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Real Estate Success: From Engineering to Real Estate Financial Savvy

Title: “Real Estate Success: From Engineering to Real Estate Financial Savvy”

Episode: 201

In this episode of Profit First for REI podcast, we have Ted Manahan. Ted is an engineering graduate turned real estate investor in the Bay Area in California.

He talks about the money mindset that hindered him from growing his business and how he overcame it. Ted also talks about how his significant other has gained from Profit First and shares some great culture on the road to financial freedom.

Listen and enjoy the show!

Key Takeaways:

[00:41] Introducing Ted Manahan

[07:02] The Saver Mindset

[09:30] How the “Scarcity Mindset” hindered Ted

[14:42] Finding and Treating Employees

[18:33] Protecting the culture inside the company

[22:19] Ted’s book recommendation

[25:33] Talking more about his business

[31:09] Connect with Ted Manahan


Quotes:

[07:54] “I was always saving money, always. For me it was freedom, it was to get away from a situation that was not ideal.”

[13:27] “You have to standardized process. As you do the process, you are going to learn how to do it better.”

[17:23] “Once they are there in your company, train them. Give them the tools. Give them ownership.”

Connect with Ted:

Website: https://www.bayhomebuyers.com/ 

Tired of living deal to deal? 

If you are a real estate investor or business owner who is tired of living deal to deal and want to double your profits, head over here to book your no-obligation discovery call with me. Either myself or someone from my team will hop on a short call with you to get clear on your business goals, remove any obstacles holding you back, and map out a game plan to help you finally start keeping more of the money you work so hard to make. – David

Transcript:

Speaker 1 (00:00):

Instead of having the anxiety of everything needs to be perfect right out the gate, all you have to do is get it good enough for you to be comfortable doing it or hand it off to somebody else and then continue to improve it as you go.

Speaker 2 (00:14):

If you’re a real estate investor who’s sick and tired of living deal to deal, then welcome home. Hear from everyday real estate investors just like you, and discover how they’ve completely transformed their business by taking a profit First approach. This is the Profit first for R e I podcast, where we believe revenue is vanity. Profit is sanity. It’s time to start making profit a habit in your business. So here’s your host, David Richter.

Speaker 3 (00:41):

We have Ted Manhan on today who is a real estate investor in the Bay Area in California, and he talks about the money mindsets that hindered him from growing his business and how he overcame those. But then he also talks about how his significant other has profited from Profit First, but then he talks about also the culture, how he’s built a great culture, how he maintains it, and some of the things along the way. Books and resources too. This is packed with real information that you can put inside your business. Thank you for listening. I appreciate you and enjoy the episode. Hey everyone, it is David Richter of the Profit First r I podcast here with Ted Manahan today. Super excited because he is someone that likes the Profit First Methodology is a real estate investor. He is out in the Bay Area too and doing some Flips rehabs. He’s done that wholesaling out there. He’s a real estate investor, so if you’re listening to this as a real estate investor, he is one of you. So excited to have Ted on the podcast. Thanks for being here today.

Speaker 1 (01:36):

Thanks so much, David. Excited to be

Speaker 3 (01:37):

Here. Yeah. Ted, for someone who doesn’t know you from a post, give a little bit of your background, what got you into real estate and what have you done?

Speaker 1 (01:47):

Sure. My background is engineering. I grew up in the Cincinnati area and went to the University of Kentucky to get my mechanical engineering degree.

Speaker 3 (01:57):

I

Speaker 1 (01:57):

Worked for Toyota shortly after that where they taught me all of their world-class business and manufacturing policies, how you train your people, how you treat your people, hiring and of course manufacturing processes and everything as well. They’re very big on culture. In 2009, I took a buyout during the financial crisis while the auto industry was shrinking and I moved out to San Francisco with my then wife for her career. We didn’t work out of course, and then I decided to stay in the bay and got into real estate investing. I dabbled in it to start. I went into the solar industry for a while, built out my project management skills, my additional people skills, because as an engineer, none of that came naturally to me. So working for others and having the W two and all of that, it was just never for me. I always wanted to improve things.

(02:56):

I always wanted to take on more responsibilities and make my work environment and my projects better. And not everybody in my teams have the same perspective, or even my bosses sometimes. I had great bosses too, but everybody’s had a bad boss too. In 2017, I had saved up enough capital that I could walk away and I had plenty of runway to start my business. And so first thing I did is I had been listening to podcasts like this and other things like there was a guy in, it doesn’t matter who it was, but there was a guy in Florida. I consumed it, a lot of his material. And then when I moved out to California, I started going to the networking events as well. After I left my, well, I had started going to them before I left my job, but once I got to the point where I realized this is real, you can do it, other people are doing it, I just had to try it.

(03:52):

So I started doing direct mail as what I first started doing. I did it really poorly, wasted a bunch of money, but it was experience and it got me talking to sellers and getting used to that. And then I started doing a whole lot of dragon for dollars. I realized that spending money on direct mail wasn’t going to be sustainable. So I picked a neighborhood here in the bay, a city here in the bay, and literally drove up and down the street and tracked everywhere that I went with an app to show where I had been covered every single inch of that city and San Leandro as the city and door knocked and looked at the houses and got used to evaluating, identifying signs of vacancy or disrepair and got used to knocking on the doors, knocking on the neighbor’s doors, putting out hangers, all that kind of stuff. I then also transitioned to doing ringless voicemails to real estate agents to find off market deals. This was before clear communication or clear cooperation or whatever it is. So off-market deals became more difficult to find through agents, but some people are still doing it. And then hit my first two big deals a full two years after I left my job actually.

Speaker 4 (05:04):

Oh,

Speaker 1 (05:04):

Wow. Yeah, and those were both wholesale deals. One came from an agent, it was a scenario where the sellers had a house. Their mother was going into assisted care. She was in her nineties. Their brother, adult son of the mother was in his early sixties, late fifties, I’m want to say, was still living in the house and he didn’t want to leave and to the point where he didn’t want to leave the bedroom. So they only had a two or three hour open house window. I was the only investor that went the house, couldn’t qualify for a traditional loan. I brought in my offer about 90,000 under asking, and they accepted it and it was already at a good price. And then because I was so green, I partnered with somebody with more experience, one of my mentors that ran one of the clubs I really liked, and we made $200,000 on that deal.

Speaker 4 (05:52):

Wow.

Speaker 1 (05:53):

A couple months later, one of the direct mail pieces, a different direct mail, a couple of years later than the first one I did, got to an agent and she had a listing that was coming. They lived in Idaho out of state, and they wanted to sell the property as is quickly, and the money was going into an education fund for the grandkids, and they already had all of their retirement and everything set up and ended up making $300,000 on that. And so now I split with partners. Right. I did not

Speaker 3 (06:23):

Take

Speaker 1 (06:23):

Half a million dollars home that year, but it was great proof of concept. And then the following year I just kept going and yeah, I started doing some rehabs and I’m still actively marketing all over the bay. I’ve built out a team at this point of VAs and I love this business. Really? I do.

Speaker 3 (06:41):

That’s awesome. So you said something that I want to focus on. You saved enough to walk away and invest in this business. Where do you think most people don’t save? They just spend everything they make. So where did you get that mindset? Have you always been a saver or was it like you said you’ve listened to podcasts? I don’t know. I’m just wondering where you picked that up to be able to save throughout your professional career.

Speaker 1 (07:05):

For sure. It’s definitely something we didn’t have money growing up, right? That’s where it comes from. My dad was a teacher. My mom didn’t work. My stepmother was a substitute teacher. I was the fourth of four, and we just didn’t have a lot of money, so there was always stress about money, never went out to eat the cars. Cars would get repaired more times than they should have been when they should have been replaced, that kind of thing. Air conditioner breaking down every summer. So I grew up in that kind of thing. I started working at 15. My first job was doing the drive-through and then the grill at McDonald’s, and I worked since then and including through college, waiting tables, through engineering school, and I was just always saving money, always. And because for me it was freedom. It was to get away from a home situation that was not ideal we’ll say. And once I got into college, my dad did hope me financially with tuition somewhat, and then I did also have some scholarships and then worked as well. And in college I bought my own car, paid cash for it, a Corolla, and I drove that car for close to 20 years.

(08:21):

And that was after including working for Toyota. So I bought a used Corolla,

Speaker 3 (08:26):

Went

Speaker 1 (08:27):

To work for Toyota after that, had the option of getting a discounted vehicle, whether another Toyota, whatever, but I never upgraded. I had an engineering salary and everything like that and benefits, but I had such a scarcity mindset surrounding money that I was just saving, saving, saving always. So that’s where it came from. But in terms of people who aren’t big savers, I would encourage you to get a control of your finances first and foremost, which is what’s so great about Profit first. It’s all about putting your money into these different accounts and distributing them deliberately, right?

Speaker 3 (09:05):

Yeah.

Speaker 1 (09:05):

So I would consider if a listener here is wondering how do I start saving or do I really need to save? Being debt-free is the best possible feeling you can have financially.

Speaker 3 (09:19):

That’s

Speaker 1 (09:19):

All I’ll say.

Speaker 3 (09:21):

So it sounds like saving the money has helped you a lot. You also said it’s some of the scarcity around money too. How has that ever been a hindrance to you, that mindset?

Speaker 1 (09:31):

Sure. Good. Excellent question. So yeah, I mean when I first started out the business and when I was still W two and everything, it was all about getting the cheapest stuff, go to the affordable grocery store and buy crap because crap is cheap. Continue to drive my Corolla for 20 years. Literally I bought it and had it for 19 years before I sold it or donated. I

Speaker 3 (09:58):

Didn’t

Speaker 1 (09:58):

Even sell it. I donated it to K Q E. And yeah, the scarcity mindset really held me back when I needed to grow my business and I just did not have the resources for myself that I really needed.

Speaker 3 (10:16):

And

Speaker 1 (10:17):

A big turning point was actually buying a high quality pair of shoes, actually. Really? That’s awesome. Really? Yeah. So I was getting older and I was starting to have some hip and ankle issues kind of

Speaker 3 (10:32):

Thing.

Speaker 1 (10:33):

And so a buddy of mine recommended I go to a shoe store here in the city. They give you an analysis, they give you good shoes, and I ended up paying $250 on a pair of shoes that I never had before. And my quality of life really improved. And I had this realization that spending money on myself to bolster myself, whether it’s the education or fitness or food, whatever, or computer, geez. I mean, I had a piece of crap computer, I had to have lost deals from it,

Speaker 3 (11:02):

You

Speaker 1 (11:02):

Know what I mean?

Speaker 3 (11:03):

I had

Speaker 1 (11:04):

To have lost deals because my computer would crap out in the middle of phone calls and I had a cheap phone

Speaker 3 (11:09):

That would

Speaker 1 (11:09):

Crap out during phone calls. I had a cheap cell phone service that would drop during phone calls. So getting yourself a don’t go splurge before you can actually afford it, but get yourself something decent to make your business run well. So

Speaker 3 (11:22):

New phone,

Speaker 1 (11:22):

New computer, new internet, it all started with a good pair of shoes. And once I had those resources set up for myself, I was able to relax and instead of having anxiety about something going wrong, technically I got to focus on the anxiety of getting better at talking to sellers. And then that dissipates over time getting used to it.

Speaker 3 (11:44):

That’s really good. The focus on the higher priorities, the things that actually help you get to where you want be now you have to worry about something crapping out right in the middle of a call now is more like you said, I got to focus on, okay, I’ve got anxiety around sellers. I just got to get this nailed down and now I don’t have to add anxieties to anxieties of like, oh, shoot, I have to worry about talking to them and this stuff not working. I thought that was really good. You also said something too, Toyota helped you on culture and team building. Do you think that’s helped you with your real estate investing business? Oh

Speaker 1 (12:20):

Yeah. Oh yeah. Big time. Talk about that, please. Yes, of course. A handful of reasons. So one, number one, Toyota, I could tell you about the history of it and everything, how it’s related to World War ii, right? The movie Oppenheimer just came back about the atomic bomb being built and after World War ii, Japanese was decimated and General MacArthur went to Japan, couldn’t make a phone call, and so he recruited some experts, an expert from us to come and help them get back on their feet. Basically, his name was Deming. And Deming created, he taught them about all these philosophies about continuous improvement and continuous improvement is the big main philosophy that Toyota has and all the manufacturing companies have that have based their business models after Toyota, right? Because they were a shining example of a company that really exploded and made really high qualities products. And the Japanese word for it’s Kai

(13:23):

Is what it is, the other B. So just the idea is that you have to have some sort of process, you have to have some sort of thought through way of doing things, and it does not need to be perfect, and it will never be perfect, truly, but you have a standardized process and then as you do the process, you’re going to learn how to do it better. And then so you tweak it as you go, and so you improve the process little by little as you go, and then you add another process to it and you improve that little by little as you go. So instead of having the anxiety of everything needs to be perfect right out the gate, all you have to do is get it good enough for you to be comfortable doing it or hand it off to somebody else and then continue to improve it as you go. So a great example is Hyundai and Kia, right? The car companies. So 15 years ago, 20 years ago, they were considered garbage cars. Today they’re actually very high quality in some of the most affordable cars. And in fact, when I was at Toyota over 15 years ago, they were eyeing Hyundai and Kia as real competition because they were starting to see the buildup of Kaizen improving their products. The other big thing that’s really big that really I took away from Toyota was how to find and also how to treat your employees

(14:46):

Or your contractors or whoever you’re going to work with. So recruiting is very important to them. I got recruited aggressively. It was a very weird interview where they put me in a room and they’re like, draw this part, make a mechanical drawing out of this part. But they put me in there without a pencil or anything, and thankfully I had my own pen, and then I had an interview after that with everybody, and then there’s this big training process and everything. So they vet their people very carefully, and then they train their people very carefully as well. And so that’s what I started doing for my business when it was time to start hiring after I had had the initial success, and it got to the point where I could not do it myself, I had to start hiring people, and I was a terrible boss at first.

(15:29):

Really, I was any new skill you’re going to have to take time to develop. I burned through some bad people and improved as I went. Eventually I found some excellent people and learned how to coach them and how to work with them reading other books and stuff like that on how to improve networking events that I went to. And so team culture is extremely important to me. So the way that I do hiring now is I’ll create a job post or job description and hand it off to my assistant. She’ll post the job on a job post, and a couple of the assistants will work together and they’ll actually put in instructions on how to apply for the job, and it includes putting special words, silver Cadillac or something like that in the subject line. And then there will also be a personality test for them to do in the job description.

(16:24):

And those two things alone are going to identify not a job description, excuse me, but a personality test, like the DISC profile, the one we’re using now or predictive index is another good one. The one we’re using right now is called 16 personalities. And so that information comes right in and right off the bat you can evaluate whether or not they’re going to be a good fit for your team generally. But the big thing is whether or not they actually did it and to go through the interview process, they screen it to make sure that they actually did the things that they said that were in the job post. And then my team interviews them before it gets to me because culture again is very important to me. The three, four of them, they work very well. The new person I just hired about a month ago, that’s the process that we went through where they filtered, they interviewed her, and then she got to me and I ended up interviewing three or four candidates, and then one of ’em ended up being really excellent.

(17:22):

And then once they’re there in your company, train them, give them the tools, give them ownership. You got to train ’em, right? You have to give them work guides. You have to give them loom videos to show them what they actually need to do. You need to coach ’em, right? That was something I was bad at for a while. Your lead manager, your cold caller, your ea, right? Your executive assistant, whoever it is, your integrator, you really need to check in with them writing meetings effectively and efficiently. That was really important to learn as well. So yeah, learning, I was extremely fortunate to have that experience straight out of college with a world-class company that taught me all these things. But the reality is honestly, all that information is already out there, so you don’t have to work for a gigantic company to know these things and to develop these things. There are lots of fabulous books out there that teach you the same things that have nothing to do with Toyota. They talk about standardization, how to hire, train, all that kind of stuff.

Speaker 3 (18:27):

So how would you say that you’ve protected the culture the most, or what do you do to protect the culture inside of the company?

Speaker 1 (18:33):

That’s a great question. So first and foremost, I give my people authority to do their jobs. Once they’ve proven themselves,

(18:41):

Everybody gets a 90 day grace period to start where they get evaluated on how they’re doing in their job. They’re going to make mistakes, a lot of mistakes as they’re training the first several weeks. But during that first four weeks, you get an opportunity to see just how dedicated they are to doing the work and whether or not they take responsibility for the mistakes and whether or not they actually follow through on what they’re doing. So I’ve had VAs before that said, oh yeah, I can do X, Y, and Z. They come in, we train ’em up, and they can’t actually do X, Y, and

Speaker 3 (19:12):

Z,

Speaker 1 (19:12):

Or maybe they can only do X, but they can’t do Y and Z. And you give them a project to do and you give them the training and everything, and then they just don’t do it, or they make excuses as to why it’s not getting done. So protecting the culture in terms of giving people an evaluation period when they first start, and then having weekly performance reviews and weekly KPIs and that kind of thing. We have a weekly meeting called the level 10 meeting every Monday, and the whole team is there, and we go through the issues. We go through previous concerns, we look at the quarterly goals where we are, and everybody gets assigned to new work. We have group discussions about how to resolve issues, give everybody their tasks and their projects for the week. And then I keep in contact with everybody through Google Chat and everything.

(20:00):

Google Workspace is an excellent tool. You don’t need Slack. I know people love Slack. Google Workspace does all of it. Really it does. But if you like Slack and you already have it, keep using it. I know people love it. So that’s how we protect the culture. And also making sure that, and checking in with the trusted people too. How is this person doing? What do you think of their work? And my integrator and my EA will both give me very clean and direct feedback about, well, and I can always tell when they’re like, well, they’re trying and all that kind of stuff. And it’s like, well, okay, maybe they’re trying, but maybe they’re not suitable for the role or it’ll come back. Yes, she’s doing a great job, and then you got to go evaluate that person’s work yourself as well after you get the positive feedback. So it’s constantly evaluating the team and everything, because a business owner, I’ve learned that doing it myself is exhausting, and you’re never, even if you like, yeah, you might be able to want to get it perfect, but the truth is getting it to 80%, you can get somebody else to get it to 80%. And that’s really all you need in order to have is successful business in my experience. And that’s other stuff, Pareto principle, right? The 80 20 rule. It’s that same thing.

Speaker 3 (21:12):

Yeah, no, that’s awesome. Sounds like it’s not pizza parties and stuff like that or just it’s more like an actual structure inside of the company.

Speaker 1 (21:22):

Yeah, for sure. Maintain it. Yeah, no, yeah, it’s not Bagel Fridays or whatever the hell actual, because the truth is that good people want to do a good job. Really they do. They want to be on a team that values them and they have responsibility and they want to do these things. They actually want to succeed because the truth is good companies and good bosses, we all know it’s rare. They’re rare. And when a good person finds a good company and a good position, a good situation, they want to stay there. And then it grows into a great position and a great role, all that kind of stuff. I really enjoy hearing the ways that my team spends the money that they earn working with me.

Speaker 3 (22:06):

I

Speaker 1 (22:06):

Enjoy paying them bonuses when they hit their quarterly goals and when the company hits the company goals, all of that.

Speaker 3 (22:13):

Do you have any books that you recommend that could get people down on that path or what you’ve implemented?

Speaker 1 (22:18):

Oh yeah,

Speaker 3 (22:19):

Yeah,

Speaker 1 (22:19):

Absolutely. Yeah, absolutely. And thinking about it in terms of, because I’m sure you have new people experienced, somewhat experienced people, and very experienced people that listen to this. So I’ll break it down into three chunks basically. So if you’re just starting out and you really need to get organized and you need to learn how to prioritize and get yourself basically ready as an entrepreneur, the first book I would recommend, if you have not read Rich Dad, poor Dad, go read that right away. That’s not even the book I’m going to recommend, right? That should be before you do anything else. That should be the very first book that you read, rich Dad, poor Dad. So make sure you do that. But the second book after that is The One Thing which is by Gary Keller,

Speaker 3 (23:03):

And it’s

Speaker 1 (23:03):

A very good breakdown of how to run a real estate business yourself and how to prioritize your work. I would call that the craw phase of starting your business. Once you’ve done it yourself and you’ve got proof of concept and you’re ready to move on to the walk phase of actually building out a team and all that kind of stuff. The first book I would recommend that you read is How to Be a Great Boss. It’s by Gina Wickman, and that’s going to teach you how to hire and how to train and all that kind of stuff. And then the book after that I would recommend is called Traction, so it’s also by Gino Wickman, and he has a whole book series about these things. There’s one called Rocket Fuel I haven’t read yet, but those two books alone that I mentioned, how to Be a Great Boss in Traction will take you to that next level.

(23:54):

I mentioned how we run our level 10 meetings every week. Well, that’s where that came from, quarterly reviews, annual reviews, all that kind of stuff. And then in any sort of book that’s going to help you continue to sharpen your skills and all that kind of stuff, highly recommend and especially about human interactions and that kind of thing, how to win friends and Influence people as a classic, I’ve read it, I’ve listened to it many times, it’s dry, but it’s correct. The other book I would recommend, the one I’m listening to right now is actually called The Laws of Human Nature, and that one’s very good too. It’s written by the same guy who did the 48 Laws of Power and also the Laws of Seduction. And it’s all about understanding people, why they behave the way that they behave and what you can do to improve your ability to interact with people and catch issues or bad players before they get too far into your life or to your world, how to identify good people, how to deal with not good people, that kind of thing.

Speaker 3 (24:59):

Yeah, no, that’s awesome. I like that you said the crawl phase is the one thing. Then you said how to be a great boss, kind of the next phase walk phase, and then traction’s kind of the full up and running. If you’re going to be running, you need a full operating system like Traction provides. So there you go. That was some really good info in the last few minutes here. Why don’t you talk about your business, the needs of the business or what you’re doing currently, just so people know, and then you’ve provided a ton of value here, just how do they contact you, stuff like that. So

Speaker 1 (25:30):

How

Speaker 3 (25:30):

Would you, yeah, absolutely. Talk about your business.

Speaker 1 (25:33):

Well, sure. I’ll give my contact information now and then at the end as well. So my bay home buyers.com is my website. We’re on Facebook and other social media. Bay home buyers.com is the website, but if you want to contact me or my team directly, contact at Bay Home Buyers with an s.com. Again, that’s contact@bayhomebuyers.com. That’s the email that we’ll get to us. And the phone number, call or text, either +1 415-930-9774. And so what I’m doing my business today is, again, we’re ramping up a lot of marketing very aggressively. So this year, so my child was born actually in May, first son, first Child.

Speaker 3 (26:20):

Congratulations.

Speaker 1 (26:21):

Thank you very much. I know you have a family that you support as well, David. They

Speaker 3 (26:24):

Look, yes, indeed,

Speaker 1 (26:25):

Like a beautiful family, and I’m a new father and everything, and so getting the business really organized and dialed in has been my main focus this year.

Speaker 3 (26:33):

So

Speaker 1 (26:34):

Q one was about getting the business organized. I had a bunch of tools, I had different entities, I had weird contracts and all that kind of stuff. So I focused on first hiring good people and then hiring those people to set up my business, a new Google workspace, a new entity, new phone system, because I had the experience of doing it, but as you go, you’re going to make mistakes. And so I wanted somebody to bring it all together. Q two was about additional hiring and getting things, getting the data cleaned up and everything. And now that we’re at the end of Q three, what we’ve been focusing on is getting up our marketing. So we’ve done a handful of AB testing this year on direct mail. So we had four postcards, four different postcards that we sent out earlier the year, and I want to say in the early spring, and did different phone numbers for each of those to confirm in the C R M, which is going where, how many are getting better.

(27:28):

And so we had the piece mail piece that came out of that we liked that worked the best. And then we did additional testing on that final mail piece to decide if it makes sense to include branding or not to include branding. And so we had ones that were like, hi, I would like to buy your house at 1 2 3 Main Street. Give me a call back, Ted, and then the phone number, and that’s it. The other one for the AB testing was included the branding, my first and last name, Ted Manahan with the website logo with the brand logo on it and a QR code that’ll take ’em to the website and other social media, it’ll take ’em to a link tree. Then we started, once we identified that postcard, we sent it out broadly with a new list. That list is now active. It’s a four week, it’s a four week broken into four weeks.

(28:17):

I think we’re fourth week broken into six weeks. I think we’re into four weeks right now. And now we’re also doing additional follow up. So the C R M that we have will automatically, if anybody calls, the lead manager takes it, and then they’ll set up after they talk to ’em, if they aren’t ready to sell now, we’ll set ’em up in a drip campaign. So they’ll get automated texts, ringless voicemails, and an email if we have their email address. And then they’ll also get personal phone calls from the lead manager further down the line. So we keep in contact with those additional touches. And then recently what we just started experience venting with is blasting ringless voicemails. So we have our list, our A-list or B list, other mailings that we’ve done, and we’ll send a ringless voicemail to ’em. And what that is is that it shows up as a missed call on their phone, and then the voicemail goes directly to them.

(29:08):

So they don’t actually talk to ’em. They hear your voicemail, and it’s something very generic like, hi, this is Ted Manahan from Bay Home Buyers, I’m reaching out because we sent you some mail. Just want to make sure that you got it. Give me a call or text back at the phone number. And that phone number needs to match what’s on the caller id. And I even say the phone number, the ringless voicemail message itself. And then I’ll create custom messages. And then when they call back, that goes not to me, but to my lead manager. And then we’re building out other things as well. We’re looking to experiment with Facebook ads. I’ve never done P P C. I’m interested in getting into that probably early next year. I know that’s an extremely expensive but fruitful endeavor like direct mail and yeah, I’m doing these podcasts, promote myself. So thank you

Speaker 3 (29:57):

For Awesome. Yeah, for sure. And I think one of the things you said there that if you’re listening you can take away is that split testing. If you’re going to be in marketing, if you’re going to be in direct marketing, make sure to have a couple pieces that go out if you’re going to do direct mail and see which one works better. And then he did even a further test of branding versus no branding. It’s like this is what you really need to do. It’s not just pouring all of your money into this one campaign and hoping and praying to God that it works. It’s like got to be smart about it. You got to go out there and make sure that the pieces actually were. I thought that was great advice as well. And this has been awesome. I thought the advice of the different phases of the culture of then also from setting up the business and then treating your employees, but then also the structure inside of there to actually do it on a regular basis that I also thought it was very interesting too, when you had said at one point, crap equals cheap.

(30:46):

That’s where it was for the food, for the systems, for phones, for computers, and going through all of that. And then I loved how you tell about the shoes for the turnaround and then getting to where, okay, we really need to invest in a better quality of business and better quality of life too. So that was a lot of good info, but yeah, do you want to just give one more time phone number and the email in case people want to reach out?

Speaker 1 (31:09):

Absolutely. So direct number (415) 930-9774. That’s text or phone and email contact@bayhomebuyers.com.

Speaker 3 (31:21):

Awesome. And if you’re listening to this and you’re like, Ted, maybe you had the scarcity mindset or you still have it of like, I don’t want to spend money on marketing. I don’t want to do the thing, I don’t want to upgrade, and you need help with that. You could go to simple cfo.com and our CFOs actually help you walk through some of these money scripts that you might be telling yourself. Or if you’re on the flip side, you don’t have that mindset, but you’re just like, okay, I see something, I buy it. It’s like both of those can be dangerous, just like you heard Ted say. So it’s like no matter where you are, if you need that help, we can help there. Simple cfo.com and remember, make Profit a habit in your business. And Ted, thank you for being a great guest on the show.

Speaker 1 (32:00):

Thank you, David. It was a pleasure and thank you so much. Your company is really cool. My team uses the profit first for real estate investors model. I do recommend it. It’s pretty great. It’s great for taxes. My wife is very adamant about making sure we have enough money for taxes at the end of the year, and she was very excited about that part of it when she looked into it.

Speaker 3 (32:19):

Awesome. The last few guests have said, the wife has really liked that this aspect of it, or it’s given her born peace of mind. I’m like, yes, this is a great system to give your significant other peace of mind. So yeah, thank you for mentioning that too, Ted.

Speaker 1 (32:32):

Yeah, my pleasure.

Speaker 2 (32:34):

This episode of The Prophet First for R e I podcast is over, but there are plenty more where that came from. Are you ready to learn how David and his team can help implement the Profit First system in your business? Schedule a discovery call@simplecfo.com right now. We’ll see you next time on the Profit First for R e I podcast with David Richter.