Disclaimer: Transcripts were generated automatically and may contain inaccuracies and errors.
In real estate, we never think of as being very liquid, but I believe single family residential is about as liquid as it gets because you can typically find a primary homeowner that wants to buy your property. Whereas if you buy an apartment building or a strip mall or something like that, You’re looking for a commercial investor when you want liquidity, and that takes a bit longer to find.
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 transactions 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 right, well, hello everybody and welcome to Replace Your Income.
I’m Kevin Clayton as always. Also with my cohort. Is cohort a thing that’s like a cohort a thing? I have no idea what they think. , I feel like it’s a scientific term that I learned in college and I’ve since forgot it, but nonetheless, I’m here with my friend Steve. I’m glad. Beard. It’s a good day. It’s a good day.
It’s beautiful outside. And see, I feel beautiful inside. Isn’t that? Isn’t that what matters? Hey, you’re even looking beautiful outside. Hey, I am down more than 20 pounds. I know. That’s awesome. Since, uh, since, let’s see, when did I start? I started in like May, so I’m down. I, and it’s great. You know, my wife is starting to be attracted to me again.
It’s awesome. I’m so excited. Cool. So I’m gonna real quick back. So there, there’s, there’s a few of us in the, that we got together. We kinda did this little challenge. We all put a little bit of money in the pot and, uh, so there’s like, what, four or five of us? Yeah. A little bit of weight and everybody is down except for me,
I actually, I’ve gained weight and I think Steve, you were the one that said, Hey, we should do a thing. It’s my idea, the whole thing. That’s awesome. That’s cause you didn’t have much weight to lose, begin with. Well, we are so excited to be here with you guys today. Uh, we love doing this podcast again as.
Thank you so very much for your reviews and for subscribing and listening. We literally, it’s so cool, we get to watch the amount of listens and downloads every week, and they are growing and growing and growing and that’s because of you. What you’re listening right now, you are a part of that and I want you to know how thankful we are for you.
We love you and this is awesome. And as always, if there’s anything that we ever say that makes the least bit of. If you could just share this podcast with even just one friend, even if it’s just one episode that makes all the difference in the world and it’s su such a big part of this mission that we’re trying to accomplish, to help people like you and and me and us replace our income one property at a time, which is gonna be the topic today, right?
Yeah, I’m pretty excited. We have, we have a phenomenal guest that I’ve been excited about talking to for a couple weeks now. In fact, I get, I get to talk to her, you know, a few times, uh, a month. And, uh, we had just a wonderful business, uh, association for many years now. So I’m, I’m super excited to chat with her and have the opportunity to get her insights.
It’s gonna be awesome. So, we’ve got this Now, we haven’t really done like a guest episode. Like not really. This is kinda our, Kelly, I don’t know if you know, you’re gonna be our first. Of the first kind of guest episode situation and who better than Kelly Fastly. And I just gotta tell you, so Kelly’s already on, She’s been listening to all of this and been super kind and quiet to just let me, you know, Jabber.
But, uh, I remember meeting you, Kelly. For the first time, I, at least in my memory, the first time I met you was we were doing an event here at Utah that was, uh, we used to call ’em intensives, that it was kinda like a two or three day situation and we’d share a lot of content and I just remember I, we did so many of those and I saw so many people in the audience over so many years, but there was always something about you that was captivating.
You had this, this laser. Focus on what we were saying. On what was happening, and you just had this, this sense and this air of, of professionalism and expertise and intelligence. And not even say intensity. Yeah. And intensity. Yeah. And Kelly, I don’t know. I mean, we are so thankful for you and the fact that you’ve been hanging out with us, uh, in association with our company for I don’t know how many years is just, uh, incredible.
And I am so thankful all the time that we’ve got you. Kelly probably refers more business to us than just about anybody, probably. And Kelly is awesome. So without any further ado, let me introduce, uh, to the podcast. Listen, Our good friend Kelly Fastline. Kelly, how are you? I am doing awesome, Kevin. And I remember that event so well cuz I was checking you guys out.
Yeah, you were like, who are these jokers? Yeah, that’s, Well, that is awesome. So Kelly, I want everybody to kind of hear a little bit of who you are and your backstory from you, because it’s gonna be better coming from you than me. So tell everybody a little bit about your background and, and who you are.
Kind of what led you to us, What led you to real estate in. Oh, perfect, perfect. Well, Kevin, I was 25 years in the IT industry creating software. Great career, a lot of fun. But in the IT industry, when you’re in, uh, corporate America, all you know about frankly, is putting your money away in a 401k. Of course I did that.
I did that and in 2001 I lost half of it. In 2008 I lost half of it. And then in 2006 I got divorced and got to give some of it away. So I was sitting there . Um, I just got laid off and I knew I had to change my approach. Something had to be different for me to reach my. And so I went and got educated. You know, the, the book that started me down my path path was Robert Kiyosaki, Rich Dead, Poor, Dead, Just an incredible book.
And I got excited about that. Wound up getting educated, taking his classes, taking his mentoring, did the whole thing, and I bought my first house. Here in Colorado Springs where I am, and it went really well. I got it took me, what, two months to find it, Two months to rehab it, another month to put somebody in.
So five months down the road, there I am with my first real rental property. That was something I just, uh, deliberately went to get. And then I went to get number two and I couldn’t find another property because the free time I put in an offer, I had 20 offers right behind me and a lot of them were cash and I just couldn’t get another house.
So I met a guy, uh, Steve, who, you know, I met him at a networking meeting and he was looking for a credit partner. I had no clue what he meant. So I, I said, Tell me what you’re thinking. And he showed me, Done for you real estate. I didn’t wanna be as credit partner. I actually drove out to Utah for that one intensive session.
Me and a couple friends, we had to check you out. We, we just spent $26,000 on education, huge. Just spent a whole lot of money and we were gonna check you out and see if you could do it as well as we. And we, we now, because that was, that was, uh, nine years ago. And we laughed because we walked away saying, Oh my, you know, they have it down so much better than we have it.
And the reason is cuz you were willing to get outta my backyard when I learned I was only willing to invest in Colorado Springs. And frankly, Cholera Springs is not the best market because our prices are way too high right now. Sure. And so you showed me how to get out of my backyard and invest more successfully in other places.
I love, You know what, Kelly? There’s so many. Thank you so much. There’s so many things about what you just said that I love. And you know what’s funny? I gotta start with this. So I’ve gotta, I’ve got a good friend, he’s, he also has a great podcast out there, and he’s a real estate guy, so he, I, he and I know each other from the speaking industry.
So going and like doing motivational speaking and stuff. And Eli, we’ve just become friends. So he always had real estate as a backbone. Real estate’s always kind of been, um, you know, a big part of, of my backbone. And, uh, he interviews people every week on his podcast and he always asks the question, How did you get your start in real estate?
And I’m not kidding. I don’t know if he’s had a guest that didn’t say it was the Robert Kiyosaki book, Rich Dad, Poor Dad. And then you just said the exact same thing. Kelly and I would, I would say the same thing for me. And you know what’s interesting? Is it, It’s so funny because so many of us, Who’ve read that book or who kind of started whatever our entrepreneurial or or real estate investing journey was because of that book.
We definitely depart from some of the information in that book. But there was something about that book that shook up our thinking that made us realize that there was additional opportunity or potential. And so it was so cool to hear you share that. And then what I love Kelly, is you went on and said, Okay, look, I need more.
And this is that intensity that Steve was talking about. You’ve got this thing about you, Kelly. When there’s something that you know you wanna learn and something that you know that you want, you go after it with this remarkable tenacity. And I respect that so much and I am so thankful that you came and checked us out and took a look at us.
And I love that you’re talking about investing outside of the market you live in. Cuz here on the podcast, that’s something that we talk a lot about. And so I just have to tell you, I love that whole story, Kelly, And, and I forgot. Somehow, because we’ve worked with you for so long, I forgot that Steve was the one that introduced you to us in some way.
Uh, Steve also there in Colorado, who’s a good friend of ours. And, uh, anyway, I just, I appreciate so much of what you shared. I’m just curious when you came and, or when, not even when you came here, but when you, when you really started your real estate journey, when you said, Okay, look, I know I’ve gotta.
What was, I’m just curious cuz I think there’s a lot of people who listened to the podcast that they’re thinking about getting into real estate, but there’s a big difference between standing at the edge of the pool and then actually jumping in the pool, right? There’s a threshold that you have to pass.
What was it for you that allowed you to get past that threshold of, I know I think I wanna do real estate, I rent rich ad or whatever. I know I wanna do something and then actually taking that. To do your first property, what was, was there anything there you had to overcome or any sort of mental difficulty you had to, uh, or hurdle that you had to leap over?
Well, there’s always that safety with what you know, the 401k is what you know. But after the couple hits that I had to it, I was not attached to that, uh, stock market up and down strategy anymore. And so for me it was more how do I get into something successfully that I, I’m not really willing to dabble into something when I can’t do it well.
And so I had to find a way that I could. Shift how I was preparing for retirement, but I had to do it well. And as I went through and understood how you guys do things, I saw a way that I could do it well even more successfully I felt than how I could do it myself. Okay. Yeah. See that, and I appreciate that and that that totally makes sense.
Now, one thing I forgot that I want everybody to know is will you just kind of tell everybody what you’ve accomplished? From that time when you got started and then where you’re at today? Absolutely. So started with my 401k because that was the thing that was, was sitting there, that’s where I had my cash.
Okay. So I bought my first two properties in the Phoenix market, uh, with you guys helping and was able to use my 401k. I leveraged it the first time and then put cash onto the second one and was able to pin down two houses in that fashion. , now you have to sit there and give them a little time to do something for you.
So I had the one here in Colorado Springs I bought, and then I had the one that I lived in that became a rental. And then I had these two in Phoenix. So as each one of them appreciated, I was able then to take each one and turn them, do a 10 31 exchange so that I didn’t have to pay the capital gains and buy two or three other houses with them to grow my portfolio.
So over time with you guys, I’ve done 13 homes total that I’ve purchased through you. I have sold three of ’em. Um, those couple in the Phoenix market where I started. Sold them to rebuy other properties and so ha have definitely headed down that path. But I also headed down a second path and that’s, I partnered with a, a couple guys here in the Springs to do some bulk buys.
So we bought a 43 home package down in the Florida area and we bought an apartment. And I’ll tell you, looking at the two experiences, my done for you experiences are seamless at this point. It takes me five minutes to pick a house. We, I put ’em in my spreadsheet, run my numbers. Brian and I go out and, and walk the streets on Google Maps.
But frankly, it takes me five minutes to pick a house. Anymore. And then the amount of time I spend on the 10 houses I still have with you is less than an hour a month. So just not time consuming. And when I look at my numbers, I have an accountant that does my books cuz I don’t wanna look at the property management statements anymore.
And I have a tax accountant with all of that cost rolled in and most of my houses are 80% leveraged. Three of them are a hundred percent leveraged because I use my HeLOCK on my primary home and one of them is cash. So I’ve got that mix. But even with that mix, my houses are earning an average of 380 a month per home cash flow with, even with all of that leverage.
So, Every single one of my homes through Done for You has performed and performed well. Now that’s above your performance. So whenever I look at performance and help people look at ’em, if the numbers are close to what your performers told me when I bought, then I think it’s, it’s pretty good. And chances are we’ll have a pretty good performing home.
Now on the other doors. So today I own about 50 doors total. Now the other packages that we have, one of ’em, we went that, that big 43 house package, we went lower market. We were getting homes for 40 to 60,000 in this bulk buy. And I can tell you we’ve paid for that with, you know, sweat and tears. Um, we’ve had a lot of turnover, lots of evictions, lots of deferred mainten.
Lots of work we’ve had to put into the package. We are now selling all of them, and we’re down to about nine of ’em left. But through that process, we haven’t been able to take a dime out of that package, which is so unlike my done for you experience, where every month I’m getting really good cash flow.
So I contrast and, and frankly when people ask me, Well, I can go get a house for 50 or $60,000, I’ll say, Yeah, and I’ve done that. But that experience for me at that low end of the market was that when Christmas came along, I would have renters that would actually tell my property manager that they would rather buy Christmas presents for their kids than pay rent.
I don’t wanna play in that environment in my done for you houses. I’ve never had an eviction. We have definitely had people we didn’t rere to at the end of the lease, I’ve definitely had ACS go out and, uh, you know, different things. I’ve had to replace Windows. I’ve replaced, I I’ve had maintenance, but I’ve never had evictions.
And I’ve had missed months of, of payment. But with all of that, I’m still performing at that three 80 a month per home, Times 10 homes. So very, very pleased with the track record of my my done for you homes, especially compared to some of the things I’ve picked up outside of that. That’s awesome, Kelly. I I love that story and, and I guess maybe from a selfish standpoint, because it, you know, it’s really validating, right?
Yeah, it is. To, to me and uh, to Kevin as far as, you know, again, like the theory upon which we started this whole company and everything that, that we’re doing. It’s just so fun to see the reality of it, you know, come to fruition. So I appreciate you sharing that. Kelly. Um, one, one question I have for you is, as you started getting into real estate and you started deciding, hey, you know, this is what I wanna do, um, what were some of the determining factors in deciding to invest in single family properties as opposed to, say, commercial or, um, multi-family and that kind of a thing?
What, what kinda led you to single family? Uh, one is it’s very easy. So just picking up another mortgage. Every time we get a mortgage, our income is a little bit higher. Our debt to income is a little bit lower. We’re able to just continue to add to it. When you go bigger with commercial properties or bulk buys, your lending is quite different.
And, uh, you have to work through different systems to get that lending in place. So number one, it’s easy. Number two, anytime I want to get out of one of those, I can just put it on the market and, and sell it. So it gives me that liquidity. In my portfolio real estate we never think of as being very liquid, but I believe single family residential is about as liquid as it gets because you can typically find a primary homeowner that wants to buy your property.
Whereas if you buy an apartment building or a strip mall or something like that, you’re looking for a commercial investor when you want liquidity, and that takes a bit longer to find. So I would say that’s the main reason, is the ability to really buy as many as I want in many, many locations. Uh, the management of it is pretty straightforward and easy, and the the returns are very, very strong.
Yeah. I, you know what? You just taught me stuff that Kelly, because. I have that conversation with people where, you know, because obviously we advocate single family residences, right? For many reasons that we’ve already illustrated on the podcast. But you know, there’s multiple reasons. We love single family residences, and I get that question a lot from people like, Well, why single family versus, you know, multifamily or commercial?
And I always put it in similar terms to what you just said, but you added a word, Kelly. Added a whole layer of, of, for me, a whole layer of, of additional awesome, which is this, this idea that when we put money into real estate and it’s, it’s sort of locked up, but we don’t think that we’re really liquid. I always share with people, I’m like, Look, the good news with a good home and a good neighborhood is that there’s always a market for that type of home.
And usually if you’re the owner of that property as an. Right. Uh, you usually have an end user and end user buyer that’s gonna buy your home, as opposed to being an investor that has to sell your investment property to another investor, which can happen. But look, if you own a commercial building, you’re only selling to another investor.
You’re not selling to somebody that’s looking at the home through eyes of emotion, right? And that’s one of the things I love about single family residences, is if you’ve got this single family residence and, and this investment, And it’s been performing well, but you need some liquidity. Uh, the ease with which you can sell it to a family, looking at it through the eyes of emotion and through the eyes of watching, you know, envisioning their children playing in the yard, that makes for a much easier.
Uh, seller, you know, at you as the seller type of transaction. Then, um, having a big investment property that you have to sell to another investor where you both are obviously looking at the numbers and you’re trying to meet in the middle and make something work. And so I just love that. I think that that’s really interesting.
Um, and, uh, and I, and I love you using the word liquidity with single family residences. The other thing that I wanted to point out and that I, I’m so glad. That you drew outta your experience is, you know, sometimes we talk, I sometimes we use the term blue chip real estate, right? It’s kind of like the real estate that, that we like to go by and, and what really we feel works well for the replace your income type strategy is, is good homes and good neighborhoods and good zip codes that are a little bit more expensive, that are at or, or slightly below the median, but they’re not high end homes and they’re not low in homes.
And I get people all the time that. Hey, what? Why don’t you guys go, do you know, 40,000, 50,000 even a hundred thousand dollars homes? And and I always tell ’em, I mean, personally cuz I’ve done, just like you have Kelly, there was, I think I’ve mentioned that there was a time when I bought 20 properties in bulk and I don’t think I made a sense on it, right?
I think I lost money on it, which you wouldn’t think would be possible with real estate. But because it was the type of home in the type of neighborhood, And because it, it wasn’t real expensive real estate, it became this massive ban of my existence. Whereas you look at blue chip type real estate, higher end, better properties, it seems like there’s just some additional, I don’t know, it just seems a little bit easier to own, uh, real estate in that realm.
As opposed to some of the lower end stuff, which pencils out on paper. Right. It always looks good. And the analogy I always use, and I’m curious if you think this is a good analogy, Kelly, but I always say, Look, if, and I think I’ve mentioned this on the podcast once before, If all you need is to get from, you know, point A to point B from a transportation standpoint, you could either pay $300 for, uh, you know, a, a used car that you see on the street and it may get you from point A to point B a couple times.
But if you keep it, it’s probably gonna have a lot of problems. It’s probably gonna need a lot of repairs. It’s probably gonna end up being more headache than it you maybe want it to be. Or you could go buy a slightly nicer or better. Used car that yes, it’s more expensive, but it’s gonna cause less problems.
As you’re trying to get from point A to point B, sort of generally speaking, do you feel like that’s an analogy that. Absolutely an analogy that fits because I would say, you know, like you said, the bane of your existence, the, the, some of those homes that I’ve had, there were a constant drain. There were drain on energy because we had tenants turn and we had to evict and we lost a couple months rent here and there They were, uh, a drain because of the, Repairs that we had to do to the homes, they just were not cared for in the same fashion.
What I find with my done for you homes is the kind of renter that we put in is somebody that maybe was a homeowner previously that fell on bad times, or they’re working up to being that homeowner and. They’re very conscious of caring for the home. So I’ve not had that home that I had to go gut and, and clean up with done for you.
But I have had that in my other portfolio, and that’s frustrating. When you have to go spend $20,000 on a rehab for a home, you, you spend 50,000 for, You’re just left in a. And you know, a again, I’ve had maintenance on my done for you homes, but it’s never because somebody trashed it. It’s because we had to paint in carpet or something like that, or, or a dishwasher went out or an AC went out.
So just a whole different level of, I, I’d say stress reduction maybe is, is the way to look at it because with done for you truly, I spend. Less than an hour a month on 10 homes in my other packages I spend, uh, probably a, an hour a week on those at least. And, and the stress level’s much higher for sure.
Yeah, there, there’s definitely an emotional pull, um, when you’re having to spend a lot of time dealing with issues. I always, I always talk about AEs in real estate is painful, and one of our objectives with DPI real estate is to reduce that. And, and there are different types of real estate that have differing levels of pain, , you know, involved, involved in them.
There, there’s, uh, in an asset based investment, there’s always that, that, uh, that issue. Another question I have for you, Kelly, is you have a financial planning background. And I’m just curious to get your take on, I mean, obviously your, you know, uh, I, I, I don’t know the percentages of, you know, the different types of investments that you have, but could you maybe, you know, contrast in your opinion, you know, with, with some financial, with extensive financial planning, uh, background, maybe some of the, the differences between, you know, you know, your experience investing in real estate versus.
You know, the traditional, you know, investing in stocks and bonds and, and, and other, those other financial instruments. Yeah, absolutely. Absolutely. And I, I wanna go back to your point of investing in real estate is painful. Um, doing it myself, like I said, my first house, five months to get a renter in a lot of time, a lot of energy.
And then this other package, a lot of time and energy. I would have to say my done for you package is not painful for me. To the point that that’s the only place Brian and I put our. But let me go back to your other question on that part of my journey. So moved out of the software world, um, looking kind of for what’s next for me, and that’s, that’s been truly a journey.
As I got into real estate, I had a friend say, You need to go listen to this two day class about how to be your own bank. You’ve probably heard that topic, but I went to a two day class, learned and understood, and then, Started to basically take the cash flow from my real estate and put it somewhere other than the bank.
Basically, I put it into an index universal life policy so that I could have that same dollar work for me inside my life insurance policy, and then I’d loan it out to myself and have it work inside of my real estate. So that same dollar was earning for me. So as I became educated, literate, and a basically a client of, of that, uh, scenario, I then grew into that financial world.
And now I hold licenses in real estate, in life insurance and insecurities. And I help people every day retire and, and build for retirement. So, frankly, as I look at somebody’s portfolio as a financial planner, I, I rarely come across somebody that’s got a half a million or a million in their portfolio.
And these, these are frank folks that frankly have pensions and they have social security, and they have other resources that are gonna help them in retirement, whereas most of us are just left with Social Security and then we’re on our own for all of it. So as I come across different people and I look at, at those few that also have real estate in their portfolio, it gives them just that little extra MPH to their portfolio to, so that they can, um, augment.
There are a couple of pensions with this cash flow rather than just depending on that, that nest egg that they’re gonna consume. So it puts them in a much better spot that we can, um, really talk about the growth of that portfolio and what it can do for them in five or 10 or 15 years as they navigate through their retirement.
Puts ’em in a far different spot than sitting on the 401k and draining the 401k. To try to make ends meet through the next 20 or 30 years. So my evolution through that financial world, I’ve really been able to very closely participate in what’s going on in the securities, uh, community, and investing in stocks and bonds and how that looks, as well as in some life insurance based investments as well.
In the real estate side. And, you know, one thing I wanna point out, uh, is a lot of people say to me, You know, so yes, we have market dips in, in the stock market, and you’re, it’s right. You’re right. If you do not have to sell that stock, then you don’t. Capture the gain, capture the loss, and so you can write it out.
Well, I see the same thing in real estate. If the market drops and you’re holding onto real estate, a lot of people are afraid of that 2008 dip and that we might have that in the future. My perspective on that is if we see a market drop in real estate, Which we, we probably will going forward, if you can hold on to that property because you’re getting the cash flow from it, that frankly doesn’t particularly change a lot.
So you’re getting the cash flow if the value dips a bit and you can ride it out so that when the value comes back that if that’s when you wanna consider selling it, then you really haven’t lost a thing. You never, um, locked in those. You could thing in the stock market, but in the stock market, once you’re retired, you are having to take that money out to live on.
Whereas in real estate, you’re getting cash flows to live on. You don’t have to sell that property. And you, you described the beautiful thing about rental real estate. And that is, I always look at as at rent as one, it’s, it’s, it’s kinda your dividend, your monthly dividend. And number two, it’s the great equalizer, the value or the price you know of your property.
It can, it can go up and it can go down. And at the end of the day, rent typically stays constant and it, and it goes up at the rate of inflation. And so being the great equalizer, whether your property value is up or whether it’s down, of course we, you know, we like to see it go. But you continue to collect that cash flow.
And that’s, that’s one of the most beautiful things about rental real estate is the great equalizer in rent. You know, and the other thing, Kelly, I gotta say, I love your perspective because, you know, we, we live in this stuff every day just like you do. And being able to hear sort of how your mind views and interpret.
How real estate works, how cashflow works, um, is really fascinating to me and it’s, it, it’s such a testament to, to who you are. Kelly, and just like I mentioned at the beginning, how unbelievably intelligent and, and incredible you are because you’ve said a couple things that are sort of counterintuitive to the way most people look at real estate.
Number one, you talked about the liquidity that can be available in real estate because it’s single family residences and we kind of had that convers. Number two, you just talked about how to avoid losses or big losses even during market downturns in real estate. Those are, and I don’t know about, I know you talk to people every day about real estate, Kelly.
Those are two of the things that I hear all the time. People wanna know, Okay, well what happens if the market takes a dip? And, and what happens, you know, if, if I need to get my money out? And your perspective on both of those is so fascinating and it’s not. So, you know, you are somebody that now has done 13 properties, at least with us.
You own a bunch of single family residences even beyond that. And so to hear your perspective is incredibly insightful and I think it’s very valuable. And my question, Kelly, what other things now, I know you talked to people about real estate and about investing in real estate and even about investing in single family, residential investment, real estate, with kind of this replace your income mentality.
What are some of the other. Um, questions you get from people that have concerns. Cuz my guess is anybody listening to the podcast, you know, they, we hear from listeners that they’ll jump on, they’ll kind of binge the episodes, but then they still have these questions, right? It’s starting to help them think differently about real estate.
And my guess is there’s somebody listening right now. That’s been listening to this episode and the others, and they’re starting to really go, Oh gosh, maybe I should get into real estate. But I bet you they have concerns like, Am I gonna be liquid? Well, we’ve addressed that. What happens if the market goes down?
Well, we’ve addressed that. What are some of the other concerns you hear from people, Kelly, and how do you respond to those concerns? I would say the main two are number one, I don’t wanna be a landlord that thought that I have to somehow engage and micromanage these tenants. Uh, with done for you, you guys have selected some very solid property managers and I’m in.
Four different markets with you. I’ve been in five cuz I’m outta Phoenix now. But in those five markets with those property managers, it’s a relationship that you build with them. Those guys are really, really good. They are good about selecting the right tenants. They’re good about collecting the, the rents.
They’re good about managing the maintenance. And I don’t have to step in on that. I don’t have to say, Hey, what about and are you looking at? And, uh, what should we do? I’m frankly extremely hands off when we say that the done for you model is, is turnkey real estate. I have to pick the market I want, I have to pick the house and and sign the contracts.
And frankly, getting the mortgage is the ugliest part of all of that. True. But after that, there’s not much I have to do. They communicate with me. They tell me if a tenant’s turning, they tell me if there’s a maintenance issue. But when we talk about being a landlord, I do very little effort because the guys you’ve picked to manage and to be my realtor and to property manage are really good.
So that’s number one. Number two is people are concerned about maintenance and will they trash my house? Now we all know that can happen. You can get a bad egg in, in your house, and, and that could happen in my experience with 13 homes with you. It’s not happened, but I know it could. Um, the, the repairs I’ve had truly outside of an air conditioner, a window broke.
Um, I had a dishwasher. Paint and carpet is pretty typical, but I just, I don’t have the, the trashing of the house issues at all, and so my maintenance is kind of routine maintenance like I’d have on my own personal residence where I take care of my house, but things still go wrong and I have to fix them.
If you kind of look at it from that perspective of. Expect it’s gonna be treated well. And even though it is a rental, I think that’s back to that market level we go in. Why going into the 40 to $60,000 house is a lot different than going into the, I don’t know, call it one 20 to $200,000 house, just a whole different mindset in how people care for their property.
So being a landlord, no issue, maintenance, routine and, and handled. I love it. That’s awesome. Kelly. It’s so cool to be able to talk to you and to hear your perspective on things. And, uh, we’re gonna wrap up the episode here, but I, I just wanted to give everybody an opportunity I be to, to kind of know you and, and to be able to connect with you if they want.
Cause one of the things I know, not only do you invest in real estate, not only are you an entrepreneur even outside of your real estate portfolio, but I know that one of the things that you do is you do work with people. On a really regular basis to try to kind of help them move towards retirement. And I know you also work with a lot of real estate agents all across the country.
You work with agents from everywhere, regardless of where they’re agents. And I wanted you to be able to just kind of talk to that a little bit and let people know what it’s like to work with Kelly. Like what, what is it that you do for people? Cause I think that you’ve got kind of this suite of services.
Obviously, you know, we help you on, on some of the real estate stuff, but I know you’ve got these other ways. That you connect with people and that you interact with people and that you serve people. I wanted to just give you a second to kind of share that, because I think what you’ve constructed and what you do and the, the level of, of assistance and help you can give people is extraordinary.
I just want people to kind of hear what, what it is you do for folks. Thank you. Thank you. Um, so as my career has evolved into this financial world, mainly out of me trying to fix my personal situation, I have learned just a whole lot about all the options we have available to us in the financial arena and most of us.
Coming from the corporate world know one thing, we know our 401k and the six funds we can invest in. That’s all we know. And so the opportunity to help people see that bigger picture outside of that 401k and know the, the varieties of investment potential that we have. I love to spend time with people to educate them and empower them so that to make that informed decision on their future and if they’re close to retire.
There might be certain sets of assets that that could be best for them to keep their money safe and keep it earning. And if they’re a little younger, we have a whole lot more time to work on different strategies that, again, can keep money safe and earning, but also leveraging it into something like residential real estate.
So, so many tools out there that we’ll never learn about sitting in the corporate environment with our four. Now the other thing that you pointed to was on the real estate side, I’m a real estate agent, so I help people buy and sell their their homes, and that’s, that’s a lot of fun working with real estate investors.
and I’ll tell you frankly, is not quite as fun because as one myself, you’re always looking for a deal. And so you, uh, investors will send a real estate agent out and they’ll wanna low ball a deal and, and put an offer in. That’s just incredibly off of what the market value is. And it’s somewhat embarrassing and you wind up when you work with investors.
You look for many, many houses, you do a whole lot of showings, and then you get this low ball offer that, that is, it’s hard to bring home. So as a real estate agent, um, I come across people in investors that are interested in investing and, and as I mentioned earlier, Colorado Springs isn’t the best market for that because our prices are high.
And so the opportunity to be able to help realtors really, um, Look to helping their investors, but not necessarily having to do all the footwork for them has been, uh, very valuable for me because I can. Help my investors, my clients find better avenues to purchase investment real estate than they could find here.
And at the same time, me not really having to spend the time on that. So that’s another piece that real estate agents should really look at. And then you had asked earlier, I’m gonna close another loop. You had asked earlier, where are my my investments? Where do I keep things? It used to be when I was in the software company, a hundred percent of it, 401k.
Today that’s wholly different. Today I’m a hundred percent in my index universal life policy as my bank account, basically in my real estate. And then I do have some stocks, but frankly it’s through a real estate agency because they give me stock. So those are the stocks that I hold. Is is through that?
Awesome. Well, I love it. And so, Kelly, if anybody, as we’re wrapping up the episode, if anybody wants to get in touch with you or wants connected, what’s the best for them? You, Uh, two different ways. Call me seven one nine three three two one. 8 4 2. That’s 7 1 9 3 3 2 1 8 4 2 or email me. That’s Kelly. K e l l y.
At Aspen hyphen creek.net. That’s Kelly at Aspen, like the tree hyphen creek, like the stream dot. Awesome. Well, thank you Kelly. I appreciate that. And I would say, look, if there’s somebody listening to the podcast and you’ve been going, Hey, I like what Steve and Kevin are saying, and it’s been great, but I wanna talk to like a real person and find out if, if this replace your income thing is actually real and really works well.
Kelly just gave you her phone number, shoot her a text to her call. I’m sure she’d love to chat with you and then, and then help, uh, help get you over to, you know, whatever your next steps might. But, uh, Kelly, thank you so much for jumping on today. We love you. We’re so, we feel so blessed and so honored to be able to work with you on a regular basis.
You are extraordinary in so many ways, and your perspective, your insight, I think was so valuable today, and I just, I, I don’t know how to thank you enough. Yeah, I echo what you said, Kevin. Um, uh, Kelly. You know, we, we consider you, uh, one of our great friends and, uh, appreciate all that, all that you do, and thanks for your time today.
I mean, quite frankly, uh, you took, uh, an hour outta your day to come hang out with us, and it’s been fun, but I know you’re super busy and so thank you so much. Well, and you guys, I, I have to honor you because you have really allowed me to create this change in my. To get myself back on track and feel comfortable that I know exactly where I’m going and the integrity and the honesty and the, the, the character that you, you and all of your staff members bring to the table.
I love working with you guys, so thank you for what you’ve done for me. Oh, thank you so much, Kelly. We appreciate you. Well, guys, that’s the episode today. So you ha you got some great stuff from Kelly Fastline. She shared some incredible insight and uh, Kelly, I may have to, we may want you to come back because one thing we haven’t talked about, Is, what are some of the options if you are gonna invest in real estate and if you are gonna generate cash flows and you are gonna generate some growth, what should you be doing with the money that’s being generated from the real estate?
And I think you’ve got some really valuable perspective on that. So would you be open to coming back some time and talking about that? I’d be honored. Thanks, Kevin. All right. Thank you so much, Kelly. Thank you, Steve. Thank you to everybody listening, and we will see you next week. I guess we won’t see you.
We’ll, we’ll be in your ears next week. I mean, what do you say? I d know something along take. Thanks so much for listening to replace Your Income with Kevin and Steve. Do you have a question you want? Answer on the show. Head over to Apple Podcast and do three simple things. Leave us a rating and review and tell us what you think of the podcast.
Then in that review, ask us anything you want related to real estate or income replacement. Then sit back and get ready to have your mind blown, and if you wanna shout out, leave your Instagram handle or your name and that’s all. Then listen in to hear your question answered Live unfilter. Uncut. Thanks for joining us on Replace Your Income and just remember income replacement for you and your family may only be one property away.
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