Real Life Monopoly: Building Wealth One Rental at a Time

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[SPEAKER_05]: You just news what everybody else said.

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[SPEAKER_02]: Yeah.

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[SPEAKER_02]: LLC, I don't know what it is, but everybody else talks about it.

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[SPEAKER_02]: So why don't I get more of those things?

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[SPEAKER_00]: I see that at the end of the world that you get that you're in business, right?

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[SPEAKER_00]: Yeah, so.

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[SPEAKER_01]: Welcome to the entrepreneurial experience podcast where we talk everything entrepreneurship and we bring pretty cool guest on the show so we can hear about their amazing journey of entrepreneurship.

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[SPEAKER_01]: This podcast is for the entrepreneur, the startup, the side hustler, the veteran, it could be very lonely out there, so hopefully the stories and what we talk about give you hope in entrepreneurship.

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[SPEAKER_03]: Yeah, we spell it without the eye because there's more than me CI, and we also have a very honored guest, Brendan Pishney.

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[SPEAKER_03]: Would you give us a little bird's eye view?

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[SPEAKER_03]: 10,000 foot, who you are and what you do?

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[SPEAKER_04]: Yeah, hi guys.

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[SPEAKER_04]: I've been investing in real estate for the last 13 or so years.

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[SPEAKER_04]: I've got a portfolio of rental properties that I own in Manage in the Kansas City area.

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[SPEAKER_04]: And I recently came out and published my first book.

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[SPEAKER_04]: Nice.

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[SPEAKER_04]: Awesome.

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[SPEAKER_01]: All right.

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[SPEAKER_01]: That's the best seller.

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[SPEAKER_01]: So we'll see how it goes, just getting started here.

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[SPEAKER_01]: Well, you know, I mean, the best selling is to who it matters to anyways, right?

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[SPEAKER_01]: Hey, sorry to interrupt, but Joe, you got something on your chest.

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[SPEAKER_01]: When I filled my first eight business, I chalked it up to a couple of things.

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[SPEAKER_01]: Number one, I was very proud, and I didn't learn how to build a business.

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[SPEAKER_03]: But the second thing I realized is I didn't go to school for this, and it's fun to try to figure things out and explore.

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[SPEAKER_03]: But then there comes a point where you're like,

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[SPEAKER_03]: What are all the other successful business owners doing?

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[SPEAKER_01]: We've provided something for you if you feel the same exact way.

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[SPEAKER_01]: We've provided school SKWOL Entrepreneur Experience where you can actually have a free content and a community of people that are also in there that are entrepreneurs that love to give feedback and ask for feedback.

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[SPEAKER_01]: If you don't feel like you have the resources enough to help you become successful, join our school.

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[SPEAKER_03]: It starts for free.

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[SPEAKER_03]: So what are you waiting for?

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[SPEAKER_03]: Go to JTVigilals.com slash school that's JTVigilals without the eye and that's school with a kick.

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[SPEAKER_03]: Now back to the show.

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[SPEAKER_03]: The best selling is to who it matters to anyways, right?

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[SPEAKER_03]: It is, yeah, the secret to getting a best selling book like on Amazon is to go very, very, very category specific.

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[SPEAKER_03]: As specific as you can get and then you could become a suggested or a number one in that category.

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[SPEAKER_01]: Yeah, I had a friend that actually, um, he's a real trend in San Diego.

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[SPEAKER_01]: He became best selling, but I figured out his trick like the little gray area to do that.

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[SPEAKER_01]: He's like, hey, guys, friends of family, can you just buy this book really quick on Amazon?

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[SPEAKER_01]: If I, if I still this much, I become best selling.

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[SPEAKER_01]: I'm like, oh, that's how they do it.

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[SPEAKER_01]: So, but he's a friend.

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[SPEAKER_01]: I helped him out.

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[SPEAKER_03]: Well, I think it's impressive because,

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[SPEAKER_03]: there's a lot of people that dream about writing books but you actually did it so for one congratulations that's awesome you should celebrate if you haven't already and we're celebrating right now because i think that's pretty cool yeah and then the the next thing is before we really talk about the book i'm sure it shares stories and things from your journey

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[SPEAKER_03]: and we want to get into that before we really got to go.

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[SPEAKER_03]: Hey, yo, buy it, you know?

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[SPEAKER_03]: Yeah, yeah.

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[SPEAKER_03]: There's a story within there.

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[SPEAKER_03]: And so let's bring that story out.

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[SPEAKER_03]: And so I was just curious for people who are meeting you just for the first time.

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[SPEAKER_03]: How do you usually explain what you do?

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[SPEAKER_04]: Yeah, so I graduated college with an agriculture degree.

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[SPEAKER_04]: Okay, so a lot of people don't know that about me.

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[SPEAKER_04]: I grew up in Western Kansas, and so I knew a lot about farming and stuff like that.

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[SPEAKER_01]: To school to be a farmer?

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[SPEAKER_04]: Well, I didn't go to school to be a farmer.

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[SPEAKER_04]: I went to college to be a football player.

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[SPEAKER_04]: Okay, so I played football in college, and didn't really care about the school thing until I walked into the counselor, and they're like, you know what, you need to pick something here.

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[SPEAKER_04]: Well, I knew about farming, so I said, well, I'll just do that then.

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[SPEAKER_04]: So I had no plan, no plan whatsoever, and got out of school, and I started working for a long-care company.

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[SPEAKER_04]: Oh, you can sit in Kansas City, and Kansas City, so I moved here and got married, started having kids, working for a long-care company, and I hated it.

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[SPEAKER_01]: The big red trucks all of a sudden?

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[SPEAKER_04]: It's not the red one.

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[SPEAKER_05]: It's just one of the many white and green trucks that you

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[SPEAKER_01]: I don't want to say the name, because I don't want to do that either, but it was, you all know the red trucks.

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[SPEAKER_04]: Yeah, nope, just the standard wine green truck.

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[SPEAKER_04]: But it was something I knew, something I could get into fairly easily.

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[SPEAKER_04]: I loved the people I worked with, the company I found was really good.

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[SPEAKER_04]: So it was good overall.

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[SPEAKER_04]: I wasn't fulfilled.

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[SPEAKER_04]: I wasn't getting what I wanted out of everything.

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[SPEAKER_04]: That's important.

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[SPEAKER_04]: Yeah, it is.

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[SPEAKER_04]: And honestly, some of it was the money.

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[SPEAKER_04]: I was not making very much money.

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[SPEAKER_04]: And so it was getting, getting my wife through school, but I was coming home and I was hot and tired and literally all my money was going to the daycare lady.

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[SPEAKER_04]: We had three kids and I was struggling to just pay for that and I was like, this is not fun.

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[SPEAKER_04]: And made the choice, I asked my wife, I tell the story quite often, I said, I asked my wife, I said, can I stay home and she's like, yeah, sure.

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[SPEAKER_04]: But then you have to stay home with the kids so actually did that for a couple of years And I was a stay home dad for you two or three years in the middle of the man He's not to go crazy.

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[SPEAKER_01]: I got five kids So I'm just trying to put myself in your shoes.

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[SPEAKER_04]: I just crazy, but I was really frustrated at times Yeah, I had walking hard up to this point and I just

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[SPEAKER_04]: I was struggling, and so then the real estate came because I tried several things, entrepreneurial things, network marketing, things like that, that I think are really good, they're personal development, they really help with that, again I wasn't finding that ground that I wanted and literally one day I just said you know what, I think I can buy a property and just rent it out.

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[SPEAKER_04]: So within two weeks I had asked my parents to help me with some financial with that part of it and went out.

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[SPEAKER_04]: I had a real estate agent within two weeks had a had a property under contract and basically just started learning from there.

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[SPEAKER_01]: Wow, nice.

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[SPEAKER_01]: And you mean more best here in the Kansas City area, right?

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[SPEAKER_01]: Yeah, yeah, that's awesome.

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[SPEAKER_01]: Awesome.

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[SPEAKER_01]: That's an interesting story.

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[SPEAKER_01]: I love hearing entrepreneurial stories how people got started because there's typically always a dissatisfaction or a pain point.

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[SPEAKER_01]: I'm pretty sure I didn't hear everything verbally but I'm kind of putting all the in-between together because I had that.

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[SPEAKER_01]: There was extreme dissatisfaction with, you know, when you graduated, you had the kids, what you were making, was there anything pivotal that happened besides just knowing that you didn't make much money?

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[SPEAKER_01]: You want to stay

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[SPEAKER_01]: There's typically like a tipping point that's been like adding up, like do you remember what that is?

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[SPEAKER_04]: Yeah, I don't know that it was a pain point.

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[SPEAKER_04]: It was a pain season.

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[SPEAKER_04]: Hmm, okay, well, that's a pain season of, I loved life, I loved my family, I loved all that, but I came home.

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[SPEAKER_04]: And I think what I was noticing in myself was I was unhappy.

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[SPEAKER_04]: And that unhappiness was leading into, I'm not treating the people around me the way that I want to treat them.

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[SPEAKER_04]: How vocal was she about it?

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[SPEAKER_04]: Oh, not that bad, but I think she could just tell and she was like, she's the very positive person and I was like, oh, it was kind of draining everybody down and I could feel that.

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[SPEAKER_04]: And so that part of me was probably what encouraged me to go.

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[SPEAKER_04]: I do tell people, I tell them, I call it take a leap.

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[SPEAKER_04]: And that's what I'm so proud of what I did was I didn't wait around to go, oh, let me think about this for a while.

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[SPEAKER_04]: I literally jumped right in and then we figured it out as well.

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[SPEAKER_04]: You know?

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[SPEAKER_03]: Yeah.

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[SPEAKER_03]: That's just like what you always say.

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[SPEAKER_03]: Figure it out.

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[SPEAKER_03]: You jump out of an airplane and you have to build the parachute on the way down.

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[SPEAKER_01]: Yeah.

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[SPEAKER_01]: Yeah, it's like that.

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[SPEAKER_01]: You jump out of an airplane and you're trying to strap the parachute on at the same time.

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[SPEAKER_01]: That's entrepreneurship.

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[SPEAKER_01]: Yeah.

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[SPEAKER_01]: The best definition I can say it.

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[SPEAKER_03]: So you did it.

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[SPEAKER_03]: And within two weeks, you had your first property.

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[SPEAKER_03]: Yeah.

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[SPEAKER_03]: What was the point was that the point where you were financially set free, or at least more or enough to go full time.

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[SPEAKER_03]: Absolutely not.

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[SPEAKER_04]: I mean, anything about Reynolds is they are not get rich quick.

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[SPEAKER_04]: Nothing.

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[SPEAKER_04]: Nothing like that is and I think things at last aren't get rich quick like that So no, it took some time and it was slow steps.

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[SPEAKER_04]: I actually started rehabbing properties of flipping properties.

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[SPEAKER_00]: Okay

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[SPEAKER_04]: So you did some of those, and that was kind of, oh, how do you build some capital go by more properties and things like that?

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[SPEAKER_04]: So that was more of like the sustaining factor to go take that next step, and then as you build up a some rental properties and stuff, then some of that financial stuff starts coming in.

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[SPEAKER_04]: So did you always do it through cash flow?

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[SPEAKER_04]: We did it through being creative.

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[SPEAKER_04]: So buying things creative, it's a hard sell or financing.

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[SPEAKER_04]: Yeah, by and way under market rehab and I'm fixing them up and refining it's in back out like I said probably the best thing was doing some flips and then make doing decent on those and then using that money instead of using it and spending it yeah best in it back in the more properties have you heard of the burn method yep, what is it by rehab.

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[SPEAKER_04]: refinance by rehab repeat.

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[SPEAKER_01]: Yeah.

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[SPEAKER_01]: Yeah.

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[SPEAKER_01]: So the concept is, you buy a house way, way under what it's supposed to be with the whole set.

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[SPEAKER_01]: If you put some rehab into it, there's after repair value.

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[SPEAKER_01]: Right.

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[SPEAKER_01]: And I know this because I do the same thing.

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[SPEAKER_01]: Sure.

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[SPEAKER_01]: Then when you buy a first one amount, you repair it.

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[SPEAKER_01]: There should be a larger gap between what you've put into it.

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[SPEAKER_01]: And it versus what it's worth right now.

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[SPEAKER_01]: You put a renter in there.

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[SPEAKER_01]: And most times you need three to six months for it to like mature.

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[SPEAKER_01]: And then you refinance it and with the hopes of pulling everything out of not more and because you're borrowing against it you pay zero taxes on that and then you take that money and reinvest into another property.

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[SPEAKER_01]: And I also heard too what this is what I try to do is when I do that.

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[SPEAKER_01]: I try to make my mortgage and the rent that I'm getting paid, they have a gap of positive $400, hopefully, right?

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[SPEAKER_01]: So if I have 10 of them, that's $4,000, right, now we're cash flowing, and then we just kind of repeat that.

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[SPEAKER_04]: Yeah.

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[SPEAKER_04]: And that's a good target.

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[SPEAKER_04]: And I talk about in my book, kind of my sophisticated formula is find the cash flow that you can live with.

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[SPEAKER_04]: Okay, because it might depend on per person.

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[SPEAKER_04]: So for you, it might be $400 for somebody else.

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[SPEAKER_04]: It might be more for somebody else.

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[SPEAKER_04]: They might not need that much if any, because there's other benefits to rental property besides just the cash flow.

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[SPEAKER_04]: And so it has to be something you live with.

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[SPEAKER_04]: But yeah, the birth strategy's great.

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[SPEAKER_04]: I kind of feel like I was maybe doing that somewhat before that was a term.

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[SPEAKER_04]: Yeah.

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[SPEAKER_04]: Maybe right before was a term.

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[SPEAKER_04]: It kind of did it on the floor scale.

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[SPEAKER_04]: Yeah.

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[SPEAKER_04]: We weren't rehabbing them.

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[SPEAKER_04]: Then immediately refinancing.

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[SPEAKER_04]: But then years later, down the road, is that equities building up.

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[SPEAKER_04]: Then I'm refinancing that back out.

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[SPEAKER_04]: Investing that in a more properties.

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[SPEAKER_01]: I think the frequency on how fast you do that just depends on how fast you need this to actually cash flow for you and all that.

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[SPEAKER_04]: And the challenge is finding that landing and things as entrepreneurs, we don't have those W2 jobs.

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[SPEAKER_04]: Well, what do banks like?

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[SPEAKER_04]: They really like W2 jobs, yeah.

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[SPEAKER_04]: And so that industry changes quite a bit.

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[SPEAKER_04]: So what you can do today may not been able to do 10 years ago.

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[SPEAKER_04]: And what you do today, we may not be able to do 10 years from now.

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[SPEAKER_04]: So it's kind of like, how can you pivot into that to find something that helps you grow?

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[SPEAKER_04]: Yeah.

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[SPEAKER_01]: Actually, I have these loads now called DSCR loans.

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[SPEAKER_01]: Are you familiar with that?

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[SPEAKER_01]: Yeah.

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[SPEAKER_01]: They approve you.

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[SPEAKER_01]: Obviously, you're credit.

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[SPEAKER_01]: And then, like, how much rent you can actually do?

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[SPEAKER_01]: Like, so if the market says you can get $1,500 in rent and what they approve you for the rents, the more you can be a thousand, then don't prove you like that because they've done that in commercial properties for years and years and years.

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[SPEAKER_04]: They finally just scaled that into like the residential.

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[SPEAKER_01]: I use it all.

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[SPEAKER_04]: So now it's based more on not so much the bar where it's more on the asset you're actually buying which man I totally make sense.

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[SPEAKER_04]: It changes the whole thing.

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[SPEAKER_03]: Yeah, so that's where you started and that was kind of the role into more than your first property Yeah, where are you now?

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[SPEAKER_04]: So I currently own 17 properties all in the suburbs of Kansas City mainly Kansas well only Kansas only because

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[SPEAKER_04]: One of my strategies is I call it buying in your own backyard.

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[SPEAKER_04]: So especially if you're managing your own properties, I tend to like to stay within about 20, 25 minutes of where I actually live.

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[SPEAKER_01]: That drive becomes hard.

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[SPEAKER_04]: Yeah.

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[SPEAKER_04]: You know, I know a lot of people that go farther than that, or maybe they have managed properties.

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[SPEAKER_04]: You can buy things out of state and things like that.

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[SPEAKER_04]: That's just not my strategy.

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[SPEAKER_04]: My strategy is to buy close by.

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[SPEAKER_04]: I had no these communities.

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[SPEAKER_04]: I live in these communities.

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[SPEAKER_04]: I want to make them better.

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[SPEAKER_04]: And that's kind of how I do that.

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[SPEAKER_04]: What kind of properties do you stick to?

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[SPEAKER_04]: So this is a mixture of single family homes, doplexes, some condos, kind of scattered all over, yeah, that's cool.

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[SPEAKER_01]: So you're pretty much looking for an area that's, that's rentable.

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[SPEAKER_01]: Like people actually want to rent in those areas, right?

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[SPEAKER_04]: Yeah, I'm in areas where I feel like appreciation is higher.

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[SPEAKER_04]: So, you know, if you buy an area where there's less appreciation, typically you're wanting to buy, where there's more cash flow.

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[SPEAKER_04]: So, if your goal is to get to a place where you're financially free, a little quicker, or that's your main goal is just to replace like some W2 income.

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[SPEAKER_04]: You want to do that.

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[SPEAKER_04]: I would focus on some of those areas that maybe you can get some better cash flow are.

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[SPEAKER_04]: typically those are a little bit more risky.

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[SPEAKER_04]: Maybe just not as nice.

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[SPEAKER_04]: The areas that are appreciate more maybe you get less cash flow but they're nicer areas where people are desirable.

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[SPEAKER_04]: They want to live in them and those those property values are going significantly.

13:30.885 --> 13:34.354
[SPEAKER_03]: And you direct manage those properties or do you have a company?

13:34.334 --> 13:38.979
[SPEAKER_04]: I do, I'm thinking about taking a chance on some property management here and seeing how that goes.

13:39.019 --> 13:43.985
[SPEAKER_04]: I've heard people not have such good experience with that, and I'm kind of a control person where I like that of hands-on.

13:44.526 --> 13:49.632
[SPEAKER_04]: But the fact that this is kind of what I did, I took a part-time gig and turned it into a full time job.

13:49.912 --> 13:55.038
[SPEAKER_04]: I had the time and then I'll just develop a lot of systems and things like that.

13:55.138 --> 13:56.680
[SPEAKER_04]: So I do manage my own.

13:56.660 --> 14:04.370
[SPEAKER_04]: I like the word systems, but as I grow, I think I need to learn more about how to outsource some of that stuff, get better at letting some of that go.

14:04.390 --> 14:08.455
[SPEAKER_04]: So that's kind of one of my 20, 26 goals is to give that a little shot.

14:09.517 --> 14:14.824
[SPEAKER_04]: Because I think I actually heard it best the other day, I was talking to a guy that's got quite a few properties.

14:14.884 --> 14:15.765
[SPEAKER_04]: And I said,

14:15.745 --> 14:28.343
[SPEAKER_04]: I kind of want to buy more, but I kind of just, I don't know, I just, it's kind of a drag and he goes, if you have somebody else manage it for you and you know that it's not going to be on you to manage this property, it turns buying a property, getting to be more excited and I was like, I want to get back to that.

14:28.563 --> 14:30.265
[SPEAKER_04]: Yeah.

14:30.285 --> 14:30.666
[SPEAKER_01]: Yeah.

14:30.686 --> 14:43.744
[SPEAKER_01]: I think I made the decision early on to have some, we managed my own properties because my wife's dad used to do exactly what you did, like, buy and hold and flip and I was the one managing his properties,

14:43.724 --> 15:05.310
[SPEAKER_01]: like calls at late night emergency calls flood this that yeah so I was like if I'm going to be an entrepreneur and I need to focus my my my focus on coaching I cannot get these late night calls or these random calls and yeah I remember one time I was having dinner with my wife like very good moment that we got to call no and you had to answer because

15:05.729 --> 15:06.410
[SPEAKER_03]: It was you, right?

15:06.430 --> 15:08.694
[SPEAKER_01]: Well, I mean, I really didn't have to answer, but I felt I'll be in a team, sir.

15:08.874 --> 15:09.656
[SPEAKER_04]: Yeah, right.

15:09.676 --> 15:16.428
[SPEAKER_04]: It is hard, and I don't want to take this podcast down a proper management, rabbit hole, but a lot of people let scares a lot of people.

15:16.528 --> 15:19.713
[SPEAKER_04]: Yeah, and it kind of is like, I always say, property management's a bad word.

15:20.835 --> 15:24.682
[SPEAKER_04]: Because nobody wants to do it, but I do think that you can build systems in place.

15:24.722 --> 15:25.904
[SPEAKER_04]: You can get good at it.

15:26.365 --> 15:27.687
[SPEAKER_04]: I was not good in the beginning.

15:27.667 --> 15:30.251
[SPEAKER_04]: because I did what you did, and I kind of let it rule me.

15:30.892 --> 15:33.116
[SPEAKER_04]: Now I'm better at me ruling it.

15:33.797 --> 15:35.239
[SPEAKER_01]: I'm going to mount it up, time to see.

15:35.259 --> 15:45.355
[SPEAKER_04]: Put some boundaries up, and understanding that not everything's an emergency, because it can feel like it, getting used to that, and being like, if the phone rings, it's okay.

15:45.335 --> 16:07.680
[SPEAKER_04]: if it's voicemail all and I'll get back to it right away now if there are emergencies that happen here there but they're pretty few and far between true emergencies pretty few and far between and you can deal with most of everything so yeah yeah yeah so what was something when you were building your systems and your business that you were surprised worked actually faster than expected or better than expected

16:07.660 --> 16:17.348
[SPEAKER_04]: a good property management software system has changed everything before that when I was trying to do things on paper and things like that it was almost impossible.

16:18.129 --> 16:19.550
[SPEAKER_04]: So what do you really want to grow?

16:19.690 --> 16:21.972
[SPEAKER_04]: I use a property management software called building.

16:22.112 --> 16:26.856
[SPEAKER_04]: I don't care and endorse them necessarily because there's a lot of, they want to pay for this episode.

16:27.077 --> 16:28.037
[SPEAKER_01]: Yeah, there you go.

16:28.057 --> 16:36.925
[SPEAKER_04]: If you want to reach out, it actually is a really good system that's for larger property management companies and

16:36.905 --> 16:40.574
[SPEAKER_04]: But there's so much technology, so many apps, so many things out there.

16:40.634 --> 16:43.482
[SPEAKER_04]: That will save your life when your man is in properties.

16:43.502 --> 16:48.875
[SPEAKER_04]: Just you can not only that, but the residents like it because they can have a portal where they can pay their rent.

16:48.895 --> 16:50.941
[SPEAKER_04]: They can put maintenance requests in all that.

16:51.001 --> 16:54.289
[SPEAKER_04]: So that's one thing for sure that kind of helped with that.

16:54.472 --> 16:54.993
[SPEAKER_01]: That's pretty cool.

16:55.033 --> 16:55.253
[SPEAKER_01]: Yeah.

16:55.654 --> 17:01.903
[SPEAKER_03]: So given where you are now, what's one thing that you didn't understand before that you do know now?

17:02.043 --> 17:22.234
[SPEAKER_03]: If you were to go back and communicate with yourself, maybe that moment right before going to ask for financing with your parents to be able to start your first property, maybe like right after that, what would you tell that past self, or maybe there's a better moment.

17:22.349 --> 17:23.851
[SPEAKER_04]: Yeah, I don't know if there's a moment.

17:23.931 --> 17:30.679
[SPEAKER_04]: I think I learned over time that I'm capable of a lot more than I ever thought I was capable of.

17:31.680 --> 17:35.064
[SPEAKER_04]: I mean, some groups, I'm well known in the industry now.

17:35.665 --> 17:39.589
[SPEAKER_04]: And if you had asked me that 10 years ago, I would have said there's no way.

17:39.850 --> 17:42.232
[SPEAKER_04]: Even just sitting here feels kind of weird to me.

17:42.513 --> 17:45.336
[SPEAKER_04]: So I don't know if that answers exactly what you were.

17:45.316 --> 17:48.843
[SPEAKER_04]: No, you said you don't have a moment in there and that I can reflect on that.

17:48.863 --> 17:49.183
[SPEAKER_03]: That was good.

17:49.204 --> 17:51.528
[SPEAKER_03]: You were talking about your capacity stretched really.

17:51.588 --> 17:59.363
[SPEAKER_03]: And you learned something about your character that you are more capable than you thought in the past.

17:59.403 --> 18:01.908
[SPEAKER_03]: So that certainly answers the question.

18:01.948 --> 18:03.832
[SPEAKER_03]: And that's a good, well, conclusion to that.

18:03.852 --> 18:05.535
[SPEAKER_01]: I heard the same thing.

18:05.515 --> 18:09.021
[SPEAKER_01]: that you found out that you're capable of doing way more, but you learn that.

18:09.201 --> 18:11.305
[SPEAKER_01]: So, I think I'm on the same boat.

18:11.365 --> 18:18.777
[SPEAKER_01]: Like, if I go back to 10 years ago when I finally started my first successful business, yeah, that I can go further than I thought at that moment.

18:19.418 --> 18:27.352
[SPEAKER_01]: So, so insecure, I have failed my first day of business, it's like, and this was like the last chance my wife gave me before I might not even see her anymore, right?

18:27.372 --> 18:30.477
[SPEAKER_01]: So, I kind of felt that way, so I was like,

18:30.457 --> 18:34.622
[SPEAKER_01]: Well, I'm about to jump off another cliff and if I could tell myself, hey, this is actually going to work.

18:34.742 --> 18:36.885
[SPEAKER_01]: I would have, I probably would have went even further.

18:37.205 --> 18:39.188
[SPEAKER_01]: Maybe it's a good thing I didn't know that.

18:39.308 --> 18:42.091
[SPEAKER_01]: I don't know because I tend to go crazy when I go crazy.

18:42.251 --> 18:52.684
[SPEAKER_04]: I talked about, you know, I was so unhappy before I got into this and now there's that that passion that I didn't know this was even out there.

18:52.664 --> 18:58.229
[SPEAKER_04]: And I didn't know that this was truly where God wanted me to be and I had never been there before.

18:58.249 --> 19:03.654
[SPEAKER_04]: And so that's part of what I wrote right about in my book too as part of the title, even is, is help me find a passion.

19:04.314 --> 19:09.979
[SPEAKER_04]: Whether that's real estate or anything else, it's finding something you truly believe and truly want to do.

19:10.700 --> 19:12.001
[SPEAKER_04]: And yeah, there's tough times.

19:12.201 --> 19:14.083
[SPEAKER_04]: There's tough days, there's disappointments.

19:14.663 --> 19:19.288
[SPEAKER_04]: I mean, I'm not a fail that like a business, but you fail all the time, right?

19:19.308 --> 19:22.030
[SPEAKER_04]: And you make mistakes and then you go, okay, how can I do this better?

19:22.010 --> 19:26.119
[SPEAKER_04]: But if you're passionate about it that's that's what helps you overcome.

19:26.319 --> 19:27.141
[SPEAKER_01]: Yeah, I agree.

19:27.361 --> 19:34.817
[SPEAKER_01]: I agree with that Sometimes your passion is to do something and The businesses of vehicle to get you there too.

19:34.837 --> 19:38.365
[SPEAKER_01]: So you end up becoming passionate about making a work so that you can

19:38.497 --> 19:40.159
[SPEAKER_01]: going to accomplish what you want to in life.

19:40.259 --> 19:41.120
[SPEAKER_04]: Well, I was home with my kids.

19:41.180 --> 19:43.462
[SPEAKER_04]: My biggest struggle was that identity.

19:43.482 --> 19:46.525
[SPEAKER_04]: I mean, being a dad, being a husband is the two most valuable things.

19:46.586 --> 19:49.288
[SPEAKER_04]: I think that us as men can do on this earth.

19:49.328 --> 19:49.609
[SPEAKER_04]: Yeah.

19:49.889 --> 19:52.812
[SPEAKER_04]: But man, I was struggling with like, is this why I'm here?

19:52.912 --> 19:53.493
[SPEAKER_04]: This is it.

19:53.613 --> 19:54.854
[SPEAKER_04]: There's got to be something else.

19:54.894 --> 20:01.281
[SPEAKER_04]: And so, your identity doesn't have to be tied to your work, but when it is work that you care about, that that really helps.

20:01.561 --> 20:02.142
[SPEAKER_04]: Yeah.

20:02.122 --> 20:03.525
[SPEAKER_01]: I think I can relate to that.

20:04.086 --> 20:06.230
[SPEAKER_01]: My masculine side says I do need to provide.

20:06.250 --> 20:09.756
[SPEAKER_01]: I feel like I'm not sitting there, providing in the wind or stand.

20:09.816 --> 20:12.962
[SPEAKER_01]: It's a very insecure feeling.

20:13.984 --> 20:15.848
[SPEAKER_01]: My wife tells me too.

20:16.188 --> 20:18.713
[SPEAKER_01]: She's like, if I don't feel like I can...

20:18.693 --> 20:23.581
[SPEAKER_01]: do X, Y, Z as my feminine wants to, then there's an insecure feeling around that too.

20:23.741 --> 20:26.485
[SPEAKER_01]: So I could, I could definitely understand that.

20:26.786 --> 20:29.590
[SPEAKER_03]: Yeah, I totally relate to a lot of parts of your story, too.

20:30.031 --> 20:37.363
[SPEAKER_03]: Yeah, because I myself didn't think that I was capable to even start a business, even to apply for an LLC.

20:37.443 --> 20:38.845
[SPEAKER_03]: I didn't even think I was,

20:38.825 --> 20:47.513
[SPEAKER_03]: like that confident to go ahead and even write in the application for it, like I never, I didn't even know LLC what that really was.

20:47.934 --> 20:48.274
[SPEAKER_03]: Yeah.

20:48.294 --> 20:49.996
[SPEAKER_03]: Like I just knew you had to kind of register.

20:50.016 --> 20:51.517
[SPEAKER_03]: Like I was told you to do it.

20:51.537 --> 20:52.839
[SPEAKER_03]: Right.

20:52.859 --> 20:52.959
[SPEAKER_03]: Yeah.

20:52.979 --> 20:54.440
[SPEAKER_03]: Just knew what everybody else said.

20:54.780 --> 20:55.561
[SPEAKER_05]: There's an LLC.

20:55.581 --> 20:57.743
[SPEAKER_05]: I don't know what it is, but everybody else talks about it.

20:57.763 --> 20:57.863
[SPEAKER_02]: Yeah.

20:57.883 --> 20:59.065
[SPEAKER_02]: So why don't I even work with those things?

20:59.085 --> 21:01.987
[SPEAKER_02]: I see that at the end of the year that you're in business, right?

21:02.007 --> 21:02.108
[SPEAKER_02]: Yeah.

21:02.268 --> 21:04.190
[SPEAKER_03]: So, and I came from.

21:04.210 --> 21:04.630
[SPEAKER_03]: Yeah.

21:04.610 --> 21:08.579
[SPEAKER_03]: I was the stay at home dad for one or two years now.

21:08.679 --> 21:11.826
[SPEAKER_03]: I have three kids now, but at the time I had one.

21:12.327 --> 21:12.427
[SPEAKER_03]: Yeah.

21:12.447 --> 21:17.017
[SPEAKER_03]: And then we moved to Africa and we were missionaries over there.

21:17.438 --> 21:22.028
[SPEAKER_03]: That's when I learned I was way more capable than I thought.

21:22.008 --> 21:23.810
[SPEAKER_03]: because that was very difficult.

21:23.930 --> 21:25.252
[SPEAKER_03]: I learned stick shift.

21:25.272 --> 21:27.435
[SPEAKER_01]: Yeah, and try not to opposite side.

21:28.015 --> 21:28.816
[SPEAKER_03]: No, okay.

21:28.836 --> 21:33.983
[SPEAKER_03]: Actually, we were on the same side because it was a French occupied company country.

21:36.265 --> 21:42.273
[SPEAKER_03]: So, but after doing that, I was like, man, like, we came out of there and then some of the struggles back in the US.

21:42.313 --> 21:43.054
[SPEAKER_03]: So, we were there for a year.

21:43.434 --> 21:45.096
[SPEAKER_03]: We came back and

21:45.076 --> 21:59.895
[SPEAKER_03]: we're seeing people in the behavior and how they act and that was a little bit of the culture shock was more of like they're so apologetic that the POS system at the dollar general was really slow but actually it was really fast for my perspective.

22:00.055 --> 22:00.576
[SPEAKER_03]: Right.

22:00.596 --> 22:07.084
[SPEAKER_03]: And so I'm like dang like we're coming back to the fast-paced world that was part of the culture shock but

22:07.064 --> 22:11.070
[SPEAKER_03]: We moved back, right at 2019 Christmas.

22:11.791 --> 22:23.829
[SPEAKER_03]: Oh, so then it was January time and we were living me, my wife, my three-year-old at the time, we were living with my parents just for a little bit.

22:23.869 --> 22:29.738
[SPEAKER_03]: And I goal was to get out there as soon as possible, because I don't want to have to empty the trash for everyone else.

22:30.519 --> 22:31.721
[SPEAKER_03]: Yeah, I'm gonna say like all the chores.

22:31.961 --> 22:33.744
[SPEAKER_03]: There's like responsibilities that come back and play.

22:34.265 --> 22:35.687
[SPEAKER_03]: And then it was

22:35.667 --> 22:43.136
[SPEAKER_03]: January and we're like okay we got a guy here like my wife got her job back She's working at Children's Mercy at the time.

22:43.236 --> 22:49.104
[SPEAKER_03]: She's a nurse so she's she was always the Bitter in February comes into February.

22:49.184 --> 22:56.873
[SPEAKER_03]: I apply for the LLC because I couldn't get a normal job And I had to do it myself if I wanted to make the job that I wanted.

22:57.434 --> 23:03.261
[SPEAKER_03]: Yeah, and so I applied for the LLC and then Boom COVID hits

23:03.241 --> 23:09.087
[SPEAKER_03]: like I got a couple clients from like thumbtack or whatever, and then COVID hits.

23:09.527 --> 23:11.870
[SPEAKER_03]: And then that was, so everything was born from there.

23:12.030 --> 23:18.176
[SPEAKER_03]: But while a lot of things shut down that also meant the digital attention went way up.

23:18.816 --> 23:20.458
[SPEAKER_03]: So there was a lot more opportunity.

23:20.858 --> 23:20.959
[SPEAKER_03]: Yeah.

23:20.979 --> 23:28.506
[SPEAKER_03]: And that was when my church actually called and then they were like, hey, we got to do something and I was like, yes, I was born for this and I just applied for this.

23:28.486 --> 23:31.250
[SPEAKER_03]: and they became my first retainer client, which was really cool.

23:31.290 --> 23:32.412
[SPEAKER_04]: And that was a tough time.

23:32.452 --> 23:37.439
[SPEAKER_04]: And I think that's as entrepreneurs, we tend to look maybe for those positive things that come out of it, you have to.

23:37.599 --> 23:38.160
[SPEAKER_01]: You have to.

23:38.440 --> 23:43.267
[SPEAKER_01]: Because the business that who survived had to pivot towards something that they made up as positive.

23:43.327 --> 23:44.849
[SPEAKER_01]: Like, you think about restaurants.

23:44.910 --> 23:49.937
[SPEAKER_01]: They probably hit the restaurant industry and what does it call the hospitality industry, the hardest?

23:50.017 --> 23:50.317
[SPEAKER_03]: Yeah.

23:50.558 --> 23:52.220
[SPEAKER_01]: And they had to figure something out.

23:52.420 --> 23:52.941
[SPEAKER_03]: Yeah.

23:52.921 --> 23:53.442
[SPEAKER_01]: fast.

23:53.522 --> 23:59.227
[SPEAKER_03]: Yeah, that adapt to some door dashing a lot and then like door dash themselves had to adapt.

23:59.247 --> 24:05.713
[SPEAKER_04]: What happened to us was we panicked mode of, are we going to be able to collect rent, how's that going to look and everything and through that time.

24:06.094 --> 24:11.419
[SPEAKER_04]: But then what came out of that was a lot of money got shoved into the system, interest rates with low and.

24:11.459 --> 24:13.221
[SPEAKER_04]: Well, it's probably obviously huge.

24:13.241 --> 24:19.247
[SPEAKER_04]: So if you were smart enough to take advantage of that time, you and you were able to work through that.

24:19.367 --> 24:20.408
[SPEAKER_04]: You really benefited from it.

24:20.608 --> 24:20.768
[SPEAKER_01]: So.

24:20.748 --> 24:23.572
[SPEAKER_01]: That's what I started flipping here in Kansas City because we just moved out here in 2021.

24:23.592 --> 24:24.032
[SPEAKER_01]: Yeah.

24:24.693 --> 24:25.094
[SPEAKER_01]: That was great.

24:25.114 --> 24:30.802
[SPEAKER_01]: Two years of interest rates like just flying up in the middle of the middle of like 60 people looking at a house in the middle of the day.

24:30.982 --> 24:31.242
[SPEAKER_01]: It was crazy.

24:31.262 --> 24:31.663
[SPEAKER_01]: Yeah.

24:31.683 --> 24:32.804
[SPEAKER_01]: It was crazy to see that.

24:32.864 --> 24:35.608
[SPEAKER_01]: It's like, oh my gosh, like, how are people making this much money?

24:36.009 --> 24:36.229
[SPEAKER_01]: Yeah.

24:36.249 --> 24:38.011
[SPEAKER_01]: You know, I mean, crypto was going up to people.

24:38.031 --> 24:45.321
[SPEAKER_01]: People probably had a liquid cash, you know, banks were literally just, you know, giving out money and then they stopped.

24:45.672 --> 24:47.414
[SPEAKER_01]: Yeah, I was like, can't flip anymore.

24:47.734 --> 24:47.834
[SPEAKER_01]: Yeah.

24:47.854 --> 24:53.760
[SPEAKER_01]: So Biden holding was another strategy at that point, but I wish I wouldn't, I would have like put a lot in a bit.

24:53.820 --> 24:55.502
[SPEAKER_03]: Queen, that'd be weird.

24:56.563 --> 24:59.266
[SPEAKER_03]: Hey, if we get all time all that stuff on what every time, right?

24:59.326 --> 25:02.449
[SPEAKER_01]: That's part of the weekend, time it, real estate or whatever it is.

25:02.469 --> 25:03.390
[SPEAKER_04]: You can't always time it.

25:03.470 --> 25:04.331
[SPEAKER_04]: So yeah.

25:04.351 --> 25:10.837
[SPEAKER_01]: Well, the cool thing about real estate is that if you're strategist to buy and hold, it's never a good or a bad time to buy.

25:10.857 --> 25:15.662
[SPEAKER_01]: It's like, if you want to, if you have them in to buy it, buy it because you're buying and holding it, it's always in the increase in value.

25:15.642 --> 25:16.344
[SPEAKER_04]: What do they say?

25:16.384 --> 25:21.437
[SPEAKER_04]: The best time to buy was 10 years ago, whatever.

25:21.477 --> 25:24.084
[SPEAKER_04]: The second best time to buy is today.

25:24.766 --> 25:24.906
[SPEAKER_01]: Yep.

25:24.926 --> 25:25.909
[SPEAKER_04]: So, yeah.

25:25.929 --> 25:26.290
[SPEAKER_04]: Don't wait.

25:26.631 --> 25:26.932
[SPEAKER_04]: Yeah.

25:26.952 --> 25:27.453
[SPEAKER_04]: Yeah.

25:27.473 --> 25:28.817
[SPEAKER_01]: Especially if you do the burr, right?

25:29.097 --> 25:29.719
[SPEAKER_04]: Yes.

25:30.796 --> 25:32.638
[SPEAKER_01]: Well, you're in the long run.

25:32.918 --> 25:37.442
[SPEAKER_04]: And I would say rental properties, I hate to say they can't fail.

25:38.443 --> 25:39.544
[SPEAKER_04]: I don't know that they can.

25:39.944 --> 25:44.809
[SPEAKER_04]: If you hold something long enough and you learn how to manage it well, that it's almost impossible to fail.

25:44.849 --> 25:46.350
[SPEAKER_01]: You just have to pay the mortgage in taxes.

25:46.370 --> 25:46.710
[SPEAKER_01]: That's it.

25:47.011 --> 25:49.032
[SPEAKER_03]: But that's not just a result of it.

25:49.493 --> 25:51.054
[SPEAKER_03]: Yeah, people always need to place the live.

25:51.395 --> 25:54.617
[SPEAKER_03]: My grandpa did something out of much smaller scale.

25:54.657 --> 26:00.803
[SPEAKER_03]: He always said, we turned trailer trash into trailer cash.

26:00.783 --> 26:25.305
[SPEAKER_03]: Yeah, yeah, and then I get like so inspired by the movie the founder from McDonald's Oh, yeah, that like the the story behind there and I'm like, I think if I get into real estate when I'm ready to Invest at a higher level is I want to own the property Yeah, the actual land Well, so much tough ties back to real estate if you look at the success of different things and a lot of times it ties back some way or another too

26:25.285 --> 26:31.975
[SPEAKER_01]: Well, the ground that sits on, you know, McDonald's makes all their money or the majority of their money if he was a real estate thing, because it owned a lot.

26:32.095 --> 26:33.597
[SPEAKER_01]: They owned the property owned building.

26:33.818 --> 26:35.921
[SPEAKER_03]: That's how he got control over the franchises again.

26:36.301 --> 26:37.884
[SPEAKER_03]: Yeah, let's see, bought the land they were on.

26:38.445 --> 26:42.551
[SPEAKER_01]: Remember that part where he was selling franchises and people started selling different things.

26:42.611 --> 26:43.292
[SPEAKER_01]: Yeah.

26:43.312 --> 26:44.053
[SPEAKER_01]: And he was like, dang.

26:44.073 --> 26:48.379
[SPEAKER_01]: And so somebody told, I think somebody at the bank just said, if you owned the property, you owned franchise.

26:48.600 --> 26:48.860
[SPEAKER_01]: That's right.

26:48.880 --> 26:50.162
[SPEAKER_01]: And so Ray was like,

26:50.142 --> 26:51.784
[SPEAKER_01]: So that's how he did.

26:51.865 --> 26:56.371
[SPEAKER_01]: He bought the properties and then he's like, well, if you don't sell my stuff, you're out.

26:56.571 --> 27:00.217
[SPEAKER_03]: Whether it was the right way or not, it was still a move and it was a powerful move.

27:00.577 --> 27:01.419
[SPEAKER_01]: He did something right.

27:01.439 --> 27:06.125
[SPEAKER_01]: But yeah, I don't even like McDonald's and I still don't know if I still serve the same version.

27:06.145 --> 27:11.273
[SPEAKER_03]: Yeah, he has that, he has that like, you got to be in a whole kind of mentality.

27:11.253 --> 27:19.944
[SPEAKER_03]: But anyway, so we like to ask this a lot whenever we have people on the Entrepreneur Experience podcast is how do you define success?

27:20.725 --> 27:21.225
[SPEAKER_03]: That's a tough one.

27:21.246 --> 27:22.107
[SPEAKER_03]: I might have to pass on that.

27:25.431 --> 27:27.573
[SPEAKER_04]: This is not the type of, I think it's skip.

27:28.555 --> 27:34.442
[SPEAKER_04]: Those are hard challenges because I think success is, it's so personal.

27:34.422 --> 27:42.897
[SPEAKER_04]: I actually, I talked about this with some people the other day is that, you know, I might build a fun success, but that might be what it means for me.

27:43.433 --> 27:45.756
[SPEAKER_04]: That may be totally different for somebody else.

27:46.157 --> 27:50.203
[SPEAKER_04]: What their idea of success or what they need in their life might be totally different.

27:50.443 --> 27:54.369
[SPEAKER_04]: For me, it's to be the best husband and father I can be.

27:54.789 --> 28:00.297
[SPEAKER_04]: At this point, I do have a number in mind of rental properties, but that seems to change.

28:00.658 --> 28:06.366
[SPEAKER_04]: So I don't know that I'm gonna label that success because in my mind, I'm already kind of on the way there.

28:06.966 --> 28:08.749
[SPEAKER_01]: Can I take a while guess what number that is?

28:09.438 --> 28:12.206
[SPEAKER_04]: Oh, man, I don't think it'll be able to, but go ahead.

28:12.226 --> 28:13.890
[SPEAKER_04]: This is not, it's probably less than what you think.

28:13.910 --> 28:14.432
[SPEAKER_04]: 26.

28:14.452 --> 28:14.913
[SPEAKER_04]: Oh.

28:15.856 --> 28:17.240
[SPEAKER_01]: Oh, well.

28:17.260 --> 28:21.111
[SPEAKER_01]: I'm trying to understand who you are based off of this short conversation under 30.

28:21.692 --> 28:21.933
[SPEAKER_04]: Under 30.

28:21.953 --> 28:23.818
[SPEAKER_04]: 25.

28:24.068 --> 28:24.669
[SPEAKER_04]: I'm 20.

28:24.689 --> 28:25.410
[SPEAKER_01]: 20.

28:25.730 --> 28:40.167
[SPEAKER_04]: So, and I don't like it to use units because I think doors, right, because the challenge with that is somebody might be have triple the number of doors you are, but if they're not, it might be half as much value.

28:40.568 --> 28:40.888
[SPEAKER_01]: Yeah.

28:40.908 --> 28:43.952
[SPEAKER_04]: So, I don't use the number of doors, although that is a good goal.

28:45.013 --> 28:48.938
[SPEAKER_04]: And for me, 20, 20, 20 doors would give me everything I'd ever need.

28:48.958 --> 28:49.138
[SPEAKER_04]: Yeah.

28:49.158 --> 28:52.202
[SPEAKER_01]: So, do you mind if I ask you like, what do you typically cash to a per door?

28:52.705 --> 29:12.716
[SPEAKER_04]: That varies so much because like some properties that I don't have a mortgage on some of my You know condos don't do near as well as like a single family home because I can't run him as high And I got H-O-A-F-E's and stuff like that, but I'm probably in your range of what you mentioned earlier if I If I buy something and I'm trying to figure out if this is a good option or not.

29:12.796 --> 29:16.722
[SPEAKER_04]: Yeah, yeah Yeah, also that 400 is a great range to name for

29:16.820 --> 29:19.224
[SPEAKER_01]: And that's just reoccurring cash flow, but yeah.

29:19.244 --> 29:21.207
[SPEAKER_04]: And that should go up over time.

29:21.227 --> 29:25.693
[SPEAKER_04]: So like if you have a mortgage on there, that's usually you're trying to get some kind of fixed rate mortgage.

29:25.713 --> 29:31.121
[SPEAKER_04]: Well, over time, you might have some expenses going up, but you should be raising your rents and things like that that are in line with the market.

29:31.182 --> 29:33.745
[SPEAKER_04]: So that usually that margin gets better over time.

29:34.086 --> 29:35.608
[SPEAKER_04]: Your hardest year is that first year.

29:36.209 --> 29:38.072
[SPEAKER_04]: The first one, the first year is the hardest one.

29:38.092 --> 29:40.656
[SPEAKER_04]: And then after that, you get more of those are easier.

29:41.016 --> 29:44.101
[SPEAKER_04]: And then as you hold properties longer, they get easier and better and better.

29:44.421 --> 29:44.802
[SPEAKER_04]: Yeah.

29:44.782 --> 29:47.166
[SPEAKER_01]: Yeah, I remember buying the first one was like we're gonna be rich.

29:47.467 --> 30:00.830
[SPEAKER_01]: Yeah, almost as like This wasn't as good as I thought it wasn't No, that's hard to look at Like it was easy to get the 30, 40, 50, thousand dollar count, but then we didn't have an acid after that Yeah, so like my biggest mistake was I spent the money.

30:00.850 --> 30:06.399
[SPEAKER_04]: Yeah, it's sort of reinvesting it Yeah, you want me to give my monopoly analogy or my description.

30:06.419 --> 30:08.663
[SPEAKER_04]: Okay, basically there's two ways to play monopoly

30:08.643 --> 30:12.750
[SPEAKER_04]: You get your little thing, you roll the dice, you go around the board, but you don't buy anything.

30:13.090 --> 30:22.805
[SPEAKER_04]: If you don't buy anything, you just go around and every time you hit one corner, you get to collect $200 and then the rest of the time you go around the board and you pay rent, you pay taxes, you try to stay out of jail.

30:23.426 --> 30:26.331
[SPEAKER_04]: Sometimes you win a beauty pageant, you get luck here, whatever.

30:26.311 --> 30:29.239
[SPEAKER_04]: But the other option is to go around and buy assets.

30:29.660 --> 30:32.187
[SPEAKER_04]: They still give you the $200 when you go around the corner.

30:32.508 --> 30:35.437
[SPEAKER_04]: And then you can take that $200 and you can go invest in more properties.

30:35.577 --> 30:37.181
[SPEAKER_04]: Or you can approve on the properties you have.

30:37.262 --> 30:38.124
[SPEAKER_04]: Yeah, houses.

30:38.505 --> 30:39.829
[SPEAKER_04]: Well, at the end of the game, who wins?

30:40.330 --> 30:41.333
[SPEAKER_01]: The one who has property.

30:41.313 --> 30:44.878
[SPEAKER_04]: the one who has the most assets, not the person with the bigs pile cash.

30:44.898 --> 30:46.541
[SPEAKER_04]: So that's kind of, that's how I relate it.

30:46.861 --> 30:47.843
[SPEAKER_04]: Yeah.

30:47.883 --> 30:48.824
[SPEAKER_04]: I show my kids all the time.

30:48.844 --> 30:49.665
[SPEAKER_03]: Is that what I'm saying?

30:49.685 --> 30:51.388
[SPEAKER_04]: I get to play my Napoli in real life.

30:51.408 --> 30:52.690
[SPEAKER_03]: So, yeah.

30:52.710 --> 30:55.133
[SPEAKER_03]: Is that really the rule like it's like, who has the most properties?

30:55.394 --> 30:55.814
[SPEAKER_03]: Or is this?

30:56.275 --> 31:06.530
[SPEAKER_01]: Well, because every time I'm on the list, you have a property, every time somebody lands on your property, depending on if it's just a property, if you have a house for a hotel, the rents go up like they have to pay you if they land on your property.

31:07.191 --> 31:09.835
[SPEAKER_01]: So if you own the majority of the board,

31:09.815 --> 31:27.604
[SPEAKER_04]: the odds of people landing on your property will be higher and you're collecting if you remember those old cards they have a value on the back that property's worth the number value if it's got this many houses on it's this much value if it's got a hotel it's this much value yeah that value is way higher than what you could ever get in the bank no it's a fun game I wish we could get

31:27.584 --> 31:34.551
[SPEAKER_01]: on the property.

31:34.732 --> 31:38.416
[SPEAKER_01]: I got the properties, the railroads, all the stuff.

31:38.476 --> 31:38.936
[SPEAKER_01]: Yeah.

31:39.237 --> 31:40.418
[SPEAKER_01]: The wife is also smart too.

31:40.438 --> 31:42.200
[SPEAKER_01]: She did that and we were playing with our little kids.

31:42.760 --> 31:45.463
[SPEAKER_01]: Our daughters were like under seven.

31:46.384 --> 31:48.967
[SPEAKER_01]: And she was tearing them up like, yeah.

31:48.987 --> 31:50.088
[SPEAKER_01]: And my daughters gave me the eyes.

31:50.128 --> 31:52.731
[SPEAKER_01]: I was like, oh, you don't have to pay rent this time.

31:52.711 --> 31:55.094
[SPEAKER_01]: My wife was like just vicious with it.

31:55.555 --> 31:56.916
[SPEAKER_01]: So I did this random thing.

31:56.936 --> 31:59.640
[SPEAKER_01]: I felt so bad for them I was like, oh, this is an awfully real life.

31:59.720 --> 32:00.481
[SPEAKER_01]: Daddy just died.

32:00.501 --> 32:05.267
[SPEAKER_01]: I gave you him a hair since he's your life And just so I give them all all the property and the money and my wife just ticked the board.

32:05.947 --> 32:09.232
[SPEAKER_01]: Oh, she got some Yeah, flying it all over.

32:09.312 --> 32:14.018
[SPEAKER_01]: Yeah, you're gonna reset that Do that on my own life, you know?

32:14.438 --> 32:17.622
[SPEAKER_03]: Well, now they have a different version of the game, which is not really deal

32:17.602 --> 32:19.384
[SPEAKER_03]: Oh, and that one's really fun.

32:19.444 --> 32:20.485
[SPEAKER_03]: It's the card version.

32:20.505 --> 32:21.466
[SPEAKER_03]: Oh, yeah.

32:21.526 --> 32:22.287
[SPEAKER_03]: It's way shorter.

32:22.387 --> 32:26.011
[SPEAKER_03]: So you don't have to set up the whole board and everything is played like, so someone's we have that.

32:26.031 --> 32:26.691
[SPEAKER_01]: Yeah, it's fun.

32:27.572 --> 32:30.916
[SPEAKER_01]: I'll still play again, but I had to tell my wife, I'm never playing with you.

32:30.936 --> 32:42.748
[SPEAKER_03]: Yeah, but we're like safety glasses, but I want to say, I want to say, I want to say, I want to say, I want to say, I want to say, I want to say, I want to say, I want to say, I want to say, I want to say, I want to say, I want to say, I want to say, I want to say, I want to say, I want to say, I want to say, I want to say, I want to say, I want to say, I want to say, I want to say, I want to say, I want

32:42.728 --> 32:44.672
[SPEAKER_03]: But anyways, that's that's so fun.

32:45.073 --> 32:49.161
[SPEAKER_03]: Now, what was it that motivated you to write your book?

32:49.943 --> 32:50.925
[SPEAKER_01]: Yeah, well got to know that.

32:51.686 --> 32:54.151
[SPEAKER_04]: I had that on my mind for a long time.

32:54.211 --> 32:57.458
[SPEAKER_04]: I don't know why other than I love the read and I follow authors.

32:57.538 --> 33:01.446
[SPEAKER_04]: I listened a lot of podcasts of people that have written books, and so it was just kind of inspiring to me like,

33:01.426 --> 33:14.388
[SPEAKER_04]: Like, okay, I want to put myself out there and try this, but honestly, I thought about it for a long time because I was like, well, you know, when you think about real estate, everything's already been written about I feel like and that's the way I felt was like, there's nothing new I can add.

33:14.488 --> 33:17.614
[SPEAKER_04]: I couldn't come up with anything that I'm like, oh, the world needs to know this, right?

33:17.834 --> 33:26.168
[SPEAKER_04]: I went to a meeting one day and a good friend of mine and I was he had wrote a book on marriage and so I was just kind of chatting with him about how was that process and how that go.

33:26.148 --> 33:30.719
[SPEAKER_04]: I said, hey, man, I'm just kind of frustrated because I just, I don't think there's anything new I can add.

33:31.260 --> 33:35.450
[SPEAKER_04]: And he looked at me and he said, that may be true, but they haven't heard it from your perspective.

33:36.212 --> 33:36.793
[SPEAKER_04]: Yep.

33:36.813 --> 33:44.832
[SPEAKER_04]: And I just, that message right there just said, okay, so I may not be adding anything that's just going to be earth shatteringly new.

33:44.812 --> 33:45.816
[SPEAKER_04]: But I've lived it.

33:45.836 --> 33:49.268
[SPEAKER_04]: I've experienced it and this is my story as you said in my perspective.

33:49.409 --> 33:53.042
[SPEAKER_04]: And so that's a lot of what it is and what what inspired me to do.

33:53.062 --> 33:54.287
[SPEAKER_04]: This was just to get it out there.

33:54.428 --> 33:56.475
[SPEAKER_04]: I think another part of it is...

33:56.641 --> 34:03.311
[SPEAKER_04]: I see a lot of people struggling, and they might be struggling either in their careers or just with that joy of life.

34:04.272 --> 34:09.760
[SPEAKER_04]: And a lot of what comes out of this is that I want them to find that thing.

34:09.860 --> 34:16.810
[SPEAKER_04]: So even a lot about what I wrote about was not it's real estate related, but a lot of it's just encouraging to go find that thing that you want to do.

34:17.250 --> 34:18.272
[SPEAKER_04]: Yeah, that's awesome.

34:18.292 --> 34:20.455
[SPEAKER_01]: You know what's pretty cool about?

34:20.435 --> 34:25.022
[SPEAKER_01]: you adding nothing new in there that's some of the sun, but your perspective is the unique approach.

34:25.522 --> 34:30.469
[SPEAKER_01]: Somebody who's getting to real estate will read your book as our first real estate book.

34:30.489 --> 34:32.412
[SPEAKER_04]: Yeah, that's annoying for sure.

34:33.153 --> 34:46.172
[SPEAKER_01]: And the fact that you're not reinventing the wheel, that the fundamentals in there are true, tried, tested, measured and they work, you will be their hero because they read your book first, you know what I mean?

34:46.152 --> 35:01.174
[SPEAKER_04]: That feels so good and I have read a ton of real estate books about all different types of real estate All different things you can do and a lot of times what I get is I get a lot of it's over my head There's something and I I just wanted something that was more down to earth that people can relate to oh man and a lot of them

35:01.154 --> 35:04.940
[SPEAKER_04]: so overwhelming because it's like, well, I'm not that successful or how would it?

35:05.421 --> 35:07.184
[SPEAKER_04]: It feels so far in the future.

35:07.584 --> 35:12.753
[SPEAKER_04]: So I really wanted to do something that was like more relatable, that it's like anybody can do this.

35:13.194 --> 35:19.243
[SPEAKER_04]: And whether you're where I am or maybe you don't even have that big goal, maybe you just want one or two properties, that can change your life.

35:19.324 --> 35:21.728
[SPEAKER_04]: And so I just wanted it to be more down to earth.

35:21.948 --> 35:22.048
[SPEAKER_03]: And

35:22.028 --> 35:32.024
[SPEAKER_03]: Yeah, I feel like you don't get that very much and a lot of these, but at least the popular ones because how would someone run into it, they got to search it, they find it in the most popular ones come up and you got to filter through those.

35:32.906 --> 35:38.454
[SPEAKER_03]: When those ones come up, then it's all about like, yeah, kind of language are they speaking?

35:38.715 --> 35:40.197
[SPEAKER_03]: Is this speaking to someone like me?

35:40.538 --> 35:45.606
[SPEAKER_03]: So when you put the stories in there, I think that's really good and I really like that you came to

35:45.586 --> 35:51.756
[SPEAKER_03]: That conclusion of putting it out there based on your perspective, because that is the niche that's the difference in that.

35:51.856 --> 35:54.441
[SPEAKER_04]: Can I try to be very clear that I don't have all the answers?

35:55.983 --> 36:06.180
[SPEAKER_04]: I still mess up today, I still make mistakes, so it really is just what I've learned and hopefully that helps you from either not making those same mistakes, but more than that, maybe just get motivated to go do something too.

36:06.361 --> 36:10.868
[SPEAKER_01]: To the amateur who hasn't even started or has won, you have way more answers.

36:11.033 --> 36:11.413
[SPEAKER_01]: them.

36:11.914 --> 36:20.865
[SPEAKER_01]: I've always appreciated reading books from people who have like our far beyond, I can even imagine and also the person who's like five steps ahead of me.

36:21.185 --> 36:26.331
[SPEAKER_01]: Yeah, because the guy that's far beyond, like for example, I've read Grant Cordon's book, right?

36:26.792 --> 36:28.554
[SPEAKER_01]: Dude's almost a billionaire, right?

36:28.794 --> 36:33.360
[SPEAKER_01]: And it's like think big, scare yourself, being said at the same time, but I could do that.

36:33.901 --> 36:35.282
[SPEAKER_01]: But what's in between, right?

36:35.643 --> 36:35.943
[SPEAKER_03]: Yeah.

36:35.963 --> 36:40.028
[SPEAKER_01]: So who's that person that's about five to 10 steps ahead of me that

36:40.008 --> 36:52.684
[SPEAKER_01]: try to mimic and then I became the person after that to try to compete with over again right I would my first real estate book was the burr like the book that got a burr and you know who wrote that card cop

36:53.018 --> 36:54.660
[SPEAKER_04]: Oh, is that David Green?

36:54.961 --> 36:55.441
[SPEAKER_01]: I think so.

36:55.481 --> 36:58.225
[SPEAKER_01]: It's not my fun, but I remember he's like, I was a cop.

36:58.245 --> 36:58.445
[SPEAKER_06]: Yep.

36:58.465 --> 36:59.627
[SPEAKER_01]: Oh, that's what I was trying to do this.

37:00.267 --> 37:02.270
[SPEAKER_01]: And that's the first book I read on real estate.

37:02.530 --> 37:09.099
[SPEAKER_01]: Now, he doesn't have a name that's as big as, like, say, Ryan, Pignetta, or something like that, who's all of the... Yeah, soggy, rubber case.

37:09.119 --> 37:09.740
[SPEAKER_01]: He's soggy here.

37:09.900 --> 37:10.741
[SPEAKER_01]: Oh, yeah.

37:10.781 --> 37:10.921
[SPEAKER_01]: Right.

37:11.282 --> 37:19.412
[SPEAKER_01]: He was that person that was five to ten steps ahead of me that I related to because of his stories about being a cop, getting burnt out, wanting to do something.

37:19.592 --> 37:19.953
[SPEAKER_01]: Yeah.

37:19.973 --> 37:21.675
[SPEAKER_01]: And his method was,

37:21.655 --> 37:23.238
[SPEAKER_01]: Everything's sight unseen.

37:23.518 --> 37:24.680
[SPEAKER_01]: I did that now is why I'm stake.

37:24.840 --> 37:32.573
[SPEAKER_01]: I actually agree with you like buy something that you can go and visit So that's why I heard Dave Ramsey say like it has to be about 30 minutes away Matt.

37:32.653 --> 37:36.519
[SPEAKER_01]: Yeah, I made that mistake They've got some real estate too, by the way.

37:36.659 --> 37:41.808
[SPEAKER_05]: Yeah, let's do a little bit Yeah, I'm gonna grab one.

37:42.269 --> 37:45.013
[SPEAKER_07]: Okay

37:45.685 --> 37:51.775
[SPEAKER_03]: I'm going to read the back because this is the thing that advertisers to be able to read the book anyways.

37:51.955 --> 37:52.797
[SPEAKER_03]: But listen to this.

37:52.877 --> 37:56.523
[SPEAKER_03]: So this is a quote from the book is, rentals are slow and steady.

37:56.763 --> 37:58.927
[SPEAKER_03]: They build wealth gradually and consistently.

37:59.548 --> 38:01.551
[SPEAKER_03]: They are really, really boring.

38:02.052 --> 38:02.713
[SPEAKER_03]: And that's okay.

38:03.053 --> 38:03.875
[SPEAKER_03]: Let me show you why.

38:04.215 --> 38:04.976
[SPEAKER_03]: Do that's awesome.

38:05.057 --> 38:05.858
[SPEAKER_03]: I like that intro.

38:05.878 --> 38:08.402
[SPEAKER_03]: And then the title is, boring rentals.

38:08.382 --> 38:15.274
[SPEAKER_03]: with the sub-title is build wealth, experience freedom, and find purpose one rental property at a time.

38:15.635 --> 38:19.362
[SPEAKER_03]: So what was the inspiration of the title?

38:19.622 --> 38:23.910
[SPEAKER_04]: I consider rental properties, I call it the minivan of real estate.

38:23.890 --> 38:29.259
[SPEAKER_04]: Okay, so if you think of like some picture in your mind, you like a red sports car.

38:29.319 --> 38:30.561
[SPEAKER_04]: What's cool about a sports car?

38:30.581 --> 38:34.147
[SPEAKER_04]: They're fun to drive, everybody's jealous of you.

38:34.227 --> 38:36.911
[SPEAKER_04]: You know, you pull in your neighborhood, everybody's looking at your status.

38:36.951 --> 38:42.380
[SPEAKER_04]: They're expensive, that you worry about it all the time, because they're hard to replace or they're hard to sell.

38:42.440 --> 38:46.446
[SPEAKER_04]: You have to make sure they're not stolen and you can't fall into them.

38:46.466 --> 38:48.750
[SPEAKER_04]: Like if you're bigger, you got a family kid fit.

38:48.730 --> 38:50.173
[SPEAKER_04]: Well, what's good about a minivan?

38:50.213 --> 38:51.676
[SPEAKER_04]: They're kind of boring, right?

38:51.696 --> 38:58.251
[SPEAKER_04]: They're playing at everybody's got one nobody's nobody knows Yeah, but they fit everybody.

38:58.551 --> 39:01.137
[SPEAKER_01]: Yeah, everybody

39:02.062 --> 39:16.964
[SPEAKER_04]: So this function overlooks is really it is I just say But also they they kind of blend in and they're boring But they I say they get the job done and that's what I say about round properties is you know when you think about all the stuff you can do in real estate if you watch If anybody likes hgTV.

39:17.245 --> 39:20.169
[SPEAKER_04]: Yeah, have you ever seen a TV show about rental properties?

39:21.010 --> 39:28.862
[SPEAKER_01]: No, it's about flipping remodeling It doesn't make tea

39:29.652 --> 39:42.909
[SPEAKER_05]: That's that's the red sports car of real estate and the minivan is real But I have not Amazing, but what chip and John again I thought you meant the manual I don't have their design talent.

39:42.929 --> 39:44.992
[SPEAKER_04]: You got to have some It's not about that's not the story.

39:45.132 --> 39:48.617
[SPEAKER_01]: Yeah, yeah, yeah, yeah, most entrepreneurs have a very similar start.

39:49.157 --> 39:51.120
[SPEAKER_01]: We sucked

39:51.100 --> 40:16.095
[SPEAKER_03]: We failed right like or we didn't go fast enough for this or that like there's always that you know So anyways So you cover three things in this book is getting started finding your why funding purchases and finding deals Then you go through building momentum growing your portfolio Managing properties and using debt wisely and then the third thing planning for the end game I just watched Avengers so

40:16.075 --> 40:17.558
[SPEAKER_03]: I did not steal it from that.

40:18.300 --> 40:18.761
[SPEAKER_03]: But that's cool.

40:18.781 --> 40:21.847
[SPEAKER_03]: I was wondering that, like, planning for the end game, you gotta have a goal in mind.

40:21.887 --> 40:25.836
[SPEAKER_03]: So financial goals, estate, planning, and leaving a legacy.

40:26.397 --> 40:29.223
[SPEAKER_03]: And I feel like you did that all in this book as well.

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[SPEAKER_03]: Like just by having this book now, you're leaving a legacy as well.

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[SPEAKER_03]: Yeah.

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[SPEAKER_03]: So that's really cool.

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[SPEAKER_03]: Guys, I highly suggest going to find this book, share this podcast, give Brandon a follow.

40:41.885 --> 40:42.727
[SPEAKER_03]: Where can we find you?

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[SPEAKER_03]: Are you on any platforms?

40:44.189 --> 40:49.919
[SPEAKER_04]: I'm not like the most social media platform person, but I am on Facebook.

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[SPEAKER_04]: I know something to help you with that.

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[SPEAKER_04]: Yeah, I don't have to get some help.

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[SPEAKER_04]: I know there's some resources around here that can do that.

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[SPEAKER_01]: So...

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[SPEAKER_04]: Yeah, but the book's available on Amazon so very easy.

40:59.034 --> 41:03.222
[SPEAKER_04]: I actually if you type in boring minerals on Amazon It will pop up the song akin to version as well.

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[SPEAKER_01]: Well, like I'll buy it.

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[SPEAKER_01]: I promise but can I have a assign copy?

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[SPEAKER_01]: Yes, we're hard back.

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[SPEAKER_04]: Let's do it.

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[SPEAKER_01]: Awesome.

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[SPEAKER_01]: If anyone else wants to purchase it and I'll send it to the description for it Because when you become famous, I'm going to start selling them.

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[SPEAKER_03]: Yeah, yeah, yeah, yeah, yeah

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[SPEAKER_03]: Brendan that one maybe it's by one property of time and it's so one book at a time.

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[SPEAKER_03]: So there you go And in fact, if anyone wants to buy Seven books will give you one for free if you buy seven to give to your friends.

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[SPEAKER_03]: Yeah, I don't know the math actually I can't make it offer like that, but that that's what Alex

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[SPEAKER_01]: Oh, we should probably have an affiliate link, so they could buy it off the entrepreneur.

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[SPEAKER_03]: Actually, yes, so it doesn't take anything away from you, from Brendan, and it doesn't add any more to you for the purchase, but we'll link it links in the description and it supports the show as well.

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[SPEAKER_03]: It does.

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[SPEAKER_03]: When when?

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[SPEAKER_03]: That's the offer.

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[UNKNOWN]: Yeah.

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[SPEAKER_03]: So we're going to thank so much for being here.

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[SPEAKER_03]: Thank you for having me, it was fun.

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[SPEAKER_01]: No, no, no, I relate to you on the real estate side of things and you know, maybe what we'll do is you can come on my podcast and we just talk just real estate like I nerd out about that stuff.

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[SPEAKER_04]: I love that.

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[SPEAKER_04]: This is fun.

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[SPEAKER_04]: This is really fun.

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[SPEAKER_01]: But either way, thank you for being an entrepreneur.

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[SPEAKER_01]: Thank you for making a difference in the community.

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[SPEAKER_01]: I feel like as an entrepreneur, we don't give ourselves enough credit that's in needed.

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[SPEAKER_01]: We change lives, we believe legacies.

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[SPEAKER_01]: We take the risk because other people are not wanting to do that.

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[SPEAKER_01]: So I don't want to thank you for doing that because I honestly feel as a business coach, more and more entrepreneurs need to give themselves to credit for what they're doing.

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[SPEAKER_01]: So thank you.

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[SPEAKER_01]: I really appreciate that you do that for this community.

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[SPEAKER_01]: Thanks for having me.

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[SPEAKER_01]: Yeah, awesome.

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[SPEAKER_01]: If you liked this content, make sure you subscribe and smash the whatever bell so that you can see this thing and more stuff that's going on, you know what I'm talking about?

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[SPEAKER_01]: We want to thank you so much for watching the episode and I really hope and pray that you got something out of this and hey, if it's real estate, get started.

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[SPEAKER_01]: It's boring, but money that comes from a boring source has actually decent and good money.

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[SPEAKER_01]: It works.

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[SPEAKER_01]: It works.

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[SPEAKER_03]: It works.

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[SPEAKER_03]: Yeah.

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[SPEAKER_03]: Stay strong, go.

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[SPEAKER_03]: And keep on keeping on.