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From Crisis to Prosperity: How Chris Prefontaine Navigated the 2008 Crash

Title: “From Crisis to Prosperity: How Chris Prefontaine Navigated the 2008 Crash”

 

Episode: 189

“What hinder success is mental blockage and mindset issues.”

In this episode, best-selling author Chris Prefontaine talks about Real Estate on Your Terms, a book he wrote in 2017. He also tells about his experiences with the crash in 2008 he went through.

Listen as he also talks about cash positions and how Profit First helped along his real estate investing journey. Enjoy the show!

Key Takeaways:

[01:01] Introducing Chris Prefontaine

[03:22] What is Creative Real Estate?

[06:54] Why do people struggle with money in real estate?

[08:17] Chris before his Profit First Journey

[11:41] Getting and meeting the right people

[15:35] Hardest lessons on his entrepreneurial journey

[19:17] Get an Executive Assistant

[21:18] Chris’ advice to people starting in real estate investing

[22:10] Connect with Chris Prefontaine

Quotes:

[07:16] “If you try a bunch of courses and it didn’t have the same success… you get a little bit less aggressive.” 

[10:45] “Exposure means so much more than we think, more effective than we all realize… it means a lot.”

[15:54] “Don’t utilize your personal signature to sign on debt, especially for investment.”

 

Connect with Chris:

Website: https://smartrealestatecoach.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:

Speaker 1:

And the lesson was, if I, if I just pick one, it was to not well, they’re all combined kind of not utilize banks unless you absolutely 100% have to because it’s a family move and you’ve gotta be in an area and you gotta get a mortgage. You better not, don’t utilize your personal signature to sign on debt, especially for investment. Just don’t do it. Don’t mix the two and then be conscious through profits first. Coincidentally, right, not coincidentally on purpose here I’m saying it of the cash positions.

Speaker 2:

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 r e I 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:

This episode we have Chris Prefontaine super excited because he talks about real estate on your terms. He tells about the crash in 2008 and how he went through that and some of the things where he got out of the funky was in and the key components. I think that’s gonna be a huge benefit to you no matter where you are in the real estate game right now. If you have any mental blockages, any mindset issues, that’s a big one. Then he also talks about cash positions. The first hire you should make right now today if you are unsure of what that one is. And then another secret he said that has been huge for him that he hasn’t done since 2008. That almost took, that did take him down in 2008 as well. This is a great one. He’s a big fan of profit first. So he talks about his mindset there and how that helped him along his journey. Thank you so much for being a listener of this podcast. I appreciate you and enjoy the episode. Hey, so Chris Prefontaine is back. I’m excited about this because he is a avid proponent of Profit First uses it in his business, has helped other people see the light and now having him back on the show. So Chris, glad to have you back.

Speaker 1:

I’m glad to be back, Dave, especially you have to just chat with you recently, so we gotta hang out more.

Speaker 3:

Yeah, yeah, we do. Yeah, for sure. So tell people, it’s been a couple years since you’ve been on, so just tell people in the last couple years, what have you been up to? Where have you, what are you doing these days?

Speaker 1:

Yeah, yeah. So, well that brings us back to Covid, right? So at Post Covid we got back to live events which is awesome. As good as everybody thought Zoom was. Live events are nice. What’s cool in the real estate world is all these low interest rates that everybody saw, two, three, 4% we’re buying properties now with those as underlying interest rates. Meanwhile, the market’s at whatever it’s at, right? 5.86, whatever. So really cool times. Right now we’re back to some record months and properties under agreement and this is the time, in my opinion, the time to be in creative real estate. I, in my three, two years, I’m saying this is like one of the best segments I’ve seen to be in market right now. It’s pretty cool.

Speaker 3:

Yeah. Is there’s any particular reason for that? Why would people jump into creative real estate?

Speaker 1:

Well, okay, I just said this on a show. I I it, it’s so tiring when people go, well I’m waiting for the, the bottom, I’m waiting for the top. And listen, it is one constant real estate. It changes constantly. So how about you get really good at understanding how to find motivation with a seller and then structuring the deal, that’s the key thing. And be able to pivot in any market up, down and sideways. That’s the whole nature of creative, the word creative real estate in what we call on your terms. So that’s why I love it. You do, you don’t have to worry about the market. Like you literally don’t stress with it.

Speaker 3:

I love that. ’cause A lot of the people that are listening probably just wanna get into real estate or start in real estate. And I feel like this is a good tool to have in your tool belt no matter what you’re doing in the real estate game. Would you agree?

Speaker 1:

Well, yeah, because to your point, once you have that tool, right, you have it for life. It’s like profits first. Okay, I learned it. I, I I want to talk to Dave on and on and on, I want to use, but if I don’t, I learned it. It’s the same with creative real estate. I try to tell people, you go to school, people go to school for what, four years, eight years, sometimes more. It boggles my mind that they don’t think twice about that. But when we talk about spending time and money and resource on yourself for a skillset that’s gonna, you know, return our investment’s crazy, then they balk at it or they could balk at it. It just, no, doesn’t even con I can’t contemplate that.

Speaker 3:

So why do you think it is if you can’t contemplate put yourself in their shoes? Do you think there’s specific reasons for that? ’cause I feel like it’s the same thing walking down the profit first road sometimes too.

Speaker 1:

I do. There’s probably a bunch, but here’s one that came to mind right when you said it. And that is the, it’s every industry. The, the marketers are really good at marketing. And so therefore I unfortunately can’t always get the person before they’ve been tainted or sold a product. Yeah. That didn’t in their eyes work. And I, I know it’s a fact, there’s a gap between a time when someone sees a, takes a course or sees a seminar in the time they do a deal. And unfortunately, sadly the gap is sometimes they, you know, forever, right? They just don’t get to a first deal. There was two students, this probably a whole bunch more I don’t know about, but there are two students in our community right now that have done, actually sadly one passed away, sorry, he was in our community and the other one still is.

They’ve done over a million dollars in accumulation of three paydays with our system. But they came to us and said, my wife or my spouse and my significant other, they don’t want me to do this. Why? Because I bought all these courses and those two had spent a hundred grand Dave, six figures Oh wow. A hundred grand before meeting us. So I said, okay, I get it. I know you’re bummed, but treat that as I stacked an education is what you did and then you now you’re gonna parlay it into what we got going on. You just went to school too long and you paid too much, but it’s okay.

Speaker 3:

Yeah, it sounds like they’re one of the ones that came back and were actually able to get on the right side of that. ’cause You hear a lot of people that not only their spouse is tainted, they’re pretty tainted after a lot of that as well too. So

Speaker 1:

I agree. Yeah, I agree.

Speaker 3:

No, that’s good. I, it sounds, it sounds like in what you’re doing that you’re helping people actually <laugh> turn their life around as well and get to where they really want to be, even if they’ve invested too much in their education or that stuff as well too.

Speaker 1:

Well, our written purpose, and it’s not behind me ’cause I have my banner up, but my written purpose is everywhere in my office, is to help individuals and families create the life of their dreams. That’s not a, that’s not create a, a real estate deal that’s not helping family do real. It’s so, it’s a big endeavor we’re on and, and it does take getting in the trenches and helping them do deals and really understanding what goes on and then build a life, not just a deal.

Speaker 3:

Yeah, yeah. And I hear nothing but good stuff on that side, so, which is, which is great. So then, okay, flip side, why do you think most people don’t understand or struggle with the money aspect on in real estate or just business in general? So if they’re struggling on like the deal side, and we talked about that a little bit, what about the money side?

Speaker 1:

Well it probably goes deeper than you and I can do, but it’s this, we all have money habits, right? Yeah. We all have a money blueprint and people call it different things, but, and, and it’s not always conscious. For four years after the crash, I was stuck in my head about what was going on and was it my fault? You know, so, so sometimes you don’t know consciously, number one. Number two, when you’ve, if you were someone that tried a bunch of courses and I, and I’d like to see if you, you agree with this, I don’t care what industry, you tried a bunch of courses and if it didn’t have the same success, you get a little bit less aggressive with saying, oh I, this works no matter what. I’m gonna trust the blind faith and I’m gonna find the resources. I’ll find a partner or whatever I gotta do. I, it’s harder to do as you get painted. So unfortunately we have, to me, you everyone has to kind of like wipe the whiteboard, clean the slate clean and go, I trust it. And I, and, and if you do that and you do it for three years with blinders on, I know you all have a great experience, meaning you, you follow someone, you, you get that tutelage and you do that for three years without deviating any shiny objects. I think you’ll have a great experience and you’ll get rid of that. But it’s tough.

Speaker 3:

Yeah, no, I, I understand that for sure. I think a lot of people struggle with the financial side. So what about you? Let’s talk about just about some of your profit First journey and like, ’cause I know you’ve been a big, a big fan of this for a while. So what did life look like before Profit First? Did you have that type of system before the crash or did it come after the crash when you

Speaker 1:

Started? We started profits first at a offsite meeting in 2000 and let me think. We brought the table in 19, at the end of the year was in place. Okay. So it was, it was just before coincidentally. And it’s all spreadsheeted out and Google Sheets is super sweet and predictable. So again, it’s almost like that. So you don’t have to stress thing about the real estate market. Same with profits first. Once you have it, you’re not stressing, it doesn’t matter what the market’s doing, doesn’t you, you got it.

Speaker 3:

Yeah, no, I And so then before that, ’cause you said after like the first four years after the crash that things weren’t fun. So you know, you’re stuck in your head. So what were you thinking back then? Was it just like fear of doing a deal or was it more like fear of going out there and having it all crumble again? Like what was the big thing that was in your head for those four years after the crash?

Speaker 1:

Well a, can I even do it right? Okay. Even though I’d been in the business for whatever, 18 years before that, it was, can I even do it? ’cause You get tainted mentally was nothing to do with skillset. It’s all mental. Okay. be before, you know, coming outta that crash. So for four years it was working out of the junk right. And getting set up. And then when I ran into, just to tie these things together, when I ran into proves first to me, it was like another stackable thing that I can go, okay, it’s another solid foundation. Right, okay. Because this is all things, it’s the mental work and there’s, you know, there’s the right people, but this is another solid foundation to go, okay, tack it on. It’s another good thing to solidify a position.

Speaker 3:

Okay. So that helped you just create more of the foundation for what you needed in your business, but what would you say when, how did you get over the, can I do it? You know, like a lot of people go through that and then they stay stuck. They, they don’t have what you have now where you’re very successful and you’re making a big impact with other people and helping them be successful, but you got through that mental garbage of the, can I do it? What was one of the big things coming out of that to help you?

Speaker 1:

I’m gonna use the word exposure here, David. Because I thought all that stuff was bad that I went through until I got with, there was actually two people, but a couple individuals that when I laid it all out, one of ’em literally chuckled, like laughed at me in a, in a loving way and going, okay, lemme tell you why I just did that and laid out all their headaches problems, pivots, changes. And I went, okay, I guess mine’s not that bad, so how do I get out? So it was exposure to people and exposure to the right people because if you just stay in your head like I did for that long, I could have got outta there. I could’ve got out of it in hindsight in one or two years instead took four. Hmm. So exposure, exposure is it, it means so much more than we think. It’s so much more effective than we all realize. It means everything, like who you hang out with, who you listen to, who you read, everything, it means a lot.

Speaker 3:

Yeah. So would you say during those four years, you had people in your life that were keeping you in that cycle as well too? Or was it a mainly a internal struggle?

Speaker 1:

That’s a good question. I I’m gonna say not consciously. Right. Okay. It wasn’t like they, they would do anything wrong. It’s just that I I we get to choose who we hang out with, right? Yeah. And so if you choose to hang out with people that are walling about that or talking about that or going backwards that you’re gonna have more of that. It’s just no way around it. So yeah, c not consciously, but yeah, I, I put myself in that position, I’m sure.

Speaker 3:

Okay. So then where did you find the right people? Did you go to an event or was it like through your network and referrals or was it just like, I’m tired of that, like I gotta find someone else that’s been through this or what, how did you get to that to even get around the right people?

Speaker 1:

Yeah. One was a past relationship in, in the past business and I knew he had a bunch of businesses and so I just looked for people. The short answer is I looked for people that built businesses, but that I knew went through some economic challenges. Okay, so it’s like you, you, you have clients in different industries. I, you know, in real estate it’s, it’s real simple. Make sure you follow someone ’cause of what I just said, that has been through at least one, preferably two cycles. Why? Because you’re gonna go through a cycle no matter how you, you gotta come up with one. And frankly Dave, I, I like people that have been through other stuff too. Meaning that both these guys had families and had challenges other than real estate and business. Right. Because Oh, so how did you get through that if you went through all that? So I like, I went through my son’s head injuries and a coma went through nine 11, you know, so there’s all kinds of things that I lived through. So I just sought out people that lived through what I was going through. That’s all.

Speaker 3:

That makes sense. No, that’s really good because did you ever at that point get into a community? Like did those people have a community of other people or were these just one-on-one mentors?

Speaker 1:

Let’s see. One was a one-on-one, definitely I sat in his office. The other one had a community that I from afar tapped into. Yeah. but to your point, that is huge now too because especially since Covid, but the community thing is enormous. So that when you have challenges you just go to them and put it out there and you’d be amazed at what happens. We do this in not just in real estate in our community, we do it in the mindset space like you’re asking me we had mind, we have a mindset mastermind one out of the four every month now. It’s pretty important. Okay. You’d be surprised. People are very vulnerable and open and we all help each other. So. Good point.

Speaker 3:

Yeah, I was gonna say the community aspect sounds amazing as well too because then you then you can find a lot of people that are going through the same thing and a lot of people that think like you as well too. ’cause These are people that all want to grow and become better and become better business owners. But it also sounds like you’ve got life of dreams. So these are actually people that like their life and want to create a better life as well too. Is that a lot of what the community, community is centered around?

Speaker 1:

Yeah. If you look at our, sort of our avatar, right? You say who, who likes what we’re doing? Okay, well people that are really into self-improvement. Like you don’t listen to a podcast with me and you talking for half hour if you don’t love self-improvement. Right? You so that’s a big one. People coming from corporate that are saying to heck with that, I’m tired of it, I just don’t wanna do that anymore. It’s not the future. So, you know, they, so they got a big why with that. Or someone that like me went through some you know, nasty stuff and wants to fix it. Like there’s gotta be something, there’s gotta be an impetus to to, to push. Make sense?

Speaker 3:

Yeah. Yeah. That makes sense. How long have you had this community going?

Speaker 1:

Unofficially like 13 ish if 14 probably it started, but now it’s grown to, ’cause I say unofficially it was, you know, 12 people I was coaching on a maximum call and now it’s, you know, 150 people on Slack and weekly calls and you know, it’s a lot more involved now. So it’s been since 14 unofficially.

Speaker 3:

Yeah. So it’s what, almost 10 years now that you’ve got this community going? Yeah. And it sounds like just helping people get to where they need to be then I, I think that goes well with your story ’cause you came out of this funk of, can I even do it, got around the right people who have been, had the battle scars and now you with your battle scars are helping other people get to where they want to be. So kind of set yourself up there for like, okay, I can help you get through those as well too, it sounds like.

Speaker 1:

Yeah, it’s important I think when, when people are stumbling it’s super important to be able to reach out and, and you know, get an arm, get a, get an ear, get an arm, and, and be able to do that in the inside the community. Yeah, for sure.

Speaker 3:

No, that’s awesome. So then what would you say, because you’ve got a lot of experience from crashes to, you saw Covid, you saw everything. What was one of the hardest lessons you’ve learned on your entrepreneurial journey up to this point?

Speaker 1:

It was definitely the oh eight headache and the, and the, and the lesson was if I, if I just pick one, it was to not well they’re all combined kind of not utilize banks. Unless you absolutely 100% have to because it’s a family move and you’ve gotta be in an area and you’ve gotta get a mortgage. You’re probably not, don’t utilize your personal signature to sign on debt, especially for investment. Just don’t do it. Don’t mix the two. And then be conscious through profits first, coincidentally, right. Not coincidentally on purpose. Yeah. I’m saying it of the cash positions because you’re, you’re, I noticed when I downsized from a two and a half acre lott overlooking in the water with an enormous mortgage and I went to a 900 square foot apartment, I noticed what that did for my cash after the crash. I noticed what that did for my mental ability to make decisions and operate and grow a business versus the opposite. So if you do those two things and you put, and you plug in what you do, you, you not gonna stress as much plain and simple. You just not ’cause your buckets are gonna be set up.

Speaker 3:

Yeah, no, that makes a lot of sense. And that’s where those are some good lessons. So I’m guessing then you had utilized banks before and that was one of the things that hurt during the crash was

Speaker 1:

<Crosstalk>. Yeah. Signed personally. Yep. And then so in the market dipped by, you know, anywhere from 20 to 60%, some of my projects, well what happens, banker does what a banker does. They gotta come looking for the guarantor.

Speaker 3:

Yep, yep, exactly. And then the cash positions too. So you feel like after the crash, that was said a better focus and sounds like you put yourself in a better position too in your personal life and some of the changes there that affected also how you were able to make business decisions. Is that correct?

Speaker 1:

A hundred percent. My, my father’s the one who used to say the expression he used is, you gotta make a move to stop the steamroller behind you during the crash. Yeah. You know, it’s like you’re always running right. So, yeah, absolutely. It, it, it, it made a world of difference. So big house two or three outbuildings gorgeous going into a 900 square foot, one bedroom apartment. My wife and I, that’s what we did to make the sacrifice and it, and it did the trick. ’cause We, we built what we built and, and now most if not all the things we do are cash. And it’s a different night when you lay your head on the pillow with that situation versus having a bunch of mortgage out there.

Speaker 3:

Yeah. Yeah. That’s, that’s a wildly different situation, which is great. A great position to be in. Okay, just a couple, few last questions here. If you were to start from scratch, what would you do differently? Like I, I think I know the answers ’cause you’ve kind of alluded to them pretty on this episode. But what would you do if you were to say, okay, I’m gonna start all over again

Speaker 1:

In addition to what we just said? To your point, I would in any market I would do this, I would just go in with my ability to get on the phone but hire an executive assistant right away. Okay. That would be the big difference. I didn’t do that right away. I just muscled that out. So it probably took a little longer and people go, I can’t afford. No, you can’t afford not to. So that would be a big change. I would, I would make and I’d find every resource to do it.

Speaker 3:

Awesome. So that would take a lot of the ticky tack admin type stuff off your plate and what you’re able to do. The revenue producing activities. That’s Yeah.

Speaker 1:

That goes back to the other point where you asked, you say, well why don’t they people do it. So if you knew you a shadow of a doubt that what we said earlier was you can put the blindness on for three years and have a great result. If you know that okay, then you hire an executive assistant, you don’t do any of that crap. It’s when you go, ah, I gotta try it, I gotta try, I gotta dip my to you try it in any business, especially real estate, you will not have success if you try you you telling the want no such thing.

Speaker 3:

Yeah, no that’s, and when you say an ea, an executive assistant right up front, would you suggest virtual assistant, an in-office person, someone that’s there in your area? Like what would you say is the best way? Like when someone’s getting first started?

Speaker 1:

I prefer, I’m gonna give you two answers. I prefer a person in with me, however. Okay. Since Covid, my building that I’m standing in right now went from us occupying everywhere to 21 people on our team being all around the country except for my son and I in a bookie, you know, so, okay. It’s changed. So we have some great, great great executive assistants that because of the ability to travel and be loose and do zoom, they’re, they’re phenomenal and that’s why they, they came to our team. So I don’t mind that anymore. I used to mind it. Now virtual is fine but there’s a difference between, let me just say this. Between a, a VA service, a virtual assistant service. Yeah. That’s runs like between five and 15 an hour and an executive assistant service that gets you sort of that corporate person that’s got some serious talents that then ’cause of covid pivoted and just wanna be an EA somewhere. Yeah. You know, flexible. That’s a big difference. We have one EA now she’s phenomenal. She’s in Spain most of the time and then comes to the states the other time and she’s an assistant from myself and my son-in-law. She’s super efficient. That’s super, super cool. But not just a virtual assistant for a few bucks an hour. I’m talking about someone quality.

Speaker 3:

Well there you go. No, I like that qualification ’cause I feel like once people hear that they’re just like oh I’ll just get a va. Yeah. And that only, like when I first started this business I had a virtual assistant but I had been working with him for like six years and he knew me inside and out. Like that’s a different situation than, okay just let’s get someone that’s just off the street for five bucks an hour and it’s like, okay wait a second. Like did you want them to actually take stuff off your plate and for you to be actually selling what you’re doing? So no that’s, I like that answer a lot.

Speaker 1:

You know what though David, on on that point, let me just add this. Once you do what we said earlier and you get the EA and you go to work, you are gonna need VAs <laugh> because you can business <laugh>.

Speaker 3:

Exactly. So we’re not, he’s definitely not knocking them. It’s more like you gotta set yourself up to be able to have someone that can do the five to $10 per hour task. So Yeah, no that’s great. This is good stuff. So then if one last question here. What advice would you give to an investor looking to implement profit first?

Speaker 1:

So I can’t go against what I just said with everything, which was get the right help. Getting your hemis, your circle your community and stay with it for goodness sakes. It’s just like I said about real estate, stay with it far along three years. I just used three years for everything. ’cause It takes more than you think. Always takes longer than you think. It’s always higher than you think but if you have someone with you for three years, it’s not so bad.

Speaker 3:

Yeah. Well there you go. Get the right help around you. Which has been a pretty much the theme of this episode from the can I do it and getting outta that funk and getting in the right, you know, the mentorships and then the right communities to okay, who do I need on the team? It’s the who not how. Right? So it’s finding those right people. But Chris, this has been awesome. If someone wants to join the community ’cause you provide a lot of value here, obviously you’re gonna be providing even probably 10 to a hundred x more like in the community with people that you’re on all the time. Like how do they get a part of that or how do they even research that?

Speaker 1:

Yeah, thank you. I appreciate it David. I’ll give a couple links and, and you know, if they’ve heard me out there and shows and they just wanna apply, they can go go on the website and apply to be an associate. But if you’re brand new and you’re kinda looking, I’m big on free, you can go to YouTube channel, type in smart real estate coach for example, and get 200 deals. You just see what we do. But I wanna give a free book. It’s not one of those put your, put your credit card in for shipping. I mean free. We’ll ship it out of this office hard copy book, not electronic. Go to wicked smartbook.com, wicked smartbooks.com/profit first. That’s for the book. If they don’t mind listening to me with my New England accent for another hour, then I got a free class. It’s worth it. ’cause You’re not gonna be bothered by anybody. You’re on your own watching it. It just go to smart realestate coach.com/masters class.

Speaker 3:

Awesome. Well then there you go. There’s the two links. Make sure to check those out. Chris and his team are legit. They do a lot of great work. Help a lot of people you will benefit from be in his circles and in his community. Then if you are listening to this and you’re like, man, I feel Chris like I understand where he was coming from, from either cash positions or not being in the right head space, go to simple cfo.com. We can help you with the cash position side. Like if you need that profit first, help simple cfo.com. You could book a call there. We’ll help you get outta that rat race, teach you the money game and how to win and make sure that you’re on the right track so that way you can hire the EAs and the executive, you know, the virtual assistants and all the people down the line too. You don’t have to worry about the cash, but remember to make profit a habit in your business. Thank you for listening and Chris, thank you for being a great guest on the show.

Speaker 1:

Thanks buddy, appreciate you. Good to see you.

Speaker 3:

This episode

Speaker 2:

Of the first for R e I 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 r e I podcast with David Richter.

 





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.