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Manufactured Houses and Million-Dollar Dreams: Navigating the Rollercoaster of Real Estate

Title: “Manufactured Houses and Million-Dollar Dreams: Navigating the Rollercoaster of Real Estate”

Episode: 213

On this episode of Profit First for REI podcast, we have Brandon Richards. He has been in real estate for nine years, focusing on wholesaling and manufactured housing.

He talks about the lessons he learned on his investing journey, the quickest route to success, and his semi-traditional way of real estate investing.

Listen as he talks about these topics and more about wholesaling and manufactured housing. Enjoy the show!

Key Takeaways:

[00:54] Introducing Brandon Richards

[02:50] Brandon’s favorite exit strategy

[05:05] Starting their real estate journey

[06:50] The ups and downs of real estate

[08:20] Why do lots of real investors live deal to deal?

[11:49] Not the typical wholesaling

[18:24] Hardest lesson as a real estate investor

[23:46] The quickest route to success

[25:55] Connect with Brandon Richards

Quotes:

[05:28] “We knew we wanted to get into real estate, but we didn’t know what it looked like.”

[18:33] “I had a good amount of equity. I had decent cash flow, but I chose the wrong areas. They are in tertiary markets.”

[24:13] “What makes real estate easier for me is having access to private money.”

Connect with Brandon:

Website: https://www.instagram.com/fearlesspursuitoffreedom/ 

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):

Getting directly into the cash flowing aspect of it. Yeah, I mean, you can make a million dollars a year wholesaling houses, easy peasy, but now you’re paying $350,000 in taxes and you got a nice bank account. But if you stop working and you get hurt or injured, whatever, then that stops.

Speaker 2 (00:21):

It all goes away.

Speaker 1 (00:23):

Yeah. Cash flow.

Speaker 3 (00:26):

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 2 (00:53):

Hey, we’ve got Brandon Richards on the Profit first, REI podcast today. Talks about some good first steps, no matter if you’re down the road, real estate investing or if you’re just starting out of what he wishes he would’ve done. Some lessons learned along the way. He literally talks about a story about a dumpster fire, just trying to help you make more money, spend it in the right place and keep more of what you’re making. So he definitely helps you with some of those first steps and gives you a different perspective, even if you’re in the trenches, a different exit strategy that I don’t think a lot of people are doing that you might want to add to it. So enjoy the episode. Brandon Richards, excited to have you on the podcast today here. I’m looking forward to diving into this. I got your biography. I’ve been on your thing in the past on your podcast, so I’m excited to go into this because a lot of people respect you in this space, and we’re a part of a lot of the same networks and groups, so thanks for being on the show today.

Speaker 1 (01:44):

No, I appreciate it. Thanks for the invite.

Speaker 2 (01:46):

Yeah, yeah, for sure. So, okay, let’s dive into this real estate investor. You’re a lot of the people that I know in the space that we know in the space. So just tell a little bit about your background. So if people don’t know you or have never listened to your podcast, so that way they can get to know where you are.

Speaker 1 (02:03):

So my wife and I, we’ve been in real estate for about nine years. We got into it semi traditional way. We knew that real estate is where we wanted to go. It’s how most millionaires have made their wealth or they put money in real estate, one or the other. But so we knew real estate was the avenue. I went the realtor route, then I went the wholesale and then flipping, and then now we’re kind of doing a little bit of all of it, kind of a hectic mess, but currently we’re concentrating on a lot of wholesaling and I placed manufactured houses, double wides on land.

Speaker 2 (02:44):

Cool. What would you say is your favorite exit strategy that you’ve done over the years?

Speaker 1 (02:51):

Probably the manufactured houses, the new ones, just because it’s very strategic and there’s no unknowns that can’t be really dialed into a procedure versus a flip. You pull out a wall, you never know what you’re going to find. But on these manufactured houses, it’s pretty straightforward. Yeah.

Speaker 2 (03:17):

And are you building those, did you say? Or what are you doing with the manufacturer or are you just finding them, buying them and then renovating ’em?

Speaker 1 (03:24):

No, so the manufactured houses are ordered from separate manufacturers. We’ve ordered from Clayton, Avco, Schulte, a couple of them. But yeah, we order ’em for the manufacturer. So I’ll buy a piece of land, either raw land or one that has a property on it that isn’t livable and I’ll tear it down and then we put the new one on there.

Speaker 2 (03:47):

Okay. So then you said that’s one of your main exit exit strategies today, correct.

Speaker 1 (03:53):

That, yeah. Main and not necessarily fun, but favorite, I guess. There’s typically more profit in it, and like I said, there’s no unknowns. Yeah. Predictability. Yeah, it’s easy. Yeah.

Speaker 2 (04:08):

Yeah. Awesome. And then where are you now? What locations? In case people are near you?

Speaker 1 (04:14):

Yeah, Flagstaff, Arizona, Northern Arizona where we get snow. So right now I think it’s like 40 something degrees, but this morning it was 23 when I woke up.

Speaker 2 (04:26):

Wow. You don’t think about that.

Speaker 1 (04:28):

Yeah, that’s why I mentioned it.

Speaker 2 (04:29):

Right. Is that typical for where you live

Speaker 1 (04:33):

In the winter time? Yeah, we’re at 7,000 feet up here, elevation. Ah, okay. Yeah, so we’re in the largest standup Ponderosa Pines in the United States, and we just got one giant mountain and yeah.

Speaker 2 (04:48):

Okay, there you go. Well then you said you got into real estate nine years ago with your spouse and it was a traditional route. What made you guys even go down? You said you want to do real estate, did you hear it somewhere? Did you read the Purple book like Rich Dad Porto, what you push down that road?

Speaker 1 (05:06):

Yeah, I’ll to think about it. So I did read the book. So when I first got into it, me and my buddy were doing similar things. He owned a glass shop, I owned a carpet cleaning franchise, and we were just solopreneurs doing, doing the nine to five basically, but working for ourselves. And we knew we wanted to get in real estate, but we didn’t know what that looked like. And I was living at Flagstaff at the time and just going through a divorce. And so when I moved away I must’ve been on BiggerPockets and saw something about wholesaling and I was like, well, what the hell is that? Yeah, no money in flipping houses. So that’s the avenue I wanted to approach at that time. So we moved to Texas. I moved in with my girlfriend and I brought my two kids with me. We lived off of her teacher salary for a while, probably over a year before I even got one realtor transaction going. And it was probably, I dunno, a year and a half before I had my first wholesale and really found out that real estate was what I wanted to pursue longterm.

Speaker 2 (06:22):

So then you stuck with, it seems like it’s panned out for you that you’re still in the real estate game now. You’ve got

Speaker 1 (06:27):

Helping.

Speaker 2 (06:28):

Yeah,

Speaker 1 (06:28):

Yeah, just like everybody else, there’s been a roller coaster months and years. But yeah, it’s been great.

Speaker 2 (06:34):

Okay. Yeah, I hear that a lot, right in the real estate space, the rollercoaster up and downs. So then let’s talk a little bit about that, if you don’t mind. The rollercoaster up and down during that time, did you ever want to get out of real estate during the months that were pretty low?

Speaker 1 (06:52):

You cut out for a second there, but you said, did I ever think about backing out or getting

Speaker 2 (06:57):

Out of it? Yeah, getting out of real estate,

Speaker 1 (07:01):

No, because I haven’t had a job since I was 24 ish, 23 maybe. So it’s been about 13, 14 years and I don’t know that I could do it, honestly. I’ve just been solo out here on my own for so long that I just don’t know if I could do it, but I didn’t really have a backup option, so I never really took it seriously even though I was like, crap, I might have to get a job.

Speaker 2 (07:30):

Okay. No, I just wondered because a lot of people go through those ups and downs. Some people it’s like, oh man, do I even want to stay in it? So then around what time did you read the book Prophet First?

Speaker 1 (07:44):

It was about the time you did a podcast. So that was probably four years ago roughly.

Speaker 2 (07:49):

Okay.

Speaker 1 (07:50):

Yeah. Awesome. So it’s been a while. I need to jump back into that. I was going

Speaker 2 (07:53):

To say jump back into it.

Speaker 1 (07:55):

I think I have it right. It’s right here somewhere, but yeah, I need to read it again,

Speaker 2 (08:00):

Right? Yeah, I think a lot of people do in this day and age or this climate in the real

Speaker 1 (08:05):

Estate, especially now. Yeah, yeah,

Speaker 2 (08:07):

Right. The sun’s shining. It’s easy to make the money when it’s not, where are you going to get it? Right. So then let’s talk about that. Why do you think a lot of real estate investors live deal to deal?

Speaker 1 (08:21):

I think it’s many things. I think one of the primary driving factors is marketing and consistent sometimes as when you’re doing all of it as taking intake calls, you’re doing appointments, you’re managing the rehabs, you’re also the guy sending out the letters. When you’ve got a deal or two underway, you kind of pull off a throttle and you pull back on your marketing or you forget your marketing or you delay it a few weeks because you’re too busy and then the cycle lets off and the deal flows slows down.

Speaker 2 (09:01):

So it’s that consistency. So consistency in marketing, consistency in everything to get it up and running. So is that why you like doing the manufactured home because it can have more consistency that predictability and able to not have those surprises as much?

Speaker 1 (09:17):

Yeah, and I don’t have to hire licensed plumbers, electricians. That makes sense. So I just pull building permits. The setup guys are licensed setup, they marry, the two have together, they connect the two electrical sides together, the HVAC and the plumbing, and then my ground crew who does my pad will tap in my sewage and everything on the outside. So I don’t ever have to go searching for new contractors. It’s just these three people that go there.

Speaker 2 (09:51):

That makes it a lot easier. So then what about the acquisition? It’s like obviously you just order the manufactured home, but you have to have someplace to put it. Is that the marketing to try and find a place to put the manufactured home or what would you say is the consistency on that front?

Speaker 1 (10:09):

Yeah, so I’m just looking for land or crappy houses. So the ones I know that need to be torn down, they’re just the old school driving for dollars. So if it looks like I can get it for a dollar amount that is worth tearing it down, then they’ll get a letter. But outside of that, it’s just Poland County records for all raw land and mailing it.

Speaker 2 (10:28):

Okay. So it’s raw land. Is it, I guess to put a manufactured home on, is it sometimes always rural areas or is it sometimes in suburban areas or what would you say for that?

Speaker 1 (10:40):

My first one was out in a rural areas north of Williams, close to the Grand Canyon, and it was on an acre, and that one was rural enough to where it only had a PS power, it had no water or sewage. So we had to put in a cistern tank for water and they bring in their water and fill it up, or you could hire a company and a septic system. So we had to put in a fairly expensive septic system there.

Speaker 2 (11:09):

But typically are they in rural places like that or can you put ’em wherever you tear down if you’re driving for dollars, where do you drive for dollars in the city or type thing?

Speaker 1 (11:20):

It’s zoning.

Speaker 2 (11:21):

Okay.

Speaker 1 (11:22):

Yeah, it has to be for it. Yeah, so we have areas that are single family only, they won’t allow manufactured, and then there’s zoning that allows for both. And then there’s zoning that only allows for manufactured. So just paying attention to the zoning.

Speaker 2 (11:36):

Paying attention to the zoning, yeah. Okay. So then you do the manufactured homes and you do wholesaling as well too. So is the wholesaling just typical single family

Speaker 1 (11:47):

Residences? Kind of semi typical? So again, I’m still finding land. My buddy’s an infill developer. He builds brand new spec homes, so I find all of his land for him. I’m also the broker on the sales side, but I say not typical wholesaling because I have wholesale hotels, motels, storage facilities, warehouses, mobile home parks, quite a bit of different things.

Speaker 2 (12:18):

Do you target those things or do they come in just when you blast a list out and you’re just trying to get marketing and leads in the door?

Speaker 1 (12:26):

Nope, I target ’em.

Speaker 2 (12:28):

Okay. So you like doing the not specific single family houses or just not targeting those two?

Speaker 1 (12:35):

Yeah, the single family has gotten to a point where I’ve just about seen it all. I’m sure I’ll run into more things, dozens of things in the future, but there’s nothing that’s not ultra unpredictable at this point for me. So it’s gotten kind of boring and it’s easy to get done with the crew that I have. And so you’re aware I joined investor fuel cashflow, so my goal moving forward is to get into larger commercial deals and multifamily deals, and the easiest way to do that is for me anyways, I feel like is just to force the incoming calls and figure out if it’s something that I can pull off or wholesale.

Speaker 2 (13:11):

Okay. So then now when you target wholesale, is it mainly those weird type of deals that you’re going after? The hotels, motels, the storage facilities?

Speaker 1 (13:24):

It’s about 70% single family right now. If I’m thinking about my actual direct mail to 30% commercial assets, anything from again, storage family or storage apartments and mobile parks primarily.

Speaker 2 (13:38):

Okay. Then do you see wholesaling those as easier or harder, better profit, like doing the commercial type I guess versus single family?

Speaker 1 (13:50):

I don’t think it’s any easier or harder. It’s pretty similar in my opinion, but it is more money on the wholesale side and they’re kind of fun. Yeah, they’re kind of fun. I like it. For

Speaker 2 (14:01):

Those types of deals that aren’t the typical single family, is it mainly assignment or double close when you wholesale?

Speaker 1 (14:09):

I’m wholesaling those. So assignments of contracts versus double

Speaker 2 (14:12):

Closing versus double closing. I was wondering too, I know that all depends on your area sometimes and the title companies and that, but I’m wondering if you’re actually assigning the contract or if you had to double close on some

Speaker 1 (14:25):

Of the Yeah, it’s all been assignments and mostly because again, it’s my buddy that I’m assigning to the ones that I’ve done, so it’s somebody I can trust and it’s easy. If I were to find a new buyer, then I would probably double close until I gained that relationship.

Speaker 2 (14:44):

I was going to say, if someone’s out there, it sounds like number one, find a buddy like that

(14:50):

Bring the deals too, like reverse wholesaling where you’re just finding the deals and then bringing it to him and assigning it. But if you were to find a new buyer, you’d probably have to double close it until you built that trust factor. Okay. No, that’s cool. So I think that’s something if you’re listening to that you could take away from right there. I kind of like that too. Would you say that’s the same thing on the single family side? Would you have to double close for a lot of ’em until you assign, or is it easier to just assign for you?

Speaker 1 (15:20):

Sort of. A lot of wholesalers will mitigate that potential risk with requiring a non-refundable earnest money or down payment or whatever they want to call it. So they’ll make ’em put five or $7,000 in title unless something in title search arises to mitigate that type of risk.

Speaker 2 (15:39):

Okay, that makes a lot of sense. And then from there, it’s getting the money closed, then going out, doing it again, but it sounds like you as an investor are trying to get more consistency of like, Hey, this is the rentals or commercial deals, or that type of thing, because what are you wanting the consistent cashflow or becoming an investor? Why the change from the manufactured wholesale and now you’ve enjoying this mastermind group, just wanting the thought process behind it?

Speaker 1 (16:08):

Yeah, it’s definitely cashflow driven. When I moved to Texas and I got it all started, I bought some apartments out there. I had some storage, I had a couple of duplexes, a few single families, and when I moved, I found that for me, fairly burdensome to manage and they weren’t great assets either, so I didn’t envision keeping them long-term to begin with. So I sold those and I’m just looking to get back into it now that I’m back out here.

Speaker 2 (16:38):

Okay, that makes sense. So it’s like something new then getting back into it, want the consistent cashflow.

Speaker 1 (16:45):

Yeah. Yeah. We’re in a tricky market because up here we’re selling duplexes for 1.1, 1.3 million. It’s stupid. Yeah. Yeah, it’s

Speaker 2 (16:57):

Pretty, I mean, is there a market for that? It sounds like up there for the duplexes, usually an investor buyer and not a owner occupant. So is that why you say you’re in kind of a different market, like

Speaker 1 (17:09):

We’re able to

Speaker 2 (17:10):

Sell these duplexes for a lot?

Speaker 1 (17:12):

Yeah, it’s crazy expensive. So the cap rates don’t work, and especially with the interest rates, it doesn’t pencil out either way. So I’m looking outside of our area right now.

Speaker 2 (17:23):

Okay, yeah, that makes sense. Very cool. Well, you’ve got quite the wide experience there. And then you originally said you jumped into it with your wife. Did she involve today in the business still?

Speaker 1 (17:36):

Kind of. So in the beginning it was bandit signs, like old school newbie wholesale stuff, bandit signs. We were putting out bandit signs together. We were handwriting all of our letters together. And then finally we got out of the ban of signs and then we found a mail place to send our mail out for us. So now she does just our bookkeeping essentially.

Speaker 2 (17:56):

Okay, cool. So she’s still tied to it, but now it’s more of just Well, she sees the important stuff, she sees the money flowing

Speaker 1 (18:02):

Through the Yeah, she’s making sure I’m not buying too much things or, yeah,

Speaker 2 (18:07):

Yeah, yeah. No, that’s good. That’s good. I like that. Well, then you’ve been in real estate for a while now. You’ve done a lot of different types of deals and seeing that as results, what would you say has been, I dunno, maybe the hardest lesson you’ve learned as a real estate investor?

Speaker 1 (18:24):

Man, probably, probably all those rentals I had back in Texas really? And those were bought, right? I had a good amount of equity. I had decent cashflow, but I chose the wrong areas. They were in, what do they call ’em, tertiary markets. So it was pretty far outside of Dallas. There’s the main city of DFW, and then there’s outlying cities where I lived, and then there was outlying city where I bought the stuff. And man, it was just, I don’t want, without being rude, just it wasn’t the right market for me. It was hard to get a tenant that would pay on time. We had a lot of older people, a lot of drugged up people. So we had three deaths while I owned it. We had somebody set my dumpster on fire. It was a nightmare. It had a giant cold tree.

Speaker 2 (19:23):

It was literally a dumpster fire.

Speaker 1 (19:24):

Yeah, yeah. It was a drug deal gone bad. Somebody put a mattress out there, and then on my camera, I see this drug deal going on at night and the cops show up. They figured out on his way out, he lights the mattress and burns the whole dumpster down. It was pretty dumb.

Speaker 2 (19:43):

So you’ve learned the location and the type of people that you want in your rentals now, and that’s probably made a decision on where you’re going today. Do you own any rentals today or any of those? No. Don’t own those anymore?

Speaker 1 (19:58):

No. So those ones started at, when I took it over, the rents were four 50 month to month, and I got ’em up to six 50, some of ’em, 700 a month. So I was able to bring the income up, but it’s still just, just not good tenants and it probably a screening issue. So I didn’t train my manager very well. So there’s a lot of things that were definitely placed on me, but yeah, it came down to bad area too.

Speaker 2 (20:24):

Yeah, it sounds like I used to live in northwest Indiana. It sounds like Gary, Indiana rents where

Speaker 1 (20:31):

Could happen. Yeah, I’ve been to

Speaker 2 (20:32):

Gary a month and six 50 a month and that type of thing, so sounds like that type of area. But yeah, it’s all about getting the right person in the place. Sometimes a bad tenant is worse than no tenant and nothing coming in, especially if they’re whitening dumpster on fire or drug deals going down and all that stuff. So

Speaker 1 (20:52):

Yeah, it was crazy. Yeah, there’s all kinds of stories in that one. I was going to

Speaker 2 (20:56):

Say, we could probably just tell stories the whole time here.

Speaker 1 (20:59):

It actually burned down this year. Half of it burned down. The current owner when they bought it, I don’t know what happened. I don’t know the story, but it’s currently on Facebook marketplace as a wholesale, they’re trying to find a buyer and I don’t know what the situation is, but they haven’t bothered trying to fix it up. So I don’t know if they scammed the insurance or I don’t know. But it’s still half burnt down a year later. Yeah.

Speaker 2 (21:23):

Wow. Now they’re probably trying to pay someone to just take it off their hands,

Speaker 1 (21:28):

That type for half of what they paid me for. Yeah.

Speaker 2 (21:31):

Oh wow. Yep. Fun stuff. Yeah. Okay. So then leads into this question. If you started your business over from scratch again today, is there anything different you would do or anything you’d put in place or systems or I don’t know, what would you do different? Starting all over?

Speaker 1 (21:50):

I don’t know. My mind went straight to, I would go straight into wholesaling if I was starting over. My assumption is that I was broke as well. So wholesalers would be where I would go.

Speaker 2 (22:04):

ATM up and running.

Speaker 1 (22:08):

I don’t think the way I started was wrong or a negative thing, but it’s not necessary. You don’t have to clearly have your license. It’s not necessary, although it’s benefited me over the years to be able to have a supplemental type of income when things did slow down on the wholesale flipping side. So that’s been nice. Yeah.

Speaker 2 (22:31):

Awesome. So that’s what you would do. You’d go into wholesale, you then have the supplemental income, probably buy rentals in a better area if you’re going to go into rentals again, start somewhere there then. Okay. Then any other advice that you would give someone who’s, let’s do two people, person who’s getting into real estate and then the person who’s already in real estate, been in it for a while. Would you give it the same set of advice or would you give different advice for someone who’s either new or down the road?

Speaker 1 (23:00):

Yeah, it’d be probably the same advice that I’m working on giving myself right now is getting directly into the cash flowing aspect of it. Yeah. I mean, you can make a million dollars a year. Wholesaling houses, easy peasy, but now you’re paying $350,000 in taxes and you got a nice bank account. But if you stop working and you get hurt or injured, whatever, then that stops.

Speaker 2 (23:26):

It all goes away.

Speaker 1 (23:27):

Yeah. Cashflow. The

Speaker 2 (23:28):

Cashflow, the recurring revenue. Getting into that, where would you say someone would need to start to go down that road? Would it be a book, a mastermind, a meetup, just go out and do a deal? Where would you say, in your opinion, the best way, the quickest path to action to make that happen?

Speaker 1 (23:48):

That one is tough. So the route I took was, man, I learned a lot on BiggerPockets back when it was not so much of a pitch fest in there, YouTube, and then it was a lot of networking and being around the right people. But nowadays there’s a lot of really good books that can be found for wholesaling. But on top of all of that, I’ve found that the easiest, well, what makes real estate easier for me is having access to private money. So if you can build those relationships early on, then it makes the scaling a little bit easier so you can do the whole bur method.

Speaker 2 (24:27):

That makes sense

Speaker 1 (24:28):

To get into that. Yeah, makes sense.

Speaker 2 (24:29):

So finding private money, do you have a favorite source? Is this friends and family? Is this going to a meetup? Is this joining something? I don’t know. Where would you say the first step is there?

Speaker 1 (24:39):

Yeah, I was never around money, so nobody in my family has a tremendous amount of money, although that’s a good source for a lot of people I do know, but it’s going to be networking. Awesome events, masterminds, if you can get into ’em. Yeah, that’s mostly networking. Yeah.

Speaker 2 (24:59):

Well, there we go. There’s the first places to go, but awesome. I just want to get your opinion in the trenches. You’re doing it day in, day out. A lot of people listening are either wanting to get into it or they’re in it and it’s like, okay, what experience from what you have and they glean from. So I think this is really good. Number one, think about cashflowing assets, and if you’re just starting over again, wholesaling, getting the ATM and the money up and running, so you can pour it into cashflowing assets and then networking. Go out there, find the people. You’re going to always need money in the real estate investing arena. So make sure you have the private lenders and I love that. It’s like either Masterminds or network meetup.com or this through your local. That’s a good place to start as well too. So this, it’s been really good. I want to make sure that if people want to follow you or you get in touch with you or whatever you might need, if you’re looking for private lenders or whatever, how do people get ahold of you?

Speaker 1 (25:54):

I wish I had a website, but I do not. So probably the best place right now would be my Facebook. I’m pretty active on there. And Instagram, if you’re on Instagram, I’ve transitioned my Instagram from personal to mostly business right now.

Speaker 2 (26:11):

What’s the handle? You’ve got a handle for Instagram, do you know it off the top of your

Speaker 1 (26:14):

Head? Fearless Pursuit of Freedom. No. Fearless Pursuit of Freedom. Yeah, like my podcast. Yeah.

Speaker 2 (26:20):

Awesome. And then you’ve got the podcast too, and that’s the name of it. Give it one more time for people.

Speaker 1 (26:25):

Yeah, it’s the Fearless Pursuit of Freedom podcast.

Speaker 2 (26:28):

Is that on everything? They can just it Apple, Spotify, all this stuff that people a podcast on. Very cool. Well, there you go. Well, if you like Brandon here, go check him out there. If you want to get in touch with him, that’s how to get in touch with him. Then he’s got his podcast as well, which is great. And I just want to make sure, if you’re listening to this and you’re making money and feeling broke, make sure head over to simple cfo.com. I want to make sure you’re keeping more of what you’re making, because I think Brandon gave you a lot of good first steps of how to make money and what are the best things from his experience of to stay away from and to get into and what to be thinking about. So just want to pair that yin and yang there. Head over to simple cfo.com. Remember to make profit a habit in your business, not just an event you’re looking forward to in the future. So Brandon, thank you so much for providing the value here and for being a great guest on the Profit First RI podcast.

Speaker 1 (27:19):

Appreciate it. Thank you.

Speaker 3 (27:21):

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.

 




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.