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Building Your Mental Toolbox: The Key to Success With Glenn & Amber Schworm

Episode 100: Building Your Mental Toolbox: The Key to Success with Glenn & Amber Schworm

The Profit First REI Podcast

August 1, 2022

David Richter

Summary:

We invited power couple Amber and Glenn Schworm to the show, and today we’re about to unpack some great insights from them! These two are always on the hunt to help everyday people create long-term wealth in real estate.

This talk is a little bit of everything. We discuss their financial journey, some parenting advice around money, how they strengthened their relationship as a couple while still being top-notch business partners, and a whole lot more.

Key Takeaways:

[1:40] How did they get started in real estate?

[8:50] How did they end up branching out into coaching?

[20:55] What are some early lessons they’ve learned about money and how does it compare to their thoughts about money today?

[27:55] What lessons about money do they want to pass on to their children?

[34:26] It’s important to be open about your fears and learn how to overcome them

Quotes:

[10:21] “I didn’t just want to hype up people without a plan, because finances are a big part of your goals.”

[13:16] “I want to champion the average person that wants to make a difference.”

[35:15] “Courage is not when you’re not scared. Courage is when you push through fear.”

Links:

Glenn and Amber’s Website-https://glennandamber.com/ 

Glenn and Amber on Instagram-https://www.instagram.com/glenn_and_amber_schworm/?hl=en 

Tired of living deal to deal? 

If you are a real estate investor or business owner who is tired of living deal to deal, and want to double your profits, head over here to book your no-obligation discovery call with me. Either myself or someone from my team will hop on a short call with you to get clear on your business goals, remove any obstacles holding you back, and map out a game plan to help you finally start keeping more of the money you work so hard to make. – David 

Transcript:

Amber Schworm:

There’s people that win the lottery that don’t know what to do with it. So they end up losing it in a short amount of time. Yeah. It’s the same thing in business. If you don’t have your head, right. And if you don’t know how to run your business and how to do things the right way, you’re gonna lose it. And, and that’s really, really important.

Intro:

Welcome to the Profit First REI podcast, where real estate investors, master financial management, eradicate entrepreneurial poverty, and learn to be profitable from day one. Now for your host, David Richter,

David Richter:

Hey everyone. Welcome back to the Profit First REI podcast. I have two amazing people here, Glenn and Amber Schworm and guess what they are here. And they have a whole lot, I believe in both of them, I’ve been on their podcast. We’ve, we’re in a part of some of the same masterminds and you get to know people, you get to know them and their reputation in the community and just how they serve. And these are servants. These are people that want to serve that want to serve you. So I’m really excited about having them on they own investor pro, which I’m gonna have them talk about, but they’re also real estate investors just like you. And I’m really excited to have both of them. So thanks for being on guys.

Amber Schworm:

Awesome. Intro. Thanks, David.

Glenn Schworm:

Yeah. Thanks for having us. These people, you, these people introduction sound amazing. I can’t wait to hear about right.

David Richter:

<Laugh> oh man. So let’s go, let’s dive right into it. So what got you started in real estate and the follow-up question’s gonna be, how’s it working with each other in the businesses? Cuz obviously as a husband, like do,

Glenn Schworm:

Ooh, how much time do we have for that today?

Amber Schworm:

Like put the boxing gloves on

Glenn Schworm:

Yeah. How we get started in real estate. I desperation really. It’s funny when yeah, the, the real push, the real, the real dive in point was desperation. Like we were 80,000 thousand credit card debt and we had to, we were both going through divorces from our spouses and I had two young kids and I had multiple mortgage payments going on because of the divorce and just desperation. We had to find a way to make large chunks of cash legally, you know, without being a crack dealer. Right. So I had to figure out

David Richter:

Long or white. Yeah.

Glenn Schworm:

Yeah.

Amber Schworm:

Yeah. And I, I think one of the biggest obstacles for people these days too, is also thinking I can’t get started with any money. We were sleeping on an air mattress. <Laugh> like

Glenn Schworm:

Didn’t have a, a hole in the air mattress. Yeah. So

Amber Schworm:

We had bought a couch off of Craigslist for a hundred bucks. That was, I mean, we, we had nothing is my boy.

Glenn Schworm:

Go, go back prior to that. Even before I met Amber, I have always been fascinated with real estate since I was a young boy. And you know, I remember being a teenager and there was a guy in our town who owned 50 houses. And I thought that was amazing. He came from, he came over from Italy. He couldn’t barely speak in English as restaurants. I see him, he’s working a hundred dollars a week, but how always knew he owned a lot of real estate. And that always fascinated me as a young man. Yeah. And so I had started out my journey by buying some rental properties in the ghetto. I didn’t know that that was probably not the most ideal spot. Some people listen, no offense to your listeners. If they love the, some people love ghetto properties. I have a good friend of my, he loves ghetto properties.

Glenn Schworm:

God bless you. I hate them. But, but he, he has ’em and I bought those didn’t do well. I actually lost them both the foreclosure back when I was in my twenties, 30 this 30 years ago. And I, you know, I would learn the hard way that you gotta be good with money. Right. You gotta be good with the money the money’s coming in. Cuz I didn’t know when you got the rent off those, you had to pay a mortgage. I was 21 years old thinking, Hey I’ve got cash baby. Cause cause those people always pay cash. Right. Don’t I’m like, oh yeah. So you know, fast forward 15 years or so. And Amber and I got together and you know, I got myself back on my feet and Amber and I got together and I had good credit, but again had but massive debt from divorce and all that kind of stuff. And Amber and I, we kind of had that perfect marriage if you will. Well, not a perfect marriage. God knows. That’s not <laugh> we had, we had a perfect partnership. So wait,

Amber Schworm:

Our strengths and weaknesses complimented each other.

Glenn Schworm:

Yeah, yeah. Amber, I was really good at finding deals and putting the deal together. I love the, the art of the kill, you know? Like I love that. Yes. Like I love just finding the deal, locking it down, getting everybody on the same page. Amber was great at taking something ugly and making it look pretty. Right. I always tell people, tell me like, like her I’m I’m her lifelong mission. Right. So try and make you look pretty, but good luck, right? Yeah. Yeah. If you’re watching this, you’ll see. Just kidding. Clint <laugh> thanks a lot, David <laugh> so but no argument there, but so, you know, when we got together it was like, well, listen, let’s, you know, I wanted to build a rental portfolio cuz I, I believe in residual income to this day I do. If I have one regret, I didn’t start that part of my journey sooner. But Amber’s strength. She wanted to flip and I’m like, ah, I don’t know. And we kind of battle with that and then we,

Amber Schworm:

But, but even at that time, like we understood the importance for education. Like we, we know, we knew we didn’t know enough to do that. Well. Yeah. So we actually went to this local local seminar, local seminar and the, the guy we were sitting in the front row and it was like date night, we were gonna go out afterwards and I was all dressed up. And so the guy points at me and he goes to be successful. You’ll have to go in houses that she’ll never go in

Glenn Schworm:

Points at Amber and oh,

Amber Schworm:

And I didn’t say anything. I was like,

Glenn Schworm:

All right,

Amber Schworm:

All

Glenn Schworm:

You, we hadn’t, we hadn’t hooked the house yet. So we did, we hadn’t done one. We’ve done like what 700 now we haven’t, we hadn’t done one yet. So,

Amber Schworm:

Well I just didn’t like being underestimated. So, but you know, rather than let, like let that piss me off, I just used it as fuel. And you know, the rest is,

Glenn Schworm:

Was, it was funny though. I remember, I remember looking up at the guy going, you

Amber Schworm:

Don’t know who you’re talking

Glenn Schworm:

About. No idea, but we bit our tongues. It was like, well you, you say you’ve done a bunch and we haven’t done anything yet. So I’ll let you be sassy for a minute. We went on to dwarf anything he’d ever done in the area. So it’s just kind of funny how that all plays out, but it is fun, but

Amber Schworm:

That led us to go to another seminar. And, and that was really, really what was eye-opening to us. And, and that’s when we really started flipping houses and getting into that and we flipped our first one. We made what, 17,000

Glenn Schworm:

On it. Yep. And that was back at oh seven. So during the

Amber Schworm:

Al crisis. Yeah. Right as the housing crisis.

Glenn Schworm:

Yeah. Let people say, well it was the financial crisis, so no, it wasn’t the financial crisis. It was a housing financial crisis. Yeah. And it wasn’t, it wasn’t just financial.

Amber Schworm:

Yeah. It was real estate specific.

Glenn Schworm:

Yeah. We were, we were right in the thick of, and everybody, everybody in the, everybody who loved us and cared about us said, gosh, you shouldn’t be in real estate.

Amber Schworm:

They thought be crazy.

Glenn Schworm:

Don’t be real. Estate’s the worst thing you can do. Don’t do that. Now. I’ve always had this philosophy that, you know, if you follow the masses yep. You know, you, it’s a silent M in most of that group, right? Yes. So I, I tend to, I tend to be very careful when the mass are going. One way I tend to, if you think of a crowd of people running one direction, they’re all steering one direction. No one sees what’s behind them. I tend to put my head outta the crowd and look at different direction and go what’s over there. What’s the

Amber Schworm:

Opportunity

Glenn Schworm:

That,

Amber Schworm:

Yeah. Never let a good crisis go to waste. Say,

Glenn Schworm:

Say, yeah. So, so that was that’s, that’s kinda how we got started now. We’ve got, you know, we, we’ve got only about, well, I say only rights perspective about 50 rentals that we have. Cause we’re, we, that’s the one thing I wish we’d started sooner. We’re on a mission to get up to a hundred thousand a month and passive income, passive income. Cause that’s my, that’s always in my passion since I was 18. And now we’re on a good track for that. We have we’re we’re building that out. So anyway, there you go

Amber Schworm:

Far with one.

David Richter:

Yeah, I, yeah. Start with one and I love what you said about going to the seminar and then with that challenge too, because I’m sure there’s a lot of people that go to a lot of seminars and don’t get anything out of it or, or have a negative experience like that. But that was your fuel. Like you said, that was a fuel that got you there. So I’m like that seminar was totally worth it because you still reference that story today. It’s a great story. It’s part of your journey. Absolutely. You know, I, I absolutely love that and not downplaying going and learning from the people that are doing it. Even if they’re a couple steps ahead of you and like now you’ve dwarfed them. Like you can coach that you can coach confidently because of most people that you coach will definitely be on the journey and want to get to where you want to be. So I love that, love that, even a story like that can turn into something positive here. And I think that’s just because of the type of people you are like, let me use that. Like you said, let me not look at this as a negative, but as fuel for my, you know, from my success. I absolutely love that mindset.

Amber Schworm:

<Laugh> I think going through those struggles though, like in the beginning have helped, they they’ve made us better coaches too, because mold, we can relate. People, relate to people and understand what they’re going

Glenn Schworm:

Through. Yeah. It molds you into who you are first.

David Richter:

Yeah, it does. It really does. It’s those hard times where you can, where you can really make the difference in someone else’s life. And now there’s gonna be people sleeping on those mattresses with holes ands in common years and I need to make a lot of cash and I’m not Walter White, so I gotta be able to make it legally and ethically. So yeah, yeah, yeah, absolutely. Love that. So then talk about what you’ve got 50 rentals, but you’ve also got investor pro and some other things too. So you you’ve branched into coaching and other things like that. Correct. And helping other people, that’s kind of where you’ve ended up right now.

Glenn Schworm:

Yeah, we, so, so here’s kind of the journey, right? So we still have a company called signature home buyers that flips about a hundred houses a year. Yeah. And that’s great. Although it’s linear income, right. We linear meaning that we do it once and we get paid and we have to go do it again and keep getting paid for, but it, but,

Amber Schworm:

But that company, they, that company flips it whole sales and it also helps us find our, our venture portfolio.

Glenn Schworm:

Yeah. I was getting to that, but go ahead and just jump right in. No problem. So anyway, so

Amber Schworm:

You’re you getting,

Glenn Schworm:

I was taking too long apparent I wasn’t doing a good job in front. Your audience. That’s never happened before.

David Richter:

Oh man. This is also gonna be the Glen and Amber. Just get it all out there episode as well too. Let’s let’s just get it all out there.

Glenn Schworm:

Just a normal day hanging around. This is kinda how it goes. No,

David Richter:

I love

Glenn Schworm:

It. We’re we’re very real. Whether camera’s on or not. This is the normal conversation for

David Richter:

Us. Yes. I love that be

Glenn Schworm:

Real year. So that companys a hundred dollars a year, but here’s, here’s the journey. Right? I always, I, I kind of stumbled into public speaking in my thirties or early thirties and I’m 52, almost 53 now. And I I stumbled onto it, but I, I love public speaking and motivating people. I look back to my original goals. I wrote 30 years ago and I said, I wanna be a motivational speaker. But what I learned was I didn’t wanna just keep people all hyped up and not have a plan to go up. Cause like, cuz finances is a big part of your goals. Almost everybody’s goals have finances wrapped around ’em even if it don’t even if it doesn’t have finance wrapped around it. For instance, if you say I wanna be a better dad, well sometimes if you have a little more money, it takes the pressure off of not having money and you can focus more on being a better dad when you’re not thinking about the fact that I can’t make the mortgage payment this month.

Glenn Schworm:

So although mine doesn’t bring you happiness, it can bring tremendous stress and it can deter you from the things you can be great at, cuz you’re so focused on it. So it’s a, it’s a very tough dichotomy there to kind of figure out right. But I figured out that most things in life require money. And so I wanted to have people have a way to not just be excited and inspired being around me and around us and learning. I wanted to give them a track to run on, to say, yes, you’re inspired, but here is the next step. Boom, do this. Amber and I were on about our third house. We were flipping, we were doing the work ourselves mm-hmm <affirmative> and I understand to her and we were battling the whole way. Blood, sweat, tears probably killed each other through the whole thing. Right.

Glenn Schworm:

And I remember, so I remember saying to you, we sold that house in the crisis when everybody said that no one’s making money. We had, we had a bidding war in 2008. Now, if you know that timeframe, that didn’t happen. And especially it didn’t happen where we were in upstate New York didn’t happen. Now it was only a $2,000 bit anymore. It’s not like today when it’s 200,000, but right. It was a 2000 bit anymore. Yeah. And I said to Amber, we, we made like 38 grand and I said, God, we could, we could do this. Like we could, we could really do this. And I said to Amber, I go and we could teach this, this, this is the one like my eyes done. I said, this is, this is the vehicle I’ve been looking for. I said, but before we do it, let’s prove the model.

Glenn Schworm:

Mm-Hmm <affirmative> let’s prove we can do it before we teach it. Cuz there’s so many idiots out there saying they can do it and they’ve done nothing. One deal, two deals or no deals. Or they read a book or they read, went to a seminar and now they’re gonna teach people. And I said, this could be it. Well, we didn’t open our coaching business until 400 deals later. Wow. We proved the model. Yeah. And here’s the funny part I gotta post this morning that came in on my Facebook. You know, you get those reminders. It was five years ago next week that we had our very first home flipping workshop. Wow. And so, yeah, it was five years ago next week and we started fight and now we’ve, we’ve spoken to tens of thousands of people. We’ve helped. Hundreds of people change their lives and we put on this workshop and then when COVID hit, it went virtual.

Glenn Schworm:

And so now we are doing these virtual workshops about 10 a year. And we are getting more and more quality, more and more recognition for what we’re doing. We’ve got like 600, five star reviews. We, we just, now we’re able to fulfill my dream of helping people, you know, helping. I just totally, when I walk this morning, I said, you know, I wanna champion, like there’s a lot of people that target a lot of different kinds of people. I don’t wanna target the average person. Cause I’m an average person. Like I, I wanna champion the average people that wanna make a difference. Not people that have wealth that want more wealth or if you have an Ivy league education and you’re just, you’re smarter than anybody. God bless you. Good for you. I wanna take the average person that’s grinding. Like I’ve always said to grind and say, listen, you can do it. Cause I did it. That’s what I always wanted to do. I scanning and I walk, I said that, I said, I wanna champion the average man or woman, no offense, but maybe more women than men actually our students.

Amber Schworm:

Yeah. We, yeah. With the, our big concern when we went virtual with our workshop was that we’d lose like that personal connection. Yeah. It’s been amazing. Yeah. Like, like we’re still able and we’re able to meet people, meet people on a much more national level instead of just like city by city. So we can talk to more people, but we have got so many success stories and like, like Glen was saying, we do focus on, you know, just helping that. Neither, neither Glen. Or I went to college. I mean, we had a few classes, but neither of us have college degrees. Glen doesn’t, even to this day, know how to read a tape measure. You know, like

Glenn Schworm:

I was a solid, I was a solid C minus student, but

Amber Schworm:

There

Glenn Schworm:

You had a good

Amber Schworm:

Might look at us now, you know, this year we moved to our dream home in Florida. We live on the coast and we get to walk on the beach every day. I mean like, like I look out my back window and see dolphins jumping. I mean, it’s, it’s amazing. And sometimes I think people like, look at that journey or they look at your success now and they think, oh my gosh, you know, they, they just had it so easy and we didn’t have a idea. Like I said, we were sleeping on the air mattress, the house, he was talking about that third house that we did where we, where we said, you know what? We could teach this. I actually, we didn’t have enough money to finish the renovation. And I had $10,000 of equity in my car. I sold my car. I’ve had my own car since I was 16 years old. I sold my car. We were down to one car with two kids. That was, we weren’t even getting along very well at the time. Not it was, it was like,

Glenn Schworm:

So we’re packed together all day. One

Amber Schworm:

Car freedom.

Glenn Schworm:

Wow.

Amber Schworm:

And I mean, so, so, you know, when you, when you look at, you know, like that journey, like people think it’s just, you know, point A to point B, it’s a straight line to success. I mean, there are so many bumps along the way and hills, along the way, it’s like, it’s like a roller coaster. And I love being able to identify with people and helping them navigate through those journeys. But I, but I also think that it’s really important that people know that there are sacrifices that have to be made. My sacrifice in that case was that I had to sell my baby. I had to sell my car.

Glenn Schworm:

It wasn’t just a car though. It was Your freedom.

Amber Schworm:

It was my freedom. Yeah.

Glenn Schworm:

So that, that’s what she’s never let me live down for 15 years, David. Yeah. So anyway, so <laugh>

Amber Schworm:

Really

Glenn Schworm:

With three or four years will get, I promise.

Amber Schworm:

But I think it’s important for people to know that, you know, maybe it’s not selling a car, maybe it’s, you know, some time that they have to give up to, to work toward making their dreams come true. It takes effort. It takes action. But when you, when you have that track to run on, which is what we provide as coaches at the home flipping workshop, it just, Glen has an expression that I love and it’s folding time. You know, you can, you can like dramatically shorten your learning curve and reach your goals a lot more quickly when you have that track to run on.

Glenn Schworm:

Yeah. I, well that it’s, it’s I’m thinking bad. We, one of the things that we are so real about as I, I prepare people at the workshops for, you know, people say what, what’s the real secrets. The real secret is dealing with the mental stress. Yeah. That’s the real secret. Cuz the money, people think it’s the money. It’s not the money it’s getting the money. And then when you have the money, there’s pressure cuz of that there’s pressure. Cause you have to, and then you round of money and you have to figure that part out. And then, you know, that’s one aspect and the house falls apart and then this falls apart and you find asbestos in the wall, you find a dead body in the backyard who knows what you’re gonna find those crazy things. Exactly. So I go over the mental side of stuff a lot.

Glenn Schworm:

I say, I’m preparing your mental toolbox right now. Cause I want you to have a toolbox of tools to build your business. But the real secret is taking care of yourself mentally. So when we started our coaching business investor pro, which puts on the home flipping workshop, you know that our tagline is a real estate of mind. I love that. And I know that if you don’t have your mind, right, you’ll never get your wallet, right. You just never will. You never will. I don’t care how much you do or even the process you put in place or that kind of stuff. You’ll find a way to sabotage and ruin it. If you don’t have your head straight. And I love what Amber just said because it’s, I preach this through the whole workshop. And every time I talk to anybody or any time I’m a guest, I always say, look at it.

Glenn Schworm:

What we do is hard work, but it’s worth it. And, and I can’t stress it. How people say, oh yeah, I’m ready to work. No, are you really ready to work? Cause there’s some days I just did a post on Facebook about a week ago. I literally put out there and said, look, I’ve had a tough couple weeks. I said, I came out to the ocean at 10 o’clock. We sat on the couch for night and I got so pissed off cuz things weren’t going right in one of my businesses. She, she sat down and I, and I got and said, I’m leaving. She goes, where are you going? Going? I go, I’m I’m out. And I walked over to the ocean and I sat there for five hours. I walked, I walked 10,000 steps in the beach alone. I saw some other weird guy out there at like two in the morning.

Glenn Schworm:

And he walked by me and I’m like, yeah, we’re both weird, whatever <laugh>. And so, but, but I was there at, you know, for five hours to get my head straight and I had a rough, I was having argument. I was praying, I was yelling at God. I was yelling at myself. I yell and I was just thinking through, but I came back with some clarity and, and then, and then things started changed from that day forward. And I’m thinking that’s the work that people don’t see behind the scenes. People think, oh, he’s got together all the time. Bullshit. I do. I’m I’m confused and scared everybody else. I’m just trying to figure out how to get there. So I think we’re very transparent about that. I think some people like to follow us just to see this and these guys are real, they’ve got success, but I, I try and share and I’ve done 30 years, 30 plus years now of self-improvement and studying and learning from other people.

Glenn Schworm:

And the only people I really get anything out of are the one that share the real story. So I feel like a frigging human, right? So I feel like I’m on the same path that people just share all their success stories. Well, I did my first deal and I got a private jet out of it. Shut the hell up. I don’t care about your, I don’t, you know, it went perfectly fine. My dad gave me some money and it was great. Shut up. That was just not my journey. And I think we, I think that we appealed to the average person, cuz most people are starting from where we started, which is nothing. Yeah.

Amber Schworm:

And I think to feedback on that too, as far as what probably a lot of your listeners are here for, with the, with the Profit First is that if you don’t have your head, right, you can know all the mechanics in the world about, you know, your type of business. But if you don’t have your head, right, you can make all the money in the world, you’ll lose and

Glenn Schworm:

Lose it. You’ll lose it all. Which

Amber Schworm:

Is, you know, maybe you maybe fight, you know, think you don’t deserve it for some reason underneath, or you just don’t know what to do with it. So you give it away like, like there’s people that win the lottery that don’t know what to do with it. So they end up losing it in a short amount of time. Yeah. It’s the same thing in business. If you don’t have your head rights and if you don’t know how to run your business and how to do things the right way, you’re gonna lose it. And, and that’s really, really important.

David Richter:

I love what you said there about not feeling like they don’t deserve it. Cause I moved from employee to business owner and even with Profit First and learning this concept and all this as the business grew, I felt bad. I felt bad making more money cuz I’m like, well we need to give more. We need to hire this other person. It’s like, well, no you’re running a business. You should be benefiting because you need to take that pressure on what you said. The real estate of mind. I love that. Cuz it’s that state of mind I was coming from a scarcity mentality of, you know, there’s not enough here, you know, and I can’t do this and that was even for myself. So it’s just, we see that over and over again. Exactly what both of you said, people feel like they don’t deserve it or they don’t have their mind in the right place. And they’re not able to grow personally, you know, that personal growth or their business because they’re coming from that mentality. So yeah, absolutely love that. I’ve got couple questions here around prop first for just money in general. Let me shoot this. Let me get at least one out there. What what are some early lessons you’ve learned about money, but and how does that compare to what you think about money today?

Glenn Schworm:

What are some early lessons we learned about money and how does it compare to what we know today? Mm-Hmm <affirmative>

David Richter:

And what you believe today?

Glenn Schworm:

So let me ask you a question. Lessons or lessons that I applied, cuz they’re different.

David Richter:

<Laugh> either once, cuz we’ve had people who said, I heard, learned horrible lessons, you know, or none at the beginning. And then now it’s this, that or the other thing, you know, and that’s what I we’re passing on.

Glenn Schworm:

We have some, we probably have both had different answers similar, but different. I’d like to share one that I’ve never shared before baby, but I’ll tell you this, my grandmother growing up used to always say to me every time you make a little bit, just pull little bit aside, just pull up aside, just put a nickel aside, you know? Cause in her mind, you know, that was, she, she, my grandma would be over a hundred. She was alive. But you know, she grew, grew up to the depression. She was born in 19 1900, I think. Right. I think that was the year she was born and oh, should be 120 should be, she’d be old. So whatever. But she used to always say that to, to me as like just pull up aside, just pull up aside. I never really took that advice.

Glenn Schworm:

Hmm. And ironically, until we applied Profit First a year and a half, two years ago, we, we weren’t doing that either. And ironically, the book that you’ve written is exactly what my grandmother said. Now your book is fancier and has lots of ways and charts and grass and which is awesome. Yeah. But the concept is still the same. Here’s someone that came to the depression and said just put a little bit aside and you know, your book really helps people understand the why behind it. Not just, oh my grandma says, okay. But when you understand the why behind it, yeah. It gives you the motivation to do it. Right? Yeah. So that’s that I would say now I didn’t do that. Again, lost those houses of foreclosure. I went through bankruptcy early in my, my early twenties three times. It’s funny is your dad always told Dakota that too?

Glenn Schworm:

Our son. Yeah. He always used, always said. And yeah, my dad was an, my dad was an incredible saver and he made nothing. Yeah. My dad was a butcher growing up and my dad passed four years ago. My dad was a butcher and he always had tons of cash on was like, how do you, you cash on like you don’t do, I didn’t make any money, but he never spent any, he just knew how to put aside. Right. And so he did that. So I had great people giving me great lessons around ’em I didn’t always use them until recently. Yeah. And by now using those lessons here, it took me, it took me to age 50 to start learning that lesson. So if your listeners are younger and listening to it, oh my God. Listen to an old guy here, start it. Now don’t start it when you’re 50, cuz you have less time to make it really effective.

Glenn Schworm:

But, but if you are 60 listener, this started now. I mean, you should always start it. But I think that I grew up in a very, in a very scarcity mentality house. My mom, God bless her. My mom’s still with us and my mom’s awesome. And she’s a pit bull, but my mom has some horrible feelings around money. Like just always my mom could have a million dollars, 2 million, $10 million in the bank if she still thinks she’s broke. Yeah. And, and people say, oh that’s crazy. It’s not crazy. It’s I’ve had the same problems. I, you know, seven figures in my bank account and be like, oh God, I’m what if I lose it? The scarcity mentality is very tough to take outta your head when you grew up with it. Yeah. So I battle with that scarcity mentality on a regular basis. And so it’s not about the amount of money in the bank. It’s about how you view it. Yeah. That’s

Amber Schworm:

So good. Yeah. That goes along with like making, I, I was thinking too, it’s almost like the fear of money or, or losing it. Like I hear a lot of people say, you know, I don’t wanna own rental property because you know what, if the tenant doesn’t pay the rent, then I, then it, then it’s on me. So if you, if you take the emotional side out of that, and I think that’s one thing that I used to do really bad is, is make more emotional decisions and I’ve gotten much better at making business decisions. But if you approach real estate and, and make those calculated business decisions where you’re really looking at statistics and, and actual numbers, it’s, it’s not really a risk. I mean, it’s, it’s, it’s a very calculated risk, I guess I should, I should say mm-hmm <affirmative> so I think just kind of like getting out of your own head and, and trying to work around those self limiting beliefs where you make those emotional decisions and just make, make those calculated ones that, and also, I think as your business grows, you’re able to your tolerance threshold increases with the, the amount of the money that you’re dealing with and handling.

Amber Schworm:

Yeah. And I, I think that that’s kind of just a lesson that only really comes with time, but it’s something that kind, I

Glenn Schworm:

Think you should share. I think people like to hear you talk about, you know, you were raised in a spot where you had to go to work full time at, at,

Amber Schworm:

At 13 I worked fulltime

Glenn Schworm:

  1. Yeah. That’s a different story. But her parents may go to work for the family business full time at 13 and go get homeschooled by a book in the back room. Right. So it’s not a great experience for, but you learned some valuable lessons about money and then she met me who has no fear. Yeah. So talk about, I think I’ve had to change your vision about risk

Amber Schworm:

In balance one each other out. We have, we, that’s kind of like the, the yin and yang of it. And that can be challenging when you are in business as a couple or as a partner, if

Glenn Schworm:

You up what you thought about money. Cause I, I think that, I think listeners would love to hear how you thought about money and then how you think about it now.

Amber Schworm:

Yeah. I, I used to, I used to really, you know, like, like wanna keep it close. Yeah. And, and not spend it. I was definitely more of a saver and, and not that risk taker. And so my risk tolerance has definitely been expanded by, by being with Glen. That’s been really, really huge, but you know, I, I did, I started out working when I was 13 years old. I made $3 and 85 cents, which was minimum wage at the time. I’m really dating myself here. <Laugh> but, but, but you don’t get anywhere with that mindset, you know, you, you might end up with, I don’t know,

Glenn Schworm:

You can’t save yourself to wealth.

Amber Schworm:

You

Glenn Schworm:

Can’t, you can’t save yourself to wealth. You have to invest, you you’ll never come up with inflation, especially in today’s world. My gosh. Crazy right now.

Amber Schworm:

Yeah. So, so I, I do, I think I have a healthier view of, of being able to take those risks now, which has been really, really good, but people do we’re, we’re filled with so much head trash. I mean, you know, what if, what if my lifestyle is, is better than that, that I grew up with? What if I start, you know, making more than my parents made or you know, as a woman, what if I start making more than my husband does? Like, we,

Glenn Schworm:

We I’m all for it, by the way. <Laugh>

David Richter:

Yes. Agree.

Amber Schworm:

<Laugh>. But, but our psychology, like you were saying, you know, we have that, that scarcity mentality and that’s a lot more prevalent than abundance than the abundance mentality. And I think you can work to make that shift in your, in your mind and it’s gonna happen over time. It’s not something that you can just like flip the switch on, but it’s, it’s a much a much more enjoyable place to live.

David Richter:

Yeah. So just a couple last questions here. I have a four year old daughter, so I always like asking what lessons about money? Do you wanna pass on to your children or the next generation, or even to your students, like what’s the mentality around it and some lessons.

Amber Schworm:

So I definitely think that we teach our kids to, to work further on. So, so I I’m, I’m a little bit hesitant to say work hard cuz I don’t think you always, like, I think there’s a work smart element to it too. Oh yeah. So, but, but I don’t, I don’t believe in just like handing my kids, everything they ask for. You know, I, with me, like I said, when I was 16, I bought my like every time ever since I was 13, I bought everything of my own. Like my shampoo, my food, my car, my insurance, my like my parents didn’t contribute one penny to, to that. I don’t know that I wanna go that extreme with our kids. Like we’ve with our two older ones, we said, whatever you say for your car, we’ll we’ll match it. Right. So we, you know, even my daughter, we have an eight year old daughter, she loves Roblox. So she’s always like, mom, will you buy me Roblox? We just wait, just wait, David, you’ll get there. Yeah. I’m SOS. Like we buy robots and I’m like, no, you can earn it. So, you know, I don’t just like hand her money. You know, she has to do things to earn it so that

Glenn Schworm:

We

Amber Schworm:

Would, but I also don’t wanna make her think that she has to struggle to earn money, right.

Glenn Schworm:

With our older kids, you know, I, I got, I have my older, so I started with a, a little system with my, my son who turns 22 next week. And when he was young, I had a savings system for him. And I gave a, it was back before things were on the internet all the time. That kinda stuff, he was five, six years old. We were starting, this is 15 years ago. The internet was around, but it wasn’t wasn’t so app crazy like it is now. Right. And so I had a, a folder system that we used to take out. We had five buckets, we had long term savings, short term savings, spending money, charity, something else whatever it was, education, I think, or investment yourself or something like that. Yeah. And, and we, we, you know, I give ’em an allowance of five bucks a week or whatever it was and we would divvy it up and we split up a quarterly 10% to charity and we did all that. Now we sort of got away from that, that I’m always like, I’m, you know, I’m, I’m a visionary. If you ever follow a, a PI index, I’m a, that’s my, my tested out. I’m a visionary mm-hmm <affirmative> with very high with no, no risk and very high drive, which is a crazy thing. But, but so don’t fun.

Glenn Schworm:

Thank you, honey. I’ll take you guys a couple Martha. So I care how you mention it. I’ll a couple, of course you’re <laugh> so I I don’t always follow through, but for, for a few years I did that with him. And I think I set the foundation for him cuz all of a sudden he’s gotten into all the Bitcoin and he has a whole different kind of business. He’s building online. He actually works. He actually manages our Airbnb business. We’ve got about 13 Airbnbs now. And so he works for us there, but he really has been greatest at saving his money. Now here’s the parenting thing. When we moved to Florida a few months ago, I said, Dakota, starting November, you’re gonna start paying rent. He stayed in one of our houses that we had back there. Yeah. With the one he grew up in and I said, nobody gonna be here, but you’re gonna have to pay rent. I’m not charging him full rent. Like I would for a normal house. Right. He’s my son. But I am gonna charge my chunk seven 50 a month for rent for a house. And I don’t love doing that to my son. I could afford to carry it. I don’t love doing it, but I’m doing it because he needs to understand that there’s some adulting that has to start happening the

Amber Schworm:

Next week.

Glenn Schworm:

Yeah. He needs to know. So we’re having that conversation. I’m prepping him for it. He does work for us. So I know he has a salary or he has, he earns money with commissions and salaries and whatnot. Yeah. And so it’s gonna be a bit of a struggle for him. I it’s, it’s tough for you to put your kids through struggle, but you have to do it to make him grow. Our 16 year old daughter has a credit card from a company called green light. I see they’re starting to advertise on TV now, but I’ve had that for, for a couple years. I give her automatic $10 a week goes in the account and I say, listen, you can help them. You can treat, you can tell, you can tell the card where to, where they can spend it. There’s they transfer over to her car saving and she’s now got 1200 bucks saved for a car.

Glenn Schworm:

And she knows that I match her dollar for dollar on her car. So, you know we try and instill those values in my perfect at hell. No, you know, I definitely a spender. I go to dinner and think nothing of plug it down a few hundred bucks for a regular dinner for our family. I don’t, I just don’t think about it. So I’m not great at being a Mer. I think I, I think I try and teach more the concept of listen, if you want a good life, you’re gonna have to work hard for it. Yeah. And prepare yourself for it. So you can spend later on. But in the meantime, they’ll move dinner off me as long as they can cuz they know that’ll always pay the bill. But,

Amber Schworm:

But another thing I think we do is we have open conversations in front of them because

Glenn Schworm:

You know, if point, if point,

Amber Schworm:

If you like shelter your kids from all that, my parents never talk to me about money or finances or what they were doing with investments. And it was not cuz it was almost hush hush. Like my mom, I think I remember my mom saying something like, well I don’t wanna, you know, like encourage you to do something cuz if you invest in something and lose money, like I don’t wanna feel guilty about it. You know? So, so we have those conversations at the dinner table. And if you’re having, if you’re having, having conversations about, you know, hundreds of dollars or constantly saying, I can’t afford that, you know, that’s like, that’s like the mindset you’re teaching your children. Yeah. But if you’re having conversations about, you know, millions of dollars, millions of dollars or how many properties you’re owning or what it takes to get this deal done, like that’s even at a young age, even at, you know, your daughter’s four years old, even at four years old and you’re overhearing that they’re like a sponge then all of a sudden those kind of numbers as they grow, aren’t so scary or intimidating because right.

Amber Schworm:

Yes. While there is the element of, of working hard and teaching them that good work ethic. I think a lot of times in our lives we make things way harder than they need to be. Oh

David Richter:

Yeah. <Laugh> so agree.

Amber Schworm:

So you, you don’t want to ingrain in them that they have to struggle to be successful.

David Richter:

Yeah. I love that. That was great. That, that helped me personally. Like I asked that question very selfish because I have my four year old daughter. So yes, thank you so much because there’s still things I need to work through and my mentality and still, you know, even growing the company and doing all this and being able to invest back in people, it’s just always good to hear that other people cuz I, you and you even answered a question that I sometimes aren’t am able to ask, like, did your parents talk to you about money growing up? Did you talk about that? So I love that the openness about money talking about it, being comfortable with it and making sure, cuz you also want to hear what they’re thinking too. Like how are they thinking about it right now? Is there anything we need to discuss and kind of like, you know, just putting it out there that it’s, it’s okay to talk about it. This is a safe space to talk about

Glenn Schworm:

It. You know, I, I don’t just do that with money. Although I’m very careful cause I do, you know, I’m, I’ve again, I’ve had to overcome a lot of things of how I grew up, but I think it’s also important and some people may disagree me in this. I really don’t care. I just, what I do with my kids, I I’m open about my fears, not every single one of ’em, but if I’m scared of something, a big, you know, we’re, we’re making some big transitions. We’re about to open our second market and our flipping company. I’m scared, you know, it’s new, it’s a lot of money. We’re making a big change in our investor pro we hired a brand new CMO on and we’re gonna be changing a little bit of the direction of what we’re doing now and looking for a little higher quality people to work with and stuff.

Glenn Schworm:

And we’re, we’re making some changes that are making me uncomfortable. So I have no problem telling my, mostly I tell my teenagers cuz the other ones don’t quite get it. But I said, listen, dad, you know, sometimes if dad’s a little stressed, dad’s making moves in business. That frankly little scary for me. But, but I push through. So tell him about the courage. So, so my, our six year old one day we were talk, I forgot how it came up, but I, I told him what courage was. I said, courage is not when you’re not scared. His name is Cru said, Cruz buddy courage is when you push through fear, even though you’re scared, bud. And then tell

Amber Schworm:

You like three days later, he’s like, he’s like, he’s like, I have courage. I I’m scared of doing it, but I’m gonna do it anyway. Like

Glenn Schworm:

Remember he Amber that I wasn’t anywhere around, but he remember that conversation

Amber Schworm:

And they do, the kids are like sponges, you know, they’re gonna Stok up, whatever. I’m just re-listening I read it a long time ago and I, I have it on audible. I’m listening to the four agreements right now. And it, it reminded me that like we domesticate our children just like we domesticate a dog or a cat at our house. Like we we’re, we’re the ones that are feeding them with whatever beliefs they’re gonna have about life. Yeah. And you know, they’re, they’re those core beliefs and their personality is really formed between ages one and seven. So you know, the more good stuff we can help put in their brain and not, not create those self-limiting beliefs that,

Glenn Schworm:

But I’ll tell you, I will tell you this from years of experience. Now this is 20 some years of parenting. I can tell you this, they will do what you do. Yeah. They won’t do what you say,

Amber Schworm:

But I I’m telling you, I think it’s really important not to get them hung up about money on the other side of it either. Like money’s the end do answer. Yeah. So I mean, my kids have, have asked me, what are we? I remember at our house in New York, somebody was over and they said, are you rich? And I said, well, what does rich mean to you? And you know, like kids are always think rich is money. And to me, rich is not money. Rich is family and happiness and fulfillment and having

Glenn Schworm:

An awesome husband.

Amber Schworm:

Well, that definitely is part

David Richter:

Of the list. Exactly.

Glenn Schworm:

So,

Amber Schworm:

You know, to me, there’s a lot more about rich than just than just mine. Right. That’s really important for me to instill that in my kids too. Yeah,

David Richter:

No, that’s great. I love that. So we’re getting down to the end here. This has been incredible. This has been entertaining. This is Ben fun. This has Ben. You get a little bit, if you’re listening to this now you’ve got a little bit of everything here. You know, you’ve got couples therapy, you’ve got entertainment. You’ve got, you’ve got the mindset on running

Glenn Schworm:

<Laugh>

David Richter:

Yeah. Parenting. This has been an awesome, awesome episode. So thank you so much. So how can our listers provide value back to you after providing so much value here? Like where can they go to connect with you? What are you doing right now? You have coaching. There’s a lot of things that you do.

Amber Schworm:

Yeah. We love, we love helping people and that’s why we do take the time to put on the home flipping workshop. They can go to home flipping workshop.com and get registered for that. There is one coming up first weekend in December. I,

Glenn Schworm:

This may not air then, but we always have ’em going

Amber Schworm:

On. Or, you know, we do have several businesses and so we try to keep everything in one spot. So we, you, our listeners can go to Glennandamber.com and Glenn is with two “n”s. So Glennandamber.com and that’s got links to our podcast, which you are a guest on. And a lot of others. So there’s podcasts and they’ve really got some courses. We actually are just about to release our short term rental course.

Glenn Schworm:

Yes. That we’re

Amber Schworm:

Really excited about the millionaire Airbnb blueprint.

Glenn Schworm:

Yeah. That’ll be coming out. We have a new show coming out. New show coming out called the big flipping break where we actually for the past year have recorded. We interviewed several people. We chose one family and we work with them. We gave ’em all the money for a flip and we coached with the whole process and we split the profit at the end. There’s a secret twist in there that we did that. We worked with them and that show’s being edited right now. And I expect within the next month or two, that should start airing. So I’m not sure where or how, but that’s stuff we’ve been working on for about a year. So I’m excited about that show coming out to show, showcase us in action, actually supporting, actually giving all the money to somebody and then coaching ’em through it and splitting the profit. And yeah, we’re big surprised at the end. We’re,

Amber Schworm:

We’re not super polished or anything. We just kind of like to share the good of bad and ugly with people and hope that resonates with them and, and help as many people as we can

Glenn Schworm:

Come follow us. So hang out with us. We’d love to love to hang out with you. So,

David Richter:

Yeah, and that’s what this podcast is about. I want real people on here talking about their real stories. I love the stories that you told. I mean, if you can’t relate with some part of what we talked about today, I’m not sure you’re a human being. <Laugh> if we covered, we covered quite, quite the range here today, all over, like for different relatable topics. So just thank you so much for your both coming on, providing that value. It’s Glen and amber.com. Make sure to go there, connect with them. These are amazing human beings. Glen, Amber, thank you so much.

Amber Schworm:

Thank you,

Glenn Schworm:

David. Thank you, my friend.

Speaker 5:

Thank you so much for listening to today’s show. If you found this episode valuable, could you do me a quick favor? Could you give us an honest rating within iTunes and be honest, you could say whether you liked it or not. And obviously with iTunes, the more reviews and ratings we have, the better it is for other people that are searching for Profit First and a podcast. So we’d love to be ranked on there and that’s thanks to your help. So we would really appreciate that if you would like to go give us a rating. Also, if you’re looking to connect with us further, I would highly recommend checking out our Facebook group Profit First for real estate investors. And that’s literally what it’s called. So you can type in Profit First for real estate investors, and you’ll be able to find <laugh>, you’ll be able to find our Facebook group right there.

Speaker 5:

So come join active real estate investors who are supporting each other and growing their businesses and profits together. That’s what that group is all about. The link should be in the description below. And if you’re interested in working with us and implementing Profit First in your real estate business, we offer coaching and guidance. So if you wanna work with someone who’s actually Profit First certified and who works right now currently with real estate businesses, you can actually go start your application process by going to simpleCFO.com forward slash apply, or just go right to simpleCFO.com. And there’s an apply button right on there. If you wanna actually start your Profit First journey with someone who can actually walk you through those step by step and help, you know, and grow your cash flow. Thanks again for joining us for another episode of the Profit First REI podcast. See you next episode.

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Title: “Realize Your REI Potential with Jennifer Steward: Authenticity, Profitability, and Consistency”



Episode: 240

In this episode of Profit First for REI podcast, we are sitting down with Jennifer Steward of REI Data Source, to unveil the secret weapon you’ve been missing: authenticity. 


Jen will crack the code on how to project a winning image that seals the deal…But wait, there’s more! Learn the top revenue activities every entrepreneur should master and discover the power of consistent strategies to solve your REI problems.


This episode is your blueprint to a thriving virtual business. Don’t miss out!


Key Takeaways:


[0:50] Introducing Jennifer Steward

[6:07] Project an image of success from

time to time

[9:16] Some best revenue activities that every entrepreneur should know

[11:00] Leveraging every avenue that you can, get consistency, and make sure you’re solving current problems

[17:43] The golden ratio in social media marketing is: 90% business and 10% personal

[25:02] The benefits of running a virtual business


Quotes:

[4:20] “Authenticity is like a business repellant.”

[10:09]  “In a market where you can’t dind deals but there’s plenty of money, you have to be the person who knows how to find the deals.” 

Connect with Jennifer:

REI Data Source Website: https://www.reidatasource.net 

Jen’s Email: jen@reidatasource.net 

Phone Number: (469) 952-8011



Tired of living deal to deal? 

If you are a real estate investor or business owner who is tired of living deal to deal and want to double your profits, head over here to book your no-obligation discovery call with me. Either myself or someone from my team will hop on a short call with you to get clear on your business goals, remove any obstacles holding you back, and map out a game plan to help you finally start keeping more of the money you work so hard to make. – David


Transcript:

Speaker 1 (00:00):

You need to just be able to solve the seller’s problem and just start with one exit strategy that you’re really confident in. And then once you master that, expand from there. And like you and I talked about, it’s who not how you don’t have time. Most likely to master all of those. So have a referral partner that you can build a relationship with and trust.

Speaker 2 (00:23):

If you’re a real estate investor who’s sick and tired of living deal to deal, then welcome home. Hear from everyday real estate investors just like you, and discover how they’ve completely transformed their business by taking a profit First approach. This is the profit first for REI podcast, where we believe revenue is vanity. Profit is sanity. It’s time to start making profit a habit in your business. So here’s your host, David Richter.

Speaker 3 (00:50):

Today we have Jennifer Stewart on which she is a go-getter. She’s out there, she’s doing lots of things. She’s in the cold calling space. She’s also a real estate investor. But then she’s also someone who I think has gone through a lot in her life and has come out on the other side stronger. And you can tell just from what she talks about and what she sees as the most successful real estate investors, what they do on a daily basis, on a monthly basis, it’s just good bottom line stuff to help you if you want to become someone who’s consistent in business, no matter what the market is doing. So I think this is going to be a really good episode. She gets into the nitty gritty and also just helping you get to where you want to be and making more money as a entrepreneur. Jennifer, welcome to the Profit First REI podcast. I’m so excited you’re here today.

Speaker 1 (01:37):

David, thank you so much for having me. I’ve been looking forward to this all weekend. What a great way to spend a Tuesday at noon and thank you. Thank you so much for having me today.

Speaker 3 (01:47):

Yeah, well I’m excited because we dance around in these different groups and we’re going to these events and you’re speaking a lot, you’re helping a lot of people out there, and I see you as someone who’s just very much, I hope this comes across, but just a very mature human being that has gone through a lot, but you haven’t just been a victim. You’ve been someone who said, I’m going to grow from what I’ve gone through, and that’s what I’ve just observed. And then honestly, there’s lots of my friends that respect you a lot too. I’ve gotten to know you well, so I’m excited about this one. So many things that I feel like we could go down, lots of roads here. So again, thank you for being on the show.

Speaker 1 (02:25):

I appreciate that. That’s very generous and kind observation. I think mature is a very polite word and I am just kind of overwhelmed with that kind assessment.

Speaker 3 (02:37):

Yeah, well, I don’t want to use any rude words for you here today, so we’re going to dive into it. No, but seriously I do. I see as someone who takes a lot of those lessons and applies them right away. I would also say too that you are not scared about sharing what you’ve learned and what you’ve gone through. Where do you get that deep sense of truth to share exactly what’s going on? And I don’t know if you’re a fan of the office or if you’ve ever seen that show. I like the Office, if you like the office. Where is it? I think it’s Kelly’s, Dayton, Daryl, and she says, he said, who says exactly what they’re thinking? What kind of game is that? And I’m like, that is Jennifer to a t. And I’m just wondering how did you get that as part of you? Because I think it’s so genuine, authentic, and it brings more people to you and they resonate. You’re saying what they’re scared to say.

Speaker 1 (03:30):

My business advisors have told me to do the opposite. They said

Speaker 3 (03:36):

Genuine, sorry. That’s great. Basically the

Speaker 1 (03:38):

More money you’re going to make, you have to play the game. And so what I’ll do, David being totally transparent, is I’ll turn that on and off depending on my revenue. So I know that sounds hilarious probably, but if my revenue gets lower, I will turn off the authenticity to a certain extent and go back into my polite game, the system mode. But whenever income is plentiful, I’ll go back to being more my authentic sharing self because number one, sometimes I get more business than I can possibly ever take down, and that’s overwhelming. And so I find that authenticity is like a business repellent, but it’s so much, it’s so stressful for me to be fake. It’s so stressful for me to be something I’m not. And that’s me being a little bit funny, but also kind of realistic as a business woman. And then there’s me as a person who has a soul and that person wants to connect. That person realizes that I’m not just here to make money, I am here to help people who are suffering. And I know that sounds cheesy and cliche, but it’s true. And lemme tell you, I don’t want to be one of those people who are suffering. So I will switch into a mode that is more polished, if that makes sense.

Speaker 3 (05:09):

That makes sense.

Speaker 1 (05:10):

Because I don’t want to starve. And so I do kind of go back and forth between, okay, I need to dial it back. And I think that people notice that if I was just all the time talking about what a person can overcome or the deep parts of our why and our feelings, then I think that would really drive away a lot of business. I’ve seen people who got up on stage and talked about aligning the chakras and they were never invited back. So you have to find a balance between being a compelling human who helps people overcome these internal struggles that we likely all face, especially as entrepreneurs, depression, anxiety, slow times debt overhead, really painful things that will keep up at night and destroy your health and destroy your relationships. And then we also need to focus on, unfortunately we have to project an image of success from time to time because I’ll tell you, I always get the most business whenever I’m on vacation, I can actively ask people to leave me alone while I’m on vacation.

(06:16):

And that’s whenever I get all the messages for, Hey, I want to do business with you. Because they see the success, they see that it works. When really that’s I’m spending the money, that’s whenever I’m the least successful because I’m not putting time into my business and the dollars are just flying out the window like someone who has an open wound. And so it’s funny because it’s whenever you’re doing the best that it doesn’t show, and whenever I’m making the most money, it’s usually whenever I look the worst, I haven’t had time to groom myself. I’m probably still wearing pajamas that day. And so it’s almost always the opposite as to who has money and who doesn’t. So the person you see with the super nice house and the super nice car, those people have confided in me, Hey, I have so much pressure, I feel like I’m going to lose it.

(07:03):

But those are the people that look up to and respect. And so that being said, David, if I was financially independent, 100% I would be genuine and deep and all the time, if that makes sense. It would be like, Hey, when you woke up today, did you thank God for just waking up? And what are some ways that you can lower your overhead? What are some ways you can increase revenue? Are you wasting time on non-revenue generating activities? Are you doing too much stuff for free? Those of us who are in real estate, I think we do too many things for free. And like you and I talked about, it’s not just your expenditures that are on your books, it’s also the expenditures that are on your time. And so I talked to my attorney last week about dropping non-revenue generating businesses that just aren’t converting because there’s hope in one hand and there’s numbers in the other.

(08:02):

And after a certain amount of time, you need to realize which businesses are covering for the businesses that are taking a loss. And so my lawyer kind of sat me down and I know you do this, and we had to look at which businesses are just not generating and which are carrying the ones that aren’t. And he said, just focus on the ones that are. And so that being said, whenever we wake up every day, if we are our real selves all day, it usually doesn’t translate into revenue. But when I have the luxury of being myself, David, I always want to reduce the suffering of others because that’s kind of all I’ve done my whole life is I’ve had to overcome and overcome and overcome and overcome to a degree that just feels, it could feel really unlucky if I let myself go there. But instead of feeling unlucky, I have to see the opposite side of it. So for all the extremely low probability things that happened to me, there’s also extreme low probability things that happened for me. And you have to see both.

Speaker 3 (09:11):

Right. That’s really good. That is really good. So since we’ve gone down this road, and especially for the real estate investors listening, what would you say are some of the best revenue producing activities they could be doing or that you see in your own life that you do that translates into that

Speaker 1 (09:29):

You have to fill a niche that nobody else is filling? You have to see a problem that everyone is facing a hitch in the giddy up that’s keeping everyone from making money. What I’m noticing right now, for example, people don’t have the money for down payments on their loans. So like we mentioned before the call, I’m offering a program where you can do a hundred percent financing as long as you’re one of my cold calling clients. And it blew up because people don’t have the money for a down payment right now, and my cold callers really aren’t that expensive. And so it solves that problem for them. And in the past, the biggest problem was finding deals. And in a market where you can’t find deals, but there’s plenty of money, then you have to be the person who knows how to find the deals.

(10:16):

And so you have to find what’s keeping people from making money today in the current market and then really, really leverage your social media and go speak, like you and I talked about before, go speak on those topics, mention it on social media, put it in your stories, tell people what you do, and then be really consistent with your message because people are watching, they want to see consistency. And it’s like my lawyer taught me, who’s Jeff Watson? If they see you being erratic and all over the place and not consistent in your message, then people don’t trust that they can go to you to solve these problems. And so that’s the big key is leveraging your social media and being really consistent in your message and making sure that you’re solving the problems of today. So those three things, consistency, solving the current problems and just making sure that you’re leveraging pretty much every avenue that you can.

(11:16):

And of course, always want to be competent and run an ethical business because you can spend 10 years building a reputation. And if you hire one bad employee or someone who makes you look bad or doesn’t deliver for a client, unfortunately bad news spreads like wildfire and just whatever you’re buying on Amazon, you’re going to pay more attention to the bad review than the good reviews because we’re looking for to avoid pain for good reasons. I mean, some things could take us out and set us back a decade if we make the wrong investment. And so it’s really, really important in a capital intensive business what we’re in to be someone who’s trustworthy, competent with very high integrity. Like you and I talked last week and I told you, I was like, Hey, I can’t be consulting on a topic that I don’t know about. Thank you for the inquiry. But that would be horribly unethical. And you have to do that. You have to turn down the fast money for the long-term play of having high integrity.

Speaker 3 (12:18):

Yeah, no, a hundred percent. That’s really good. I think that’s consistency, solving the problem for today and then getting the message out. So those are three steps there. And I think that’s where it’s like, it’s so simple, but it’s like that number one, you got to do it consistently and you got to move to where the market is. So I think that’s really good stuff because I can’t agree more because I think, do you think that a lot of real estate investors build themselves into a box and then when that solving the problem of what they used to do doesn’t solve it anymore, that they have a hard time pivoting to something that will and bring the revenue? Yeah,

Speaker 1 (12:57):

I mean you have your fast movers, your highly networked people who are poised to move, but for anyone who doesn’t want to hustle 24 7, it’s hard to pivot like that. I mean, at some point, I think human beings, we all want consistency, predictability. And one thing that’s really tough about this business, and I’m sure everyone notices, is how fast paced it really is. Now, if we were in the paper business, for example, David, how much do you think things change? Speaking of office space or not office space, the

Speaker 3 (13:35):

Office office,

Speaker 1 (13:36):

Yeah, yeah. I mean if we’re a paper company, how often do you think the industry changes? Right.

Speaker 3 (13:42):

It doesn’t really change. I don’t know.

Speaker 1 (13:44):

I mean maybe a paper guy comes and messages us and said, oh, you wouldn’t believe.

(13:51):

But it seems like from the outside looking in that real estate, every day there’s some new gimmicky stuff and you’re just like, I can’t handle this. I need to step away because I can’t handle one more gimmick. I can’t handle one more big change. It’s difficult. And so I think knowing the fundamentals, because I know people who make big money just using a yellow pad for their CRMs still, and some of these people are big names, and I don’t think he’d mind me saying, Adam Johnson, Leon Johnson’s son, he does a lot of deals just using a yellow pad. Courtney Frickey, she has her paper leads that she keeps in a file and only goes through them if she needs to. So a lot of these gimmicks just really aren’t the real deal. The real deal is not necessarily what software you’re using, it’s where are we in the market, are there more deals than money or is there more money than deals?

(14:47):

Those are really the main two shifts that if you pay attention to those in the market, you’re good. And people was like, oh, I do this with AI and I do that with ai. I haven’t seen AI do anything really amazing except for Google search type stuff. I mean, I’ve listened to the AI calls and they’re still not that great yet. And I keep hearing people say, oh, AI is going to be doing our acquisition management soon. Well, yes, true, but when I haven’t seen it yet and still, which problem is it solving the low money problem or the low inventory problem? And right now I think it’s market to market. It’s kind of like mushrooms and in certain markets we still have an inventory problem and other markets are more of a buyer’s market and we have more of a money problem. So you have to take it market by market, city by city and see which problem are you solving. Those are really the main two problems in real estate. And what I’ve seen is everything else is a marketing gimmick. As someone who does marketing myself, we try to repackage it to get people’s attention, but it’s kind of all the same stuff.

Speaker 3 (15:59):

Yeah, no, that makes sense. So would you say then the people like Adam and the people like Courtney, are those three things that you mentioned before consistent solve the problem for today and then the media and the messaging is that their key to success and as long as they’re consistent doing, what’s really is that or is there something that makes them different just because they go out there, and I love how you said with their CRM is a yellow legal pad, it’s none of the fancy stuff and all that where a lot of people get trapped in that rabbit hole. So that’s where my I’m wondering, yeah,

Speaker 1 (16:31):

Courtney’s really consistent on Instagram and she gets a lot of referrals. And Adam’s been in his market for 20 years, so he gets a lot of referrals. So you talk about consistency, it’s decades of consistency in Adam’s case, and Courtney has been doing it I think for 10 years, and she really gets out there in terms of, she speaks in front of realtors groups, she speaks at rhe, she holds her radio show, and she’s very consistent in her branding. She doesn’t just show herself boating on the weekend or shopping or whatever. And if you look back through her Instagram, you can see that in the past she did have more of showing her personal life. And Connor Steinbrook taught me, don’t show your personal life, just make your entire page about business. But there is one caveat to that. You don’t want to look like one of those VA generated pages where there’s no real person behind it.

Speaker 3 (17:23):

It

Speaker 1 (17:24):

Looks like a VA just runs my page and it’s just my VA who does everything. So I do post pictures of my family and going to the gym, and if I do go on vacation, I do post that. But too much of it makes people think you’re not available for business. So I would say the golden ratio that I’ve discovered is about 90% business and 10% personal, just to add that speckle of reality that you are a real person and not a va. And I think Courtney does that very well on her Instagram for example, and she doesn’t even have to spend money on marketing. She told me she doesn’t do that anymore. She’s a hundred percent referral based now and it’s taken being consistent

Speaker 3 (18:04):

And she does a lot of creative deals or that’s all she does is the creative type deals. She

Speaker 1 (18:10):

Does kind of everything. I know her to do flips, I know her to do. She’s mostly a buy and hold investor and she will do creative when she needs to. But I think I’ve had a lot of clients come to me over the years and try to curate a marketing plan where all we do is creative for them. And that is really tough. You’re going to have a low ratio of being able to do that. Typically creative should be something that comes organically from time to time. If you make that your only goal, and this was a guy with a lot of money, by the way, the one I’m thinking of. He had so much money, yet he was super focused on just doing creative. And I understand if someone has no money and they’re just focused on doing creative, but they get it in their head that this is the way to do it and there is no the way to do it.

(18:55):

You have to just solve the problem of the current seller who wants to sell, whether it’s a listing, whether it’s innovation, whether it’s a flip, whether it’s a wholesale, whether it’s long-term buying hold subject to seller finance, and anything else I’m missing in there. It shouldn’t just be, oh, I’m going to pull this list and I’m just going to do ovations or I’m going to do this campaign. I’m just going to do subject two. You need to just be able to solve the seller’s problem and just start with one, this is something I’ve taught for years. Just start with one exit strategy that you’re really competent in. And then once you master that, expand from there, and like you and I talked about, it’s who not how you don’t have time most likely to master all of those. So have a referral partner that you can build a relationship with and trust for innovations for subject to maybe even for seller financing or maybe master two, but mastering all of the above would be insanity. Even if you had been doing this for 50 years like Leon Johnson, that would be insanity. So be ready to leverage joint venture partners that you can trust with the right paperwork behind it. Of course.

Speaker 3 (20:02):

Would you say that if you go down that road, can you build a business like that? Meaning where a business is systems and other people where eventually you have a business that runs itself or runs it with the people in the processes you’ve put in place. It seems like with real estate, like you’re saying, I have to solve the seller’s problem right then and there. So it almost sounds like you need at those higher level people, you can’t just get the McDonald’s line worker that’s there or the robot or AI or something like that. That’s

Speaker 1 (20:33):

The challenge that I’ve run into. And I feel like conceptually it can be done, but then in psychology we have something called channel factors, these little things that get in the way of what sounds good on paper. And that’s usually where the human element comes in because I have staff of 180 people in my agency and I’ve learned little tricks to managing them. For example, this is going to sound weird, I don’t do company meetings because I just meet with them as I need to. I do spend a lot of time with them upfront, maybe a few hours, and then I never talk to them again except to tell them when a job has come in. And if they need more than that, they’re probably not a good fit. And I don’t do group meetings because I’ve had them all group up against me in the past to raise wages, basically wanting to unionize whenever my clients can’t afford that.

(21:27):

And I said, I’ll let the whole company burn down before I let you extort me in this way. And I did. And I did it privately. I didn’t tell anyone. I didn’t go public about it, but I just stopped the company for six months and just traveled. And it’s like I have plenty of money. And then they were suffering. And then once I was done traveling, they were like, Jen, please, please, I’ll come back. So who would think that there’s a human variable of needing to stop people from organizing against you, or it’s like Adam Johnson says, you have to make sure that you’re always in the way of a deal in order to get it done. So that’s why you can’t fully replace yourself for the most part unless you sell the company, is because at some point somewhere you need to add value. And yes, you can have an integrator, and yes, you can have a CEO, and yes, you can have a CFO, et cetera, but if you notice even in a C class corporation, you still have shareholders.

(22:24):

The shareholders are still in the way in some way because they own a part of the company. So no matter what, you have to make sure that you’re in the way of other people just taking over completely what you do and just pushing you out. And so that is the challenge. That’s where replacing, that’s what no one talks about. Everyone wants to sell these sexy business models where you’re just on the beach or whatever, but at some point you have to put yourself between yourself and someone else to make sure you’re still adding value or you’re just going to get pushed out. So another example is, I mean, you can just live like my older gentleman, friends who just own a bunch of mutual funds and they don’t manage anything. They just collect checks from the dividends, but you have to have millions in order to achieve that.

(23:17):

Lemme tell you, those are the people who have the most passive income that I’ve seen, and I know this is an REI podcast, but what’s great about real estate is you can start with a relatively small amount of money and then with appreciation, leverage that into millions, and then you can become the mutual fund, the note owner or your kids can get your portfolio, but it’s not as passive as just having your mutual fund dividends come in and as know the stock market goes up and down where rents typically, there’s not as much fluctuation in rents as there is in the stock market. And so all that being said, going back to what you asked, whenever you’re managing staff, there’s just going to be all these psychological factors that are not going to present themselves on paper with your staff is always the biggest challenge in running a company.

(24:11):

And so that’s why I don’t do company meetings because that’s whenever people get together, and pardon my language, I think it’s a poignant word. They start bitching and then that causes morale issues. All it takes is one person to start griping and then morale goes way down. And I don’t care how well you run your company, I don’t care if you are like you have in the background, I don’t care if you’re Mr. Rogers, as soon as someone starts griping and it takes hold, it’s game over. This doesn’t work if you run a brick and mortar business. But I have doctor friends, for example. They run brick and mortar businesses, and one of my doctor’s friends two weeks ago, his entire staff just walked out. They’ve been with them for 20 years and they couldn’t have organized like that if you keep them separate. If you’re running a virtual business, that’s one of the benefits is you can manage your staff. And I tell you, that has made my income extremely passive.

(25:09):

So if you take nothing else away from this by keeping my staff separated, I have generated true passive income for myself because all I do is bring the jobs, bring the clients, they work the clients, and then they do a good job and then I’m out. The only thing I have to do is keep bringing in new clients because there is always going to be some small amount of attrition no matter how good of a job you do for various reasons. So yeah, if you have a virtual business, keep your staff separate and that way they’re not coming together. And it’s amazing how peaceful things are. I have no drama. I have no complaints. I’ve known go well. so-and-so did this, and so-and-so said this, and so-and-so gets paid this and I want to get paid this. It’s like I have literally zero drama in my agency with my staff now, and that has just been amazing.

Speaker 3 (26:03):

Yeah, that’s the first time I’ve heard it put like that of keeping separate in that you don’t run meetings and you don’t get them together, which is very anti, a lot of the books out there and a lot of those systems and stuff that have the organizational meetings and that type of stuff, level 10 meetings or the level 10 meetings and all that, that goes along with it. So I love hearing a contrarian viewpoint, especially for someone who runs a virtual business like that and who’s gone through almost like you said, the utilization of that type of stuff. Yeah, I’ve been this for

Speaker 1 (26:37):

Six years, and so that’s enough time to where you’ve passed some task, kissed a lot of frogs and had every problem under the sun.

Speaker 3 (26:44):

Yeah, yeah, no kidding. So that’s very interesting. Well, this has been a lot of fun. I love the answers that you’ve given. I think there’s some really good value there too with being consistent, solving today’s problem and getting it out there, being consistent of getting out your message as well too. I also like that what you just went over that was so contrary to what other people say. That was really an interesting take. I want to, and I

Speaker 1 (27:10):

Would bet you my headaches are much smaller than theirs,

Speaker 3 (27:14):

Probably. Probably. I mean, well, most people have the headaches in business, and if you just have less than them that it probably wouldn’t take much if you just had just that many less. So that’s great. I love hearing that. What I wanted to talk

Speaker 1 (27:29):

Authentic draws better clients too. I did want to share that because I know I went on a bit of a rant and a ramble about that, but let me be pointing on one point is that by being my real self, David against my business advisor’s advice, the clients I have now, I have no drama with and I don’t know why I’m not smart enough, I guess to know why. But the ones who come to me whenever I’m going through times of being very authentic and just really sharing whatever it is, whatever business problems or personal problems that I may be facing and how I’m overcoming them, I get so many people, like you said, who may not do business immediately and it scares off a lot of people. But the clients who do come to me, we have no problems, no drama. They don’t blame me for a lack of success.

(28:13):

They just come in, show up, close their deals, and they stay long-term customers. So that is one benefit is I get fewer clients, but the ones that I do get, I have zero drama with, and we’re so simpatico that I work hard to make sure they’re successful and they don’t. Whenever I was being inauthentic and getting a lot more clients, we don’t have meetings about Jennifer, why am I spending this money and not getting any deals and then this, and they’re just being very nitpicky, but clients where I’m my authentic self, they come in and they just close deals, David, we don’t have to have awkward meetings that make me feel like crap about myself, feeling like I’m not really actually helping anyone and I’m just charging money and nothing’s happening for them. They come in and they’re like, Hey, Jen, I did this deal. I did this deal. Your staff is great. And so that was a crazy change to me. I thought, this is self-destructive behavior being this authentic, but I just felt compelled to actually help people. And then these clients are the most low maintenance clients I’ve ever had. So I would be curious what your take is on that in terms of why is it being authentic? First off, it’s interesting. It draws in less clients, but the ones that does draw in, I have zero drama, zero problems with, and they stay with me forever,

Speaker 3 (29:36):

Which is funny because what you’re describing now is in those books that tell you to have the meetings, it’s like it’s your core values. It’s the values that are shining through that. It’s people that resonate with you as a human being. So usually they’re going to be the ones, especially if you’re being authentic and being open and honest and sharing values that are just as a society, we look at and say, it’s mature what you’re doing. You draw those mature people in, so it’s like they’re going to be the ones that sit back, they do the deals, they get it done, and then they come to you and they be like, yeah, let’s keep moving forward. And that’s the low drama because projecting that out there as well too, just from what I can observe right there. But I really like that because very much of if you’re going to be yourself, you might bring in less, but you might bring more of the people that you want to work with. That’s what I took away from makes income

Speaker 1 (30:26):

More passive because that is always my goal. Low drama staff, low drama clients where we’re just doing deals. I’m providing excellent staff who are going to make sure that you’re getting in front of as many people as possible for as little money as possible, talking to those motivated sellers, getting good prices on data, getting good prices on your loans to close your deals, and just keep it simple. There shouldn’t be any insanity. There shouldn’t be a lot of complaints and craziness. And that’s not to say there’s never problems, but when there are, it’s like, Hey, Jen, we need to have a meeting because this caller’s gotten a little too lax and they’re just becoming too rote and they’re going through the motions too much. I had to have that call three months ago, but guess what? He didn’t leave. He didn’t blame. He said, Hey, let’s just fix, let’s just fix their script.

(31:12):

And so I told her, I said, Hey, you’re one of my best, and maybe you’re working too long hours. Maybe you need to take more breaks. Maybe we need to load you up with fewer clients because instead of listening to the seller, you are kind of just pushing through the script. I said, someone who started out cold calling myself, I noticed I would do that towards the end of my shift. And I said, so let’s just be aware that that’s what’s going on. But I didn’t blame or shame her. I just said, Hey, because I was sitting in that seat myself for so many years, David is a cold caller. I know what problems they face, and it makes me a better manager for them. And just say, Hey, it just sounds like you’re getting a little tired. And so take a 30 minute nap, take an hour nap and come back and you’ll see how all of a sudden, instead of just pushing through a script, you’re really an active listener.

(32:02):

But that’s the only problem client meeting I had to have in the last six months where before God, David, it seemed like it was every day. People were just pinging me with this is a problem and that’s a problem. This is a problem. And I think that’s what led to my heart attack last year at 38 years old, was just having all these clients with all these complaints and it was just driving me crazy. And now I don’t have any of that. And so just sharing my experience, whether it’s true or false or somewhere in between. It’s just my anecdotal experience.

Speaker 3 (32:36):

Well, no, that’s really good. I wish we more time, but I’m going to land the plane here. We’ll have to do another episode too about how you got through that and coming out on the other side. But if people want to get ahold of you for your cold calling and what you’re doing there and how would they get ahold of you if they want to start to work with

Speaker 1 (32:54):

You? Yeah, whether it’s the cold calling or like I said, the loans where we’re offering a hundred percent financing on both the rehab and purchase price. If they’re my cold calling client, they can just email me at jen, JEN at rre I data source.net. I’m also a really brave person who gives out my cell phone because as a cold caller, I’m not afraid to call you. You

Speaker 3 (33:18):

Can call me,

Speaker 1 (33:19):

I may think you’re a spam call and answer a little bit briskly, but my cell phone is (469) 952-8011. Feel free to call me there or Jen at REI data source.net.

Speaker 3 (33:32):

Cool. So that’s how you could get ahold of Jen, and that’s the email. And she gave your phone number as well too, so you could call her in and say, Hey, hey, just wanted to see if you answer the phone. I’m sure you will. Like you said, who does that? Right? Who? Their cell phone. Cell phone. And then who does that? And then actually answers too. I feel like today’s age, please go to voicemail. So that was good stuff. Lots of valuable information here, stuff that you could take and I think implement right away to become these type of people out there that are consistently successful. And that’s one of their keys to success is being consistent in solving today’s problem, building the message around that as well too. I really liked your insight of the type of client you draw in when you are your authentic self versus where you might get more, but it might be more headaches if you are not. So it’s like just lots of good practical things today. So that was a lot of good stuff. Thank you for sharing, Jen. I really appreciate all that you did here today.

Speaker 1 (34:26):

I appreciate it. David, thank you so much for having, thanks for asking great questions.

Speaker 3 (34:30):

And I wanted to say too, if you’re listening to this and you’re like, oh my gosh, I’m not making enough or whatever, first of all, call Jen, you can literally call her. She gave you her number. She can help you make more money if you need to keep the money too. If you’re like, I have no idea where my money’s going, don’t know what my overhead is, don’t know how much I’m making, how much I’m keeping, or I want to keep more, you can reach out to us@simplecfo.com. We want to help you get at least that stuff in place because if you don’t have any idea, you’re not running a business. So that’s where I want to help you at least be consistent in knowing where your money’s going too. That’s another consistency factor as well too there. But Jen, again, thank you so much for coming on and sharing, and if there’s anything that you need from Jen, you know how to get ahold of her. She gave you the email address and her phone number. Again, thank you so much for coming on today.

Speaker 2 (35:17):

This episode of The Profit First for REI podcast is over, but there are plenty more where that came from. Are you ready to learn how David and his team can help implement the Profit First system in your business? Schedule a discovery call@simplecfo.com right now. We’ll see you next time on The Profit First for REI podcast with David Richter.