humor and defiance
    1. Every meeting you should establish what Oren calls “frame control.” Essentially frame control is being the alpha in the meeting even when there are alphas already present. The frame is like an empty picture frame that we see the world through. If we have frame control then people see our view of the world through our frame.
    2. He does this by using light humor and toying with the other people in the meeting while showing defiance is necessary (see page 33 of his book)
  5. Don’t establish rapport. Establish “local star power”.
    1. According to Oren, he thinks rapport is overrated. He’s never won a deal by having small talk at the beginning of the meeting because that small talk’s purpose is to determine who has the frame control in the meeting.Some bonus takeaways:
  • Make the buyer qualify themselves to you.
  • Remember the fundamental behaviors of human beings:
    • We chase that which moves away from us
    • We want what we can’t have
    • We only place value on things that are difficult to obtain
  • Have a personally intriguing story (see page 56 of book for how to structure the story)

 

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JF402: You Never Heard This Off Market Deal Search…We Promise! #followalongfriday

Hustle is important, but it’s not the only way to bring you deals. Tune in to follow along with Joe as he catches up with the Best Ever listeners and shares a little known trick that will bring you unheard of deals. Hint? Well, remember that service is the key! Joe has three steps to build up to this unpredictable lead generator…listen in!

 

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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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JF398: College Dropout Taking the LEAP of Faith to Six Figures

So you are half way through college and suddenly loath the idea of six years of school to end up working for “the man”…ready to dropout? Our Best Ever guest did! He left his job for a seminar on REI 100% committed, Today he shares is goals, REIA networking tips, and his Best Ever advice that you cannot miss!

 

Best Ever Tweet:

 

 

Ross Alex’s real estate background:

  • 25 years old and based in Houston, Texas
  • After 1.5 years he started flipping
  • He is flipping 3 – 5 houses a month
  • Say hi to him at flippinginaction@gmail.com

 

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JF390: How to ESCAPE Your Comfort Zone and Live with No Regrets

Ever wished you could have, would have, and should have? Not today’s Best Ever guest! She has laughed in danger’s face, all in the name of opportunity. Hours of hiking Kilimanjaro, 5 London Marathons, and cycling the most dangerous road in the world is only the beginning of our Best Ever guest’s saga of bravery. Her inner confidence will grow yours once you hear her goals and passion. There are only two things our tough guest opposes…and you wouldn’t have guessed it.

 

 

Best Ever Tweet:

 

 

 

 

Sarah Williams’s background:

 

 

  • Founder of Tough Girl Challenges, all about getting people to do challenges outside of their comfort zone
  • Liverpool, England
  • Done the following:
  • London Marathon…5 times
  • Walked across burning coals
  • Sky diving
  • Bungee jumping
  • Cycling down Death Road in Bolivia
  • Climbed Mt. Kilimanjaro
  • Say hi to her at http://www.toughgirlchallenges.com

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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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JF383: SPIKE Your Net Worth with an Abundance Mentality #skillsetsunday

Look around, who are the five people closest to you? What is their net worth? How is their attitude? Do they uplift, edify, and push you? These are questions that our Best Ever guest will ask today on the show. Be alert and open minded as you hear her tips on creating a power team that will revamp your personal and business goals, while maintaining a steadfast focus.

 

Best Ever Tweet:

 

 

 

Dawn Oree’s background:

 

  • 3 Ways of Making the Law of Abundance Work in Your Life

  • Been teaching the Law to business people and non-business people

  • The Abundance Summit in San Diego in March

  • Say hi to Dawn at http://www.dawnoree.com

 

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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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JF374: CHALLENGE! Stick to it for 90 Days #followalongfriday

Excited for a new goal, idea, or inspiring concept? Take Joe’s advice to go a step further than “eureka!”…create an action plan! Joe shares his experience developing the Best Ever show; from a few downloads, to now over 500,000, he expresses the importance of a well-constructed plan. You too can create and build anything from square one, and as a matter of fact, Joe wants to hear about it! Pull out a pen and 90 page notepad…Joe has a challenge for you, and we all want to know your results!

 

 

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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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JF362: How Empathy Will Bridge Any Relationship Gap

What is empathy? We hear it, but do we use it when we communicate with our friends, family members, and tenants? Listen closely to our Best Ever guest as she walks us through her four steps of mastering empathy, which will certainly improve your personal and business relationships!

 

Best Ever Tweet:

 

 

Carla Blumenthal’s background:

Based in New York City, New York

 

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Norada Real Estate – 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 at http://www.NoradaRealEstate.com/Guide

 

 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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JF361: He Began Squatting in a Bank Owned Home and Now Owns 300+ Units

Today’s Best Ever guest enriches the Best Ever listeners with an 8 step process to not only lift your real estate business off the ground, but to eventually make a difference in the world. He shares his best real estate advice, and he’ll let us know how to extract advice from others.

Best Ever Tweet:

J Massey’s real estate background:

  •   Started real estate investing squatting in a banked owned home
  •   Owns 300+ units
  •   California investor
  •   Host of Cash Flow Diaries podcast
  •   Master of meet-ups, REI groups, and long term business relationships

 

Made Possible Because of Our Best Ever Sponsors:

Norada Real Estate – 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 at www.NoradaRealEstate.com/Guide

 

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 www.PatchOfLand.com

 

 

 

 

 

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JF360: What Can You Do To Continue To Scale Your Business? #followalong Friday

What do YOU need to scale your company to the next level? Well, listen up because that is exactly what we discuss. We talk about what I’m doing and how that can translate to real estate success for you.

Best Ever Tweet:

 

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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

Listen to the Episode Below (22:28)
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Best Real Estate Investing Crash Course Ever!
Best Ever Show Real Estate Advice

JF355: Why to Focus More On the Relationship Than What the Contract Says #skillset Sunday

Ever wonder why this show sounds SO clear? Well, you have today’s best ever guest to thank for that! He is our best ever audio engineer, and shares with us why relationships with people are so much more important than what is written on the paper.

Best Ever Tweet:

If something comes up, you have someone on your side who is gonna work with you.

Toby Lyles’ business background:

–           Founder of TwentyFour Sound and is based in Denver, Colorado

–           Been an entrepreneur for 12 years

–           He knows what an audio bit rate is and how to use it

–           Sound and audio engineer and has millions of people listening to their work right now

–           Does work for Pat Flynn

–           http://www.twentyfoursound.com

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

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

Listen to the Episode Below (23:34)
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Best Real Estate Investing Crash Course Ever!
Best Ever Show Real Estate Advice

JF353: The TWO Major Lessons Learned from Closing on A 250 Unit Deal #followalong Friday

We’re switching it up a little bit today, but the amount of value you’ll get out of it will remain the same. Find out what’s going on with ME! Wanna know what I’m doing with my life? Well, listen up because that’s what we talk about!

Best Ever Tweet:

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

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

Listen to the Episode Below (15:56)
Join + receive...
Best Real Estate Investing Crash Course Ever!
Best Ever Show Real Estate Advice

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:

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