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How Profit First Helped Bob Lachance Grow His Virtual Assistant Company

Episode 163: Discovered How Bob Lachance a cquired the concepts of the system and effective money management.

The Profit First REI Podcast

March 13, 2023

David Richter 

Summary:

 

Being wealthy is more than just a full bank account. It’s about having a mindset of financial management to accumulate a resource that can continuously build on itself. Moreover, it has the potential to be taught and learned.

 

Our guest today understands the potential of a system like Profit First for himself and others. Bob Lachance learned of the method’s principles at a young age and has applied it to his ventures to this day. He is a real estate investor and the founder and CEO of REVA Global, a premier virtual assistant staffing company focused on the real estate industry.

 

Listen in as we discuss the importance of proper money management, the benefit of hiring virtual assistants, and Profit First.

 

Key Takeaways:
[00:50] Introducing Bob Lachance and His Real Estate Investment Journey

[03:19] Profit First and the Entrepreneurial Tendency to Burn Cash

[08:41] On Tracking Costs in Business and Experiencing Business Struggles

[12:16] Developing Better Financial Habits and Applying Profit First

[14:05] The Benefit that Virtual Assistants Bring to a Real Estate Investor

[16:39] Things to Consider Before Hiring a Virtual Assistant

[20:25] The Habit That Has Contributed to His Success the Most: Implement

[21:13] Hardest Lesson Learn as an Investor

[22:26] Connect With Bob

 

Quotes:

[13:03] “The great thing about Profit First is you can then give it to the individuals that work for you.”

[15:39] “If anybody is relying on a virtual assistant in a different country to close your deals, you will be out of business soon. That’s not their role. Their role is either admin TAs or lead generation.”

[21:46] “We start being successful when we start focusing first on that one thing. Instead of doing 900 things at once, you got to get good at that one thing”

 

Connect with Bob:

 

Website: www.revaglobal.com
Email: bob@revaglobal.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 



Transcription:

 

Bob Lachance:

And you’re right. Cause I know you talked to thousands and thousands of people that are like, by the end of the year, you’re like, Ooh, crap. Uh, well, I gotta pay the tax man and, uh, don’t have any money left. So you’re a hundred percent right on that side of it. And that’s the way I operate today. When I first started, I didn’t operate profit first side of it, but right now, obviously reading your book and understanding that whole concept, that changes a lot.

Outro:

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.

David Richter:

Today we have Bob Lachance, who has an incredible background in the real estate world and doing over a hundred deals a year and uses virtual assistance. And he is also a provider of virtual assistant, but he also talks about his prophet first journey and how he learned it at a relatively young age, even before the book came out. So, which is very interesting as well too. So this is, might be something you could pass on to your future generations. I hope this episode provides value to you. Thank you so much again for listening. Hey everyone, thanks for listening. This is David Richter. We’ve got Bob La. Chance in the studio here. Thank you so much, Bob, for coming on the show today.

Bob Lachance:

David, thanks for having me. Appreciate it.

David Richter:

He runs Riva Global, which is a virtual assistant company, but he’s also been in real estate for a long time. He loves doing the deal, so I’m excited to talk about that. But he’s also a fan of Profit First and has implemented it and seen a work in his life. So that’s what we wanna focus on today, give other people hope in the real estate world. But Bob, why don’t you just give people maybe a minute overview of like what you’re doing and where you are in the real estate world.

Bob Lachance:

Sure. Real estate world. Um, last year we did 166 transactions. This year we’re set to do over 220 plus. I use my virtual assistant, you know, I, like you said, I have a virtual assistant company and I use my virtual assistants in my own business. I just think it’s very important, anyone who has a service business to make sure that they use their product.

David Richter:

Right.

Bob Lachance:

Whether it’s a pride or a service. I think it’s kinda like, you know, you’re writing your book profit first if you don’t actually live by, it’s kind,

David Richter:

<laugh>

Bob Lachance:

You know, it’s one of those credibility things. I think. So that’s a two second rundown of what I’m doing right now.

David Richter:

Awesome. So as you can see, he’s in the real estate space. Out of those 166, are those flips, wholesales, retails, rentals, multi-family?

Bob Lachance:

yup

David Richter:

What is that?

Bob Lachance:

Very good question. We are actually starting to build up our rental portfolio. We are at, I think it was either 26 or 27 doors. And then we looked at the market, we’re like, why the heck are we holding anything? You know,

David Richter:

yeah,

Bob Lachance:

We’re making 30, 40, $50,000 on each flip.

David Richter:

Yeah.

Bob Lachance:

And, or we’re gonna make what, 3, 4, 500 bucks a dollar per month?

David Richter:

right

Bob Lachance:

I’m like, it doesn’t make any sense. So we decided to sum all just because of the, where the economy was.

David Richter:

Right.

Bob Lachance:

Uh, but we also do wholesaling. We do whole tailing things like that. Couple fix and flip, not as many. Um, but that’s pretty much of a makeup of our business.

David Richter:

Okay. Very cool. So, well that you’re using your own product and that you’re doing a ton of deals in getting that, uh, in the real estate space. So let’s, let’s focus on profit first. What got you even excited about the Profit first message?

Bob Lachance:

Yeah, you know what’s funny? Um, I actually, that whole principle, you know, going back,

David Richter:

yeah

Bob Lachance:

I kind of learned that from my father back in the day.

David Richter:

Okay.

Bob Lachance:

Um, yeah, you kinda look at, in the way I break down Profit first, I think it’s really important. And I used to run a real estate education company as well. Um, and talking to students, the first thing I would say, because everyone would be all over the map on where they would come in, right?

David Richter:

Yeah.

Bob Lachance:

They would be, they’d say, all right, listen Bob, I want to quit my job here and jump into real estate. I’d say, whoa, hold on. Before you do that, let’s decide, you know, look at what your finances are. What is your, so if I have to break down profit first for me, and I know anyone, everyone in this world probably has a different answer, right? So I look at Profit first and all right, first we have to identify what your total overhead is. You know, even if you’re single, you’re family. It’s the same thing. What’s your total overhead? Once you figure out where your total overhead is, now you gotta figure out in real estate, how are you going to take care of that total overhead. So, if it’s, um, flipping properties or wholesaling, if it’s 10 grand, you can figure that out pretty easy. But if you wanna start buying and holding and take care of that passively, then you’re gonna have to mix wholesaling and take, you know, 10, 20, 30% of each check and figure out what it costs you to buy a property and how much you’re making per door. So you really have to start chunking it down and breaking it down to where you can offset that $10,000 to where, you know, I can’t say you’re finance, you’re free at that time, but you’re taking care of all of your overhead. So if you take your money, you know, your check here, profit first says, you know, you’re gonna take a percentage that put it away here, and then you take it a next step further. If you’re looking at buying and a holding passive income, you gotta figure out in your area how much is it per door that you’re gonna make, right? So,

David Richter:

Yeah,

Bob Lachance:

You kind of peel back the layers on that side of it. And I would do that with every single student that we would have, and it would just make sense, because I never want to put anyone in a bad spot. Right? Right. I mean, if you’re making, let’s say you’re making a hundred thousand dollars in a non real estate business and you wanna join real estate, how are you then going to offset that money because you’re using that money for something when it’s living expenses or take care of your family?

David Richter:

Yeah, Makes sense. So then a lot of people in the real estate space, once they jump in, they think that real estate’s gonna be the end all, be all in, you know, fix all their financial problems.

Bob Lachance:

yes

David Richter:

Why do you think a lot of people jump in and they start a living deal to deal?

Bob Lachance:

Yeah, it’s, um, cuz it’s very easy to burn cash. It’s very, very easy. And that’s why you, that’s why it’s a good question. You asked me about buying and holding and things like that. I think, and I’m a huge believer that you have to have passive income in this business because if you’re only a wholesaler, you’re gonna have months where a deal falls apart and you’re like, oh, you know, how am I gonna pay my bills? Let’s say you have a hundred grand in the bank today, you know you’re doing well, you’re doing well. 200 grand, 300 grand. Well guess what? Market changes. And then you hit a little roadblock. If you have passive income, you’re making that $10,000 a month, guess what? You’re always able to pay bills. You’re always able to feed yourself. You’re always able to, you know, everybody needs some of that, whether it’s a business or passive income. Think about that. Right. I have a virtual assistant company that also is profitable. I also have a real estate company that’s

David Richter:

yeah

Bob Lachance:

profitable. So if one kind of takes a roadblock and takes a little dip, the other one offsets it. So that’s kind of how I look at it.

David Richter:

What do you think about people that have those multiple businesses and one is hurting, you know, like how long before you go out back and shoot it? Or have you ever seen

Bob Lachance:

yup

David Richter:

Businesses that they, uh, they’re just in business with the one because it’s profitable and it’s just giving the other one life support? Have you ever seen that before?

Bob Lachance:

Oh, I have a hundred percent have seen it a lot.

David Richter:

Yeah.

Bob Lachance:

You have to identify and you have to say, listen, you know, if you’re burning cash three, six months, then you really have to take a step back. Cuz sometimes, a lot of times it’s a pride thing for us. You know, for any entrepreneur, sometimes it’s a pride. You’re saying, well this is my baby. Well, sometimes that baby is, uh, should be, you know, should be let go.

David Richter:

Right.

Bob Lachance:

You know?

David Richter:

Yeah.

Bob Lachance:

Because it’s just part of business. You have, we all have to be realistic and put our ego aside and say, Hey, listen, there’s a time and a place and we should let that go. Um, however, here’s the challenge you run into as well, because

David Richter:

yeah

Bob Lachance:

Real estate investing, when you’re brand new, it’s gonna take you six months to get ramped up. Don’t quit, keep going. That to me is not a baby. Right?

David Richter:

Yeah.

Bob Lachance:

That’s not like a new baby. That is something that’s a long term investment. So for me personally, if you’re gonna start something brand new, I don’t look at real estate investing. If you’re gonna start from tomorrow to six months, that’s not brand new. We’re talking about, you know, if you’re gonna invest in um, I don’t know, uh, currency, or you’re gonna invest in coins or gonna invest in that, and guess what? It’s, you’re losing money, losing money, losing money. Take that money out back and put it back in a real estate, you’re never gonna lose in real estate. I mean, let me rephrase that. You’re never going to lose 100% of your money if you invest in real estate cuz you have a hard asset. I’ve never seen a property go from a hundred thousand dollars a zero in my life and I don’t think we’re ever gonna see it. Cause you know, it’s an asset that can be traded.

David Richter:

Yeah. Buy real estate and wait, that’s for sure.

Bob Lachance:

Yep.

David Richter:

So in your business, it sounds like you had these principles, you learned them from your dad and that way you were able, toran did. When you started your businesses, did you have that cash management in place? Or like, did you have some way to make sure or did that come later on? Or did you read profit first down the road? Or like how did that happen to where, you know, hopefully you were profitable for, you know, a long time?

Bob Lachance:

Yeah, So I read Profit First along the way. So,

David Richter:

yeah

Bob Lachance:

In let’s look at my virtual assistant company, it’s the same thing as what we just talked about prior to that of offsetting your income. When you start any business, let’s say hypothetically, it’s gonna take you, um, I dunno, you’re gonna budget $10,000 a month for that one business. It’s an investing company cuz you got marketing costs, all that stuff. If you’re a solopreneur, you’re gonna say, okay, uh, David, I’m gonna take, uh, I’m gonna take an investment of $60,000 and per month, it’s $5,000 per month for marketing costs, right?

David Richter:

Yeah.

Bob Lachance:

Then you’ll know how long you actually have until you have to start generating revenue. Same thing with a virtual assistant company. You have to look at how many clients it takes you to break even cuz you ha in any business, you have a cost, you have a fixed cost,

David Richter:

Right,

Bob Lachance:

So that’s the way I look at it a little different. Maybe I look at all what’s it gonna cost me per month, and then how many clients does it take for me to offset that cost of where I’m going to be profitable? Does that make sense?

David Richter:

Yeah, Totally.

Bob Lachance:

Yeah.

David Richter:

I get where you’re coming from. What about paying yourself and making sure you have money for taxes? Like, do you factor all that into your fixed costs or is that like,

Bob Lachance:

yeah

David Richter:

Okay, I want to cover my overhead, but then here’s what I need for making sure we have above and beyond that?

Bob Lachance:

Yeah, so I’ve done both of ’em to be 100% transparent. I’ve done both of ’em because when you’re a startup mode, man, you’re just like, all right, how am I gonna break even then I’ll figure out the tax side of it. But now once you’re established, um, you build all of that in to where you have to put money away, especially for taxes. And you’re right. Cause I know you talked to thousands and thousands of people that are like, by the end of the year you’re like, Ooh, crap. Uh, well I gotta pay the tax man and, uh, don’t have any money left. So you’re a hundred percent right on that side of it. And that’s the way I operate today. When I first started, I didn’t operate profit first side of it, but right now, obviously reading your book and understanding that whole concept, that changes a lot.

David Richter:

Well then, back then, was there times that <laugh> that you thought about throwing out the baby with a bath water or get

Bob Lachance:

Uhhuh <affirmative>

David Richter:

Throwing in the towel on either real estate or the VA company?

Bob Lachance:

So on the real estate side, yeah. So I started in 2004.

David Richter:

Okay.

Bob Lachance:

My first deal was a fix and flip. I made, I think it was $32,000. That was pretty cool. But after that, I didn’t make money for another year

David Richter:

Wow

Bob Lachance:

Because I joined, I dunno if you know, uh, pat Precourt, but I joined him,

yeah

David Richter:

Um, in the short sale world and I door knocked for a year straight. But my, thought process was, um, and I didn’t ask him for a penny, I just wanted to join a team and I wanted to start a company. So I ended up being partners with ’em after our first year cuz I earned it. Um, but I never asked for our paycheck after that, of course I started making money, but my thought process was, I’m gonna learn the business from ground up and then I’ll earn my keep. It’s kinda like the whole concept you give before you get

Bob Lachance:

Yeah.

David Richter:

And uh, obviously in this case it worked out because Pat offered me 50% of the company, uh, back in 2005. So that worked out that way. Um, but I think, it’s important, that’s another concept. I think you talk about this on your show too, is understanding, um, how to, before you get in our industry, people are at they look it that way.

Yeah. A lot of people are takers, that’s for sure.

Bob Lachance:

Yep,

David Richter:

Okay. So then along the way then, sounds like later on you got into the better financial habits and the systems and the processes so that when you read Pro first, maybe a little, you know, a few years ago or maybe, I don’t know, even recently, and then it would started to turn around or like, have you been profitable for a while and this just helped you ramp all that up? Or like, did it just give clarity? What helped you in the most?

Bob Lachance:

Yeah, you know what’s interesting? So for me, I’ve been profitable for a long time, um, just

David Richter:

yeah

Bob Lachance:

Cause I started so long ago. Um, but the Profit First and where that actually works is the individuals that work for me. So educating them on what Profit First means, like for me, I was implementing it. I was fortunate to be able to implement it, like we talked about, learn that from my father, learned that from my mentors, learn that from my business partners, things like that. But on this side of it, the great thing about Profit First is you could then give it to the individuals that work for you. So for instance, in this whole literally that the kind of the model I was just talking about, I’ve had these conversations with our guys in our office, they wanna start buying or Holden. I said, all right, cool. You’re gonna start buying Holden. Look at exactly what your household costs are.

David Richter:

Yeah.

Bob Lachance:

And look at your commissions, take a portion of that, put it over here and look at the average price per house in our area or per door. What is your down payment need if needed? And then so now they can run it backwards and figure out how many houses they can buy per month or per year.

David Richter:

Yeah, I like that a lot because

Bob Lachance:

Yep.

David Richter:

A lot of people don’t know those numbers, just to be able to say, what in the world do we need? So,

Bob Lachance:

right.

David Richter:

It’s a very good,

Bob Lachance:

And the great thing about profit versus is you could anchor back to a real, you know, a book a strategy, you know, show ’em online. It’s always good to be able to show them because then they’re like, oh, now I get it.

David Richter:

Right

Bob Lachance:

Rather than tell them.

David Richter:

Yeah, exactly. Okay, well then let’s switch to your VA business. So what do you see the most, you know, like what does a virtual assistant help with the most for real estate investors? Is it the time saving? Is it the, you know, processes, systems automation set up? Is it, you know, just taking off those $10 an hour tasks? Like what do you see now being in this world for a long time that one of the biggest benefits people getting from working with the virtual assistant?

Bob Lachance:

Yeah, I think number one, it’s taking time off their, you know, because everything, you know, time is limited. You know, a lot of us now, although we get, we start having families, you start, you know, you have spouses that wanna go on vacation, your phones, you know, we’re so connected with our phones that it’s sometimes it’s almost a curse, right? You’re on,

David Richter:

sure

Bob Lachance:

Vacation and you can’t hide. I mean, you can’t hide anymore. Think about this, oh, I got a hot deal, you know, we need an answer to this. You have someone in the office. Like, it doesn’t stop. It just keeps hammering. You got the social media that doesn’t stop all that kind of garbage that’s just,

David Richter:

Yeah.

Bob Lachance:

You know, thrown at us every day. So when you have a virtual assistant to help you out, it allows you to have time. And there’s so many different tasks in our business that need to get done on a consistent basis. And if they don’t get done, you’re gonna fall behind your competitor right down the street that is consistently doing these things. So it’s really important. You got obviously time freedom. You got, um, businesses that wanna scale or businesses wanna become more efficient. So those are the three things that I see, um, that are very beneficial by working with a virtual assistant.

David Richter:

Do you think, or do you have virtual assistants that close deals, or do you think that’s more of an in-house type thing?

Bob Lachance:

That’s a very good question. I would challenge anybody in this. If anybody is relying on a virtual assistant in different country to close your deals, you’ll be out of business soon.

David Richter:

Hmm.

Bob Lachance:

That’s not their role. Their role is either admin tasks or lead generation.

David Richter:

Yeah. Right.

Bob Lachance:

And there’s other tasks of course, inside there, but I’ve had a virtual assistant company for since 2014. I’ve tried every role, like every single role. And if I as a business owner are gonna, are going to rely on a virtual assistant to close my deals, I am gonna be, I’m not gonna be, um, I’m not gonna end up in the right side of being a successful business owner because this is our business. It’s my business. It’s, um, you know, there’s people in the office that are gonna be looking at me, going in every single day in the office and they’re gonna rely on their paycheck. And if I rely on somebody else to do that I don’t directly manage

David Richter:

mm-hmm. <affirmative>,

Bob Lachance:

Um, I just say shame on me on that side of it.

David Richter:

Okay. What do you think are some of the mistakes that people do when they first onboard with a virtual assistant?

Bob Lachance:

Uh, wrong expectations.

David Richter:

Mm-hmm. <affirmative>,

Bob Lachance:

I think, you know, you have to know exactly what role you want. For example, um, if I’m gonna bring on a virtual assistant because, um, let’s say I’m cold calling all day long, that’s gonna wear me out as a solopreneur or a business owner because we all know that phone work, consistent calling is gonna bring in consistent leads.

David Richter:

Yeah.

Bob Lachance:

So if I’m gonna take that off my plate and give it to a virtual assistant, now my expectations are I’m gonna have somebody calling either four hours a day or eight hours a day. That’s an expectation that, you know, if I’m gonna take that off my plate and give it to somebody, that is something that 100% I have to know that they’re gonna do. And then there’s end of day reports they could send in to make sure that you know, hey, how many dials, how many connects, how many leads did you send over? So it’s that simple, but it’s, as an entrepreneur, it’s being very clear on what you want that virtual assistant to do as per that task that you want and the end result.

David Richter:

Okay. That makes a lot of sense. Then the virtual assisted company, uh, if someone’s just getting started out, what would you say is one of the best roles to bring on, you know, right away that maybe a virtual assistant can handle?

Bob Lachance:

So it all depends on what your end, like we said, what is your end goal? Do you need leads? If it’s you need leads, then I would recommend that they cold call, they text message. Right?

David Richter:

Okay.

Bob Lachance:

Um, they take inbound calls from your direct mail or they take inbound calls or they, if you’re PPC and you have new leads, they could pre-screen ’em before they send ’em over to you. So if that’s lead generation or if it’s, guess what, you need branding and you need your face out there all the time. They can help with social media, they can help with posting, whether it’s LinkedIn, Facebook, Instagram. They can help with all that. Um, if you have a podcast as an example, I know you’re not, if you do a podcast, I’ve dealt with some clients that are new, uh, or newer, um, and they have podcasts. Guess what? There’s so much stuff. Once we do this podcast, there’s a whole list of stuff that

David Richter:

yeah

Bob Lachance:

Needs to be done

David Richter:

Right

Bob Lachance:

To cut up all of these and send ’em on social media to send them. Because obviously this is branding. What we’re doing right now is marketing and brand. It’s really branding and then it starts with the marketing side because people are attracted to what you offer. So there’s a laundry list of stuff that, um, virtual assistance do. Uh, within this podcast. Uh, if you’re a property manager, guess what, uh, if you’re a brand new property manager, there’s so many tasks on the property management side. You have tenants calling. If you’re managing for other clients, you have clients calling you. You have, uh, to make sure that all the properties are leased. You have tenant screening, you got leased renewals, you got a bunch of different stuff that happens within different niches of real estate.

David Richter:

Right? Yeah. That’s good stuff cuz that sounds like they can handle a lot of different aspects. So you just don’t want ’em closing the deals. So it sounds like

Bob Lachance:

Right, everything else that can be manager the that’s repeatable a VA would be a good fit for

And lead generation is different than closing a deal, right? Closing a

David Richter:

yeah

Bob Lachance:

Deal is, you know, you’re the final one that’s negotiating because think about this David, in any one of our businesses, you know, you may be dealing with a rehabber that’s a little different. Exit strategy, you gotta buy it a different number,

David Richter:

Right.

Bob Lachance:

You deal the wholesaler a little different number, whole tail cuz you’re gonna fund it out yourself and re-list it. There’s just little different nuances in within that bucket that I think that, you know, you and I can handle better on the closing side than somebody that is virtual my opinion.

David Richter:

Yeah. I would say that as well too. Awesome. Well, good stuff there. Just a few final questions then. This is more general. Since you’ve been in business for a while, what would you say has been one habit that has contributed to your success the most over the years?

Bob Lachance:

I think a habit of actually implementing and actually doing, instead of just over educating yourself, you have to implement. If you implement and you fail, you’re still moving forward. So what I mean by that is, you know, a lot of us take too much time analyzing stuff and don’t take enough time to take an action.

David Richter:

Yeah.

Bob Lachance:

You have to take action because if it doesn’t work the first time, it’ll work the second time. It doesn’t work the second time, it’ll work the third time. You just have to keep going and going and going. I think the action side of it’s extremely important for all of us entrepreneurs out there, no matter what industry you’re in.

David Richter:

Yeah. Yeah. Big time. How about the hardest lesson you’ve learned as a real estate investor?

Bob Lachance:

Hardest lesson is actually, um, and I was talking to at a podcast yesterday, mark de Latour, good buddy of ours. Uh, I know you know Mark very well and, um,

David Richter:

Yep.

Bob Lachance:

He asked me a similar question. I think it’s the shiny object syndrome.

David Richter:

Mm.

Bob Lachance:

It’s, there’s so much crap out there on the internet, right?

David Richter:

Yeah.

Bob Lachance:

That they’re selling you on the next best, best thing. Next best thing here, next best thing there. It’s staying focused. Um, you know, in our real estate business, even in our, my va side of my business, when we started being successful and we started focusing first on that one thing.

David Richter:

Yeah.

Bob Lachance:

Right? Instead of doing 900 things at once, you gotta get good at that one thing and you could always add on to that next thing. So if you’re looking at wholesale, guess what? Get really good at wholesale, which means you gotta get good at marketing, you’re good at marketing, the leads are gonna come in. If you know in a wholesale, then guess what, huh? If you have access to money, then you could buy that property and resell it if you have to. Or you could add in a construction team and start rehabbing. But you gotta get good first at that one thing before you add on, uh, other things.

David Richter:

Yeah. That is very true. So then just the last question here, since you’ve provided a lot of value here, there’s been a lot of good things. I mean, if you haven’t learned something from this episode, you need to go back and listen to it again. But what would you say is the best way to get ahold of you, either with a virtual assistant company or I don’t know if you’re looking for anything else?

Bob Lachance:

Yeah, I would say very simple. Um, check out, check us out on our website, which is revaglobal.com. Revaglobal.com. You can check us out. We’re on LinkedIn, we’re on Facebook, we’re on Instagram, we’re all over the place there. You can send me a direct email if you want. It’s bobrevaglobal.com. If you have any questions, I’d be, you know, and I can help you out more than, uh, more than happy to do that.

David Richter:

Good stuff. We use virtual assistants in our business and they are, you know, it is, uh, I’ve worked with one for eight years now, so I really enjoy, uh, working with them as well too. So, if you are a real estate investor and you’ve been listening to Bob and how he was, he got that, uh, the profit first message early, it sounds like his dad had that, that mindset and then now worrying about and implementing it more. If you need that in your business, go to simplecfo.com. We’d love to help you with our fractional CFO service. If we’re not the right fit, we’ll get you to someone good in the financial space cuz don’t want you losing anymore money, don’t want you doing more deals, thinking that’s gonna solve everything. I wanna make sure you have every dollar going and where it’s supposed to. Then if you listened here as well too, go to revaglobal.com. If you’re wanting the virtual assistant help, then thank you so much for being on here, Bob. Uh, it was a great episode. Uh, enjoyed having you on here today,

Bob Lachance:

David. Thanks for having me. Appreciate it.

David Richter:

Yeah, and remember, if you’re listening, make Profit a Habit in your Business.

Outro:

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 at simplecfo.com right now. We’ll see you next time on the Profit First for REI podcast with David Richter.

 

 

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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.