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Financial Freedom From Day One – EP 1 – OLD

We want to help you become a better business owner, not just a better real estate investor…

Welcome to Our VERY FIRST episode!

My name is David Richter and my biggest passion is to help real estate investors learn how to manage their business finances.

I know, sounds boring right?

But let’s be real for a moment – most investors know how to make money… but they don’t know how to keep it!

For most of us, it feels like all the money that comes in, somehow always finds a way to go back out… and I can change that for you.

I’m a certified Profit First Professional and I’m one of the few that specializes in teaching the Profit First system to real estate investors.

For those who might not know, Profit First is a financial movement started by Mike Michalowicz.

It’s a revolutionary financial management system that automates profitability.

Yes, you read that right – The Profit First system makes you profitable from DAY ONE!

It’s also a system that can be managed simply and works with the way us real estate investors are wired.

I’m so passionate about this system and what I’ve seen it do for clients that I’m actually in contract to write the book on Profit First for Real Estate Investors.

I am on a mission to change the real estate investing world and how it thinks about finances.

In today’s episode I have the honor and privilege of having Jaren Barnes join our show where we discuss:

  • Implementing Profit First Principles
  • Cash Flow System
  • Managing Your Finances
  • And more!

Notable Links

Transcription

David: Hey, this is David Richter, with the Profit First REI podcast excited to be here. Especially on this first podcast because we’ve got a great one for you, and I wanted to actually jump right into a story first, so let me dive into that. Mario called me in a panic. I’m so frustrated, I don’t know where I stand financially, I don’t think I have enough money to cover all the expenses this month but don’t know for sure I have a couple of deals closing and rent coming in, but I need more cash in my account now to make me feel better. How many of you have been there? How many of you have ever had periods of time where you didn’t have enough money or didn’t even know how to check if you had enough money to keep the business going? Does that sound you- like you as a real estate investor? There is so many people I’ve talked to that are in that situation, and you are definitely not alone; real estate cash flow can be very, very cyclical. Does that sound familiar too? Where you’ve got those up and down you’re going deal-to-deal, month-to-month, the other month where you have way more than enough money coming in because you’ve done too flips and clips, and they just sold, or then you’ve gone two or three months without a fix and flip selling or without anything coming in and what about that? How- have you ever sat there and said the cash flow just isn’t there, so this is what I want to help you with, this is what this podcast is all of that because Mario and I met and after we realized that he had the information he needed and once he actually got that information and once he had the power to implement a cash flow system into his business, he was a lot more secure in that being able to go from flip-to-flip or have those- those times in between and that was from him looking at his book gaining that confidence, and that’s what we want to do with this podcast .We want to make sure you have that confidence, and I keep saying we because I’m going to have several co-hosts on the show and I have Jaren Barnes with me today, so I just wanted to introduce Jaren, and I wanted to at least tell you that story up front because I- so many Real Estate Investors where we talk, and we work with them, and that’s how they are but- Jaren do you want to say something to our group?

Jaren: Yeah, man, I’m excited to be here. I’m really excited about this podcast because I actually have been an active real estate investor on and off pretty much my entire adult life and when I first discovered Profit First I literally cried. I’ve had- this material has radically changed my life because like, David, was saying you know, we all know when- behind that- the curtain that a lot of the times the last day of the month is going to be the deciding factor whether this month is going to be our best month or our worst month and it’s never in between it feels like. It’s like- you know the stakes are always super high and if we get a bunch of closings in and it’s going to be great and then if we don’t then we’re going to be at a loss this month you know. And I just know it’s- a lot of people in real estate go around toting this like hey I’m doing x amount of deals or I am you know doing x amount of gross profit every month or every year but that doesn’t really tell the full story. A lot of us are actually living paycheck-to-paycheck and deal-by-deal and praying that we don’t- we don’t go under and there’s a better way and David and me actually I joined his team are trained in helping people that are Real Estate Investors implement the principles of- of profit first so I’m excited to be here. I’m really excited that we’re going to be putting out this material in the world and yeah I’m excited for it all, man. Do you want to kind of go over a little bit about what exactly like Profit First is? Maybe that would be a good direction, and then we can talk about SimpleCFO, and then how everything came to be while we are on the show today?

David: Yeah, so I would love to talk about Profit First because that definitely changed my life too. When I first read that book is- first of all, it’s a book by Mike Michalowicz, and if you haven’t read it, I highly recommend going to Amazon or wherever you can find that book and buying it. Because it has principles in there, It’s basically a cash flow system if you’ve ever heard of the envelope system that your grandparents might have used or you might have used or if you’ve heard of Dave Ramsey he preaches that for your personal finances but the envelope system where you basically take the money, and you stick cash into little envelopes for the different expenses that you have in a month. It’s basically doing that for your business that’s what the Profit First system is: it’s setting up different bank accounts, making sure that you have the cash for those bank accounts that you have for your business so you can know like, okay you’re already checking your bank account every single day. So, you might as well see the different types of expenses that you have, those main ones that you can save up for your taxes, you can save up for your operating expenses and we’ll dive into this- this isn’t the podcast- we’re going to dive deep into it but we are at least wanted to give you the framework of what Profit First is and why we’re starting this podcast and why we want to get that information out to you. Because we’re going to be diving into later episodes about really The Profit first- the basics of Profit First, Advanced Profit First, Profit First specifically for Real Estate Investors where there’s a whole different breed of Real Estate Investors whether you’re landlord or flipper or you’re wholesaler so we’re going to dive into a lot of those different nuances of the Real Estate Investing world and that’s what the basic principles of Profit First are. So, Jaren, I think right now I’d like to kind of give our backgrounds a little bit, you gave your background a little bit. But I’d like to give my background a little bit and why you would even want to listen to Jaren and I, and I’m going to just dive into that where my background is in real estate. I’ve been in the real estate world probably for the last 8 to 10 years. I bought my first house when I was 19, it was a great deal for me because I fixed and flipped it, I- you know I did all the work, had it all done it was a foreclosure and when that was done I actually lived in the house for 2 years and then I sold it on- I actually lease optioned it when I moved out of there. Because I wanted to not just do a rental but the option to buy a program too, so I actually did that with a tenant. That tenant was a super tenant he paid early on time and then he cashed me out 6 months later with that option so I was put from then and since I had lived in the house for 2 years out of the last five years for that first house I actually didn’t pay any capital gains tax on that increase which was even- which was even a better tale so like he paid early I was cash flowing and then he cashed me out. Which I was then working at a company where we had about 80 lease options and I think the only two people that ever cashed this out I knew that I had something pretty cool there when he did that. So I said I got to keep doing this so then I bought rentals on the side while I was working and I had my own little portfolio and so I want you to know that this is not just someone who’s- I’m not a CPA I’m not just this person who is going to spit financial jargon at you. I’ve sat there where you sit as a real estate investor, I’ve actually fixed and flipped houses, I’ve done the rentals. I’ve done the different areas like that too, so you’re not listening to someone who hasn’t sat where you sit, I definitely have sat where you sit. I’ve also been a part of big real estate companies too, like real estate investing companies, and when I say big you know like, we were doing I think that are highest point 30 deals of months between wholesaling, fix and flipping, lease optioning, rental, strait rentals, owner finance deals, subject too. We were doing everything and in between which I’m probably going to get into that more on different episodes in or whatnot. But that’s just a little bit about what I did and in that company, I’ve actually sat in all the different seats from acquisitions, dispositions to the sales, to the marketing, to the actual finance sit so the closing transactions and a transaction coordinator position so I actually got to see every single seat inside of a real estate company. So this podcast hopefully will be a help to you because I’ve sat where you sit and I know how important the finance keys of the real estate investing component is and how many times it’s neglected in the real estate world so that’s why we started this podcast. That’s why I started SimpleCFO solutions, my company and that’s why we’re doing this for you. Because we know how important it is that you’re making all that money you’re going out there you’re doing deals. And then that money just seems to go away; you have no idea what your real cash flow is; you don’t have any idea like if you’re going to be able to make it from a deal to deal, and that’s what you want to help you.

Jaren: it feels- it feels like there’s a hole in your pocket you know, like that’s how I describe it, it’s like I mean like I run a land business and this year we’ve like been on pace to I think triple the amount of deal flow that I mean, now that a coronavirus is hit so things a little bit different. But the first quarter I mean it was- it was awesome but it was like, every little penny that came in just went right out the door and I see- like oh wow, there’s like a lot of money in the bank today and then tomorrow is like poop because I didn’t understand that when it comes to the way you allocate funds it doesn’t have to be on a monthly basis. And something that we teach our clients with David being our- our head honcho that the team- team lead at Simple CFO one of the things that we teach that is so mind-blowing is that hey, like when you’re a beginning real estate investor you don’t have to spend out on marketing every single month, you can wait until deals actually sell and then allocate funds specific to marketing and have your cycle be from a deal-by-deal basis instead of you know, I’m going to just commit to spending $4,000 a month in marketing or whatever it is and yeah so I really wish that I met David and I met and- I learned about Profit first about like four years ago cuz I be sitting really fat right now. Because really the bottom line- Profit First is a behavioral-based approach to managing money and in the book- I like how Mike calls the- the CPA accountant types spocks because they are like not really human like the way that they think that, like huh I’m going to go into Quickbooks and I am going to geek on QuickBooks when the most real estate investors are like I hate QuickBooks, QuickBooks suck, I hate this. I just want to go and just log into my account and say, hmm there’s money there, that means I can spend money on marketing or oh no, there’s not a lot of money there I got to figure out a sale, you know, like it’s just the way that human beings are wired, and when you allocate funds into separate accounts, it’s like budgeting without budgeting because I hate budgeting my personality is not somebody who gets all excited about where like oh yeah I only want to spend $500 a month on food and blah, blah, blah. I want to be able to be like all right here’s the food bucket so like you know, this percentage of money goes to groceries or this percentage of whatever goes to operating expenses or you know even setting up like an OPM account that- you know for people who might not know that’s other people’s money. But if you’re listening to this podcast you should know what that is, but having a fund set up where I can actually park deposits or park private money loans or whatever and say okay, I know that I can not touch this money until this particular time and having that in place is going to like a revolution- I’m just- I cannot speak more highly about this system because it actually works with the way my brain works. I think that we’re representative of a lot of Real Estate Investors who fly by night, just go after their dreams, kind of people that don’t have time to like read a balance sheet you know.

David: Yup, I- I agree with that totally and the other- the other aspect of it is it’s a system for managing your finances because if you want to be a real estate investor full time for the rest of your life. And this is what you want to do and you want to own a company, you have to have some sort of system around your finances that can’t be the neglected part that’s one of the most important parts but one of the most neglected parts that I see when working with people. They just don’t- they don’t understand it so they shy away from it. But having a framework like profit first puts an actual system around your finances and makes you more of a business owner and not just an investor, you now have the makings of actually being a business owner where one day you might be able to walk away from the business for a week, 2 weeks, a month. Where it’s still coming, you still have the money in the bank, you have people that have a system built around the finances now because they know the appropriate scene or the appropriate percentages to put into the accounts or whatnot. So you have an actual system around your finances so that’s where it gets exciting for me because you go from being a real estate investor like Jaren was saying deal-to-deal just going like crazy because your cash is still crazy and you don’t know where it is and you go from that to being like okay I know where it is I know where we are staying and we can make these decisions and I know on this next deal we need to allocate this- these funds to these different areas and you’re actually putting- you’re putting a system around it without having to dive into- your like Jaren was saying being a numbers geek and into QuickBooks.
No, you just need to know this is what I need per month, this is what I need to make sure that this account has this, so that way I can spend it on- on this area so that way it’s putting that system around it and that’s what we really want to help with this podcast and at SimpleCFOsolutions. It’s helping people realize that you can do it no matter your background no matter what you’ve done in the past you don’t have to have a numbers degree or anything you can be a real estate investor and you could be 20 years old and not have gone to college you know, and not completed college or done anything and you can use this system or you could use this system. If you’ve been in real estate for 20 years and you- you’re still live in deal-to-deal or paycheck to paycheck this is for anyone and everyone in between where if you want a better system for managing your finances or if you have no system for managing the finances in your real estate business. This is where it becomes- you’re going to be an actual business owner and that’s what the end result is I don’t want you just knowing where your money is. I want you to have less stress, I want you to be able to say I can take a vacation and I can do this or that without having to always be in my business just working and grinding it out we want you to be able to not just grind it out and be working in the business but taking those steps back and saying I’m a business owner now. I can manage the finances with this system that simple to use and I can make sure that when I’m gone and I can go on a vacation that I don’t have to be worried or I don’t have to be stressed about okay what’s going to happen is there going to be enough money when I come back? So that’s really our goal is to help you be able to know that there is a way to manage your finances and there are people out here that actually can help that and we want that- that’s the whole goal of this podcast. We want to make you not only help make you more profit that helps you keep more profit too. Because a lot of people can make the profit a lot of people can go out there and sell sell sell but a lot of people just don’t know how to keep that like Jaren was saying it’s a hole in your pocket that hole in your- your cash bucket where you’re pouring in a bunch of deals but then it’s all falling out that hole we want to help plug up that hole and make sure you have a system around those finances.

Jaren: Yeah, you know I was telling somebody the other day that when it comes to real estate investing there is kind of two sides to becoming a successful real estate investor. There’s the craftive knowing how to do your strategy like for me, for example I buy and sell vacant land so I have to know how to send out direct mail,I need to know how to do due diligence on land and all of that, that’s one piece of it but the other piece and the piece that not a lot of people actually talk about is how to run a business like how to read a profit and loss statement even knowing what that is and I feel like there’s two heads of the same coin and a lot of people are like really good at doing deals they got that down like that’s their thing but they don’t understand this piece and I’m really hoping that not only what the services we provide at SImpleCFO but through our content here on the podcast and in our Facebook group and in all that we can help you master that second head to that coin of- of financial management, of running a business and because it’s important if you don’t have a managed money you’re not telling your money what to do, it really will disappear and something that I love about profit first is that profit has to be baked in the equation on day one you know like the traditional counting formula is revenue minus (REVENUE-EXPENSES= PROFIT)expenses equals profit well profit first flips that on its head and it says (REVENUE-PROFIT=EXPENSES)revenue minus profit expenses and I love that so much because it really- it makes it a very clear picture like I’m in business to make money and my number one priority is to make money even if it’s like ten bucks it doesn’t matter. I’m going to make money because that’s the function of my business and then whatever is leftover from what I just declare as profit, I’m going to figure out how to run my business off of and if I have to like work the magic and go knock on doors instead of doing direct mail or whatever and you know I have to like figure out how to become creative and getting what I need to get done accomplished I’ll get creative and I’ll do it but I’m going to make profit my number one priority and I’m actually going to keep the money that I make. That shift was so mind-blowing for me because like I was born in California and I’ve spent half of my life in Georgia half my life in- in the San Francisco Bay area and I think like coming off the coat-tails of the tech industry where like nobody’s profitable and they don’t even care about profitability because their- because their objective is growth at all cost I thought like hey like the idea of the business is to grow, grow, grow, grow and then eventually you are going to be so big, you’re going to have all this money and you’re going to be super happy but when you’re first starting off it’s like you reinvest everything and you like- you’re crazy and you like cylinders on all- all blast you know, you’re going after it and it’s not the case. Unless your objective is to grow a business to the point where you can sell it one day, you really need to be baking profit into- into the equation from day one and that’s what we teach and it’s pretty amazing. So, David, I wanted to ask you how did you transition from Real Estate into SImpleCFO like what was that whole process like?

David: So, that whole process is- it was a- I’ve always wanted to have a business and I’d even started a side business before when I was working as a real estate you know, like, in the real estate companies that I had- where we build Podio systems for Real Estate Investors, and we built about 24 of them, different ones for different companies over about a year-and-a-half when I did that kind of on the side, and so I’d always wanted to start another business, and I think just after working with Real Estate Investors and seeing the actual like- having my own deals and whatnot. There was just a big gap where a lot of Real Estate investors like I said didn’t know their numbers and when they taught- when they have your CPA or accountant they’re not a real estate investor so they don’t know how to speak that language, they don’t know how to speak the language of real estate investor. So I was like there is has to be kind of an in-between person who can help people really know that what important about the numbers and how is really relevant to the rest of their business and that’s why I jumped into SImpleCFO and that’s why I started it. Because I want it- I knew that I knew how to speak real estate and I knew that I knew what numbers were important to a real estate investor to make sure that their business could keep operating and have those- be able to put the power in the business owner’s hands to be able to make those decisions to say we need to either start doing this or you know start marketing harder in this area or we need to cut this expenses or we need to do this better than the other thing in order to actually be profitable. So that’s why I started it because I saw there really wasn’t a lot of people out there that knew how to speak real estate investor and could also talk finances with the Real Estate Investors where I’ve always been- I’ve kind of been geared towards to- I wanted to help people with finances like in the past too. I’ve been a part of you know, like, helping people with their personal finances and what not to- so when- after being in this business for about eight-nine years I wanted to be like okay, well there is a huge gap here where people just don’t know how to- how to really track their finances or what’s important to them and they don’t have a system around it. So that’s why I started SimpleCFO and that’s why- that’s why simple CFO is a little bit different than most other companies. We don’t do tax preparation, we don’t do even bookkeeping, we refer out with some of our bookkeeping or whatnot, but we literally just help people know where you stand, we help people get- get their picture of where they stand and make sure that they know where they stand, and then we implemented profit first system. So that’s really what SimpleCFO is all about. I wanted to give just a little bit of a breakdown here of like why SimpleCFO? And why is this podcast just some like bullet points so that if you don’t listen- if you don’t listen to our stories and don’t listen to anything you’ve at least got something there that you can take from this podcast. So, why SimpleCFO? Because everyone in SimpleCFO has to have been- has to have done a real estate deal or worked a real estate company and so that way we can speak the language there’s not going to be that training curve of oh yeah, we need to learn this that or the other thing in real estate you know everyone in there has done a fair amount of deals and worked with big companies and knows real estate inside and out. So, we have worked with all types of deals and transactions, I personally have been apart of over rising 850 transactions or actual sales I should say, so like those are deals done not just bought and sold but like- I mean bought and sold not just bought and not just sold so that’s- I’ve seen over 850 deals done. So that’s where we have that unique advantage of being able to see the whole bunch of different types of real estate transactions being done, as we speak real estate investor that is so paramount that you can’t work in this business and with SimpleCFO or on our team without speaking real estate investor and really knowing that. And we’re currently helping investors manage their cash flow and keep making more profit so we do what we’re saying and not just- we don’t just speak it, we actually do it too. So we’re doing this for the actual investors right now and then we use the profit first principles so that is core to what we teach and that is that system that we’ve adopted that you see that- that works with Real Estate Investors also and I know that there’s some people who say well profit first might not work for real estate investing because of this that and I just say you’re dead wrong because they- it is totally relevant and it’s not like there- might be nuances to it and there might be for specific situations or whatnot and that’s where you work through it. It’s a management system to where you might go to a store and some stores are set up differently but they still have the same processes or whatnot. And it’s the same thing here you go- with profit first you might have a different bank account than someone else, or you might this, that or the other thing but at the end of the day, the principles are still going to help you because that’s what it’s really about. It’s about those principles and that’s what SimpleCFO really takes and makes sure that in your business you have that. So that’s why Simple CFO and why this podcast? Why would you even want to keep listening? Well, we’ve already given some of those reasons away. We want to help you become a better business owner, not just a better real estate investor but a better business owner. So that way you can have that less stress, more profit, be able to take vacations, be able to know where your cash is sitting, know what the cash flow in your- your company’s doing so that’s what this podcast is about. We’re going to teach the profit first principles on his podcast. We’re going to help you figure out the finance side of your business in a simple way. We’re going to make sure that you can use your bank account as a cash flow tool and not just like- not just that- that one big pot of money where there’s a lot of money and you’re feeling good, and if there’s not a lot of money then you’re going in a panic mode. so we’re going to help you with that too. We want to help those investors and business owners that have gone to the struggles that you’re going through and actually interview them. We’re going to have- sometimes when it’s not just us talking, me and Jaren and then sometimes Tim the other person that’s going to be co-hosting. It’s not just- always going to be us sometimes, we’re going to interview Real Estate Investors, and if you want to be considered for that, we’re going to have an actual place where you can sign up to see if- if you have a good story about your finances in your real estate company. So that’s where we’re going to be interviewing some people, and then we’re always going to strive to have one main takeaway, and we’re going to get to the point quickly so like this podcast- this specific episode is all about why this podcast and why simple CFO solution so we wanted to at least to built everything around this episode of around that. So every single episode that we do that we talk and that we’re giving information we want one central theme on that podcast episode, and we want to make sure that that helps you so that way you could go back through and really get those nuggets that you need and that it’s very practical to you. So, Jaren, I wanted to give that just as kind of just- as we’re closing out here why this podcast. Why SimpleCFOSolutions and kind of just tell about that. Is there anything else that you want to add there before we’re wrapping up here?

Jaren: Yeah, I just wanted to clarify why that was such a big deal to you. I thought it was- so I thought it’s pure gold, man. When we’re brainstorming the podcast- you are really- you are a fan of like short and to-the-point because you’re busy, and I feel like that resonates with so many Real Estate Investors like they got to go so much fluff in order to extract the gold out of a lot of the content stuff that’s out there. And we want to be a kind of gold at front heavy so like you listen to like 10-15 minutes of our show and you can get that one nugget that you need for the day, and then you can go, take care of your tenants or go take care of what you’ve got to take care of, contractors or what have you. So, I just really appreciate your heart behind that and I just wanted to like clarify why that’s such a big deal is that you want this thing to be efficient and you want it to be high-value, and so yeah we’re very open to feedback. We’re really excited to see what the future holds.

David: Yeah, I totally agree, and that was my whole reason behind it. I know as a real estate investor, you have things to do, high-level things you have things to work on your business and in your business. And I want to make sure that you, as a business owner, can take snippets of these podcasts or even though the shows main central theme on the podcast episode title and just be like, oh, that’s where I need help. I know that if I listen to this if I just listen for 10-15 minutes, 20 minutes. I’m going to get something out of that I can use or that I can replay and use over and over again that’s what we really want to strive for like, Jaren said give us feedback we want your feedback we want you to be able to tell us where- if you there something that you want us to go over and that’s why we set up we have- we are setting up ProfitFirstREI.net. That site- we’re going to have where you can fill out an application to be on the- the actual podcast so that way if you have a story or something that you have on the financial side of your business or that you could help other investors you can actually apply there. We’re going to have a feedback of page on there too. So that way you can at least give us some feedback on the actual podcast, we’re going to set up a couple of pages like that too. So we want to hear from you so that’s ProfitFirstREI.net. So that’s where we’re going to be housing those- those different applications and forms, so we want to make sure you give us feedback and because like I said and like Jaren so we want to get that one idea crossed and make sure that there’s the actual value to each and every episode.

Jaren: Love it, so is there anything else we need to touch base on regarding this show, man? I think we’ve pretty much hammered it. We were like paw- paw-paw. it was great!

David: Right? So I think- I think now the next theme is we’re going to be recording more podcast episodes for you, and we want to make sure you as a business owner really know where you stand financially. We really appreciate you listening to this podcast. I have just, so you know too if you want just a very short book, I wrote a very short book called Westchester more profit for the serious real estate investor, which it’s on my site SimpleCFOsolutions.com if you go to the recession prove page. There is at the top- there’s a building recession-proof businesses say that recession proofing on there if you click that link you can get the book that I wrote and it’s a very short book. And that’s just another thing that I can provide value for you just a little bit of my thoughts on the financial side. We’re actually going to be writing more books too, so that way we can get the information out there. We want to help as many investors as we can on the financial side of their business because we want to make sure you can keep going. So we really appreciate you being on this podcast. We really appreciate you listening to us, and we hope that this podcast was a help to you and Jaren; thanks for co-hosting today, and we look forward to the next podcast episode.

Jaren: Yup, and so guys, every episode is going to be posted on Tuesday morning. I believe six a.m.eastern standard times, so iTunes, any major podcast outlet, you’re going to be able to find us. Tuesday’s new episodes every morning so.

David: Well, thank you so much, Jaren; we appreciate you as a co-host, and we appreciate you as our listeners, and we look forward to having you on the next episode.

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.