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From BRRRR to Metal Boxes — How Scott Meyers went from King of Making Mistakes to King of Self-Storage

Episode 85: From BRRRR to Metal Boxes — How Scott Meyers went from King of Making Mistakes to King of Self-Storage

THE PROFIT FIRST PODCAST

April 25, 2022

David Richter

 

Summary:

The self-storage King is on the show today!

Scott Meyers, also known as the nation’s leading expert in the self-storage business, is here to bring value and share his side of the story. He’s been the architect of several extremely successful real estate transactions. He is always ready to teach others about the business and help them correct their mistakes to achieve a higher level of success. In this episode, he’ll uncover the mystery behind that. Let’s find out how Scott implemented a process plan that made him run his business and leverage his way to the top!

 

Key Takeaways::

[1:32] When did he first implement Profit First, and how was that journey?

[2:52] People who are passionate about their businesses have to reinvest

[5:02] Having a process and plan in place allows for making better decisions 

[6:12] What are some of the benefits of implementing this system?

[10:39] How many storage units do he have, and how long has he been doing storage units?

[13:00] The hardest lesson that he’s learned in real estate?

[16:22] If you haven’t been on a personal journey of self-awareness, you don’t understand what it’s like to know your unique ability 

[17:34] Talk to people about investing in self-storage

[19:44] Keep your ear to the ground and your eyes wide open

 

Quotes:

[3:10] “I am passionate about my business because I know that the leverage that it provides allows us to do more mission work and impact people’s lives.”

[8:50] “It’s also freeing from just a personal standpoint to have that cushion and everything in place, so we can have the mindset to serve.”

[15:36] “Getting an education, surrounding yourself with the right people allows you to move forward.”

 

Links:

The Self Storage Podcast- https://open.spotify.com/show/6l3jf0p0WT9jdEYZ90Q9kZ?si=71HgWYlaR2yj3nHXUg-tHA 

Self Storage Investing Website: https://selfstorageinvesting.com/

 

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:

Scott Meyers:

Getting education, surrounding yourself with the right people, whether that’s partners in education, mentors, whatever that looks like, to allow you to move forward instead of letting fear, paranoia, or what other people say or think about you keep you from starting to begin this.

Speaker 2:

Welcome to 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’m your host David Richter with another special guest Scott Meyers. You may have heard of him. He is the sales storage investing king. He has a lot of units out there. He teaches a lot of people, has helped a lot of people. He has the Self Storage Investing Podcast. He’s a big giver as well, too. I had the pleasure of being on his podcast and just talking about where he is and what he’s done and mission trips he’s taken. He’s implemented Profit First, so he’s a big Profit First believer, too. So, I wanted to have Scott on here. I know you’re going to learn a lot from him today. So Scott, thanks for being on the podcast today.

Scott Meyers:

David, good to be back together again and share some more time. How are you today?

David Richter:

Yeah, doing wonderful. Thanks for asking. Very excited to have you hear. I really enjoyed the last time we were together.

Scott Meyers:

I did as well. I did as well. Likewise.

David Richter:

Awesome. Let’s dive right into it, the jugular right away. When did you first implement Profit First and how was that journey of implementing Profit First inside your businesses?

Scott Meyers:

Yeah, it was first quarter of last year, first quarter of 2021, so big fan of Michael and the Pumpkin Plan is how I was introduced to him. Then it was really by a series of events that happened concurrently, I mean like one right after another. I heard him, Michael, on a podcast. I can’t remember whose it was and then shortly after that he came and spoke at one of the Masterminds that you and I are involved in. We had the opportunity, the pleasure, of being able to, at least I did. You had already known Michael and to be able to meet him and be able to learn from him in person. At that point it was just like, “All right, I recognize the signs when God tells me there’s an area of my business I need to focus on. There was never a better time.”

And so, bought his book, starting following the plan. I was extremely excited to share this, not only with my wife who’s our controller, but then also with our CPA and our bookkeeper. Once we began to put it in place, I can’t say it was tough and it was also at a time where my controller, who I just mentioned is my wife, also had to state it … We as entrepreneurs, and I hope it’s not just me, it’s other folks out there, but those of us that are passionate about our businesses, we just want to reinvest. Many times that is to our detriment. That’s what happens to many of us. We don’t spend lavishly. We just don’t. We have, as a matter of fact, a responsibility. We’re a socially responsible company that focuses on missions, so we don’t have fancy cars. We don’t have a big house, but I’m passionate about my business because I know that the leverage that that provides, which allows us to do more mission work and to impact more people’s lives.

We invest in self storage and teach people how to do it. I was just plowing everything back into the business. Then, if you do that too long, if there aren’t enough cash reserves or to cover either expenses or to pay yourself, or even to grow if there’s an opportunity that comes up and you don’t have the availability to perhaps dip into that fund just a little bit to pay it back. If there’s a way to be able to do that, the vehicle and a time horizon, then your dead in the water on all those fronts. It’s the same as if you weren’t doing well in your business.

Having that discipline being put in place, I was excited about it until we began to implement. Then when the clamps were put on me as the owner of the business, it was difficult. I’ll be honest with you, completely necessary, the tough love that was required of my staff and those in my inner circle and at the executive level to put the clamps on me. It’s been key. It was much needed and now we are at the place, I am one of the examples that Michael uses where I don’t see it and I don’t know. It’s probably best because at times when I want to do something, or if we need to do something, I don’t even ask anymore because I already know what the answer is and we’ve already committed to that. I’ve been given my marching orders and my parameters, and so it has now become easier because I’m basically ignorant of what the money is and where it goes.

For me, maybe not for everybody, that’s been best. I have to ask for permission. I literally say, “Here’s an expense. Here’s an opportunity, whatever that looks like, do we have the ability to do this?” I basically plead my case, build the business plan for this expenditure that I want to do, and having that process and the plan in place has allowed us to make a better decision and to keep me from just going off and doing things, which was part of the issue where the problems that we had in the past.

So operating from this standpoint right now, it’s kind of freeing to be honest with you, David, if that makes any sense.

David Richter:

Yeah, and that makes a whole of sense, especially for me. I understand that because we’re working with lots of investors, which made me even think while you were saying that, you were like, “I hope I’m not in the same boat. I hope I’m not the only one out here.” It’s like, “Yeah, a lot of people were in that situation.” Just had a call today literally with an investor not paying himself consistently, feeling in the rat race, just spinning his wheels. I think a lot of us get there if we don’t put these in place.

Like you said, it was difficult. It was a new discipline and new habit to instill. At the beginning it feels not freeing, but now I love what you said, now you feel free. Now you’ve got the money. You’ve got to spend to give to do the thing that you love to do. I think it’s on the other side. I love hearing people’s stories.

What’s one of the things through this system that you’ve been able to do or to go on, and I know you go on mission trips and whatnot. What are some the benefits that you’ve reaped from implementing this system?

Scott Meyers:

That was one of the pieces that was a constant. It always has been a constant. When we made this commitment to our mission work it was to take 10% of our profits, so a little different. On the personal level, a tide is 10% off the top. We give that back to God by way of our church before we pay ourselves. That one is easy to do as well.

With the business, if you pay 10% off the top, there’s businesses out there that don’t have that much margin. They would go out of business. On the corporate side, on a quarterly basis we take 10% of our profits. We look at the net, net, net and then take 10% of that and funnel it over into National Christian Foundation. That is our giving arm. Then when we have enough money, or when we have. Depending on how well we have done that quarter, will dictate. We do two mission trips per year. We do house builds. That will determine how many houses we build, essentially. And so, God has blessed that and the more disciplined we get in that area the more houses we’ve been able to build. It started out, we were doing one a year and then we were doing two trips, one a year, and now we’re doing two trips, building three houses each time. So we’re doing six houses a year, roughly five to six.

How that effected? It’s kind of hard to measure to be honest with you, David, but I think the more that you get disciplined, and this is really kind of coming from a spiritual level as well. I think the more that you get disciplined and understand the numbers in your own business, I think the more your business will be blessed. If you’re giving and you have an open hand in your business, I haven’t known of any entrepreneur who has an open hand in their business that allows money to flow through it for the greater good of humanity in the world, that they haven’t prospered as a result of putting something like that in place and in process.

For us, it’s having that freedom, and even before, just knowing that even though there’s 10% net, net profit is setting aside for the mission work, we still didn’t have the Profit First piece in place. We didn’t have 100% confidence and the comfort level that, “Okay, we’re going to build three houses this quarter, but if we haven’t done a good enough job preparing for next quarter or the forecast saying next quarter, we may have funneled some money onto the mission field that we should have kept for our business itself.” That has never happened. Fortunately, that has never happened. There’s been months and quarters that were tight, but now there’s just completely no worry about that.

The minute that we head down the jet bridge to Mexico with our group, there’s absolutely no concern about anything in the business right now. If anything happens in five days while I’m gone, somebody can write a check or they’ll wait until I can come back and we just go and we’re able to be able to do that. It is also freeing from just a personal standpoint to have that cushion and everything in place so that we can go serve and really be in the mindset to be able to serve as well.

David Richter:

That’s awesome I love what you said there right at the very end. The mindset to go and serve, too. It’s one thing if you can scrape the money together to go on a missions trip and then you’re all worried about the stuff that’s happening back where you’ve come from. It’s like that’s where you can’t be fully present with why you even went to a place like that. That’s a great point, too, that not giving yourself that mindset and that freedom and that space to be able to really relish in whatever you’re doing, if it’s a missions trip or if you take that money, like your an entrepreneur, and you go out and do a vacation with your family. You want to be present with them. It’s like that freeing mindset.

Scott Meyers:

Yeah, and if I could just expand on that for a second, that is the leverage point in our business, is that we take 20 to 25 people per house on these trips and we pay for it. We open them up to the mission feel and the mission experience. Like your kids, you can take them to Disney World, but if your the parent that’s sitting on the park bench not riding the rides because you’re still doing emails and taking care of fires in your business, your kids see that.

The folks that we take on these mission trips, if they see that I’m not present or I’m handling fires or whatever, there’s just like, “At what expense is he doing this? Is his heart really in this?” It equally is important. Just want to make that point.

David Richter:

Oh, that is so good. It really is good. There’s a big lesson there for everyone because it’s not even on a trip. What about in your business? What if you’re worried about those fires all the time and can’t work on the higher level of your business? Just going to get stuck in that rat race and that’s what I love. I think the theme of this one, the freedom, that mind freedom, that financial freedom. That’s really that frame of mind space for what you can do. That’s incredible.

Why don’t you tell the listeners, too, just going away for profit just a little bit, but how many storage units do you have and how long have you been doing storage units?

Scott Meyers:

Yeah, we started in real estate business in ’93 and bought a bunch of single family rental house following the Carlton Sheets method, for those that are familiar with him. Buying and rehabbing and refinancing and then renting them. So, the BRRR Method before it was called the BRRR Method. We had about 75 houses and then didn’t have the cash flow and the freedom we wanted or expected, and so we got into apartments hoping to get that economy to scale and really be the springboard to having us achieve our goals of having financial freedom and time freedom to do what we wanted. For us all it did was just kind of compound the problems.

Even if we had management companies in place, there’s just a lot to manage when you have people living in rental spaces and carpeted drywall and heating and air and all that versus self storage, which is a metal box on a concrete slab with nobody living in it. Literally 90% of all our stress and the things that we did on a regular basis and the babysitting, and the issues were just gone. We eliminated the hassles of tenants and toilets and trash and all the employees that were involved in that.

Along about 2005, we sold all our houses and apartments and got into self storage acquiring facilities and then we got into developing from the ground up and then conversions. Taking industrial buildings and all types of grocery stores, old grocery stores and big boxes, and converting it into self storage. As we grew our education business and platform, the more opportunities came and landed on our plate. I speak for the trade shows and I write articles for Forbes Magazine and the trade show associations. They bring a lot of opportunities our way.

So really, in the past four or five years our business has really exploded on that end. By way of mainly development, but also acquisitions and joint ventures, we’re up to now two point five million square feet of storage nationwide. We’re in about 15 states and I think we’ve surpassed, I’m not exactly sure, but I think we’ve surpassed 15,000 doors nationwide as well, and do a lot of that through syndication in our fund in which we raise on private equity from the folks that we’ve met along the way as well.

David Richter:

Okay. That’s incredible, because I want to make sure people knew where you’re coming from and that you are definitely the self storage king here and have a lot of square feet and do a lot of great stuff. Now that they kind of have that background, what would you say is the hardest lesson you’ve learned in real estate up to this point with all your experience and the different types that you’ve done in the past?

Scott Meyers:

Yeah well, I appreciate you recognizing me as the nation’s expert or the king of self storage, but what I’m the king at is making mistakes in relationship along the way. I’d say the king of learning from them. There’s been a lot of lessons learned along the way. Hard lessons are I think, early on, doing it too much and not paying somebody 10 to 15 bucks an hour to do some of the rehabs and some of the work that we had done. Too many people are stuck feeling like they can’t and they have to do all the work themselves. While you’re doing, somebody else is eating your lunch because they found the deals because they were doing marketing and the things they should have been doing. That was lesson number one.

Second was over leveraging. Even though our portfolio was at, maybe, 75% LTB, I think in this game whether the economic cycles from a recession to an inflationary period and everything in between, I think you really need to keep an eye on setting those budgets in place, Profit First being one of them. Obviously at the core, but also just managing that debt level and that debt ratio. That is what caught people off guard, is we lived through the last recession.

Third lesson is partnering. I know you asked for one, but early on I had … doing well on my own and just loved doing things on my own. That’s just my nature, kind of the way I grew up, but then I got into a partnership and it didn’t go so well. It was one of my first and so I just swore off partners and then many years later meeting other folks that were doing successful partnerships by way of syndication and joint ventures and just bringing people in and having solid set of legal documents, operating agreements, that lined out the roles and responsibilities of the partners and what they did. If anybody stepped out of line or out of their lane, it was okay for the other partners to say, “Hey, get back in your lane and here’s your roles and responsibilities. Here’s mine. Let’s keep on going down the path.” I probably could have grown a little bit larger and sooner, and be better suited to bring in people to fill in my many blind spots had I just been open to partners along the way and not just let this one bad experience taint that.

I think those are the areas primarily, and maybe even going back to the very beginning. We teach and we train a lot of people that have come to our self storage academies and our organization. I think fear stops more would-be successful entrepreneurs and investors than all factors combined. So, before people get out of the gate, they’re unsure of themselves because they don’t know what they don’t know or they’ve got a circle of folks that really don’t want them to succeed because it makes them feel worse about themselves.

And so, I think getting education, surrounding yourself with the right people, whether that’s partners and education, mentors, whatever that looks like, to allow you to move forward instead of letting fear, paranoia, or what other people say or think about you keep you from starting to begin with. There’s at least four. I guess I’ll stop there, David.

David Richter:

No, those are great. That’s incredible. Lots of great lessons there. Lots of things that the listeners can take away from. You’ve grown a good size team. You have a lot of units. You’ve got a lot of experience in this area. What would you say right now in your business is the highest and best use of your time, that you get the highest return from personally?

Scott Meyers:

I think that is kind of the question within itself, within the question, David. That is if you haven’t been, and I’m speaking to everyone out there, if you haven’t been on a personal journey of self awareness, to really understand what that looks like to know what is your unique ability, then it starts there. Many, many years ago I went through Dan Sullivan’s program Strategic Coach and just read his book on unique ability and finding out what that is. Everybody knows what it is. It’s what fires you up. What do you like best about your business in the business that you’re doing? If you can figure out a way to make 80% of your time in your business doing that then most likely you’re going to succeed, and then finding the people around you to delegate the rest, the things that you’re not good at, the things that you’ve just been putting off doing or the things that you just don’t know how to do that you can hire somebody to do better than you.

It’s really finding that sweet spot and it’s roughly an 80/20 ratio of if you know what your unique ability is to be able to grow and drive your business, then finding a way to create an organizational structure that allows you to do that 80% of the time, knowing that 20% of the time is the stuff that you just aren’t good at and you have to do and you have to have meetings, and you have to train your people to do those types of things. That’s just inevitable. I think it’s that.

For me, that is, believe it or not, just talking to people investing in self storage, whether it be students, but mostly in our syndications are passive investors, the folks, the individuals, the funds, the hedge funds, other folks that have significant amounts of capital to tell our story and share what we’re doing. They catch the excitement and why we’re so passionate about self storage. If you can get passionate about metal boxes on concrete slabs, but passionate about the industry and the business model and why it works so well, and why we’re the team to work with because we’ve been at it for awhile and our success and the team that we’ve built, and just being able to share that. I think that’s my unique ability. That’s our superpower in the business, so if I could do that all day long I’d never get tired of it. That is just my sweet spot and where I’d like to spend all my time.

David Richter:

Awesome. I love that, just going into you have to have kind of a personal self discovery there. You might like real estate investing, but what’s your super power in the business and what do you like to do? That was really good.

Then, just a few, couple last questions here. What last parting advice would you give to a real estate investors listening to this podcast and any other advice that you want to leave them here?

Scott Meyers:

Yeah. Well, go back and listen to this again, everything that I just mentioned. We’ve been at this awhile. We’ve been at this since ’93 heading into the third recession. I think if you stick to those basics that I give you, that’s one of them.

But as we head into this next economic cycle, there’s a lot of people that have had a lot of success and there’s a whole lot of folks that are proportion to have a lot of success. You see them everyone on TikTok, on Facebook, and everywhere else. Many of these successful folks, and they’re also the gurus, the educators if you will, that have had the wind in their sale of economy like we’ve never seen before and exiting properties and projects at record profits. We’re going to head into a recession. We’re heading into an inflationary period this year. Feds already stated three rate increases. We’ll see a slow down. We’ll see some evaluations in real estate go down and the market’s going to change and shift.

If you’ve got your head in the sand or you feel that you’re better than everybody else and you’re going to whether this better than anybody else, the tide goes up and down and all ships go up and down with it. Keep your ear to the ground. Keep your eyes open. Watch what the economists are saying. Look at the news. Look at all the data and the stats on what’s going on and the particular asset class in real estate that you are involved in and what your business model is and talk to those other folks that are doing the same business model, especially those that have been through at least the last recession, if not two others. Then ask them what they’re doing. Follow them. Reverse engineer what they’re doing. Look at what they’re doing. Talk to them. Ask what they’re doing if you have access to them and do likewise. You’re not immune to the economic cycles because it effects real estate no matter how good you are and no matter how good you think you are and the successes you’ve had in the past several years.

Again, and a little bit of self awareness, you need to be aware of how much of that was attributable to your own personal and best business practices versus an economy that’s done very well. Then prepare accordingly. Have cash. Don’t get over leveraged because through all this, for us personally, we’re selling a lot of facilities off at the top of the market right now. We’re heading into this year that is going to produce a downturn. There’s going to be people that are going to have to get out of their facilities because they can’t refinance at the new rates and the new evaluations and this environment. We want to have the cash and the lender relationships available to buy those properties when other folks are exiting and they can’t make a profit. We want to be that solution and this is going to be the biggest land grab probably in our career in terms of sheer numbers of units and projects this year and next and in this down cycle, is going to be the retirement maker for our organization and those that come along with us.

How’s that? So, I think it’s just being hyper aware of what’s going on around you is the best advice that I can have right now.

David Richter:

Awesome. I love that. That’s incredible. You’ve shared a ton of great things. You gave us four lessons. You gave us what Profit First has done for you. You just gave us that great advice there and a lot around the freedom and the mindset. Now, how can the listeners give back to you? How can they give you some value back? Because there’s been a ton of value here. I know you have selfstorageinvesting.com. You’ve got the courses that you teach and you’re helping people get out of their rat race. So, how can people connect with you?

Scott Meyers:

Yeah, selfstorageinvesting.com is for all things self storage for those that are interested in the business both actively. If you want to learn about the business and how to invest on your own as well as passively through our syndications, that is the place to go do it. As far as giving back to me, we’re in that legacy building phase right now where we just love to see people go out there and implement our best business practices. We share our best business practices and then they go out and implement that and put it in their own, that’s fantastic. Then you layer on top of that, Profit First. Just as educators, the educators and us, when we see people take that information and go out and do that, that’s why we continue to do what we do. Our business is our mission field.

On a larger scale David, how could people give back to me? No matter what you’re doing out there … We’re in a different time right now, and not to get all woo woo and fluffy and foofy, but we all need to get back to a place where we’re just respecting each other. There is in business, and at a personal level, and just to me, personally, just kind of shocking the place that we’ve come as a society and how in business, in real estate, that we just don’t give people their due, their time, the attention and operate from a manner of integrity and also just openness and helping each other out. So, getting back to the place where everybody’s helping out, creating win win situations in business, and just taking time to look at the people around you. We haven’t done that in the past couple of years and there’s just been too much of an excuse not to.

I would like to see, and into the way that we have been treating each other over the past couple of years in light of the pandemic and the lockdown and everybody behind masks, that we just get to a place where we need to stop being negative and stop throwing bombs out on social media and hiding behind a screen in doing so and get back to the place where we’re going to make an intentional effort to get back to loving our brothers and sisters and treating everybody in the way that they deserve to be treated, period.

David Richter:

Preach and stay there for awhile. That was good stuff. I wish, yeah … Could go on and on about that all day. That was really, really good. You can connect with Scott at selfstorageinvesting.com for all his stuff, and then please go out there, just be nice to someone. Don’t throw your issues out on Facebook or whatnot. Go out there and see how you can help someone. That’s how Scott has gotten to where he is. He’s helped a ton of people with their storage, with getting their storage set up like in different areas. So, lots of good stuff here. Thank you so much for being on today, Scott. It was an honor to have you.

Scott Meyers:

Oh, my pleasure David. Always a pleasure and looking forward to seeing you again soon.

David Richter:

Thank you so much for listening to today’s show. If you found this episode valuable could you do me a quick favor? Can 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 in the podcasts. We’d love to be ranked on there and that’s thanks to your help. 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. You can type Profit First for Real Estate Investors and you’ll be able to find our Facebook group right there. 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. If you want to 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.wpengine.com/apply or just go right to simplecfo.wpengine.com and there’s an apply button right on there if you want to 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 cashflow.

Thanks again for joining us for another episode on 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.