Disclaimer: Transcripts were generated automatically and may contain inaccuracies and errors.
We wanted to share with you just some things. This is kind of a little checklist of things that you ought to consider when you’re evaluating or considering working with a turnkey company. So these are all things that we found, cuz there’s good guys out there and there’s bad guys out there. We only want you to go find the good guys because we want you to be able to replace your income.
And so in order to find the good guys, we’re gonna go through 1, 2, 3, 4, 5, 6, about seven ish things that we’ve kind of found that can make a difference. What would your life look like if you could replace all of your working income with simple and conservative investments? That could do it for you.
Over the last 13 years, we’ve helped thousands of clients transact over half a billion dollars in simple and conservative real estate transactions, allowing them to begin replacing their work income with real estate investment income. Each week, we’ll be pulling back the curtain on the ins and outs of real time retirement based real estate transac.
That will transform your financial future even if you have no real estate experience. This is replace Your Income with me, Kevin Clayson and Steve Earl All Ride. Hello everybody. Kevin Clayson here with Steve Earl is always What up man? Good morning. Hey, we are so excited to be with you guys. This is a cool episode.
I’m super excited for this episode cuz this is an. Where, uh, I’ve, I, so sometimes when I go and I give presentations, like I’ll have other companies kind of want us to come and talk about real estate or whatever. This is one of my favorite things to talk about, and it’s something that I’m gonna warn everybody right now.
There may be a chance that I need to get my stepstool out and step up on the soap box, because you may get some of that today. Host Steve. You know, I get fired up, man. I can’t wait. . So here’s what we wanted to talk about. First of all, as always, thank you so much for listening. Thank you for tuning. We see the downloads coming every single week.
You guys have been an awesome, faithful group of friends to hang out with and, and to thank you for listening to us. As always, please share the podcast, go rate and review the podcast. If you haven’t yet, um, that means a lot to us. So today what we wanted to talk about is this idea that now here’s kind of what I’ve seen.
Everybody kind of knows they want to be in real estate. Right. And we’ve talked about it before, to be quite honest, everybody is in real estate. No. One of my sayings is all roads lead to real estate. All roads lead to real estate. And I always, I always kind of feel like this, every single one of us is already in the industry of real estate.
We’re either on the side. That’s making us money or on the side that’s making someone else money. So we’re all already in real estate or we’re even just standing on it. Yeah. We could also be standing on it. Yes. That or I have a number of friends from high school that were really good at handstands, so they typically handstand on it.
And that’s, I can’t do that. I’m, I’m way too heavy. I fall over, I basically look like a weeble wall. Are looking pretty, pretty trim these days. I noticed that you’ve lost a little bit of weight, Dude. Down 16 pounds, buddy. Congratulations. That’s fantastic. Thanks, man. You look great. I appreciate. So, uh, so yeah, you know, everybody’s in real estate and a lot of people think, Okay, I’d love to get into real estate investing.
If you’re listening to this podcast, my guess is you’re either nibbling around the edges of wanting to finally jump in. It’s something you’ve been thinking about or you are in real estate investing and you’re just looking for some additional guidance and counsel. And so here’s what we wanna talk about, cuz here’s the.
So many folks say, Okay, I’m gonna go into real estate. I don’t wanna do it all on my own. If you ever get to that point, whether you’ve got your own portfolio and you’re tired and you just want, you still wanna invest in real estate, but you don’t wanna be the one doing it all. Or if you’re nibbling around the edges and going, Look, I don’t wanna become a real estate expert, but I still wanna be an investor.
And so I wanna work with a company that can allow me to do that. And that’s what a lot of people will do. A lot of people will research something. Turnkey companies. Steve, how would you define a turnkey real estate company? Kind of a one stop shop, hopefully, where you can go, they, you know, they typically will find you the property, they’ll make sure it’s in good condition.
They’ll maybe be able to refer you to, you know, kind of their sources of, of good deals or property managers or that or that kind of a thing. But it’s. It’s turnkey is is where they, they sometimes they even like have, uh, opportunities on their website that you can choose from. Yeah. You could go like shop on the site to get a property that’s effectively gonna be ready to go or something.
Yeah. There’s a number, a number of, of pretty good companies out there that. Over the last 10 years have kind of jumped in and, and are doing a decent job. Yeah. So, and here’s, this is why we wanna talk about that cuz there is a lot of good companies that do this kind of thing. And what we wanted to share with you is after 13 years being in the industry, we wanted to share with you just some things, this is kind of a little checklist of things that you ought to consider when you’re evaluating or considering working with a turnkey company.
So these are all things that we found cuz there’s good guys out there and there’s bad guys out. We only want you to go find the good guys because we want you to be able to replace your income. And so in order to find the good guys, we’re gonna go through 1, 2, 3, 4, 5. About seven ish things that we’ve kind of found that can make a difference.
And so we wanna fire these off and give these to you. And the first one that we wanna talk about. So in other words, when you’re evaluating whether or not to work with any real estate company, okay, especially in the turnkey space, these are like the seven things you wanna consider. Make this your little checklist and ask them these question.
So these are the questions you want to ask when you’re evaluating real estate, potentially working with turnkey type companies. Number one, this is something you don’t have to ask, but research you could do on your own, and that is, have they enabled Google reviews? Now, the reason for this is there’s a lot of companies, their websites look.
But you can’t find any Google reviews. So if you ever like Google a company like you find a real estate investment company, a turnkey company, and you go on and you’re like, Oh, lemme show you what people think about them, and you jump in there and you can’t find Google reviews, that’s a setting. They’ve turned that off and there’s probably a reason why they’ve turned that off.
In fact, you’re, this actually, I had a friend who was kind of thinking about doing some real estate and he was kind of looking at multiple c. He found this one company that he thought was just awesome. The website looked awesome. The testimonials on the website looked awesome, everything looked great. So I kind of gave him that advice.
Hey, go and find the reviews. Let’s see what, What are people going on Google? Insane. He couldn’t find any Google reviews. So I said, Well, geez, you go check out the Better Business Bureau. Maybe there’s something up there. So this company had like an F on the Better Business Bureau, and there were all of these comment.
Of all this stuff that went wrong and I said, See, that’s why the Google reviews weren’t enabled. Because if a company is not enabling their Google and Facebook reviews, cuz those are settings, then that’s a pretty good indicator that they may be a little scared of what’s gonna be coming across. And it may, it should just be a red flag and, and cause you to maybe want to dig.
Yeah, I’ve, I’ve kind of found Kevin, that, uh, people tend to say nice things about themself, , you know, And so if you can control your own, your own website and say all kinds of, of great things and control the messaging, I mean, that’s one thing, but, uh, it’s a whole different thing when third party independent, uh, opportunities are out there that, uh, are available for people to read.
Yeah. So, I mean, even, even testimonials on somebody’s website and we have those too. Sure. Yeah, we do. Yeah. Um, yeah, you have to kind of take those with a grain of salt, right? However, Just independent reviews out there in the public, you know, good, bad, and ugly. That’s what you wanna be looking at. Yeah, 100%.
And like, uh, sometimes you’ll see that companies will go and hide bad comments. I, you know, what I always think of, it’s also if you do find reviews, here’s what the other thing I’d say. If it’s a bad review, don’t, don’t let that alarm you, because people do this thing where there may be 105 star reviews in like three, like one star reviews, and then you’ll read the one star review and evaluate your opinion based on the one star.
Better than evaluating your opinion on the One Star Review, evaluate how the company responded to the one star review. I, uh, I used to watch his show, Hotel Impossible. Did you ever watch that show? No, I’ve never seen it. So was this guy, I think his name’s like Anthony Urry, or, I don’t remember his name, but he’s awesome.
Like he’s a, he’s been in the hotel industry for a long time, run and owned multiple hotels. So he would go, it was like Restaurant Impossible. He’d go into these hotels that are failing, that are just terrible. They got bud bed bugs. It’s just they’re disgusting. And he’d go in and he’d try to like make over the hotel.
And one of the things that he would always say is he would always go and look at the reviews on Trip Advisor or whatever. And this is actually just good advice, even if you’re thinking about going on vacation, if you see bad reviews, don’t. Form your opinion, but go look how they responded. The bad reviews.
Yeah. And so this guy Anthony, on Hotel Impossible, he would just ream these hotel owners for responding. Like they get a negative comment like the bed wasn’t comfortable and like the, the owner would be like, Well that’s cuz you are not comfortable and you’re ugly too. You know? And it’s like obviously is really petty.
But if the response is, I’m so sorry you had a bad experience. With our mattresses, I’d love to jump on the phone and maybe find out more, or if you have a mattress that you prefer so that we can provide a better experience for you next. Thank you for the feedback in helping us get better. Well, if that’s the way they’re responding to a one star review, they might be a company worth looking at, right?
Yeah. I mean, that’s an indication that, uh, the organization is dedicated to this concept of continuous improvement. And that’s all any of us can ever expect. Right? Because nobody, no individual person, no organization gets it right all the time. That’s right. And there, it, it’s simply, you know, it’s, it’s.
This ongoing effort to, to just do your very best 100%. And so the first thing on your checklist, if you’re looking at potentially working with other, with any company, any real estate company, have they enabled Google reviews, Facebook reviews, and then go look at the feedback. You could read the reviews.
Those are like testimonials, but it’s not a bad idea to go and look at if there are bad reviews. How did the company respond to the bad reviews and let that kind of formulate your opinion. Or add to formulation of it in terms of how that company does business. Anything you wanna add on reviews and feedback?
No, I think you got it. Awesome. Next one, and this is another one that we’ve found is sometimes it’s really prevalent with some companies. Other times it’s not. Are they upfront? If you ask them, if you’re thinking about working with a company, ask them this question. It’ll, you’ll see real quickly the core of who they are, Say, How do you guys make money?
Break it down for me. I’d like to know how, I know you’re in business for a reason. How do you make money? And I don’t know if you’ve seen this, Steve, but sometimes you’ll ask a company that question and all of a sudden they get, it’s like they get sweaty, right? It’s like they, you could you get like sensed through the phone that they’re like getting red and perspiring, like, Oh, well, you know, we, we make money, a variety of.
But if they’re like, Oh yeah, cool, I love that question. Let me tell you exactly how we make money. We’re proud of our business model cuz it means we can serve clients. Yep, exactly. And so, uh, how, see if they’re upfront about how they make money, So an example, there’s some of these real estate companies, Steve, that they hide fees, they hide sort of the way that they make money inside the transaction.
And so you may be looking at it, just evaluating it and feeling like, oh man, this. This is just awesome. They don’t charge anything. I’m not afraid of companies that charge things upfront if I know why they’re charging, um, upfront fees and if they’re upfront about their upfront fees. Right. Anything you wanna add to that?
Well, and there, there’s nothing wrong with, you said a keyword was they hide fees within the transaction. That, that’s where, that’s what makes me nervous. I don’t think that there’s a problem if there’s, you know, if a company. Puts their fees somewhere in the transaction as long as they’re upfront and up front disclosing the name of the game in real estate is disclosed 100%.
Yeah. And, and so you can be comfortable, and I don’t think anybody should be afraid of, It’s like if, if they, if what they do is they increase the purchase price. That’s one way for an organization to make money. Or maybe they just, they take a percentage, like a real estate fee or that type of a thing. I don’t think anybody has to be afraid of that.
Right. It’s just a matter of, of understanding it and, and being good with it. So you can evaluate, truly evaluate the, the opportunity in front of you. Well, and I think it kind of comes to this, right? Nobody, no company should be afraid of how they make. But they should be proud of it. That’s kind of the way that I think of it, right?
Sure. I wanna work with a company that’s proud of how they make money, because that tells me they know that they are capitalists, they know that they’re running the capitalist system, and that they understand I make money when I serve people, and so here’s the money that I want to make and here’s the level of service I want to provide in order to make that.
I have no problem with that. Right? We all know every business we go to, we know that they’re making money. Are they cool? Like, you know, look, you go to any grocery store and you know, they bought the product at wholesale and then they marked it up. Any retail is gonna mark it up by double, right? And most retailers are really upfront about that.
They’ll say, Oh, well, You know, our cost is X and then here’s our price. Right. That’s why they can offer sales and stuff like that. Yeah. Another key thing that you said is ask this question upfront. Upfront. Yeah. My, my son recently, uh, actually two days ago, he bought a truck. He bought it at a dealership, and it, it’s an awesome truck.
It’s so, it’s so beautiful. Um, I’m a truck guy. Yeah. What kind of a, what kind is it? He got a Dodge Ram. Hey, Because Steve and I both drive Dodge Rams. That’s right. So he, So Dallas’s a Dodge Ram guy too. Oh, this is Jared. Oh, Jared. Oh, good. So he, he bought this, Hey, good job Jared. 2011, like super nice wheels, the whole thing, right?
So he goes through the whole process and as he, they’re finally getting to the financing and, you know, that end of things. And all of a sudden there’s like a $500 doc. $500 doc fee, and, And then there’s this fee and this fee. So the price of the truck was like 17 grand at the end of the day. Like he walked out the door as $22,000.
Yeah. Now mind you, he bought like an extended warrant. Sure, sure. And that kind of a thing. But the thing that that was tough is that he’d already fallen in love with it. He’d already test driven that he wanted to get it and he was gonna do it. Everything in his power to get it right At this time, at this point in time.
Right. It’s. He wasn’t in his right mind anymore. I think he was willing to do anything and everything to close the deal. And had he, you know, asked those questions up front, he might have said to himself like, You know what, I, I think I’m gonna just check around at, at a few other dealerships and see what they’re charging and that kind of a thing.
And he could have made a little bit more educat. And thoughtful, you know, decision as opposed to this emotional, I gotta have it Yeah. Right. Kind of a thing because it was at the, at the very end. Sure. So you wanna ask those questions upfront as much as you possibly can. Just find out what you can find out, make sure that they’re willing to be upfront about you asking upfront what their upfront fees might be.
Right. But it’s, it’s just transparency. That’s really what it boils down to. Sure. And, and like both of us say, um, Like we are in business to make money. Everybody’s in business. Like at the end of the day, that is the goal is to make money. Nobody, like, that’s the reason we’re sitting around this desk is cuz we have to make money in order to be able to do what we’re doing.
And, and so we respect them. We love that about, about our country and about the opportunities that are in front of us. It’s just that. It’s important for you as a consumer to, to always make sure that you understand upfront what’s going on. You should want to help people make money if they’re gonna help you make it right.
And that’s, I always talk about in terms of value, right? So that’s a good way to look at it. You, you ought be looking at it as, you know, this is how we look at it as a company. We know just for us, we, we know how much money our clients generally make on their property. So what we offer is a fraction of the money we’re gonna help them make on the property, right?
So we’re trying to add 10 times as much value as what we’re asking for in return. And I think that’s how every business, So like, I think of my cpa, right? So my CPA charges what every charges a few hundred dollars or whatever. But if I end up getting a tax return or if he ends up uh uh, I mean a tax refund, or if he saves me thousands of dollars in taxes, like it’s totally worth it for me to pay him hundreds if it’s gonna bring thousands back to me.
I want him to make money. I love to pay him. I love to have him do that. So that’s kind of the idea is. You want others to make money, but they should be making money by providing more value than what they’re asking for in return. That’s just plain and simple, good business. I think that indicates whether or not you’ve got a good company that you’re working with, don’t you think so?
Yeah. There’s just gonna be an exchange of value. Yeah. Yeah, exactly. And And you just need to. It’s important. And I think the point that that you’re trying to make is you just need to understand it upfront. Yes, That 100%. Okay, so reviews and feedback, are they enable, Can you find them? Can you evaluate ’em adequately?
Upfront fees? Are they cool about it? Are they, do they tell you kind of what’s going on? Are you able to kind of figure out, pull the curtains back and see? The next one is track record, but track record is interesting, right? When I say track record, you wanna be working with a company that shows a track record of success and that are, they are upfront about their track record and transparent about it.
So here’s what I mean by that. If you are considering other companies, you ought be asking like, Hey, how many homes have you done? Or, What does your track record look like? Or, or can I kind of take a look at that track record? Cuz this is something that I’ve seen, Steve, I know there are guys out there, there are companies out there that will take the track records of other c.
That they somehow were like, Involved with in some way, and they pass it off as their own. It’s crazy. But I’ve seen it happen multiple times. Right. It’s like, for example, it’d be like somebody working for Keller Williams and, and because they work for Keller Williams, they’re trying to like lay claim to all of the Keller Williams transactions.
Right. But it’s not their individual transactions. And uh, and I’ve even seen people that. Hey, these are all, all the real estate that I’ve done personally, when the reality is they may be, are part of a company that’s done real estate for others, but they’re trying to pass it off as their own track record.
So are they willing to show you that track record and are they upfront about where that track record is coming from? So if they, if they are willing to show you the track record, ask some additional probing questions, where are those numbers and addresses coming from? If they’re willing to show you that stuff?
Right? Yeah, yeah, for sure. And then that’s an important thing is that. Is that you’re working with, with a group that has, you know, good experience. and, and one question that I get frequently, Kevin, along these lines is do you have customers who have, who have been with you long enough that they’ve actually accomplished what you’ve stated as what their outcome ought to be?
And that’s a big question, right? Because everything is theory until you know it’s actually happened. And so that, that’s something to ask, right? Is tell me. Some scenarios or some people that you’ve worked with who have bought the home, gone through the process, and 5, 7, 10 years later, they sold it and what happened?
Yeah, I love that. That’s great. So find out what the track record has been like and are they transparent about it? Will they show it to you? Yeah. And then ask some of those additional probing questions about that track record and about. The people that help them make up that track record, Right? Or whatever.
So a lot of this guys, it comes down to questions. We just want you to be thinking about it in a, in a, and that’s a, that’s one of the most important things about anything that you do, that you’re getting into. And sometimes, you know, and the reason why I think we’re doing this podcast, Kevin, is sometimes as consumers, as customers, as clients, We don’t even know what questions to ask.
Right. That’s true. And so I, I think that this is, this podcast is about helping everybody understand what are some of the important questions you ought to be asking. Yeah. And that’s really what this is, right? It’s if you’re considering working with any company, and, and I think this isn’t just necessarily specific to real estate.
Or turnkey companies. I mean, this is great feedback for any, If you’re thinking about how do I evaluate whether or not I work with a certain car dealership or I work with a certain business, you ought be looking at reviews and feedback. You ought be wondering if they’re upfront about their fees, and you ought be looking into the track record and then asking questions about the track record so you can kind of get a good feel for whether or not this is a company you wanna do business with.
And that’s really at the end of the day, what we’re saying here is, do your research right. Okay, so here’s the next one, and I think this is maybe a little bit more specific to real estate, Steve, but if you’re considering working with a company, you ought to wonder or an agent, we could say an agent too, right?
This could be a real estate agent, it could be a real estate company. Find out how they’re, any economy track record looks. Okay? Now here’s what I mean by any economy. What I mean is there’s certain people, agents, companies that may do exceptionally. When the economy is good, right? So like, let’s say home prices are screaming and this, I would say this for loan officers too.
Cause I know some loan officers that have been in, you know, the loan industry during every single economic condition over the last 20 years. And those are great loan officers, right? Those are, or, or mortgage companies. We could say that too if they’ve been around for a long time. But like I remember when everything like before the great recession, When everybody was making money on mortgages, you had tons of loan officers that were jumping into the industry or companies that were opening up because there was plenty of money to go around and everybody was doing refinances.
But if you can work with a company that’s been in existence, On the financing side, on the real estate side for 10 or 15 years at this point, and they can demonstrate that regardless of what the economy has done, they’ve been able to help folks succeed. That is maybe a company that’s worth taking a look at or a loan officer or a mortgage company that’s worth taking a look at or a real estate agent.
Or real estate brokerage that’s worth taking a look at. Cause you’ll see these popups and they may do really well when the economy’s good, but have they have the wherewithal to be able to continue to succeed and help others succeed even when the economy was poor? Yeah. It, it is interesting that there’s people who, who succeeded in real estate, but they’ve only seen.
And upmarket, meaning they don’t even necessarily know why they succeeded. They just did, because the market, you know, gave them a gift. But then when things weren’t good, you know, they, they tend to go away. And what’s a little bit scary about people who get into the consulting industry or whatever, when they’ve done a few deals and they’ve only known the good, they’ve never experienced the bad is they have no idea.
Number one, how they’re gonna fare through, through the downturn. And number two, how to help others, uh, get through the downturns as well. Yes, so, so, and, and that’s a very common thing, right? Cuz because people have a little bit of success. This is a funny thing to me, Kevin. Is that somebody, There’s lots of people who they succeed in something in business or whatever it is for a short period of time, and because they succeeded a couple of times, all of a sudden they’re an expert
Right, Exactly. When, what’s the definition of an expert? Right. 10,000 hours or something like that. Exactly. And that was supposed to be, Yep. Well, and here’s, here’s the other thing, and this is just kind of a sidebar, but I think important. Listen, if you own a business, if you what? Whether it’s you’re a business owner, you’re real estate investor, or you are just a human, like, can we stop being so embarrassed about our failures?
Like, I don’t think it’s reason to be embarrassed. I think it’s reason to say, Holy cow, look what I did. And I was able to persist. And here’s the reason why I say that. I know there was a time when Steve and I hired a guy, kind of because of his failures, but it was almost like he was so put off by his own failures that he was constantly running away from them to the point where he overcompensated and was almost overconfident about the times that he’d succeeded as opposed to embracing the failures as a form of humility and a and a stepping stone to say, This is how I can get better and improve.
And so it’s just interesting. I think that just as humans in general, Steve, I think that if we could do a little bit better job, and I know we’re a little off topic here, but it has to do with working with companies. It’s okay that a company fails or makes mistakes. I mean, we were just talking about it the other day.
I, I remember when I read the Phil Night book, the Nike book, Shoe Dog, right? Yep. So Ima didn’t know that Nike was not profitable until they went. They for over 20 years, over 20 years, they were an international company and they still weren’t profitable. They were still having to go, Sometimes they were bootstrapping at boots, getting loans from parents and friends, you know, And I love that in the book.
He talks about that and he doesn’t shy away from it. It, he wears it as a badge of honor. And I wish that we would do more of that because I think every bit of failure and every bit of, of difficulty that we’ve had along our. Makes us better today than we were before it happened. And I just wish that that companies in general, cuz companies, we companies have a tendency to wanna like just show you the good, I think it’s fine to showcase some of the mistakes or at least be honest about the mistakes.
Like, you know what, there’s plenty of things. In fact, last episode we talked about that. With the LLC stuff we talked about. There was a time when we really promoted some of that stuff and it wasn’t that that was a mistake, it was just part of our learning experience. Cuz now there’s some real good reasons that we think to maybe not do certain things.
So it’s just all part of the experience, it’s all part of the journey and I just wish we do more to embrace it. Yeah, I mean, if I can help a, My soapbox first please. Yeah, just a second. Let me just stand up and get on it. So, I mean, as far as these challenges, like at the end of the. That’s when we learn the most.
If you think about the times in your life when you made the most progress in anything that you’re doing, it’s when you faced those challenges and hardships and you figured out how to get through them, I really believe like, I mean there’s a statistic that says that nine outta 10 businesses failed within in the first couple of years.
Or it’s something like that. A high percentage. Right? And I think part of it is, is. Sometimes we give up too soon, and the reality is, is the challenges that we overcome as a business or in our marriage or in our different relationships in. Pursuit to become better athletes, whatever it might be. It’s those challenges and those obstacles, the things that slow us down and that challenge us to get through them or over them or around them, or whatever the case may be, that makes us better at whatever it is that we are doing and, and we become bigger, better, faster, stronger by overcoming those challenges.
And this is the other thing that I would state and that. I believe that our challenges are directly proportional to the greatness that we’re trying to accomplish or achieve. Agree completely. And if we’re trying to do big things or good things or great things, our challenges are gonna be bigger, greater, and more higher to to overcome.
And so whatever it is that we’re up to, just expect those challenges to come and to face them head on and we’ll become better for them and more capable and more able. And, and we’ll look back and we’ll look back and we’ll, we’ll say, Wow, what I thought was such a massive obstacle. Now it seems so tiny.
Yeah. And so it’s the same thing. So I think the point that you’re making is like, don’t. Judge a company because they’ve had challenges in the past. Look at them and see, it’s like, whoa. Like how did they deal with them and who are they now? What have they become based on what they had to go through to become what they are today?
And I think too, when you’re looking at evaluating companies or whatever, I think that it’s also like. Yes, there’s gonna be mistakes and there’s gonna be failures. But how did they react to those? And during those lean low times, were they still able to maintain and figure it out? Cuz I think that that shows some resourcefulness.
I gotta share this story just real quick because it’s, it’s super fresh. So that just this idea and, and we’ll kind of get back on topic, but this is idea that when we can wear our, our failures or our, our lack of success from time to time as a badge of honor and take it and use it as fuel. So I coach my son’s baseball team.
So I had this kid, uh, who really wanted to pitch and this is the first year that these kids are pitching to each other, right? It’s, it’s a huge challenge. And this one kid came up and he’s the cutest kid. He’s so nice. His kid’s awesome. His name’s Axle. Axle, What up? Dude and Axle. He wanted to pitch and I said, I, anybody on our team, cuz we’re an instructional league, anybody that wants to play any position, my answer is yes.
Let’s try it out. Let’s get in there. So he pitches it goes. Terribly, right? First game he pitches. It was so bad. I mean, the kid could barely get it to the plate or he was throwing it way over the plate and he’s like this awesome but kind of sensitive kid and he felt so bad, and I always keep it very, very positive.
Well, the next game, he comes back and he says to me, he goes, Hey coach, do you think I could pitch again sometime? And I go, Heck yeah, buddy. You want to? He’s like, Yeah, I do. Well then here’s the back. After that total failure, that first time he tried to. This nine year old kid went home, had his dad help him figure out how far the mound was from where the home plate would be, and this kid in his backyard started to practice pitching on his own just because he’d had such a bad experience of it.
That kid has continued to do that. Last night I put him in the game of the tournament. He got three strikeouts in a row. And I’m like, I just, I told his parents, said the character of that young man, that kid is gonna be successful with whatever. I get chill, look like goosebumps, dude. I get chills just thinking about it because that, and I wish that more people would look at it that way.
Holy cow. And that like I know as a speaker, oh my gosh. Like I have failed so much as a speaker. Like I’ve had times when I get up on stage and I’m like, I can’t. Nobody should ever let me open my mouth ever again. Right? And instead of just kind of shrinking into myself, the idea is then you go look at it and you figure out how do I improve and how do I get better?
And guys, you ought be working with companies that that’s their approach to business. They shouldn’t shy away from the fact that they failed, but they should be proud of the fact that they figured out a way. To, to last and to get better during any kind of economy that they are facing. Yeah. Well said Kevin.
Thanks. Okay, so couple other ones, then we’re gonna conclude cuz I actually have a client appointment that’s coming up here and so I better hurry it up. Um, . So the, the next one, and there are a number of companies that do this. There’s companies, some that don’t. There’s a variety of turnkey companies that operate in one individual market.
Now, the upside there is that they know that market inside and out, right? So that could be a good thing. The downside is that means that you only have the ability if you work with that company to invest in that one market. We’re big believers that you ought to go find somebody that can help you invest in multiple markets simultaneously so that you can take advantage of various opportunities inside of various markets according to.
Your needs are and what your plan is. Yeah. Any, any comment on that, Steve? Yeah. No, I think that that’s an important aspect, uh, to make sure that you have the ability to transition from one market to another as well. You might have been, Oh, there’s, yeah, for 5, 7, 10 years or so, and now you’re ready to sell and it might not make sense to rebuy in that market.
And so you need to have other markets available to you. And so you need to go be with a company who is progressively and actively and ongoingly. Opening up additional markets. Yeah, I just think, I think it’s important, you know, And so here’s the deal, right? We’re gonna break down the, I’m gonna run down the list where we at this point, and then we’re gonna have the last thing we talk about.
So when you’re evaluating companies, real estate or otherwise, Check out the reviews, look for the feedback, and if there’s one star reviews, go and look and see how did the company respond? It may show you some of the character of that company. The next is, are they upfront about their fees and how they make money?
Are they proud of it? Are they willing to be totally transparent about it? The other is track record. Are they transparent about their track record? Do you have the ability to dig into the track record? Number one, make sure the track record really is owned by them. And then number two, where those numbers came from.
Are they willing to just share that with. The la the one that we just, uh, the couple we just talked about is a, a, a company that has a track record of success in any economy, but also a track record of dealing with failure in any economy or dealing with difficult times, and then how they persevere through that.
And then, uh, from a real estate standpoint, working with a company that allows you to transact in multiple markets simultaneously so you could take advantage. Of whatever the opportunity may be. And then here’s the last one. When you’re considering working with a company in the real estate arena, when you’re wanting a company to help you go do real estate, so you don’t have to be the expert, you ought be looking for a company that provides a custom approach, not a, not just a turnkey or coaching approach.
And here’s what I mean. Coaching companies teach you, they coach you, and then you have to go figure it out on your own. Turnkey companies usually, like there’s websites where you could go and find homes in multiple markets. They may be a good company that has great reviews. They, they may not have, Some of these companies popped up when real estate was really good, so they may not have a track record of what you do during tough times.
But these companies, they’ll give you a property, they’ll get a tenant in there, they’ll help you work with the property manager, but then they wash their hands of you no more. That’s that’s true. Turnkey. It’s like we got you a property. It’s rented out. Good luck. See you later. Please don’t call us unless you wanna buy again, but the last thing we want you to do is call us with the problem.
What we say is, you ought find a company that provides a custom experience, not just a turnkey or a coaching experience. Steve, what do, Why do you think that’s important that somebody has a custom experience and an experience with real estate that extends beyond the closing? Well, actually buying the property as, as much work as it is to get that part done, because it is a lot of work.
That’s actually the easy part. The success of your property happens after you’ve made the purchase and over the next however long you own the property. And, and so you, you need, you need that support. You need that help in making decisions in evaluating the market, where the property is in dealing with, uh, you know, tenant issues or property management issues, that kind of a thing.
So it’s really critical post purchase. You know, what services and benefits, your turnkey, you know, your quote turnkey provider offers. Absolutely. So, and that is such a critical piece. There’s a lot of companies that will provide properties, but there’s not nearly as many that provide an experience beyond the closing.
One of the things we always talk about, Steve, is you should have a company that can help you transition. From a, from a buyer to an owner. Yep. It, it’s not just you close, you own real estate, good luck, but what is that transition? And then how do they help you persevere so that you know what to do with that property in the short term, in the long term, in the future?
How does that, cuz this whole concept of replacing your income, it’s not just one property and done, that one property needs to turn into others. So the list guys, Is, did you have something else? Yeah, I was just gonna mention as well, is, you know, the long term ownership of, of the property is, is truly what determines the success of, of your property, right?
As, as we, as we just stated. And it’s, and that’s the part of the process that makes or breaks your deal. And there’s so many individuals who get into real estate just to be saying to themselves, a year later, two years later, six months, whatever the case may. It’s like, I am never doing this every day. Yeah.
because real estate, it’s painful. It’s an ownership investment, and so there’s, there’s a certain amount of pain that comes along with that. A tenant disappears in the, in the middle of the night, a pipe burst or whatever the case may be. Yeah. There’s some pain involved and so your, your turnkey provider needs to be part of the solution.
To ease or lessen or decrease the pain that you inevitably will feel post-purchase. And so what we, what you need to be thinking is, I don’t like, This is a long term game. A long term game, and I’ve gotta be able to, to, you know, have some stick to itness and, and so you need somebody who, or an organization that can, can I, can I help you through some of the painful moments?
Absolutely. So guys, look here At the end of the day, here’s the, If you’re considering not wanting to just do all the real estate on your own and you’re wanting to research companies, go look at the reviews, look at the feedback, evaluate with openness, and are those reviews enabled? Are you able to even go find the reviews?
Are, are they on Facebook and, and Google and, and maybe the Better Business Bureau. Go look and find those. Are they upfront about their fees and, and how they make money? And are they willing to share that with you? Do they have a track record that is transparent and, and 100% theirs? And can you dig into the track record and, and try to glean some things from it?
Do they have a, a track record of success in any economy or at least a track record of even when the economy was rough? Here’s how they persevered and created success out of what could have been a really tough situ. Can they help you invest in multiple markets simultaneously so you can take advantage of all the opportunities available to you, and then make sure they’re providing a custom experience, a custom and post-closing experience beyond just a turnkey purchase or a coaching experience where they give you information or they just help you buy property and then they wash their hands of you.
If you can find companies that can check all of those boxes, guys, it, it may be a company. That’s worth looking into and may be a company that’s worth working with. So it’s a question we get a lot. It’s a conversation. We have a lot. We wanted to have it with you, and we are so thankful for you that you continue to tune in.
Uh, remember to please share the podcast with a friend. Keep coming back and listening every week. We’re gonna keep doing these for as long as we can. We absolutely love him. We absolutely love you. Have an awesome week and we will see you next week on Replace Your Income. Take care. Thanks so much for listening to replace Your Income with Kevin and Steve.
Do you wanna connect with us and other income replacement rangers out to obliterate the status quo and ex? Experience real retirement with income replacement through real estate type done for you Real Estate USA in your Facebook search bar. And make sure to like our company’s page, send us a message while you’re there and I’ll send you a personal hello and make sure you are on our weekly property scouting emails where you can view weekly deals right in your inbox.
Until then, So much for joining us on Replace Your Income and just remember income replacement for you and your family may only be one property away. See you next week.