Just Start Real Estate with Mike Simmons

For this episode, I welcome fellow 7 Figure Flipping Mastermind members, Luc & Jess Boiron. Jess and Luc are a real estate investing couple from Toronto, Canada, and both are lawyers who also hold MBAs. Luc had been investing in RE since 2007 on a small scale, and in 2016, Jess and Luc founded Bliss Realty Inc. to flip houses. Since then, they completed over $50m in real estate deals before turning 30 and their business has grown to be the largest wholesaler in Canada operating in Toronto, Ottawa, and Montreal with 16 employees. In addition, they are growing their rental portfolio with a mix of short term rentals and small multi-family properties in Ontario.

 

Luc started by sharing how he and Jess met. They were both in an exclusive dual law/MBA program and because they completed so much education, they feel like they started their adult working life later than a lot of people. Luc’s dad was a commercial real estate agent and owned some commercial properties, so he grew up learning about mortgages and other real estate topics. He bought his first rental property when he was just starting his undergraduate degree in Toronto and talked about how many lessons he learned from it. He continued to buy and sell properties throughout the time he was in school, and then worked as a lawyer for a year after graduating. He said he was too entrepreneurial to be a good fit at many law firms, but conversely, Jess worked at the best firm in Toronto for seven years after graduating. Jess said she loved practicing and was slower to move into the real estate investing side, but finding out that she was pregnant really made up her mind.

 

Luc and Jess tell a great story of how their business plans were initially foiled by an accident that Luc had. He was originally planning to move to California to start flipping houses because his brother lived there and was going to fund Luc’s work. Right before he was supposed to leave, he had an accident and surgery, and was, therefore, unable to travel and did his law internship instead in Toronto. Another sibling of Luc’s helped him find some properties near where they were living and they began flipping houses in Canada, which they didn’t even believe was possible before they tried.

 

Because of privacy laws in Canada, you can’t pull lists at all to find deals, so we talked about how they were able to find deals privately. Luc talked about how they were able to target potential buyers through Google Ads without violating privacy laws. They have also incorporated other marketing techniques including scouting run-down neighborhoods and doing every-door direct mail to those property owners. Luc shared their average buy and sell prices in their area, as well, demonstrating the wide range of their market.

 

Since at the time of this recording Luc and Jess were about to give birth to their first baby, I asked what role they would both be playing in the business as they juggled that with being parents. Jess gave us a lot of insight into their personalities and how they had decided to structure their growing business to accommodate working harmoniously together while having their own autonomy. I asked how they are able to separate business from their personal lives and they both said it is sometimes a challenge because they are both so passionate about what they do. They said as they become parents, they may have to find ways to draw a firm line in the sand for when they stop working each day.

 

When I asked them to give us a snapshot of where their business was just before they joined 7 Figure Flipping, Luc told us that they had figured out flipping and wholesaling in their unique circumstances, but they didn’t really know how to build a team. He goes into great detail on how they managed to build their team and grow their business, with support from the mastermind group. In about a year, they grew from three full-time employees to sixteen full-time employees, they have expanded to three different markets, and have moved from doing two deals a month to at least that in a week.

 

We talked about hiring, company culture, incentive structures, using personality profiles, managing the different motivators of their team members, risk tolerance, transitioning from flipping to wholesaling, and so much more! This is a fun, practical advice-packed episode with an investor couple team that is just killing it, so don’t miss this interview with Luc and Jess Boiron on Just Start Real Estate!







Notable Quotes:

 

“We were eternal students before we started getting into real estate, having both done nine years of post-secondary education.”

  • Jess Boiron

 

“With real estate, time heals all wounds.”

  • Luc Boiron

 

“I went into law hoping to make good money so that I could qualify for mortgages in order to buy real estate, which is not necessarily good motivation to become a lawyer.”

  • Luc Boiron

 

“The fact that you are both all-in on the business is huge.”

  • Mike Simmons

 

“We are now managing our expectations and how we want to work with our team and where we draw that line.”

  • Jess Boiron

 

 “You know that is insane growth, right?”

  • Mike Simmons

 

“It is really once an employee is on the job that you really monitor them and make sure that if you have the right person, you pour a lot into them and help them grow and take ownership of their role.”

  • Jess Boiron

 

“We have had really great employees that do take ownership and so the new people we bring on just feed off of that.”

  •  Jess Boiron

 

“I want our lead managers to understand that we help people.”

  • Luc Boiron

 

“I think that there is a lot of skill, diligence, and intuition that goes into hiring, but there is a certain amount of luck.”

  • Mike Simmons

 

“You guys have built a team now where there is positive peer pressure for ownership and caring about the company.”

  • Mike Simmons

 

“It is uncomfortable to be a bad employee in a group of good employees.”

  • Mike Simmons

 

“We tell people all the time that you really need to care about the problems of the homeowners and you can’t just care because it is going to get you to that money that you want. Just pretending to care is very transparent.”

  • Mike Simmons

 

“It was really a transition to wholesaling out of need.”

  •  Jess Boiron







Links:

Level Jumping: How I Grew My Business to Over $1 Million in Profits in 12 Months

Luc and Jess on Instagram

Luc and Jess on Facebook

Luc and Jess on YouTube 

7 Figure Flipping

Return on Investments

Just Start Real Estate

JSRE on Facebook

Mike on Facebook

Mike on Instagram

Mike on LinkedIn

Mike on Twitter

Direct download: Rapidly_Scaling_and_High_Volume_Wholesalers_in_Canada.mp3
Category:general -- posted at: 3:30am EDT

For this episode, I am excited to have Dan Rochon on the show. As a real estate sales agent, Dan and his team are consistently top producers in their marketplace. Through their investment company, Dan and Traci Rochon have been investing in residential and commercial real estate for more than a decade. Dan‘s purpose in life is to help people achieve greatness through his teaching, coaching, and mentorship. He leads the Greetings Virginia Sales Network for his agents and staff to exceed their client‘s expectations. Additionally, Dan is the author of Real Estate Evolution: The Ten Step Guide to C.P.I. (Consistent and Predictable Income) for Real Estate Agents.

 

We started, as we usually do, diving into Dan’s background and how he got into real estate investing. Dan said in 2005 he was working as a waiter in Washington DC, living a very unhealthy lifestyle and he realized he needed to make a change. He knew that he wanted to be a business owner and found that getting his agent’s license and opening an agency required less capital than the franchises he was considering. He started selling in late 2007, which of course we all know was an incredibly difficult time to be starting in this industry. He ended up buying the brokerage about a year and a half after getting his sales license, which he ran for about ten years.

 

Dan has a ton going on with his business so I wanted to explore some of that. I asked him first to talk about his book Real Estate Evolution. Dan said that one of his mentors asked him to document everything he had learned by being in business, with real estate sales, and personal development. He ended up working every day for thirteen months on this project and found that he had written a book at the end of it. He said that about a third of it is on the subject of personal development so that people can unlock their potential.

 

Dan talked about changing our thoughts and programming by looking at how we are spending our time, what we are reading, our relationships, and how we are taking care of our health. We discussed a couple of techniques for motivating ourselves, getting a better start to the day, and creating new, positive habits. Dan also talked about the power of our subconscious mind and taking a look at what we dream to see what kinds of thoughts that part of our brain is feeding back to us. Recurring negative, limiting thoughts can hinder our growth.

 

We then discussed some of the specific advice Dan gives real estate agents to help them be more successful. He said that comparatively it is fairly easy to become an agent so a lot of them do not study the industry or take it seriously enough. One of the things that has helped him in dealing with his clients is to let them know all of the possible outcomes of the process, so that everyone is aware and prepared for possible set-backs or eventualities. Dan also pointed out some ways to read behavior and listen from another’s point of view to be more effective with clients or other agents.

 

We talked about using personality assessments, tactics of hiring and working with clients, clarifying what our “why” is, and so much more! Don’t miss today’s episode with Dan Rochon on the Just Start Real Estate Podcast!

 






Notable Quotes:

 

“You could spit and have a 33% chance of hitting a house that needed your services.”

  • Dan Rochon

 

“When everyone is running away, you know there is some opportunity there.”

  • Mike Simmons

 

“As a business owner, stacking cash, being liquid, and preparing for a downturn in the market is the smartest thing you can do.”

  • Mike Simmons

 

“What did I do to cause the outcome and what could I do differently moving forward to cause a better outcome if it was a mistake. And if it was something that was successful, what did I do to cause that outcome and how can I put it on steroids, how can I amplify it?”

  • Dan Rochon

 

“I can tell you one variable that is constant with people who struggle and never feel like they are getting what they want - they are always pointing at other people and blaming them for their problems.”

  • Mike Simmons

 

“It is my firm belief that the first step to any kind of sales training should be how do you become the best possible version of yourself.”

  • Dan Rochon

 

“Has there ever been a time when I saw someone else embrace affirmations and have a fantastic result as an outcome?”

  • Dan Rochon

 

“If yes, then how?”

  • Dan Rochon

 

“Listening to motivational speeches, people really talking from the heart about what it takes to succeed, is super, super effective for me. It starts my day with a much more positive, energetic, get out there and crush it kind of attitude.”

  • Mike Simmons

 

“A lot of the time, if we think something bad has happened, it is a reflection of something we are afraid of.”

  • Dan Rochon

 

“Embrace the fear - on the other side is glory.”

  • Dan Rochon

 

“Many agents are not following the right systems to create a predictable outcome.”

  • Dan Rochon

 

“A lot of the time, agents don’t understand how to utilize the proper systems or processes to be able to serve the client at a higher level.”

  • Dan Rochon

 

“It is really just about having the ability to pay attention.”

  • Dan Rochon

 

“Understand and have clarity on why you are doing what you’re doing.”

  • Dan Rochon

 

“My big why is to open up doorways for others.”

  • Dan Rochon







Links:

Level Jumping: How I Grew My Business to Over $1 Million in Profits in 12 Months

Extreme Ownership

Real Estate Evolution: The Ten Step Guide to C.P.I. (Consistent and Predictable Income) for Real Estate Agents

The CPI Community

Dan’s Website

Dan’s Podcast

7 Figure Flipping

Return on Investments

Just Start Real Estate

JSRE on Facebook

Mike on Facebook

Mike on Instagram

Mike on LinkedIn

Mike on Twitter

Direct download: Consistant_and_Predictable_Income_with_Dan_Rochon.mp3
Category:general -- posted at: 3:30am EDT

For this episode, I am excited to welcome Stephanie Cabral, who is a buy-and-hold real estate investor and former attorney from Connecticut. Stephanie has built a portfolio over $2.25m and began investing while working at a law firm as the sole member of the probate department and also working as one of the top commercial real estate firms in the world. Stephanie now owns and operates 15 units plus multiple active flips and is responsible for all aspects of the business including marketing, acquisition, construction management, operations, and property management. She specializes in the BRRRR strategy and was able to scale her business using a detailed network of systems, standard operating procedures, automation, and virtual assistants.

 

Stephanie shares her background with us, pointing out that she is a lawyer by trade. While she loved and thrived in law school, once she got out, she found that she didn’t love practicing as a lawyer. As much as she appreciated her clients, she did not like how adversarial the work was and didn’t like being in an office all day. She ended up buying a duplex in order to use the rental income to qualify for a personal home loan and she fell in love with the idea of house-hacking. She worked as an agent, too, while she was working as a lawyer and continues to since retiring from her firm in December 2019.

 

Stephanie got a 203K loan for her first property so we explored that topic for a bit. Because the brokers are looking at the ARV, you can get a larger value loan to cover both the purchase price and the rehab estimate. In this type of loan, the contractor gets paid directly from the lender. Also, the 203K loan does not require you to have experience in investing and rehabilitation work, which can be a huge obstacle for newer investors with traditional hard money lenders. You also get a consultant that helps you manage the project and ensure the quality of the contractors’ work.

 

I asked Stephanie to describe the team of people she is working with to us. She said she is very involved herself, but her right hand is a virtual assistant in the Philippines who handles all of the administrative tasks, including social media and a lot of the property management tasks, including interfacing with the tenants. Stephanie also has a leasing assistant who directly connects with potential tenants and shows them around and screens them for rentability. She also has a bookkeeper who she hired through Upwork that has been working with her for years, but Stephanie did talk about the need to go through the trial and error process to find some people that are really good. Stephanie talked about the need to have great systems and processes in place, including training videos and templates, in order to simplify the training procedure.

I asked Stephanie why she self-manages her properties versus hiring a property management company. She said that it is financially beneficial for her to self-manage, mostly because she has very little turnover in tenants. She attributes this to the constant communication she has with her tenants, which is largely automated, but maintains a great connection. I asked how she handles any required repairs, and since she is having a VA handle the maintenance requests, how she is sure she is not getting over-charged. Stephanie explained that because she also does house flipping, she has a pool of contractors, and in particular, a go-to handyman who is always the first maintenance call.

 

We talked about mid-term rentals, the effects of COVID on Stephanie’s business, the BRRRR strategy, private money versus hard money lenders, the technology Stephanie uses to run her business, Facebook ads, and so much more! Don’t miss this honest, fun, and hard-core real estate episode with lawyer-turned-investor, Stephanie Cabral!






Notable Quotes:

 

“Being in an office environment was not the life I wanted to live.”

  • Stephanie Cabral

 

“What was one of the greatest frustrations at the time ended up being the greatest gift.”

  • Stephanie Cabral

 

“I didn’t even know that I was investing - I thought I was living cheaply and being resourceful.”

  • Stephanie Cabral

 

“Being resourceful is certainly one of my superpowers.”

  • Stephanie Cabral

 

“The power of real estate as an investment really opened up for me.”

  • Stephanie Cabral

 

“So the way you eat an elephant is one bite at a time.”

  • Desmond Tutu, quoted by Stephanie Cabral

 

“It requires some administrative stamina to get through the paperwork for a 203K loan.”

  • Stephanie Cabral

 

“I do make it a priority to automate and delegate as much as humanly possible.”

  • Stephanie Cabral

 

“Find somebody with a natural skill set that you are looking for and then you train the rest.”

  • Stephanie Cabral
  •  

“As far as delegating work, start with the task that is most repetitive that is causing the most brain damage.”

  • Stephanie Cabral

 

“Put yourself out there so people know what you are doing and that you are involved.”

  • Stephanie Cabral

 

“I have been raising private money since 2008 and I think ‘talk about what you are doing’ is the number one advice.”

  • Mike Simmons

 

“If you ask for money, you are going to get advice. If you ask for advice, you will get money.”

  • Mike Simmons

 

“I’m tech heavy, but not tech savvy.”

  • Stephanie Cabral

 

“The concept of ‘Just Start’ is so important. You don’t have to be super knowledgeable, but you have to be action-oriented.”

  • Stephanie Cabral






Links:

Level Jumping: How I Grew My Business to Over $1 Million in Profits in 12 Months

Upwork

CoreAssist

Podio

PayYourRent

Google Drive

SoapBox

Docusign

Fiverr

Stephanie’s Website

7 Figure Flipping

Return on Investments

Just Start Real Estate

JSRE on Facebook

Mike on Facebook

Mike on Instagram

Mike on LinkedIn

Mike on Twitter



Direct download: 203k_Loans_and_Using_the_BRRRR_Method_for_Rental_Real_Estate.mp3
Category:general -- posted at: 3:30am EDT

For this episode, I am happy to welcome Rachel Richards on to the show! Only 27 years old, former financial advisor Rachel Richards has made a name for herself in the personal finance realm. In 2019, Rachel quit her job and retired, with over $10,000 per month in passive income! She is the bestselling author of Money Honey and Passive Income, Aggressive Retirement. Rachel is also a real estate investor with 35 rental units. Her valuable money lessons have helped thousands of millennials work their way out of financial despair. She has successfully done what no one has done before: made the topic of money management fun, entertaining, and simple!

 

Rachel gave us a bit of her background, telling us that she paid her way through school by selling Cutco Cutlery and therefore, had sales experience. This, coupled with her passion for teaching people about finances, is what led her to become a financial advisor. She said she didn’t last long because she wasn’t a fan of cold-calling people for clients. She had always been interested in real estate investing and had read a ton about it, so she worked for a time with another investor, and then a real estate agent. These experiences gave her the confidence to get into investing on her own and in 2017, Rachel and her husband bought their first duplex when she was 24 years old.

 

I asked Rachel to give us the details of her first deal - how she found it and how she financed it. Because she had her real estate license by this time, she said she had an advantage, because she had access to the MLS. She found the property she wanted, but the listing was expired, so she contacted the agent and found out that the owners were going to list it again once they had done some work to it. Because Rachel stayed in contact with the agent, she called Rachel a couple of days before it was listed again and gave her the chance to make an offer. They financed it conventionally, having both saved money after college for the down payment, and they managed to get a seller concession for the renovation that they had to do.

 

Rachel started writing her books while she was still working full-time and managing their rental properties, so we talked about how that came about for a bit. She said her family and friends had been asking her for financial advice for a while and she wanted to take this topic, which was normally boring and confusing, and make it fun and simple for people to understand. She said it felt like her first book, Money Honey, was always inside of her and she tried to make finances easier to learn about by sharing her own stories and mistakes. We also discussed Rachel’s second book, Passive Income, Aggressive Retirement, in which she discusses twenty-eight different passive income models that anyone can get involved with, regardless of age or station in life.

 

I asked Rachel to describe how she proceeded with her investing as she moved forward from the first deal. She shared with us that the different ways having her real estate license benefited her. She continued to monitor the MLS for potential deals, using subscriptions and saved searches so that she would get email notifications for properties she was interested in. She felt like this gave her a real time advantage, as she could be at a property within 30 minutes of it being listed. 

 

Even though Rachel and her husband are no longer actively investing because they have the rental income they wanted to achieve, Rachel is still very passionate about teaching others about financial literacy so she is invested in creating online courses. The first one that she has created is called “Get Your Financial $hit Together” which you can check out by following the links below.

 

Join me as I interview this incredibly impressive investor and financial guru as she shares some of the secrets of how she earned financial independence! Don’t miss today’s episode with Rachel Richards on the Just Start Real Estate Podcast!

 






Notable Quotes:

 

“To me, real estate is one of the best tools for building long-term wealth. From an early age, I knew that this was going to be my path to financial independence.”

  • Rachel Richards

 

“From a very early age, I tried to save 50% of my income.”

  • Rachel Richards

 

“Just get creative… there are ways you can do this.”

  • Mike Simmons

 

“The last thing you want to do is operate from a place of panic and desperation.”

  • Rachel Richards

 

“I just try not to take myself too seriously.”

  • Rachel Richards

 

“I am not afraid to admit when I am making mistakes and doing embarrassing things.”

  • Rachel Richards

 

“Having my real estate license was brilliant because I was the buyer’s agent on all of our deals and would get a significant check at closing, which helped us continue investing.”

  • Rachel Richards

 

“There are some things you can’t be cheap with, like property management.”

  • Rachel Richards

 

“Hopefully someone will learn from my mistakes.”

  • Rachel Richards

 

 “For us, real estate investing is a means to an end.”

  • Rachel Richards

 

“The way I define passive income is that it is money that is earned with little or no ongoing effort.”

  • Rachel Richards







Links:

Level Jumping: How I Grew My Business to Over $1 Million in Profits in 12 Months

Rich Dad Poor Dad

Money Honey: A Simple 7-Step Guide For Getting Your Financial $hit Together

Passive Income, Aggressive Retirement: The Secret to Freedom, Flexibility, and Financial Independence (& how to get started!)

Get Your Financial $hit Together

Rachel’s Website

7 Figure Flipping

Return on Investments

Just Start Real Estate

JSRE on Facebook

Mike on Facebook

Mike on Instagram

Mike on LinkedIn

Mike on Twitter



Direct download: How_to_Gain_Financial_Freedom_and_Retire_in_Your_20s.mp3
Category:general -- posted at: 3:30am EDT

For this episode, I am excited to welcome fellow 7 Figure Flipping Mastermind group member, Waylon McCulloch. Waylon started his career as a professional dirtbike racer, but after too many injuries moved on to running used car dealerships for the last 15 years. He is now the owner of Discount Realty, a real estate wholesale company located in San Antonio, TX. Along with building and growing his wholesale company that was started 2 1/2 years ago, he owns a couple of other real estate companies that invest in single-family home rentals and owner-financed sales, while running his family's used car dealerships full-time.

 

We started by exploring Waylon’s background and how real estate investing got onto his radar. When his grandfather moved into an assisted living facility in 2015, Waylon and his dad purchased his house as a means to get started in the business. They purchased a couple of other properties the same year and held them as rentals, but their business stalled until Waylon got very invested in lead generation.

 

After joining 7 Figure Flipping in April of 2018, Waylon dedicated his time to learning about and growing a wholesaling business. He spent the remainder of that year building out systems and getting things set up. In 2019, they ended up with 18 deals under contract, hired both a lead manager and an acquisitions/dispositions manager, and are hoping to hire a transaction coordinator. We discussed the importance of having certain team members in place in order to maximize your business’ potential, especially if you are still working a full-time job like Waylon.

 

Waylon expressed an interest in doing more owner-financed deals and so we spent some time exploring this topic, especially how these types of deals may increase due to the pandemic. We talked about how this conversation would go and what type of homeowner would benefit from this arrangement.

 

Since Waylon has been a member of 7 Figure Flipping for over two years, I asked him what his takeaway is from the group. He said he was so glad that he made the commitment and has met some great people. Waylon said he wasn’t sure he would be where he is today if it weren’t for involvement in this mastermind.

 

We discussed marketing strategies, working virtually, growing your staff, wholesaling versus flipping, and so much more! Please join me as I welcome Waylon McCulloch to the Just Start Real Estate Family!





Notable Quotes:



“Real estate is dangerous in different ways than dirt bike racing, but safer physically.”

  • Mike Simmons

 

“I decided I was either going to make or break it.”

  • Waylon McCulloch

 

“Having someone to focus on answering all the calls and doing the follow-up made my life a whole lot better.”

  • Waylon McCulloch

 

“The wholesaling business sure does take a lot of work to get it up and going.”

  • Waylon McCulloch

 

“I think the biggest misconception in residential real estate is that wholesaling is easy.”

  • Mike Simmons

 

“You need someone in-house that is really pushing your deals through the title company.”

  • Mike Simmons

 

“If you don’t have that in your tool bag, you are missing out.”

  • Waylon McCulloch

 

“COVID had a big impact on my direct mail.”

  • Waylon McCulloch

 

“Direct mail does bring in deals as long as you are being consistent with it and mailing enough.”

  • Waylon McCulloch

 

“You need to deep dive and figure out what you are good at.”

  • Waylon McCulloch

 

“[On wholesaling] I like the idea of being able to control the deals and get to pick when I have the funds to buy another one.”

  • Waylon McCulloch

 

“I like speed a lot more than watching a rehab project from start to finish.”

  • Mike Simmons

 

“Some people live for the transformation of flipping, but I can live without it.”

  • Mike Simmons

 

“I like working on the back-end with buyers and being able to get them something because there are a lot of people that need the deal-flow right now.”

  • Waylon McCulloch

 

“You can definitely feel like you are on an island in this business so it is nice to connect with people who are on the same journey.”

  • Waylon McCulloch about the 7 Figure Flipping Mastermind

 

“Imagine how great it would be if you had made all of your life decisions with the benefit of hindsight.”

  • Mike Simmons about the 7 Figure Flipping Mastermind








Links:

Level Jumping: How I Grew My Business to Over $1 Million in Profits in 12 Months

7 Figure Flipping

Discount Realty

Dale’s Motor Co. & Bartlett Motors

Return on Investments

Just Start Real Estate

JSRE on Facebook

Mike on Facebook

Mike on Instagram

Mike on LinkedIn

Mike on Twitter

Direct download: Car_Dealership_Owner_Wholesaling_40_Deals_Houses_This_Year.mp3
Category:general -- posted at: 3:30am EDT

In this episode, I’m joined by Kirby Atwell, host of the popular podcast, Living off Rentals. After serving as an officer in the US Army from 2005 – 2011, Kirby left the military to

pursue his passion as a full-time entrepreneur, launching and scaling two different real

estate investment companies in succession. Kirby holds a BA from United States Military Academy at West Point, and an MBA in real estate finance from the University of Illinois Chicago. While in the military, Kirby served as a Platoon Leader, Executive Officer, Aide-de-Camp to the Commanding General of the 94th AAMDC, and Commander of the AN/TPY-2 homeland defense radar site in Shariki, Japan.

 

Kirby shared more of his background with us, telling us that he had always had an entrepreneurial itch, and planned to have his own business after serving in the Army. A year after he graduated, he read Rich Dad Poor Dad and knew that he would be a real estate investor for life. When he was stationed in El Paso in 2006, the house across the street went up for sale and he decided to buy his first investment property. Once he was out of the Army, he partnered with a friend and his wife and they started flipping houses in the Chicago area.

 

Kirby talked about how they grew their business so that, at its height in 2015, they had thirteen team members and around twenty-two deals going every month. What he found, though, was that everyone else kept getting paid, but he wasn’t achieving his goal of building monthly passive income to have eventual financial freedom. He ended up changing his strategy in 2016, sold his flipping business to his partners, and started focusing mostly on investing with the BRRRR strategy. He found a government program called the HUD VASH Voucher, which provides housing for homeless veterans and built a new business around this niche. 

 

I asked Kirby to explain the BRRRR strategy to our listeners with the assumption that we hadn’t used it before. I particularly wanted him to explain how the refinance aspect of this strategy works. He said he struck a deal with a local bank where they would package four properties together and they would give him a commercial loan for 75% of the appraised value. Kirby said that strategy was very effective, but now that the demand for the VASH vouchers has gone down, he is using the same system for short term rentals in the northwest Indiana area.

 

Kirby explained why he is buying homes in Indiana, telling us how it is almost as though Chicago and the state of Illinois is incentivizing people to move away because of property taxes and other factors. In the area he is investing in, there are several attractions, including Lake Michigan, and it is a great area to have short term rentals. He said that he and his wife are doing the property management themselves for these houses.

 

I then asked Kirby to talk about the non-profit work that he is involved in. Kirby said the organization is called Bunker Labs and it helps veterans start and grow businesses. He said initially when he got out of the military, he wanted his civilian identity back and was not involved at all with other veterans. But in 2014, he was in the first cohort to go through the program and was so impressed with the founder and the resources he was bringing in to help people. When he switched his investing model to rentals, he found that he had more available time, and the Bunker Labs founder asked him to come on as the COO. He later transitioned to being the CFO, and they have thirty-six chapters across the United States.

 

We talked about marketing, lead generation, Facebook ads, helping people, and so much more! Don’t miss this transparent, info-packed episode of the Just Start Real Estate Podcast with Kirby Atwell!




Notable Quotes:

 

“I really enjoy talking to successful, smart people, but I love talking to good people who are also successful and smart.”

 

  • Mike Simmons

 

 

“The harder she worked, the more money she made.”

 

  • Kirby Atwell about his mom’s business

 

 

“I was really attracted to the buy-and-hold model, but I had to flip initially to get money to buy more houses.”

 

  • Kirby Atwell

 

 

 “We jumped on the flipping treadmill, this perpetual machine that you keep feeding.”

 

  • Kirby Atwell

 

 

“We were just driving the machine, but not creating what I got into investing for, which was financial freedom.”

 

  • Kirby Atwell

 

 

“Scaling isn’t for everyone. It sounds like you built this monster that just needed to eat.”

 

  • Mike Simmons

 

 

“This is really where you have to figure out who you are as a person.”

 

  • Kirby Atwell

 

“I am all about freedom.”

 

  • Kirby Atwell

 

 

“The dream is to have free time and have a lifestyle.”

 

  • Mike Simmons

 

 

“I was doing what looked like success on social media.”

 

  • Kirby Atwell

 

 

“Do what you want to do, but ultimately, don’t be afraid to change if you aren’t happy.”

 

  • Mike Simmons

 

 

 “We only get one shot at this, so let’s make it a good one.”

 

  • Mike Simmons

 

 

“Doing good things for people and help the world a little bit and make it a little better is about all we can do.”

 

  • Mike Simmons

 







Links:

Flip Hacking Live

Rich Dad Poor Dad

iCandy Homes

Bunker Labs

Green Vet Homes.com

HUD VASH Voucher 

Living Off Rentals Podcast

Kirby's YouTube Channel

Kirby’s YouTube Video on Google Drive Organization

Mike’s Interview on Living Off Rentals

Return on Investments

Just Start Real Estate

JSRE on Facebook

Mike on Facebook

Mike on Instagram

Mike on LinkedIn

Mike on Twitter

Level Jumping: How I Grew My Business to Over $1 Million in Profits in 12 Months




In this episode, I am excited to welcome on fellow 7 Figure Flipping member, William Morgan. Will is the owner and founder of Penny Lane Equity, a rapidly growing Real Estate flipping and wholesaling company in California’s Central Coast. Will grew what was once a hobby into a thriving business with 7 figure revenue while also having a full-time job. Will has since “cut the cord” and now leads a team of 10 talented professionals as they provide some of the most attractive Real Estate opportunities found anywhere in the region. Once an adrenaline junkie, Will now tempers his thrill-seeking by sharing his love for surfing, the mountains, and travel with his 2 young kids.

 

We got started as we normally do with Will sharing his background with us and how he got into real estate. He began his corporate career working in the nuclear power industry at the age of eighteen. He worked short contracts in this business and then would take the money he earned to travel and surf. After living this ideal lifestyle for about ten years, he figured he had to grow up, and took on a full-time job in nuclear operations. Real estate got on his radar when a neighbor bought a house through a sheriff’s auction and rehabbed that Will ended up buying in 2003 for his primary residence. Will was fascinated by the whole process and that propelled him into learning about investing on his own.

 

Will did a lot of research on how to find his first investment property and ended up buying his first in 2004 using conventional financing. The guy he bought his primary residence from turned out to be a mentor in the fix and flip process, helping Will to avoid a lot of rookie mistakes. I asked some questions about this deal and Will shared details about the rehab work and how the numbers worked out.

 

Will said he approached real estate investing as a hobby because he had a full-time job, so he was happy with picking up one or two properties a year. He was also investing in other ways with stocks and bonds, always studying and learning about different passive income models. Because he had a sense that real estate was part of the impending market disruption, he sold all five of his rentals and his primary residence in 2007. 

 

I asked Will about what systems and processes he had in place in the very beginning of his investing business. He said he didn’t initially, but having very little profit margin in his first deal made it necessary to establish when he started getting back into real estate investing around 2012. He said documenting his work processes was really out of necessity because he had a full-time job and knew there were times he was going to need help, and also to maximize his efficiency

 

I wanted Will to tell me what he thought were some of the biggest challenges to trying to scale a business while having a full-time job. He said time was his obstacle, as you have to grow the business in what would normally be your spare time, so you have to schedule time to do this. It may take away from sleep, or leisure time, or family time, but he prioritized the sacrifice. He found that because he was drawing a regular salary, it freed up the investment income to hire help to manage everything. We discussed the details of how Will scaled up responsibly.

 

Because we met through the 7 Figure Flipping Mastermind group, I wanted Will to talk about how he thought this has affected his business. Very much like me, he said he was very skeptical initially, having never paid for training of any kind. He said he cannot believe how valuable it is to have the ability to call or text, at any time, other investors in order to shorten the learning curve and avoid mistakes

 

We talked about marketing, the specifics of making offers, how Will’s team divides up responsibilities, the impact of the pandemic on his business,  and so much more! Join me and Will as we discuss the in and outs of real estate investing in the latest episode of Just Start Real Estate!






Notable Quotes:

 

“I like to call myself a genius because I sold my real estate investments in 2007, but there was definitely some luck involved.”

 

  • William Morgan

 

 

“Some people make their own luck by being on top of things and having their ear to the ground.”

 

  • Mike Simmons

 

 

“Systems and processes were a way to communicate with my team without being there.”

 

  • William Morgan

 

 

“You have to make room in your life to scale a business.”

 

  • William Morgan

 

 

“The idea is to learn from your mistakes and improve.”

 

  • William Morgan

 

 

“Team members have to be a core-value fit.”

 

  • William Morgan

 

 

“If you want to do something well, you have to have rules to guide you.”

 

  • William Morgan

 

 

“You have to recognize value.”

 

  • William Morgan

 

 

“We want to be the source for distressed properties in our area.”

 

  • William Morgan

 

 

“To have access to other people who are running successful businesses at the level you want to be is invaluable.”

 

  • William Morgan about the 7 Figure Flipping Mastermind

 

 

“It is like buying speed and hindsight.”

 

  • Mike Simmons about the 7 Figure Flipping Mastermind

 





 



Links:

Flip Hacking Live

7 Figure Flipping

Penny Lane Equity

Will’s Email

Return on Investments

Just Start Real Estate

JSRE on Facebook

Mike on Facebook

Mike on Instagram

Mike on LinkedIn

Mike on Twitter

Level Jumping: How I Grew My Business to Over $1 Million in Profits in 12 Months

Direct download: Creating_a_7_Figure_Business_while_Working_a_Full-Time_Job.mp3
Category:general -- posted at: 3:30am EDT

In this episode, I am pleased to welcome Sean Morrissey to the show. Sean began as a buy and hold real estate investor in 2003 with a two-bedroom condo in Hanover Park, IL. Having earned his Illinois real estate broker license in 2007, Sean survived the market crash and assisted homeowners throughout the Chicagoland area and opened Chicagoland Realty Group Partners LLC in 2011. Since that time, Sean has managed over 700+ rental transactions, 200+ homes, and owns and manages his own rental property portfolio in the western suburbs of the Chicagoland area. Sean focuses the majority of his time in growing and managing his real estate portfolio while hosting a podcast named Landlording for Life.

 

I am always so interested in how and why people get into real estate investing, so Sean started by sharing his background with us. He said he graduated from Purdue University with a BA in Restaurant Management and joined the Peace Corps where he worked in Western Kenya. When he returned home and began working in restaurant management, his dad introduced him to a book about using real estate investments as tax shelters. Sean started joining REIAs to talk to investors and landlords, and bought his first investment property in June of 2003 in the Chicagoland area.

 

I asked Sean to explain his experience with the Peace Corps and what led him to choose that before starting his corporate work life. He said he was involved in a student exchange program in college which got him interested in international travel and helping others. He was stationed in western Kenya at a technical college helping students work with computers and doing many community outreach projects. Sean said it was an awesome experience and he would love to go back someday soon.

 

I wanted Sean to explain what led him to get his broker’s license and what he considers the advantages are to do so for a real estate investor. His thought process was that he would have access to the MLS and more deals, and be a better investor. Sean said it made a lot of sense to pursue his license at that time because there was no Zillow or Redfin, which has made a lot of the property information public now. Until 2009, he was still working full-time in the restaurant business, so working more as a realtor initially helped him to figure out how he was going to transition to real estate investing full-time.

 

As Sean has had his own property management company in the past, we talked quite a bit about common mistakes made by investors when managing their own properties, size of portfolios, and why he sold his company. Sean’s opinion is that a newer investor should manage their own properties until they get over ten doors in their portfolio so that they understand the rigors of the job and learn from any mistakes made. He also talked a lot about what their criteria was for screening tenants, which is very helpful for those landlords who self-manage. 

 

I asked Sean to explain why he has shifted toward an investor-centered model, rather than focusing on his brokerage work or continuing in the property management field. He went into great detail about the several ways you can benefit financially from buy and hold investing versus other types, and also the time and work investment of each. 

 

Sean shares some of his struggles as a landlord, specifics about his business dealings, property management tactics, and so much more! You will not want to miss this fantastic, value-filled episode of the Just Start Real Estate Podcast!





Notable Quotes:

 

“Ultimately, it is through the experiences where you get burned that you learn the most.”

 

  • Sean Morrissey

 

 

“I’m more of a lifestyle-focused guy these days.”

 

  • Sean Morrissey

 

 

“If you are not re-creating your business systems every five years, you are going to fall behind.”

 

  • Sean Morrissey

 

 

“The use of virtual assistants is very scalable.”

 

  • Sean Morrissey

 

 

“At the end of the day, you get what you pay for.”

 

  • Sean Morrissey

 

 

“Investors with small portfolios need to put aside money for capital expenditures.”

 

  • Sean Morrissey

 

 

“Keep up with your repairs.”

 

  • Sean Morrissey

 

 

“All I heard is that I am right.”

 

  • Mike Simmons

 

 

“If you can see the bigger picture of how you are building passive income, you can build generational wealth through buy and hold investing.”

 

  • Sean Morrissey

 





Links:

Flip Hacking Live

Landlording for Life Podcast

Return on Investments

Just Start Real Estate

JSRE on Facebook

Mike on Facebook

Mike on Instagram

Mike on LinkedIn

Mike on Twitter

Level Jumping: How I Grew My Business to Over $1 Million in Profits in 12 Months


This is going to be kind of a different episode today as I present my recent interview with my friend, Danny Johnson, on his show, the Flipping Junkie Podcast. Danny wanted to have me on specifically to talk about Flip Hacking Live and what attendees of this event could expect. In the interview, I share my own experiences with being involved with this event and the benefits of making the investment to attend, namely, how to move the needle in your real estate investing business.

 

Danny started off by asking me to share my background and how I got into the real estate investing business. I stressed how vital it was for my business and personal growth to join the 7 Figure Flipping Mastermind group. The same year I joined, they decided to start holding an annual event, utilizing some of their most successful members as speakers in order to help real estate investors grow their businesses. I really want people to understand that these investors have nothing to sell and are giving the participants the “meat and potatoes” of their strategies without having to pay for anything beyond the cost of admission.

 

The speakers at Flip Hacking live cover subjects such as how to talk to sellers, how to find deals, different types of creative financing, marketing ideas that really help people set themselves apart, running a business remotely, and so much more. All of the concepts presented can be applied to a person’s individual situation and business no matter what scale they are at or what their goals are.

 

I have talked to dozens of investors and most everyone feels that we are headed into some kind of a dip in the housing market, most likely moving into more of a buyer’s market. My presentation at this years Flip Hacking Live is titled, “What I Wish Someone Would Have Told Me During the Last Downturn,” and I am going to speak about all of the things I wish I would have known when I started in this business during the last difficult housing market.

 

Flip Hacking Live is not an ordinary three-day webinar. There are going to be breakout sessions, one-on-one coaching, networking sessions, so it is going to be very interactive. The majority of the speakers are pure real estate investors, but we will also have some big-name, keynote speakers that are incredibly motivational and inspire us to be better people.

 

This is the first time that we have held Flip Hacking Live as a virtual event and I wanted to talk about all benefits of doing it this way. First of all, you aren’t going to be worrying about being in a big group, shaking hands, and being less than social distanced from other participants. You don’t need to pay for plane tickets, a hotel room for several days, or restaurant meals, so there is a significant cost saving there. You can sit in your office or at home and completely immerse yourself in the experience. I promise you we will not expect you to sit and listen to speaker after speaker as there will be different sessions and it will be super interactive. Again, this is not a standard webinar. The speakers are all flying to a location and will be on stage during their presentations so it is going to be as Flip Hacking Live-like as possible!

 

 In the spirit of my talk this year, if I could go back and tell my younger self one thing, it would be “Make the investment and go to Flip Hacking Live!” I hope everyone listening will join us this year on October 15th, 16th, and 17th! We are offering access to all of the past event talks when you get your ticket by visiting FlipHackingLive.com, promo code, Danny!





Notable Quotes:

 

“It was just horsepower getting me through deals.”

 

  • Mike Simmons

 

 

“I was really stumped on how to scale beyond where I was so I finally broke down and joined a mastermind group.”

 

  • Mike Simmons

 

 

“When you surround yourself with people who have moved beyond your thinking and have done bigger and better things, it opens your mind to what you didn’t know and what you could be doing in your business to get better.”

 

  • Mike Simmons

 

 

“Wherever you are, you can get better.”

 

  • Mike Simmons

 

 

“Why don’t we take some of our most successful members, put them on stage, and have them lay out, from end to end, specifically what they are doing in their business that is working for them?”

 

  • Mike Simmons

 

 

“The speakers are just there to give you the playbook for what they do best.”

 

  • Mike Simmons

 

 

“When you are around people that have a giving spirit, like people in the 7 Figure Flipping  organization, it is amazing what you can take away from an event like this.”

 

  • Mike Simmons

 

 

“Because the mastermind did so much for me, I felt like I wanted to be involved in Flip Hacking Live because I want to help people.”

 

  • Mike Simmons
  •  

 

“I’ve seen the transformation enough to know it is real.”

 

  • Mike Simmons

 

 

“It is not possible to go to Flip Hacking Live and not learn something.”

 

  • Mike Simmons

 






Links:

Flip Hacking Live 

Flipping Junkie Podcast

Return on Investments

Just Start Real Estate

JSRE on Facebook

Mike on Facebook

Mike on Instagram

Mike on LinkedIn

Mike on Twitter

Level Jumping: How I Grew My Business to Over $1 Million in Profits in 12 Months




1