Just Start Real Estate with Mike Simmons

Today, I welcome Nate Bailey to the Just Start Real Estate Podcast. Nate is a successful entrepreneur having built multiple businesses in the areas of insurance and real estate. He is the bestselling author of three books including the 100 Mile Mindset: Discover the Power of Being Your Word. Nate is a former US Army Lieutenant, popular speaker, and coach.

 

As always, I like to start by going into my guests' backgrounds to understand their journey and how it led them to do what they do now. Nate tells me about his days in school and how he used to enjoy getting pulled out of class to listen to various speakers, always thinking that that is something he wouldn’t mind doing. After college, he joined the army, then started an insurance business before transitioning to being a speaker and coach full-time.

 

We then discuss the role of sports in his early life and how it contributed to his success by instilling discipline and encouraging the “dust yourself off and get back up” mentality. Nate then shares how he transitioned from high school into the army, which he loved more for the camaraderie rather than the military life.

 

In 2004 Nate then started an insurance business while he was in the National Guard and began his journey into real estate investing in 2010. He shares how he had been wanting to do this earlier, but fear and procrastination held him back. Nate explains that after his first deal was done he built a portfolio rather quickly. We then discuss the opportunity economic downturn brings, since 2010 had been a great year for Nate to start investing in property.

 

We then discuss the sale of his insurance business and what inspired him to transition to speaking and coaching. Nate shares that while his business was successful, he didn’t feel inspired by it. He had always wanted to make an impact on people’s lives and that’s how he decided to move into the field of coaching over a period of 2-3 years. Nate shares that the main themes in his speaking and coaching business revolve around mindset and Championship Leadership. Being a great leader for him means to lead yourself first.

 

We then divide into discussing the winning mindset and how we can create one for ourselves. Here Nate shares some gold nuggets from his experience of doing the 100 mile run. Nate shares how important it is to put yourself into difficult situations to grow and he also tells us a little more about his in-person event. Nate also attributes his success to surrounding himself with other people that are successful and I couldn’t agree more that positive peer pressure helps you to grow.

 

We then discuss the power of being your word and here Nate explains his concept of the integrity bank and the importance of following through with what you say you’re going to do and just how powerful this is.

 

Nate then shares his philosophy of life, which is just beautiful. Nate explains that most people just think of a legacy of something that they’re leaving behind, he however believes that the key lies in living your legacy, which is an amazing shift in thinking! 

 

This is an incredibly powerful and motivating episode of the Just Start Real Estate Podcast that you do not want to miss with Championship Leadership’s Nate Bailey! 







Notable Quotes:

 

“What’s required to be a great athlete, the work, the discipline, the dedication, the commitment, wanting to win - there are so many things that I’ve drawn from athletics that have helped me to be successful in life.”

 - Nate Bailey

 

“The best thing about the military that I really loved was the people and the camaraderie. I wasn’t necessarily in love with military life.”

 - Nate Bailey

 

“After I bought my first investment property, I ended up buying three more in a matter of months.”

- Nate Bailey

 

“I knew this was something I always wanted to do, but there was always this apprehension, this fear of not knowing how to do it.”

- Nate Bailey

 

“My previous job did not fire me up. It did not get me excited in the morning.”

- Nate Bailey

 

“You have to put yourself in difficult situations to create a mentally tough mindset.”

- Nate Bailey

 

“Everything is positive reinforcement right now and that makes us a little soft.”

- Nate Bailey

 

“Peer pressure isn’t necessarily negative, it just depends on what the environment is. If you put yourself around the right people, the peer pressure is to be excellent.”

- Mike Simmons

 

“The integrity bank is all about the power of being your word.”

- Nate Bailey

 

“You can only withdraw so much from the integrity bank until there is a negative balance.”

- Nate Bailey

 

“It’s powerful to have those kinds of people in your life, the ones that give you their word and you know it’s a done deal.”

- Mike Simmons

 

“If you live a legacy, you’re going to leave one.”

- Nate Bailey






Links:

Podcast: Championship Leadership 

Nate's Website

Free E-Book: 100 Mile Mindset

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: Championship_Leadership_with_Nate_Bailey.mp3
Category:general -- posted at: 3:30am EDT

In this episode, I welcome 3-time best-selling author Chris Prefontaine to the show. Chris is the founder and CEO of SmartRealEstateCoach.com, the host of the popular show “Smart Real Estate Coach Podcast,” and has been in real estate for almost 30 years.

 

We first bring Chris’ experience into context by going way back to the early 90s. Chris initially went to college and worked for his father full-time as a purchasing agent, at which time he read Trump’s first book, The Art of the Deal, and he felt the itch to get into the real estate business, but he didn’t quite know yet how to get started.

 

Eventually, after watching his father purchase, engineer, and flip land, Chris made his first deal - a split level home on a golf course, bought conventionally with a mortgage. He subsequently subdivided the land, built a duplex on it, and then sold the duplex as 2 condos. Within a year, Chris made the transition to go into real estate full-time, although not entirely by choice. His dad had sold the company Chris was still working for and he got fired from it after only 4 weeks by the new owners. This left him unemployed with 2 young kids. Then, Chris listened to an old Earl Nightingale cassette tape and that sparked an idea. He subsequently did over 100 deals with absolutely no cash down!

 

We then dove deeper into his business model and Chris explains what it means to buy a house on terms. Chris explains how the ‘08 crash left him struggling, without any credit, and how he had to make some firm choices about his business model that led him to creative financing. We then go further into detail, explaining the terms of a lease-purchase, what it means if a property is owner-financed, how everyone involved benefits from the agreement for a variety of reasons, such as for example tax and estate planning.

 

Chris then shares his personal philosophy for transitioning from a full-time job to real estate investing. His most important advice is to have a game plan and then execute it, which is the hardest part. His top strategy has 3 simple steps: pick a niche, find someone to show you the path, and put the blinders on for 36 months to focus.

 

Today, Chris’ business is almost entirely based on lease purchasing and they currently purchase between two and five homes a month. After transitioning to his 3 payday model, Chris admits that he just doesn’t feel inspired to chase after one-time deals and this focus is what has contributed largely to his level of success.

 

After this, we discussed the ever-popular topic of finding deals. Chris reveals exactly how he finds his deals and then converts them, and what he pays particular attention to. We then dive into the most common objections that Chris experiences and he shares the exact replies that he gives in these circumstances.

 

Lastly, we talk about contingency plans and how Chris protects the business in case of a buyer defaulting or the economy taking a hit, which are two major concerns with the type of investing that he does. This episode is chock full of actionable advice and so you will not want to miss this version of the Just Start Real Estate Podcast with guest, Chris Prefontaine!






Notable Quotes:

 

“Don’t get scattered. If you have a plan, stick to the plan. Stop looking for answers once you find them.”

- Mike Simmons

 

“A lot of people just get into that asking mode where they want more information, but they’re afraid to pull the trigger.”

- Mike Simmons

 

“Here’s a formula I tell everyone: pick a niche you can get behind, something you can get passionate about. Find the person that can show you the path, someone that already did it. Then put the blinders on for 36 months.”

- Chris Prefontaine

 

“Stay focused on what you know works. Focus is really, really important in real estate.”

- Mike Simmons

 

“If we’re getting back into real estate, what are going to be the rules here? No signing personally, no bank loans, no soliciting of assets. All the things we did wrong, we just decided never to do again.”

- Chris Prefontaine

 

“The takeaway is powerful - it’s that push-pull tension. When you have something taken away, the human instinct is to get it back.”

- Mike Simmons







Links:

Real Estate on Your Own Terms - Free Book

The Art of the Deal

Chris’ Website

Chris’ Google+ Channel

Chris’ YouTube Channel

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 happy to welcome Mike “C-Roc” Ciorrocco. C-Roc has been a real estate investor since 2005 and is the CEO of People Building Incorporated. He is the host of the popular podcast “What Are You Made Of?” and author of the upcoming book, Rocket Fuel. He has also been recognized as one of the Yahoo Finance Top Business Leaders To Follow for 2020.

 

C-Roc began by telling us that he started in sales at the age of eight when he would find golf balls at the golf club he lived on and sell them to the golfers, all while being chased by the club manager in a cart! He was in sales for a water treatment company for nine years before getting into real estate and through this experience, he really learned how to deal with people. In 2005, C-Roc became a realtor and was a top-performing agent pretty quickly because of the work ethic he had developed in his former work life. After about a year, he realized that showing people houses wasn’t really his thing, so he moved into the mortgage industry.

 

C-Roc brought up training under Grant Cardone and I asked him what it meant to be a licensee of his program. The mortgage company he went to work for was already using Cardone University products and they were seeing a ton of growth when they implemented his systems. Being a licensee means that C-Roc can intertwine the Cardone ideas with his own and present them in his coaching and seminars. He said he has his own branding and ego, but that he is not stupid and wants to be associated with uber-successful people! C-Roc also gave us some of his background to explain why he felt drawn to Grant and his philosophy.

 

I asked C-Roc to explain the “What Are You Made Of?” Movement and what it really means to him. He said that he grew up surrounded by a lot of broken people who suffered from mental illness or addiction and that it influenced him to not only rise above it but also to try to fix it. He said that “what are you made of” is a form of self-talk, affirmation, or a way to push through a difficult situation. He talked about the power of writing down ideas, making a commitment to things even if you don’t know how to do them, and having people and opportunities come into your life to help you achieve goals. C-Roc talked about a difficult experience they had in their business that really caused them to re-evaluate what they were doing and it really birthed the movement.

 

I asked C-Roc to talk a bit about his upcoming book, Rocket Fuel. He said that it is his story and how past hardships can be a powerful force to either keep you down or break free and succeed. It uses the “what are you made of?” question to lead to personal transformation and achieve a fulfilling life. He said that he is really vulnerable and transparent in the telling of his story so that people can really see what the entrepreneurial journey is all about.

 

C-Roc also shares the enormous goals he has for his business, those he had before the pandemic, and how they have been affected by the coronavirus. He is working to develop a culture in their company so that the employees are indoctrinating each other on the way things are done to grow in team accountability and be successful. He is also planning to travel extensively promoting the book and the movement in order to help people grown their businesses by building up their employees.

 

This is an incredibly honest, transparent, and riveting episode of the Just Start Real Estate Podcast that you do not want to miss that is applicable to all people in any industry!






Notable Quotes:

 

“Don’t hyper-focus on whether a salesperson you may hire has a ton of real estate experience… that is easily taught. Finding a great salesperson is often difficult.”

 

  • Mike Simmons

 

 

“My success is all about work ethic… there isn’t a secret.”

 

  • Mike “C-Roc” Ciorrocco

 

 

“Sometimes you have to get uncomfortable to get where you want to be.”

 

  • Mike “C-Roc” Ciorrocco

 

 

“I find someone that is successful and mimic them.”

 

  • Mike “C-Roc” Ciorrocco

 

 

“When something works, I like to share it.”

 

  • Mike “C-Roc” Ciorrocco

 

 

“Masterminds are ridiculously effective if you take them seriously and surround yourself with the right people.”

 

  • Mike Simmons

 

 

“Sometimes pain can be a great motivator.”

 

  • Mike Simmons

 

 

“Fire can propel you or burn you.”

 

  • Mike Simmons

 

 

“I thought the journey to success is invisible, so I got people on my podcast to share their stories and setbacks, how they have overcome them and turned it into rocket fuel.”

 

  • Mike “C-Roc” Ciorrocco

 

 

“I want to be a thought leader in the industry of comebacks.”

 

  • Mike “C-Roc” Ciorrocco

 

 

“I am looking for people that want to share their story and give them a platform to do that. I am all about giving.”

 

  • Mike “C-Roc” Ciorrocco

 

 

“The concept of turning setbacks into rocket fuel is so important and once you wrap your mind around it, your life will never be the same.”

 

  • Mike “C-Roc” Ciorrocco

 

 

“Gratitude has changed my life.”

 

  • Mike “C-Roc” Ciorrocco

 






Links:

Grant Cardone

People Building Incorporated

Mike’s Website

Rocket Fuel

What Are You Made Of? 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


In this episode, I am excited to host Laurence Jankelow. Laurence is the Co-Founder of Avail, an all-in-one software solution designed for do-it-yourself landlords. Prior to launching Avail, Laurence spent seven years in data analytics first as a Consultant at Protiviti Chicago and then at Goldman Sachs. Laurence is also a long-term real estate investor with a passion for 3-unit multi-family properties in Chicago.

 

We started as we usually do by diving into Laurence’s background and how he got into real estate investing. He and a friend took some real estate classes while attending college and studying finance. One professor explained to them the perils of not paying your property taxes and how an investor could really take advantage of the property owners who do not. Laurence and his friend took that info and invested in delinquent mobile home property tax lien certificates.

 

After graduating from college, Laurence went into a business and risk-consulting career in Chicago and stopped investing for a time. After working a couple of different corporate jobs for several years, he had accumulated enough savings to purchase his first multi-family property. He performed his own property management for several years before his college investing buddy encouraged him to quit his corporate job to begin a start-up. They were both using Excel to manage their rental properties and felt like they could create something that was more appropriate and efficient for the necessary property management tasks.

 

When they initially started this project, Laurence and his partner thought they would be able to find a software engineer to write the program for them with a stake in the company. They couldn’t find anyone willing to do that, so they took two years to teach themselves how to write the code themselves. I asked the obvious question of, “Why not just hire a property management company?” and Laurence said that they felt that they were giving away their entire profit margin if they chose that route.

 

I asked Laurence why he has chosen to focus on 3-unit properties and he pointed out that they are very plentiful in Chicago and work for his price-point. We discussed in detail how he evaluates properties and what his investing goals are. We also talked about some of the tactics he uses managing his own properties so that he doesn’t get service phone calls all day, every day. Additionally, we discussed the systems and processes Laurence has in place to perform as an effective landlord.

 

We then dove into talking about Avail, the software that Laurence and his buddy created. He said the initial goal was to develop it for themselves so they had a more effective portfolio management tool. They wanted it to define a particular process and automate it for investors who considered themselves part-time landlords. Laurence pointed out during their research, they found that about 60% of landlords do not screen potential tenants, so they wanted to develop software to aid in the day-to-day tasks of do-it-yourself landlords. Laurence goes into great detail on the functionality of Avail during our discussion, including many features that benefit both landlords and tenants.

 

Not only do you want to check out this comprehensive tool for DIY landlording (link provided below), but you also do not want to miss this information-packed episode of the Just Start Real Estate Podcast with Laurence Jankelow!






Notable Quotes:

 

“To this day I love Excel, but it is not appropriate if you want to be a real landlord and grow that business and manage it professionally.”

 

  • Laurence Jankelow

 

 

“It is a lot harder to build something from scratch than we gave credit to it.”

 

  • Laurence Jankelow

 

 

“Is this rental going to put money in my pocket at the end of every month?”

 

  • Laurence Jankelow

 

 

“I find that the landlords that get the 10pm service calls are the ones that leave the property with a lot of deferred maintenance.”

 

  • Laurence Jankelow

 

 

“We do put a lot of lipstick on our properties, but the mechanics behind it are still good.”

 

  • Laurence Jankelow

 

 

“You want those processes in place whether you are using software to automate them or not.”

 

  • Laurence Jankelow

 

 

“Take high-quality photos, write a high-quality description upfront and you have them for life.”

 

  • Laurence Jankelow

 

 

“I find that property managers are never aligned with what I am trying to do.”

 

  • Laurence Jankelow

 

 

“I feel that nearly all of the risk in owning rentals involves the tenant-screening process.”

 

  • Laurence Jankelow

 

 

“We want to build something that is going to help with the operational side, the day-to-day tasks of being a landlord.”

 

  • Laurence Jankelow

 

 

“We are very tenant-conscious, so we built everything to benefit the them as well.”

 

  • Laurence Jankelow

 

 

“Any landlord with any number of units can use our software.”

 

  • Laurence Jankelow

 

 

“Removing the price barrier is what is going to provide the most value for DIY landlords.”

 

  • Laurence Jankelow

 

 

“I love that you are looking for solutions for the little guy.”

 

  • Mike Simmons

 






Links:

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

Rich Dad Poor Dad 

Avail Software

Return on Investments

Just Start Real Estate

JSRE on Facebook

Mike on Facebook

Mike on Instagram

Mike on LinkedIn

Mike on Twitter



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

In this episode, I welcome Josh Cantwell onto the show. Josh is the top residential real estate investor in his community of Northeast Ohio and has been a full-time investor since 2003. Josh has bought and sold over 700+ properties in 25 states since this time and he is the host of several podcasts, including the Accelerated Investor Podcast.

 

Josh begins by sharing some of his background and how he got into investing. He has raised and managed over $40M of private money that he is utilizing as part of his current deals through one-off deals, private lender loans, and as equity in his 2600 apartment units. But he got started, like so many of us do, by attending a real estate investing boot camp. Being from the greater Cleveland area, they were already seeing a foreclosure crisis with many publicly-traded companies leaving the city, so Josh got his start with foreclosure investing long before the national housing crisis.

 

Josh spoke in quite a lot of detail about the data that he is seeing that points to the possibility of the COVID-19 pandemic causing another similar situation in the summer of 2021. He compared the policies being observed now to the period of time following Hurricane Erma in 2017 when New York and New Jersey were impacted by this storm. Josh explained that in that case, the banks got ahead of the foreclosure crisis by offering all of the homeowners forbearance agreements. So the hurricane happened and twelve months later, there was a massive spike in foreclosures. Josh, along with many other investors, believe we are headed in this same direction with the pandemic.

 

I then asked Josh to talk to our listeners about raising money. Many would-be investors use not having enough money or not being able to qualify for loans as an excuse for not getting started. Josh said that being successful at raising money often comes down to a person’s own mindset about money. Josh talked about how reliable real estate investments are and how likely it is for lenders to get a high rate of return with no costs. He talked about approaching people on four different levels: if they can buy a house from you, if they can sell you a house, if they can cheerlead for you or refer you, and if they can lend or invest with you. By thinking this way, everyone you meet can become a potential client or partner.

 

Since Josh has been coaching other investors since 2006, I asked him to walk us through the eight traits to high achieving entrepreneurs. These traits include such attributes as self-reliance, taking responsibility for your own life, and having clarity about what you want. Seven-figure earners also have a clear idea of what their average, ideal day looks like and focus on a certain framework for getting things done even though their things to-do list may seem endless. We also talked about time management and allocating certain days per week to free-thinking, revenue-building, and buffer or preparation periods.

 

We talked about the steps to finding private money, marketing, networking at non-real estate events, using technology as a weapon, and so much more! Josh is an incredibly passionate and knowledgeable investor, so you do not want to miss this information-packed episode of the Just Start Real Estate Podcast!

 





Notable Quotes:

 

“I’m primarily focused on raising capital and investing in multifamily properties.”

 

  • Josh Cantwell

 

 

“As a financial planner, I recognized that most of my clients owned real estate.”

 

  • Josh Cantwell

 

 

“You have to play the game and know what is working today.”

 

  • Josh Cantwell

 

 

“I’m glad to hear you say that because it makes me feel smart for doing what I am doing.”

 

  • Mike Simmons

 

 

“If you have something to offer, a product or service, that you think is going to benefit someone, you have a moral obligation to sell it to them.”

 

  • Josh Cantwell’s friend

 

 

“Tell me one person that is super happy with the stock market. Nobody.”

 

  • Josh Cantwell

 

 

“What I love about real estate is that if you buy it right, take care of it, manage it, and cash flow it, it’s about the safest investment in the world.”

 

  • Josh Cantwell

 

 

“With private lending, always talk about your past deals.”

 

  • Josh Cantwell

 

 

“It is all about follow-up and relationships.”

 

  • Josh Cantwell

 

 

“Elite entrepreneurs realize no one is coming to their rescue.”

 

  • Josh Cantwell

 

 

“If you don’t start swimming, you are not going to get to the shore.”

 

  • Mike Simmons

 

 

“You were just spilling the goods left and right.”

 

  • Mike Simmons

 







Links:

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

Freeland Ventures

The Flip System

Accelerated Investor Podcast

Return on Investments

Just Start Real Estate

JSRE on Facebook

Mike on Facebook

Mike on Instagram

Mike on LinkedIn

Mike on Twitter




For this episode, I welcome Bill Manassero to the show. Bill is a real estate investor, entrepreneur, and host of the Old Dawg’s REI Network Podcast, a podcast for people 50 years and older who see real estate investing as a means to fund their retirement years and create a legacy for their family. Prior to forming the Old Dawg’s REI Network, Bill and his family were missionaries to orphaned, abandoned, and at-risk children living on the streets of Port-au-Prince, Haiti. Before that, he was a professional musician and spent over 25 years in business, on both the corporate and entrepreneur side.  A few highlights of his career include meeting Ronald Reagan, working with actor Jimmy Stewart, being interviewed by Oprah, and having CNN produce a documentary on his work in Haiti entitled “Rescued.”

 

Bill’s story is absolutely fascinating and we dive in by discussing his 25 years of business background, which included working in sales and marketing in the automotive and airline industries in Southern California, launching the Nissan infinity division, and then moving on to the technology sector right as the internet took off. At that time, he even bumped into Mark Cuban who was streaming a variety of games via mics in front of radios.

 

Shortly after the bubble burst and Bill felt called to get into ministry. He always enjoyed traveling but usually, that was for work and meant being away from his family – so what better way to take the family on the road with you – as a family rock band! They partnered with Christian organizations and toured together. During this time, they sponsored a child from Haiti and his daughter became obsessed with learning about the country. Little did they know that soon enough they would be visiting Haiti to perform.

 

The trip had a profound impact not just on Bill’s daughter, but the whole family, and Haiti eventually became their new home. They sold everything they owned in the US and returned to Haiti to take care of the kids. Initially, they of course had no idea what they were doing and where to start, but eventually, their efforts grew into an entire organization, Child Hope International, and they invested first in a boy’s home, then a girl’s home, and then a guest house, and even a school.

 

After being struck by a devastating earthquake, Haiti was in the news across the globe which resulted in Oprah visiting and CNN producing a documentary entitled ‘Rescued’ which was all about their efforts. Slowly Bill’s children had grown up and started to return to the US to go to university and Bill’s wife was diagnosed with cancer. So, jointly they made the decision to pass Child Hope International to the next generation and make plans to return to the US together.

 

This left Bill wondering what to do next with his life. He knew he wanted to diversify his investments before retirement, but he wasn’t sure how. After an extensive period of research and reading Rich Dad Poor Dad among other books, Bill had established that real estate investing was the route to go down. He did as much research as he could to develop his plan. He decided to focus on turn-key properties and settled on Atlanta and Memphis as the first areas to make a purchase. After a short trip to both locations, he returned with 3 properties to call his own.

 

Like us all, Bill was learning as he was going along. Some properties were making more money than others and property management turned out to be challenging at times. At last, Bill got himself a mentor who recommended starting a podcast to share his experience of real estate investing for retirement – and after some initial resistance, he went for it. The podcast has over time provided Bill with a large amount of networking opportunities which has certainly helped to open more doors for him in the industry.

 

Bill then shares that he did have the 1000 doors goal and he had reached a staggering 736 doors on the day of recording this episode – a real surprise seeing what a humble person Bill is. Bill shared further that the contacts he was gaining from networking allowed him to do larger projects, which is what got him closer to his 1000 door goal.

 

We then move on to discuss property management. Bill outsources the property management entirely to others. He doesn’t really have a choice in this matter since a lot of his properties are not exactly in his backyard. Over the years he realized that the biggest factor for him when recruiting property managers is transparency.

 

Bill also briefly shares his experience with short-term rentals. He has three that are doing really well in this market. Bill was initially affected by COVID-related cancellations but then managed to recover very quickly through a few changes in his marketing language.

 

We then discuss his current projects and what he feels particularly excited about. Bill shares how he has recently gotten into the senior living sector through a contact of his and what the construction of these new senior living facilities involves. These projects are having Bill engage in aspects of the business he has not previously considered, so this goes to show that there is always something new to experiment with.

 

You don’t want to miss this excellent episode of the Just Start Real Estate Podcast with the fascinating and diverse Bill Manassero!



Notable Quotes:

 

“What am I gonna do? I’m approaching 60 years old. I’ve gotta figure out what I’m gonna do.  I didn’t wanna just go home and collect seashells down at Laguna beach.”

  • Bill Manassero

 

“I hopped on a plane, flew to Atlanta, a couple days later flew to Memphis and then flew back to Haiti, and I had 3 properties.”

  • Bill Manassero



“They’re turn-key, so I really don’t have to do anything, and the next month money appears in my account miraculously. And I’m going ‘Ok, this is really easy,’ maybe I should do more of that.”

  • Bill Manassero



“The turn-key thing was falling a little bit awry. I was having some problems with management.”

  • Bill Manassero



“When you invest in real estate you can do all the studying you want, but you really don’t start learning until you sign your first set of escrow papers.”

  • Bill Manassero

 

“One of the advantages as an older person is that, because it’s not in your backyard, you’re not running down there every two minutes. It kind of forces you to be passive. But, at the same time, you have to rely really heavily on your people in town.”

  • Bill Manassero

 

“You really have to train your people right when picking property managers.”

  • Bill Manassero

 

“The thing that I need is transparency. That’s key for me.”

  • Bill Manassero

 

“I don’t like to micromanage. I want transparency, so I know where to adjust things.”

  • Bill Manassero

 

“The only way these guys make money is to get a lot of properties and hope most of these clients aren’t going to bug them.”

  • Bill Manassero

 

“I get involved to the degree where I really understand how that works, and then I start backing away as I start finding people to be able to take on all the various aspects of it.”

  • Bill Manassero




Links:

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

Bill’s Website

Old Dawgs REI Network Podcast

Child Hope International

7 Figure Flipping

Just Start Real Estate

JSRE on Facebook

Mike on Facebook

Mike on Instagram

Mike on LinkedIn

Mike on Twitter




In this episode, I have the opportunity to interview successful investor, Ryan Murdock. Ryan spent ten years in the electronics manufacturing industry before transitioning to real estate investing and property management in 2007. Today, he is VP of Acquisitions at Open Door Capital, a real estate investment company from Bigger Pocket’s Brandon Turner. Ryan has extensive management experience in many facets of real estate including retail, office, multi-family, HOA, nationwide consulting, and mobile home parks. He has been a licensed real estate broker since 2008 and owns and operates a portfolio of residential rental properties.

 

Before Ryan got into real estate investing, he worked as a production facility technician in the electronics manufacturing industry, traveling all over the world. His priorities really changed when he got married and found himself having to decide if he wanted to continue to live overseas. He bought his first rental property when he was thirty years old and has been building his “empire” ever since!

 

Ryan’s first investment was in a duplex in Bangor, Maine and he lived on one side while renting out the other, “house hack” style. He financed this investment very traditionally and talks about how this was his first experience with having difficult tenants to deal with. He bought a few more duplexes and was looking aggressively at foreclosures to find other deals, while at the same time he started his own property management company. He ran this company himself for about five years and then eventually paired up with a bigger management company that had a network of employees that he did not. At about this same time, he also got his real estate license so he could pursue his own deals.

 

Eventually, Ryan got to a point with his own portfolio where he was able to leave this company and go back to managing only his rental properties, aided by much better systems, technology, and automation. As he started to broker other deals and do some consulting, it made sense for him to give the project management portion to his past employers so he could spend his time in more profitable endeavors.

 

Ryan utilizes the BRRRR strategy with his properties, so we spent some time discussing how that worked for him. He talked about how he was completely reinvigorated by finding the BiggerPockets podcast and learning about different strategies that he had not yet explored. It made him take a hard look at his portfolio and get money out to use as working capital to invest in more properties. He encourages our listeners to take a hard look at their own properties in order to maximize their cash flow.

I then asked Ryan what made him pick up his life and move to Maui and join forces with Brandon Turner. Ryan and Brandon had partnered to buy a mobile home park and developed a relationship through that process. When Brandon moved to Maui, he asked Ryan to come out and give him a hand, and a week-long stay turned into a month. Brandon eventually hired Ryan as his personal assistant.

 

Because Ryan initially hooked up with Brandon by feeding him a mobile park investment lead, we spent some time exploring this investing strategy. Ryan talked about how to evaluate these types of investments and the techniques they used to add value to these communities. Once Ryan moved to Hawaii, they got really invested in Open Door Capital, Brandon’s company which exclusively buys mobile home parks. At the time of recording, they owned about 10 different communities with approximately 1500 lots. Ryan went into quite a bit of detail about what they look for in an investment of this kind and also the type of investor that they look for to partner up with them. He also pitched the “Bring Brandon A Deal” promotion they are running now if someone finds them an off-market mobile park deal.

 

Ryan has an incredibly diverse background in investing and in life, so you do not want to miss this entertaining and informative episode of the Just Start Real Estate Podcast!

 



Notable Quotes:

 

“The real driving factor for getting into real estate was that I just couldn’t see myself in another corporate job for the next thirty years.”

 

  • Ryan Murdock

 

 

“I went on Amazon and bought every real estate and property management book they had because I had no idea what I was doing.”

 

  • Ryan Murdock

 

 

“Maybe if I had read some different or better books I wouldn’t have made so many mistakes.”

 

  • Ryan Murdock

 

 

“If I am going to be married to my own rental properties, I might as well start managing some for other people and generate a little income.”

 

  • Ryan Murdock

 

 

“If you feel like you are getting close to hiring help, you are probably already past the point when you should.”

 

  • Mike Simmons

 

 

“I think a lot of people are like me - I had 10 cents in my bank account and every day is a struggle to hustle.”

 

  • Ryan Murdock

 

 

“There are different tiers to financial freedom… it doesn’t happen overnight.”

 

  • Ryan Murdock

 

 

“Finding and listening to the BiggerPockets podcast really lit a fire under me again.”

 

  • Ryan Murdock

 

 

“I encourage other investors to keep an eye on their properties’ financials.”

 

  • Ryan Murdock

 

 

“I just want to buy and hold everything.”

 

  • Ryan Murdock

 

 

“Because of Brandon’s platform and reach, he is able to attract some extremely talented people.”

 

  • Ryan Murdock

 

 

“I’m always amazed at the ways you can make money in real estate.”

 

  • Mike Simmons

 






Links:

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

Real Estate Investing for Dummies

Property Management for Dummies

BiggerPockets Podcast

Open Door Capital

Bring Brandon A Deal

Return on Investments

Just Start Real Estate

JSRE on Facebook

Mike on Facebook

Mike on Instagram

Mike on LinkedIn

Mike on Twitter

 


For this episode, I welcome fellow real estate investor, Andrew Holmes. Andrew built the #1 flipping team in Chicago and completed over 850 deals in the Chicago market. He owns over 250 rentals and more than 2 million in assets. He started the Chicago Real Estate Investors Association which has become the #1 Real Estate Association in the US. Andrew has worked with over 450 investors in the Chicagoland area helping them develop a rental portfolio of more than 2800 rentals. Andrew and I started investing in real estate around the same time - he absolutely killed it and I am absolutely thrilled to learn about just how he did it in today’s interview.

 

Andrew first shares his background story and how he got his real estate license back in college with money designated to pay for his studies. He shares further along in the interview how this is something he has never even told his parents about!

 

We then moved on to discussing how Andrew got started seriously investing at the age of 32. We discuss his first year in business where he completed an astonishing 10 flips. Having done two flips myself in the same year, I was extremely interested to learn about just HOW he did it without burning out. Andrew then explains how he made the first investment himself, before securing further financial investment from two business contacts. The growth just continued exponentially after that.

 

Together we then dive into discussing the sheer operational challenges of rehabbing this number of properties at the same time and Andrew shares how he got started with a less-than-perfect Jack-of-all-trades contractor - and how he slowly transitioned out of moonlighting and into working with proper contractors. Lucky for him he realized that the stress of working all night just wasn’t worth it after about the third flip. Andrew then shares that as the number of flips he completed grew, the profits started to fall.

 

We discussed how his parents have influenced his outlook on life. Having both been hard-working, well-qualified surgeons, Andrew’s parents saw themselves as true professionals and they expected nothing less than that from Andrew himself. Andrew however saw two people who worked extremely hard and didn’t have all that much to show for it. Andrew made it his goal to show his parents that he will also be successful but in his own way. He describes how as a child he has always had big dreams and has more often than not been considered crazy for even talking about it.

 

Eventually we discuss how the constant pressure of keeping up and the lack of security was making Andrew feel less than safe and his focus shifted to buying wholesale. Andrew shares the super simple formula he used for transitioning to owning rental properties - the 2-5-7 formula. Listen to the episode to get all the details on how it works. He told me how he started with just a handful of properties and then scaled it up from there.

 

We then move on to the topic of choosing the right properties to invest in. Again, Andrew shares some gold nuggets here about the exact criteria he uses to assess whether or not a property is worth investing in or not. That’s the exact system that got him from 3k a month cash flow to 100k a month cash flow.

 

We talked about the logistics of managing 260 rental properties. Andrew manages the properties in-house with just full-time managers, 1.5 rent collectors, and a team of contractors. He gives us an important reminder to never buy individual properties outside of your area, as this adds unnecessary workload.

 

Lastly, we discuss the importance of networking. Andrew shares how just studying the information just isn’t enough and how important surrounding yourself with people that are actually DOING IT has been for him - and as always I absolutely agree with his assessment. Don’t miss this episode of Just Start Real Estate that is filled with practical and incredibly actionable advice from uber-investor, Andrew Holmes!





Notable Quotes:

 

“I was born in the US but most of my life I’ve grown up in India. You don’t learn DIY in India.”

  • Andrew Holmes

 

“From a small fire, I jumped into a forest fire doing that many flips.”

  • Andrew Holmes

 

“My family found out I was flipping houses because I did it so long and had some success that I was being interviewed and my family read about me in the paper.”

  • Mike Simmons

 

“I didn’t tell my wife that I was doing this - I just didn’t want to fail.”

  • Andrew Holmes

 

“When my parents didn’t have an answer I got a whack on the head ‘Go Study.’”

  • Andrew Holmes

 

“I felt scared. Even though I made good money. I always felt scared. If I went on vacation I felt guilty and I was sick and tired of this feeling. I wanted some security in life.”

  • Andrew Holmes

 

“I tried being poor and I didn’t like it.”

  • Andrew Holmes

 

“I thought I was investing, but in fact I was just trading properties.”

  • Andrew Holmes

 

“My goal always was that one day I’m gonna make my parents proud. And I’m going to buy them something that’s going to blow their mind.”

  • Andrew Holmes

 

“I don’t have to worry about how much it costs or what it is. It’s just a small part of what real estate has helped me do.”

  • Andrew Holmes

 

“I didn’t drink, I didn’t party. I was just focused.”

  • Andrew Holmes

 

“We do what’s called 2-5-7 and that’s what I try to convince everyone to do. Cashflow for life. I tend to be very fanatical about those numbers.”

  • Andrew Holmes

 

“I keep things very simple. I’m not a very educated human being. I can understand basic things and I stick to basic things.”

  • Andrew Holmes

 

“If you take care of real estate for the first five years, real estate will take care of you for the rest of your life.”

  • Andrew Holmes

 

“I was always looking for answers. While my friends were partying, I was reading books. Reading books, all it does is give you insomnia. Because you’re excited and you don’t know what the hell to do.”

  • Andrew Holmes

 

“The more I give away, the more I get to learn.”

  • Andrew Holmes

 

“Everyone talked a good game, but no one was doing anything.”

  • Mike Simmons

 

“If you think surrounding yourself with people who are actually doing the business at a high level, that you won’t be able to exponentially increase your learning, your growth and your business - if you don’t think that’s going to happen. You’re dead wrong.”

  • Mike Simmons

 

“It wasn’t until I started going to these events and talking to people that my business was starting to explode.”

  • Mike Simmons

 

“The 2-5-7 model can be done in 98% of America.”

  • Andrew Holmes






Links:

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

Andrew's Website

Andrew’s YouTube Channel

Chicago REIA

Warren Buffett Books

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: 260_Rentals_and_850_Flip_and_Wholesale_Deals_with_Andrew_Holmes.mp3
Category:general -- posted at: 3:30am EDT

For this episode, I am thrilled to welcome the President and CEO of McCormick National Holdings, Joe Mendoza. Joe has more than twenty years’ experience in the real estate and investment industry and is the host of two successful podcasts and a YouTube show. He has regularly appeared on television news and radio shows for his professional knowledge and insight. Joe is a licensed California Real Estate Broker, an Accredited Investor, a Certified Fund Manager, and also a successful Business Coach. He has a long history of success including thousands of transactions successfully closed and well over $100,000,000 in volume.

 

Joe told us that he came from a working-class background, his dad having been in the navy and his mom working in civil service. He remembers his uncle inviting him to a Robert Allen seminar when he was seventeen years old, which is where the real estate investor's dream for him began. He didn’t know exactly what to do to begin so he decided to take what college-level real estate classes he could while still in high school. The market was pretty depressed at this time and Joe decided to go to college to get his four-year degree.

 

Joe attended San Diego State University and became a stockbroker trainee when he graduated. He learned how to cold-call during this period but then the dot com bust occurred and he lost his job. Joe could only find work as a bill collector and worked in this field for four years, but in 1998 he also began working with a real estate agent to learn more about that side of real estate.

 

This led us into a conversation of where we think the housing market is headed. Joe said there were some variables in the last market turndown that are really not applicable now, such as the housing loans that were given and the excess supply of newly built houses. This leads Joe to believe any future downturn of the market will not be as severe as what we saw in 2007-8. He really believes that it depends on which side of the real estate fence you are on as to how difficult things may become, especially due to the pandemic business closures. Joe talked a lot about what he has done in his own businesses to adjust to this interesting time. 

 

I knew from my research that Joe spends a lot of time volunteering and so I asked him to describe what he does and how he gives back to others. He said that he has two teenagers and he is very active in their activities. He has been on the board of several non-profit organizations and very involved in his church community. He also spends a lot of time with mentoring and coaching other investors all over the country and also internationally. 

 

I say at the end of this interview that Joe just drops gold all over the place, so don’t miss this awesome episode of the Just Start Real Estate Podcast!







Notable Quotes:

 

“Hey Joe, if you want to be rich, get into real estate!”

  • Joe Mendoza’s Uncle

 

“All you need is to have a fire ignited.”

  • Mike Simmons

 

“When the media is telling you to do something so emphatically, it is counter-intuitive to do the opposite, but that is where a lot of money is made.”

  • Mike Simmons

 

“If you own a business and have employees counting on you, it is your responsibility to understand the market and make sure you are poised to be in a good position when things change.”

  • Mike Simmons

 

“I love to give back through coaching and mentorship and see people succeed.”

  • Joe Mendoza

 

“I have some investors that I am coaching now that could pull the plug and be financially free.”

  • Joe Mendoza

 

“Know your numbers. Know your formula.”

  • Joe Mendoza

 

“This is not a solo sport, it is a team sport.”

  • Joe Mendoza

 

“I want to add value. I am a firm believer in pay it forward.”

  • Joe Mendoza

 

“You just dropped a ton of gold all over the place.”

  • Mike Simmons






Links:

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

Joe’s Website

Joe's YouTube Channel

Joe on Instagram

Joe on Facebook

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


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