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Podcast#087 – Fundamentals – Interview with Dana Dunford -What amenities should I provide my rentals and new technologies.

In this episode we discuss:

• Nest automates thermostats and one day in the near future is a good implementation in B rentals

• HVAC or dishwasher breaks and technology can alert you

• Technology good for B and A class

• Class B rentals are having Amazon lockers and these Nest thermostats

• Know your avatar

• At one time backsplash in kitchens was unheard of and now its a cheap fix

• What is standard in the market? Dishwashers, garage doors, laundry price, etc..

• Zillow gives good filters for amenities like washer and dryers

• Ask your property management what is standard

• SFH’s should have the tenant paying the utilities

• RUBS is Reimbursement Utility Billing System

• Skeptic on keyless entry soon but good for short term rentals

• A lot of new hardware and software coming but lets try it out at our own homes first yea 😁

• Use the technology in your rentals for tracking and monitoring

• Don’t have personal relationships with your tenants

• Property manager’s are the most critical people on your team and go off referrals

• Yelp is just angry vendors writing bad reviews for each other

• I look for the negative reviews as a good thing because they don’t want to cave in to resident requests

• A nest thermostat or Thanksgiving turkey might be a good gift to bait a longer contract

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Podcast#086 – Fundamentals – Interview with Ty Crandall – Getting Business Lines of Credit

Ty Crandall is an internationally known speaker, author, and business credit expert. With over 17 years of financial experience Ty is recognized as an authority in business credit building and is the author of two books on credit named Perfect Credit and Business Credit Decoded. He has been featured by Entrepreneur, Inc, and Forbes.

Ty currently serves as the CEO at Credit where he has helped create and grow one of the biggest and most credible business coaching operations in the United States. We help investors obtain capital to purchase real estate.

Something that you have recently thought about “burning your cash” on for time savings or an improvement in quality of life.

Several forms of automation, most recently an automated system for billing recovery.

www.creditsuite.com, info@creditsuite.com, 877-600-2487

Business credit does not use personal credit

Uses your Business EIN

1) Set up a business, website, physical address, land line

2) Get setup with reporting agency – write to reporting agency to see if you have an existing report

3) Get credit cards using EIN (Do not use Social Security Number)

4) Get Uline, Quill, Grainger, Seaton, Gimler, etc accounts

5) After 5 accounts get Home Depot, Lowes, Cash Credit Cards, Amazon, Sears

6) After 10 accounts get VIsa or Mastercard accounts

creditsuite.com/reports

Podcast #85 – Buying and Selling Businesses with Ace Chapman

Ace bought his first business when he was nineteen. It was an online stock market simulator called CoolWallStreet. After selling it and seeing the benefits of buying a business over starting one, he caught the business buying bug. Since then he has bought and sold over thirty businesses and has helped his clients all over the world buy over one hundred businesses.

Ace buys and sells internet businesses. He had done over 40 deals

1) How much simple passive Cashflow are you making today and how are you doing it?

I have a portfolio of over 30 internet businesses that create income.

2) What is your Han Solo moment – Han Solo and his buddy Chewbacca from Star Wars were cruising around the galaxy as lowlife smugglers but then cross paths with Luke and Leia and his life took a pivot point. Describe the resistance that was the catalyst for change. Did you “burn the boats” or did you let it happen naturally – was there an internal (you decided to make a change on own – what was thought process?) or external trigger (ie got fired from your job)?

My moment was definitely burning the boats. I quit college which basically meant that I was not going off have the normal 9-5 corporate life and set on the path towards entrepreneurship ever since.

3) Worst life/business moment and what did you do after? Lesson learned?

Losing my first business after having seven figure offers that I turned down.

4) Current 2-week experiment and 6-month project? (90-180 day goal). A mark of a high performer is to put your ego aside and accept the help of others and mastermind maybe folks can help you by you asking.

● Current 2-week experiment – taking three breaks a day for meditation

● 6 month project – building a life where I live in both Atlanta and Miami

5) What is your simple passive Cashflow number? Now imagine you had 2x that amount… Describe your ideal day, detailed routine, and what projects you are working on.

● Ideal day – Exactly what I’m doing right now. I love what I do. I don’t have to do it but it’s my passion.

● Projects – Buying and selling businesses. Helping people avoid the risk and headaches of starting a business and show them how to buy one instead.

6) Something that you have recently or thought about “burning your cash” on for time savings or an improvement in quality of life.

Jet membership

7) Something that you changed your mind on? Our ego often gets in the way of greatness.

In negotiating deals, sometimes you end up fighting with seller’s egos instead of logic. There have definitely been deals that I have walked away from because I didn’t want to deal with the seller’s ego.

8) Tony Robbins identifies two large concepts that we are continually struggling to gain perfection at: #1-Art of Fulfillment and #2-Science of Achievement. If you died tomorrow and I were to email this to your kids a couple decades later… this is what they would hear.

a) What is your secret/hack for the “Science of Achievement?” Any secret habits to share? Morning or Nighttime ritual?

● My secret hack is avoid what everybody else is doing. The greatest opportunity is always found where the fewest people are looking.

● Morning Ritual – To start the day with as much positive energy and emotions as possible.

b) What is your secret/hack for the “Art of Fulfillment?” How you do contribute back?

● I joined a Big Brother mentoring program.

8) Anything we missed and contact info if you would like anyone to get a hold of you. URL?

● Instagram – ace.chapman

● Twitter – acechapman

● Youtube – Ace Chapman

● Facebook – Ace Chapman

● Website – www.acechapman.com

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Podcast#084 – Interview with Mark Walker & Dealing with Very Shady Characters

Mark Walker is founder of Luxmana Investments, which focuses on residential and multifamily investments. Mark quit his corporate job and is now a multifamily investor.

1) How much simple passive Cashflow are you making today and how are you doing it?

(You don’t need to give a number if you would like privacy. You can be vague such as halfway to quitting my job, cover my mortgage, make 25% of my expenses, over $10k, although people like when people open up the kimono):

My passive income is more than 200% of my expenses. I have a portfolio of 22 SFR’s in Denver, Colorado, and a 64-unit apartment complex in Dallas, Texas. I also have a small equity position is another 96-units in Dallas, TX, but I am not the managing member of that.

2) What is your Han Solo moment – Han Solo and his buddy Chewbacca from Star Wars were cruising around the galaxy as lowlife smugglers but then cross paths with Luke and Leia and his life took a pivot point. Describe the resistance that was the catalyst for change:

I met a general contractor in 2010, and we decided to do a couple residential development deals together. Through that relationship I was introduced to several people who were instrumental in me taking the next steps to build my passive income portfolio from there. Combine this with the fact that I was becoming increasingly frustrated with the corporate world, and that drove me to become even more focused on escaping the rat race.

3) Did you “burn the boats” or did you let it happen naturally? Was there an internal (you decided to make a change on your own – what was thought process?) or an external trigger (ie got fired from your job)?

I decided to make the change on my own, as I desired financial freedom and to spend more time with my family. The external factor of becoming frustrated with the corporate world was not the primary driver, but it did add to my motivation.

4) What was your worst life/business moment and what did you do after? Lesson learned?

In the 2005/2006 timeframe, I moved forward on a real estate opportunity which turned out to be fraud. I can certainly elaborate on this, but long story short: I testified to the Grand Jury to help get this indictment, and I was the second person they put on the stand at the official trial. The offender received a 130+ year prison sentence, which was the largest sentence ever given in the State of Colorado at the time for fraud. I learned about the importance of “trust, but verify.”

5) Current 2-week experiment and 6-month project? (90-180 day goal) A mark of a high performer is to put your ego aside and accept the help of others and mastermind maybe folks can help you by you asking.

My top two goals in 2017 are around family and health. If I can find and do one 50+ unit multifamily deal in 2017, that will be icing on the cake.

6) What is your simple passive Cashflow number? Now imagine you had 2x that amount… Describe your ideal day, detailed routine, and what projects you are working on.

Simple passive cashflow number is $20K/month. If I had $40K/month, it’s full retirement in Central America. It would be lots of days in the sun with my wife and daughter, plus exploring this region of the world. We would, of course home school our daughter.

7) Something that you have recently thought about “burning your cash” on for time savings or an improvement in quantity of life.

Tesla P100D – so incredibly impractical, but really cool.

8) Tony Robbins identifies two large concepts that we are continually struggling to gain perfection at: #1-Art of Fulfillment and #2-Science of Achievement. If you died tomorrow and I were to email this to your kids a couple decades later… this is what they would hear.

a) What is your secret/hack for the “Science of Achievement?” Any secret habits to share?

Never stop learning. Learning leads to action, and action leads to success.

b) What is your secret/hack for the “Art of Fulfillment?”. How you do contribute back?

There should always be a reason other than money for why you do anything. For example, I didn’t build a passive income portfolio because I wanted to buy a fancy car, bigger house or a Tesla. I did it because I wanted to be financially free so I could spend more time with my family and positively impact other people. So, I contribute back by giving people a great place to live, but I am also able to give more of my time (e.g. Salvation Army, etc).

9) Anything we missed and contact info if you would like anyone to get a hold of you. URL?

I would like to give the listeners a free gift as a thank you for listening: 10 “Not So Obvious” Ways to Boost Your Multifamily Property NOI. You can get it at: http://www.luxmana.com/simplepassivecashflow

Mark Ferguson interviews me on Investing in Out of State Properties

Hi guys, I figure you are tired of hearing my voice but I was recently on Mark Ferguson’s podcast. He is killing it in Denver as a home flipper and doing it right by putting part of his earnings to cashflowing rentals… Here is the post from Mark’s website below:

Lane Kawaoka is my guest on this week’s episode of the InvestFourMore Real Estate Podcast. Lane is a full-time engineer but also loves to invest in real estate. Lane has always worked on the west coast or Hawaii, where it is really hard to find cash-flowing rental properties. He has had to invest out-of-state to find deals that made sense to him. On this show, we talk about how he first got involved in real estate and how he both bought houses from turn-key companies and on his own. We also talk about what his current goals and how he is changing his investing strategy.

Click the green button below to listen to the podcast

How did Lane first get involved in real estate?

Lane graduated college and became a full-time engineer about ten years ago. He wanted to buy a primary residence but had to save up money to afford properties in his area. He finally bought a house for himself, but it was not as great as he thought it would be. He was always traveling for work and never had a chance to enjoy his home. He decided to rent out the property, and that became his first rental.

How to use house hacking to buy rental properties.

Lane realized he loved the passive income that his rental property provided, and he decided to keep buying rentals. He bought a duplex in Seattle for $250,000. That duplex rented for $3,000 per month and was also a great investment. The problem he ran into was the market exploded in Seattle much like it has in Colorado. His duplex was worth $400,000 a few years after he bought it, but rents had barely risen. Finding any good proprieties in the Seattle area was really hard.

How to invest in rentals when prices are high.

How did Lane start investing in out-of-state rental properties?

Lane knew he could not invest in the Seattle market any longer, so he looked into turn-key rentals. Turn-key rentals are properties that have already been repaired, rented out, and have property management in place so that investors can buy a property and start making money immediately.

Lane bought a property in Birmingham Alabama for $70,000 that he rented out for $850 per month. Lane bought a few more turn-key properties and then started to buy properties himself with the use of agents and property managers.

How did Lane make sure he bought good turn-key properties?

Lane has a number of tips for people looking to buy turn-key rental properties:

  • Get a 3rd party to check out the neighborhood and area if you are not familiar with it.
  • Don’t be afraid to find your own property management company.
  • Sometimes, buying properties with a loan can be a benefit because you need to get an appraisal that will confirm the value.

I also think people looking to buy a turn-key should not be afraid to get an inspection done on the house. You could even order a BPO to be done on the property.

How to complete due diligence on a turn-key property.

How has Lane bought out-of-state rental properties without a turn-key company?

If you want to buy out-of-state rental properties on your own, it can be tough, but it is possible. The problem with many turn-key companies is getting a good deal is very tough. If you can find deals yourself, you may be able to make more money. However, you need to find:

Lane has bought a number of properties outside of his areas without using a turn-key company. He said the key to pulling off the investment was finding a great property manager. If you can find a really good property manager, they can help you decide where to buy properties and what they will rent out for, and they can help you find contractors and agents.

How to invest in out-of-state rentals.

How can you contact Lane?

Lane loves to help others invest, and he is also working on syndicating large multifamily deals. Make sure you listen to the podcast to hear what his plans are with apartments and why they have become his focus over single-family rentals. You can find lane at simplepassivecashflow.com,where he has a podcast and many free resources for investors.

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Podcast#081 – Fundamentals – Interview with Mark Podolsky – The Land Geek and Raw Land Investing with Facebook Craigslist buy sell groups

Mark J. Podolsky (AKA The Land Geek) is widely considered the Country’s most trusted and foremost authority on buying and selling raw undeveloped land within the United States. He has been actively investing in Real Estate and Raw Land since 2001 and has completed over 5,000 unique transactions. Mark’s company Frontier Equity Properties, LLC is an A+ rated BBB real estate company.

Topics that are covered in this episode:

• Go on Treasury List to see who owns back taxes

• Unsophisticated come into ownership of raw land

• Buy it at 20-30% value, ensure so encumbrances

• The neighbor’s are the first people to buy if not maybe they want to sell theirs and now you have a larger tract

• Use Facebook and craigslist

• Use owner financing

• 3-5% response rate of offers

• All counties are different on how you get land listings

• Use gegolook.com or use craigslist or what three words app

• Facebook buy and sell groups

• Use special warranty deed and full warranty deed

• Blinkist

• Stop being an optimizer once you have your simple passive cashflow number

Thank you Mark Podolsky for joining us on Simple Passive Cash flow!

 

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Podcast #079 – #LaneHack – The Mindset to Overcome Starting Something

Christian Knight gives us his 4 techniques on how to control fear:

1) Embrace the fear – removes complacency

2) Manage your fear – Visualize

3) Practice it and get experience

4) Eyes on the prize

Don’t just die like a salmon. Do something meaningful. Take action and step out!

– Jason Statham

Remember why we are doing it. The “new rat race” is what the entrepreneur often finds themselves in where they have escaped the W2 job but have created an active business for themselves.

– Jason Statham

Podcast #078 – Interview with Sarah May, Aerospace Engineer transitioning out of her Day Job in Denver

Former aerospace engineer who became passionate about real estate investing, built up a rental portfolio, and has now moved into syndicating larger multifamily deals. She works with a great group of investors helping people move their money out of the stock market and into physical assets – real estate.

She lives in Colorado with her husband Alex, their 2-year old son Landon and enjoy the outdoors and activities like skiing, tennis, and biking.

Some dialogue from the show:

1) How much simple passive Cashflow are you making today and how are you doing it?:

My husband and I are making about $6-7k/month in passive cash flow from our 10 properties (22 units).

2) What is your Han Solo moment? Describe the resistance that was the catalyst for change:

For me, the main factor was knowing I didn’t want to stay in my then-current career path for the rest of my life. I had already been a student of real estate for several years, but finally I knew that if I didn’t want to be tied to an unfulfilling job for the rest of my life. I had to take action and starting building passive cash flow to support my lifestyle. For me the combination of desire + education = action.

3)Did you “burn the boats” or did you let it happen naturally? – was there an internal (you decided to make a change on own – what was thought process?) or external trigger (ie got fired from your job)?:

One thing that I’m incredibly grateful for is having a like-minded husband who I can brainstorm with. We both knew we wanted to build income from real estate, but we weren’t sure how we wanted to do it at first. Things happened fairly naturally, but it was a bit of a journey getting to where we are now. Our first “investment” as a married couple was a house we decided to fix up and sell. That was a major learning experience, and the biggest thing we learned was that we didn’t want to be house flippers!

After putting tons of sweat equity in the deal (even though we had a general contractor), we made less than $10k of profit on the deal. If we had kept it as a rental for just an extra year, we would have made $40k more from appreciation. Today, 5 years later, that house is worth nearly double what we sold if for after fixing it up. After that experience, we saw buy and hold real estate as the tried and true method of building wealth relatively passively, so we set the goal to buy 2 properties (2-4 units) per year and for the most part have stuck to that plan, and it’s worked out well.

4) Worst life/business moment what did you do after? Lesson learned?:

I’ll have to go back my previous example with the house flip. The main lessons I learned were not to use the same contractor as your house-flipping realtor since it creates a major conflict of interest, and also that you can make more income in a less stressful way by owning cash-flowing rental properties. I also learned that strong contracts can make all the difference in a sticky situation.

5) Current 2-week experiment and 6-month project? (90-180 day goal):

A mark of a high performer is to put your ego aside and accept the help of others and mastermind maybe folks can help you by you asking. My current 2-week experiment is to get my son to eat his vegetables! Just kidding, in reality my next big 2 week goal is closing on our 100 unit apartment syndication. My 6-month project is get the repositioning of the apartment community well under way and get into a good business rhythm.

We’re going to do a major remodelling project on the unit interiors and improve the property overall by adding covered parking, backyards, and a spruced-up office. Maybe in 6 months we’ll even have another property under contract by then!

6) What is your simple passive Cashflow number? Now imagine you had 2x that amount… Describe your ideal day, detailed routine, and what projects you are working on:

My current simple passive cashflow number is $6-7k/month. My goal is $12k/month. Twice that amount would open up new opportunities. My ideal day would involve some sort of time outside, exercise, a good cup of coffee, involvement with friends and community, self-development like reading books, and plenty of time with my husband and son. We’d go on quarterly vacations and also monthly mini-vacations hiking and camping near our home. I also would probably keep working on real estate!

7) Something that you have recently done or thought about “burning your cash” on for time savings or an improvement in quality of life:

Right now I’ve been focused on using my cash to buy great real estate investments. If I had to splurge on something, it probably would be a new car. My 2004 Saturn is starting to show age! Typically though, I’ve mostly spent my extra cash on things like vacations where the memories will last far longer than some new gadget.

8) Something that you changed your mind on?

Our ego often gets in the way of greatness. One lesson I’ve learned over the years is that sometimes, it’s okay not to have the nicest property on the block. Especially when it comes to rental property. There are plenty of people out there who need a safe, clean, functional place to live. We also have Section 8 tenants at some of our properties, and while I was very apprehensive about it at first, there are definite advantages. Also, these types of properties typically provide much better cash flow than the newer “Class A” buildings out there.

9) Tony Robbins identifies two large concepts that we are continually struggling to gain perfection at: #1-Art of Fulfillment and #2-Science of Achievement. If you died tomorrow and I were to email this to your kids a couple decades later… this is what they would hear:

a) What is your secret/hack for the “Science of Achievement?” Any secret habits to share? Morning or Nighttime ritual?:

I think the “Science of Achievement” for me can be summed up in one word – Perseverance. For me, I think I’ve been successful because I refuse to give up. Whether it was a tough homework assignment, a seemingly impossible-to-meet deadline, or navigating my first real estate deal, I found that if I kept at it long enough, the impossible became possible.

b) What is your secret/hack for the “Art of Fulfillment?” How you do contribute back?:

For me, the most fulfilling parts of the day is the time I spend with my husband and our 2-year-old son. I’m fulfilled by having a multi-dimensional life where I love working on my business and real estate, I love exploring the Colorado outdoors, and I love spending lots of time with my family.

10) Anything we missed and contact info if you would like anyone to get a hold of you. URL?

You can reach me at www.regencyinvestmentgroup.com through the Contact form, or just email me at sarah@regencyinvestmentgroup.com.

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Podcast #076 – Interview with MC Laubscher, The Cashflow Ninja

In this episode MC Laubscher from South Africa explains how his foundation is centred around the infinite banking concept. He tells us where his passive income is coming from, and talks about some investments he is trying to turn into passive income. Laubscher will walk you through his journey of how he purchased his first single family property out of university in South Africa, and how he got to where he is now.

Topics that are covered in this episode:

  • Uses infinite banking to create cashflow and make investments
  • Purchased first property in South Africa in 2001
  • USA leads in creative deals
  • Started with an informal mentorship for them
  • Infinite banking is what wealth Family Offices use
  • Sick, alone, broke in 2011 – the person that is responsible is you
  • Get up in the morning and start moving
  • What you value is not what someone else values
  • Abundance/Scarcity Mindset
  • Is this your highest and best value… if not table it or have someone else do it
  • Document the processes to outcource things
  • A home gym would cut down on time traveling
  • I am not entitled to anything
  • Figure out what takes your time and write down a process to outsource
  • Email Lane if you have questions about infinite banking
  • Self reflect and fIgure out what you are good at

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Podcast #075 – Interview with Chris Rush, Navy Pilot gone MFH Lead, sharing his mindset and productivity tips

Chris Rush shares his success story of how he went on to becoming a Navy Pilot, and a multi-family home investor. Chris talks about how the analogy “burn the boats” relates to his real estate philosophy and he shares his struggles, his experience and his successes. Here are some of the topics we discuss in this episode:

Topics that are covered in this episode:

  • Chris Rush is a seasoned real estate investor, serial entrepreneur and founder of Sidereal Management, Inc.
  • Chris started his real estate career in the family business as a teenager in the 1980’s. He has extensive experience in property valuation and acquisition; multiple, simultaneous capital expenditure real estate rehab projects; property leasing and management; financing and refinancing; syndication, fundraising and financial selling; and marketing and property sales.
  • Over the past decade through syndication, partnership and individual investments, Chris has acquired, repositioned and deposed of for profit over 1000 units in the Texas, Georgia, New Mexico, Arkansas and Washington markets.
  • As a syndicator with Fannie Mae loan experience, Chris has an top-notch reputation among the multi-family investment community. He provides exceptional value to investors and the community.
  • Chris is a 1995 graduate of the U.S. Naval Academy, Computer Science, B.S. He served 10 years on active duty excelling as a Navy pilot flying missions worldwide.
  • Started as a passive investor
  • Do a friend-ventory
  • Ask what is your hourly rate to outsource
  • Be content while you are doing what you’re doing
  • Eat the frog to get the important things

Thank you Chris Rush for joining us on Simple Passive Cash flow!

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