Disclaimer: Transcripts were generated automatically and may contain inaccuracies and errors.
I can’t weigh everything just on a score because someone’s credit score. Different. Everyone’s just different for one thing or another. If somebody has some student loans and some medical bills that were unforeseen yet, everything else is great and their score is X and somebody else has a higher score, but they just had a car repossession and owe a previous landlord $800.
There are a lot of different things I look at. 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, everybody will welcome to replace Your Income with Kevin and Steve.
Steve, What’s up man? How are. Doing well. What’s up this morning, Kevin? You know, we’re just doing a, we’re doing a little, uh, virtual podcast. We’re not in the studio today. I’m in my home studio, aka my office, aka the guest bedroom, because my wife won’t let me have a bedroom for the office. She’s like, Why?
If we get a lot of family that comes over, so I get a corner inside of a guest bedroom. That’s my office. Well, well, Kevin, you, you call yourself aka, but you’ve been m i a I haven’t seen you in the office for, I dunno how long, man. It’s like, Yeah, it’s good to actually see you on video here that. The whole thing here.
Well, it is good to be seen cuz I’m remarkably handsome. So that’s, uh, that’s good. Well, hey, we are excited to be with you guys. Thank you as always for joining us. We love doing this podcast, as you know, and we’ve got some really cool episodes lately. And this one’s gonna be another awesome stunner of an episode.
Steve. We got so much feedback from people who loved, In fact, we were looking at the numbers and I think the last time we did a. Spotlight with Ryan in Florida. I think those were some of the, the most engaged social media posts that we’ve ever had. And so we thought, well, goodness, we need to do another market spotlight and talk to another one of our team members in the field.
So today we get to talk to our amazing. Friend Morgan in Memphis and uh, Morgan, we’re so glad that you’re on. And as always, Steve, don’t you think Morgan deserves like a really, I feel like we need to get some really cool music and we need to do some sort of massive introduction. So I’m gonna let you take that.
Steve, go ahead. Give us the massive. A much fanfare introduction that we’re looking for. Well, if I would’ve known, you’re gonna say that I would’ve pulled up Spotify and, and, uh, Introed Morgan with Back in Black. Yes. Oh, you know, I gotta tell you before you introduce Morgan. So the other day we were outside and we were just working in the yard and back in Black came on my Bluetooth speaker and I was so proud of my nine year old.
He walked up, he’s like, Dad, what is this song? I said, This is back in Black by ac dc. He said, I like this song. And I said, You can still be my. So back in black would’ve been good. Here, you know what, I’ll just sing back in black and you introduce Morgan. Okay, well I’ll, I’ll him, I’ll, I’ll, So, so everybody, um, ate.
He, he is a good friend, a good friend of mine, and. A good friend of Dfy. He has been one of our partners for many years now. I think we’re going five, six years now, Morgan, and, uh, January of 14. January 14. Wow. Yeah, so, so, uh, going on almost six years and I believe you have, uh, just over 600 properties that you manage just for done for your real estate.
If. Mistake close to 600. Um, we January of 14, so coming up on our anniversary into this year, first to next. Very fantastic. So Morgan lived in Memphis whole life in fact. He comes to, you know, his clients, uh, literally as a fourth generation real estate professional. And, uh, he chose the arena of property management.
And his background and his depth of knowledge is very deep. And when he has conversations with, uh, our clients, um, our clients, uh, typically come away pretty well, you know, fulfilled and very confident in his ability to take care of their properties to. Really, uh, do a great job with the tenants and to communicate just super effectively with them as landlords.
And, uh, maybe, uh, Morgan, before we really dive into a few questions that, uh, that we have for you, would you mind just maybe just tell us a little bit about your story? You know, your fourth generation, how did, how was that, you know, kinda following in, in the footsteps of who I would imagine are giants of people to you and what’s your story in, in, uh, getting into and, and staying in, uh, real estate?
Well, my great-grandfather was a developer. My grandad was a builder. My father was an appraiser, uh, commercial industrial appraiser. Uh, I was planning on going to law school, been in college at. Tennessee from 2000 to 2004 and just didn’t wanna start law school at that time. So, uh, Griffin Elkington, who’s our broker, uh, and I, right after college, uh, January oh five, started, uh, real estate class July.
Of oh five, got my license was a realtor for years and years. My first house in oh five, first listing sold in the day. I thought it was easy. Oh eight came around. Things weren’t as great as they seemed at the time, but, uh, that’s when I kinda, it’s like, let’s kind of started the property management of the things.
Uh, 2014, really when I got on with y’all, um, started working with you guys. I was already doing property management full time and property management is a fulltime job. If somebody came to me and said, I am a licensed realtor, I mean, if somebody said, Hey Morgan, I want you to put in this offer for me on this house, I would refer to somebody else cuz I don’t have time to do it.
And right now with the market the way it is here, You know, if you don’t have a full time realtor working for you, you’re not gonna get the house. So I’d be doing somebody disservice. Cause property management takes up all my time and I love it. It makes me, I work seven days a week. My wife might not like it all the time when we’re on vacation and I’m checking my phone repeatedly calling, making sure everything’s okay.
But I really don’t have to do that that much anymore cuz I’ve. Amazing team here that can take care of things, but I always like to know what’s going on. So it’s, um, property management’s a full-time job and it’s amazing and rewarding and working with you guys has been an amazing last six years. And, uh, I’ve built some amazing clients.
You know, our, our clients absolutely love you. We, we have great property management companies in each of the different markets where we are, are in. Um, but I have to say you’re probably, you know, the most person. Property management, uh, company or property manager, uh, that we have and, and our clients have nothing but great things to, to say about you.
And here’s the mark. I think of a great property manager, and that is, I mean, real estate is fraught with issues and, you know, ongoing, you know, things that you have to take care of, tenants leaving in the middle of the night or repairs, that kind of a thing. And I think the, the really great mark of a great property manager is when a client will tell us, it’s like, Hey, I had.
Fairly significant issue with my property, but my property management company and, and specifically, you know, Morgan really walked me through what, what we needed to do. And although, you know, it was kinda painful. I think he produced the amount of pain that I actually really felt because I felt confident that I was being taken care of, that I was being treated fairly and honestly.
And, and that’s just a huge compliment to you and your team. Oh, thanks. Um, yeah, my team is, is amazing. It’s, there are so many good things. The good outweigh the bad, but, There always are gonna be issues and I, I feel like if I treat someone like I would my own house and what I would do if I was in that situation, usually, you know, they appreciate that and we can get through it.
I mean, everything can be taken care of, of some things are, are much more challenging than others. And you know, speaking of that, like, you know, everything we did a year ago, you know, in March everything got dumped upside down. So what was normal? Now may never be normal again. And we’re having to improvise, adapt, and overcome.
Like you’ve heard that saying. And, and that’s what we have to do every day. It’s, uh, I’m learning every day and we just have to work together. And I’ve been extremely proud of our owners and tenants over the last, you know, this whole covid mess, how everyone has worked together to get through this. And, um, it’s been a very rewarding.
With it, as stressful as it’s been and the scary for people and the unknown that we’ve all gone through, um, we’ve all worked together and it’s been rewarding. Real quick, we talked a little bit about what we were gonna share today and, and we sent you some questions, Maureen, that we thought would be really good, but I just had one come to mind and I just wanna ask you, because as I’m sitting.
Listening to you talk, and I’m thinking about you and I’m thinking about the conversations I’ve had with our clients about you and how and, and what you just shared. If you guys, if you’re listening to the podcast, understand how critically important it is, what Morgan said, he said he wants to take care of the property as if it was his own.
I think that is. A, a super rare trait in today’s economy, period. I’m a huge believer that you ought be giving people five, 10 times the value, what you’re asking for in return, and then you always have a market for your services. But so often, I know when I work with people or a higher contractors for various jobs, whether that’s.
You know, for the company or for my personal home or for another job or something like that, it’s so rare to find somebody that you hire that cares as much about your project as you do whatever that project may be. And in this instance, we’re talking about someone’s home and someone’s, you know, and doing the property management for someone and Morgan.
I think that is so rare and it’s so critical. And I know one of the things that we get a lot of questions on is if somebody is looking. To work with a property manager and they’re trying to evaluate property managers on their own, what are some of the things they should be looking for to make sure that they’re getting a good property manager?
Cause I know Morgan, you’re a brilliant property manager. Your your team is incredible. You guys are impeccable in every way. And that doesn’t mean it’s always perfect, right? There’s always, it’s real estate, so there’s bumps in the road, there’s always issues. There’s, there’s things we have to handle and things we have to overcome.
As you just stated a second ago, but based on four generations of experience, based on, you know, all of these properties that you manage now and the years you’ve been in the industry, what separates a maybe a good property manager from a. Good property manager or a subpar property manager. Cause I think that’s a question that a lot of people have as they’re kind of entering this type of real estate investing.
Well, I’m not gonna, you know, I’ll talk about our end. I mean, you know, every, every owner may have the expectations they want and I, you know, I do things differently than other property managers who may. Great property managers as well. But I mean, I think the personal relationship is very important. I, one of my favorite things is when an out of town owner comes to Memphis and I get to meet him in person, and I feel like the personal connection’s very important.
Now, with that being said, it can’t always. You know, I tell people my number one goal as a property manager is to protect their investment and their property, so their financial interest in it and the property itself. With that being said, I feel it’s extremely important for me to have a good working relationship with the tenant, because if I don’t, and the tenant doesn’t appreciate us, doesn’t like us up as a company, After their year lease, they’re gonna move.
So if we don’t take care of maintenance in a timely manner, even though some owners may say, Oh, that’s, we shouldn’t have done that. And I’ll, I’ll say, Well, look, it’s an elderly lady. She doesn’t need to be up on her roof cleaning her gutters. We can do that for, and she will appreciate it when it’s time to sign a new lease.
She wants to sign and stay with us. So the long term retention rate is very important to me. As that can be a question, what is your retention rate? Um, because the longer somebody’s in a house, the much better it is long term for the owner. Not only is the house appreciating as years go on, um, but you don’t have that, You don’t have to pay us to rent it again, you don’t have utility bills, You don’t have yard cutting, you don’t have all the things, the repainting, the carpet, clean, everything that goes with a vacant house.
Keeping that personal good relationship with tenants is n just as important as my relationship with the owners because I’m keeping that relationship so they can have a long term tenant and it’s better for their, uh, you know, their property and their investment. I love that. Um, having available maintenance.
I mean, we’ve got our in-house maintenance guys, but then we have, you know, our H V A C guy, our electrician, our roofer, our drain guy, our tree guy, our, all the, our garage door guy, all these subcontractors that we have a great relationship with, that we’ve been working with for years that I know if I hire them and in six months, if something’s wrong with the aac, I can call ’em and I’m not.
Have some, the numbers disconnected and we’re gonna have to replace the condenser. It’s not under warranty. The, you know, so having those, those relationships with qualified. Good people and I want, you know, and people you know, sometimes say, Well, I want it done for cheaper. It’s like, well, I could probably find somebody to do it for cheaper, but when I call ’em in six months, they’re not gonna be there.
I want somebody that’s licensed, bonded, insured, and I know will be there down the road. And also if we’re in a binder or an emergency, they can jump on it quickly. If I call somebody that I don’t know to do work, it may be three weeks. You know, so having work done in a very quick manner for these tenants is extremely important.
When I ask them, when they sign a lease with us, why they didn’t stay with their old landlord. 90% of the time, it’s because they didn’t take care of maintenance. You know, I went through all of July with no AC or it rained in my living room for two months straight last summer. So these are things that not only is that bad for your house, but the tenants get, you know, they, they can’t stand it.
They’re paying good rent and expected to pay good rent, and they’re not getting the service. So that retention rate is, is extremely, I. I’m one, you know, and sometimes an owner will say, Well, you know, I’m looking at my performa and I’m showing that it should be year two. I should be getting more rent. And I said, Well, that’s that.
True. That makes sense. But also you’ve had a great tenant that wants to sign a new lease. You know, jumping up that much may not work, but also in your performance, it had a vacancy built in there after year one, which we’re not gonna have. So, uh, that long term tenant is vital. I’ve just had a tenant sign, uh, For their eighth year at a property.
I got multiple tenants running on their sixth year and it’s nice. Um, you know, you do have to do gradual increases. Owners property taxes and insurance have gone up, but also look at the tenant and
you that. That I think is on everybody’s mind right now. Right, And that is how is,
I know that’s broad.
It is I, it’s something I’ve been talking about for seven months and mid March when, you know, you hear about all these cities shutting down, people having to go on quarantine. Only essential workers can leave their house. You know, I. Are we gonna have half our tenants not be able to pay rent? What, you know, what’s going on?
And in April we had most people had already paid rent by mid-March. Uh, but in April, in late March, we were having people, we in a start calling, start calling, We had about 35 of our tenants. So let’s just say we have 700 properties. We had about 5% of our tenants reach. Directly that they had the job loss or vast cut hours or directly affected.
So of the ones that reached out, I would call the owners, or somebody in our office would call the owners of those, and we would get them on a plan, whether it was spreading out rental payments or giving them a, a nice 2030. 40% sometimes discount out a couple owners who own their house outright and just said they could skip a month of rent.
I mean, I would never expect someone to do that. But those owners, I mean, they were capable of doing that cause they didn’t have a mortgage payment. Uh, but most of our owners, 99% and, and were quick. Being there and listening and working with tenants to help get through this. And I, what I hear a lot is, you hear on the news though about the tenants, but you also have to think about owners.
We had owners that lost their jobs. We had owners that are still having to pay the mortgage payment even though their wife lost their job or they, you know. So, uh, everyone in our country has been directly and indirectly affected by this. What’s going on now with the schooling in Memphis, being virtual in the Memphis City schools.
So you have tenants who are still working, but are having, let’s say it’s a single mom that works two jobs who’s nine months outta the year. She’s used to having her children at school, getting one to two meals a day at school, and having the morning and being, you know, under the, under the school, you know, View of the teacher and everything.
Now they’re at home and she’s having to use her additional income to pay a nanny to come sit at the house with the kids, for them to do virtual schooling. So even though she’s never lost her job, she’s having to spend more money on on that. And then so when her transmission goes out in her car and the extra money she had is going to a, a nanny to watch the kids.
You know, she’s so people are gonna continue to need help, even though things may look like they’re getting better, This is gonna be going on for a long time. So I had people that paid their rent in March, April, May, June. They called me in July and said, Morgan, I’ve gone through all my savings. I’m gonna need help now.
So thinking that just because they paid April, May, June, they hadn’t lost their job. They indeed had lost their job. They just hadn’t told me. They kept on paying. I’ve been so proud. Of our tenants. We had more people pay early in April, May, June, July, all, all the way through this month. We had people that got their $1,200 stimulus check and brought it straight to us to prepay rent.
We’ve, I’ve been amazed now some, some tenants, every situation hasn’t been great. I’m not gonna paint a, an amazing picture that everything’s great, but our owners have been amazing at stepping up to offer incentives and trying to help. So, you know, they can give a discount and the tenant can use that extra 300 bucks to pay a nanny or extra 300 bucks to pay their utility bill, you know, to get through this time.
So our owners have been amazing. Most of our tenants have been amazing. One thing. We’re having to figure out is, is courts when the courts are closed, You first off, I mean, no one wants to evict anybody during this covid pandemic. That’s not anything an owner’s, Yeah, I’m gonna evict, but at a point when a, if a tenant’s not responding and is not answering the phone and, you know, There’s nothing, you know, at a point you’ve gotta do something.
And courts opened back up in July and unfortunately we had a couple people we did have to evict and we’re still going through that process now. So that has been a long process that no one wants to be going through. Um, I’ve tried to, Come up with other ideas for owners in these. Once again, I wanna say this is a limited amount of our tenants, cuz most have been amazing.
But some, you know, we’ve had to offer cash for keys. So, you know, if they aren’t moving out and aren’t responding and you know, they don’t wanna have an eviction on their record, you know, it may be better to pay them to leave. You know, they’re scared. They don’t know what to do. They’ve lost their job.
Maybe as an incentive we can give, help them move into a smaller house, less expensive house, or in with a family member, not hold them to their lease and not have to go through the eviction process, Court costs and attorney fees and. But it’s overall has been amazing seeing how everyone has worked together.
It’s been a challenge and, um, they’re, I’m gonna keep seeing challenges, but, um, most people, like I tell, 95% of our tenants are great. Most, you know, most people are great. And this has been a challenge for everyone and we’ll keep, keep rolling through it. Yeah. That’s awesome. I, I appreciate you sharing all that.
And you know, as you’re talking, and I’m thinking about these tenants and I’m thinking about the owners and I’m just thinking about the whole situation. It kind of makes me wonder, I mean, what should people be expecting as we look forward to like 2021, right? I mean, are there things that you’re seeing in the market where, That, you know, people should be worried or are there things that seem really exciting and I, and I mean real estate in general, but really more specifically, what do you see in Memphis where you are that either excites you or scares you, or both as we kind of look for the next year?
I don’t, I don’t know, scared. Uh, you know, I think people, one thing, people are always gonna have to live somewhere. They’re always gonna have to have access to healthcare, access to food, and a place to lay their heads. So I think, you know, rental properties, you know, whether it’s. Good time or bad, um, are always gonna be needed.
And in Memphis, a lot of our jobs are, are more, uh, a lot of people rent. We have a lot of renters in Memphis, and I think that will continue. Um, now in regards to home prices, uh, you know, like I said, I’ve been a realtor, but I haven’t sold in years and years, but I know. Houses are appreciating and value.
It’s, uh, Memphis is always say it’s like a, a nice, slow and gradual and state, but in the recent years, it’s been a little more rapid. Increase in value, but to the point, it’s still a extremely, you know, it, it hasn’t gotten so far outta whack. Um, you know, Memphis is still, the cost of living here is still amazing and what you can get for, for the money here is still amazing.
Something that excites me was in June at one point of our 700 houses, we only had two actively being marketed for rent. So that was, we had about 10 that were vacant, that were already had leases on ’em, but at we only had two at one point that were being marketed. So I was, that was the lowest, um, I guess, vacancy rate we’ve ever had.
And that’s in the middle of this pandemic. Most of the people moving now, most. Can afford to move. I’m seeing more people on our first application getting approved than normal. So if they’re moving, usually they, they can afford it. Most people who maybe can afford it are kind of stuck where they are right now and are kind of just waiting to see what’s going on.
So I, I don’t think scared is the thing. I mean, You know, we’re gonna get through this. It, it’s, uh, a challenge. Um, but, but the Memphis market, I mean, we’re putting stuff on the market and it’s, you know, a week, 10 days before we have a signed lease. And I’ve been amazed at how, how we’re putting stuff on the market and getting applications with that day with that not even being.
But that also shows the, the properties that our clients are purchasing 2, 3, 4, 5, 6, 7 years ago. You know, they’ve made the right purchases and rents are increasing. I just called an owner. I said, you know, the tenant moved out after a couple years. Uh, rents are going from 1195 now, 1350. 1450. Um, so the appreciation not only in home value, but the appreciation and, and rental rates has been, has been very solid.
Um, but it’s, uh, looking forward to I, I, I think everyone. Is looking forward to 2021. I mean, I, I can’t imagine one person not excited about getting to this next year and trying to get everything, get through all this. We all want to extinguish the dumpster fire that is 2020, I think. Yeah. That’s awesome.
Well, you know, you brought up something. It’s really interesting, you, you’re talking about you’re getting all of these applications and I think, um, one of the things that I know our listeners wanna know and that just in general, I think a lot of, uh, owners like to know is what is kind of the process that you go through If you’re evaluating a, an application and a potential tenant, what are you looking for?
What does that process look like? Cause I know that’s a question I get a lot, and who better to answer it than the guy who was doing it every day? So we. Everybody applies online. Anyone over 18 that will be living in the house and we’ll do a rental history check, income and employment verification, credit and background check, as well as a nationwide eviction search.
You can’t just look like, I don’t look at just someone’s credit. A lot of times somebody that’s renting a house may not have the best credit. Now there are certain red flags I’m gonna look for, you know, owing a previous landlord or previous eviction or so much in collections that it feels like they’re on the Virgin bankruptcy or their car was just repossessed.
If your car was just repossessed, how are you gonna be working? There’s certain things, but I can’t weigh everything just on a score because someone’s credit score. Different. Everyone’s just different for one, one thing or another. If somebody has some student loans and some medical bills that were unforeseen yet everything else is great and their score is X and somebody else has a higher score, but they just had a car repossession and owe a previous landlord $800, that there’s there a lot of different things I look at.
You know, you try your best on the front end to get a great tenant and that, you know, you can do everything in the world, but things happen to people. Somebody loses their job, somebody gets divorced, everything changes. So you aren’t, I mean, you can’t always guarantee, oh, you’re gonna have the best tenant in the world.
But if you do as much as you can on the front end, usually you do get good tenants. And right now it’s so important because of. Timing it can take currently. Uh, if you do get a tenant that turns out to be a bad tenant, it, it can take a little longer right now to get him out the house. So you try your best right now to do everything you can up front.
All right. So Morgan, what is your favorite thing about property management? Like, what, what do you enjoy the most, the most about, you know, this career that you’ve chosen? Well, you know, it’s something I used to do. I used to, when we started in 2014, I was doing all the showings. I was doing all the scheduling, I was doing all the lease signings, I was doing, I was doing everything as we were small and growing.
Um, I think, I think calling someone and telling ’em they’ve been approved and hearing. You’re nearly crying into the phone because somebody else had not given them that same chance. It is pretty amazing giving somebody the keys to their house when they lived in an apartment their whole life. And you know, now they have a fenced in backyard and they have a young family and they’re moving in and make it, you know, I want them to feel like it’s their own, you know?
I want them to be here. Several years, you know, and, and take care of their property and, and going. So that’s number one. But I mean, calling an owner and saying, Hey guys, uh, you know, we, you know, your tenant. Had been paying, you know, a thousand dollars and you know, they moved out after three years and we need to do this, this, and this, but they’ve left the house in amazing shape and you can spend this little amount of money, but all of a sudden you’re gonna be renting your house for $1,400.
And then they see what you were talking about Steve. They understand like, man, this is really, I’ve gone from this and now I’m gonna be getting that much more in cash flow. Only a few years down the road and they just envision like, God, there wish I should. I have bought two or three. Or when somebody says, Hey, it’s time for me to sell.
And, you know, some, some of our realtors, you know, tell ’em, Hey, you can sell your house for, you know, this. And they go, You’re telling me my house has been, I’ve had my mortgage basically paid by the tenants for four years, and now my house is worth $85,000 more than it was. And I can sell that. And that makes, it’s, it’s exciting.
But I mean, sometimes I have to get bad news and sometimes, you know, the bad news and getting through it, like you were talking about, it’s not. It’s, everything’s not, not, you know, sunshine. So if I call an owner and I’ll say, You. Tell ’em what’s going on, that the tenant’s not paying and they can’t afford it and evictions and all this, but you know, hey, uh, I got something worked out.
They’re moving out next week, we’re gonna give ’em half their deposit back. And then I come and say, Guys, the house is immaculate. These people really did care. They just lost their job and couldn’t pay. But they returned it better than, than it was when they moved. You know, the house, they had the carpet, steam, clean the house is amazing like that does happen.
Now sometimes I have to call ’em with bad news and the house needs a lot of work. But you know, people, even though people sometimes aren’t paying and you think they’re bad tenants, things have happened to people. And just because they lost their job doesn’t mean they don’t care and don’t have respect for the properties.
Um, there’s so many good things. The good outweigh the bad, and. I tell my wife that all the time. I mean, you know, she sees me working on the weekends and at night and, and she gets to hear bad conversations, gets to hear amazing conversations, and the good far outweighs the bad. And, um, there are so many good things, but you know, I.
I would say the number one good thing I have is the people that work around me that I get to be with every day. And, um, as our team is growing, that’s very rewarding to, that’s probably the number one thing. So they’re a bunch of good things. I, I can’t, I can’t just say one. That’s awesome. That’s fantastic.
Thanks Morgan. Yeah. Thank you. Well, you know what? What a great episode. I appreciate you coming on and sharing this stuff. And guys, if you’re listening, you heard some real nuggets from Morgan. I mean, we’re talking about what you need to look for when you’re evaluating a property manager. You got some insight on some of the things that should be taking place from your property manager if they’re selecting a tenant.
We talked a little bit about what Covid 19 has done. We talked a little bit about the future, and at the end of the day, I hope what you saw is that. Having a good property manager can make all the difference in the world when it comes to your investment. And Morgan, that’s why we’re so thankful that you know, we have you as part of this D FY team, and I know our clients love it and we love it, and you are so phenomenal at what you do.
Thank you for caring so much about, uh, the tenants and, and about the owners and about your team. And guys, if you’re listening, I want you to realize that that’s what makes a business successful. That’s what makes a real estate investment successful, is you got a bunch of people who really care. We talk about it all the time with replace your income, right?
Yes. This is real estate investing. Yes. This is, you know, real estate investing. One simple and conservative single family residential purchase at a time. But where the rubber really meets the road and where the success really comes is when you are invested in the property. You care about the tenant that’s gonna be in your property.
You care about doing something good for someone else while you’re benefiting yourself. And when you work with a good team that’s dedicated to that same level of success for you, for your tenant, for themselves, it there, there’s just a win, win win that takes place. And it truly, you guys, it is. So d. Then jumping into an investment and saying, All right, our jobs are gonna go do real estate, right?
I wanna go make money. I wanna go flip this thing. I wanna go make a hundred grand. I just wanna go do dollars. Right? That’s what I wanna do real estate for. Steve and I talk about it all the time. Real estate should be much more than just dollars. Real estate should be one property at a time, income replacement over time, so that you’re growing.
You’re growing in wealth and you’re growing and building a legacy for those who will come after you. The most successful investments are the ones where everybody benefits, right? What’s that saying, Steve? A rising tide lifts all ships or something like that. Right, and And I think so often we don’t consider that when it comes to real estate, but you heard it from Morgan today.
I mean, the reason. Why I think Morgan is such a successful property manager and Morgan, why you do such a good job is because that’s the approach that you take. You care about the team, you care about the tenant, you care about the owner, and that right there makes all the difference in the world. So Morgan, again, thank you for being you.
Thank you for all that you do. And I hope everybody, if you’re listening, and I hope you got some nuggets today on, on some ideas when it comes to property management and what you ought to be looking for. Morgan, if we wanna have you back. Cause I feel like we could have like another. Six, half hour long conversations and just dove into so many things.
Would you be willing to come back if you, if we wanted to bring you back on sometime? Oh yeah. Anytime. Awesome. Cool. Steve, any last words? No, I, I hope that everybody’s listening today are kinda reading between the lines because a lot of, kind of the, uh, the general statements that Morgan was making, there is a lot of detail and a lot of power behind those words and the statements that were actually made and a lot of experience that has brought him to those conclusions.
And so, you know, I, I hope everybody listening carefully. This is, this is an episode that might be worth listening to a second time, uh, because there was a lot of nuance in what he had. So thanks Morgan for being on and would just this, buying the property is the easy part of the whole process. It’s owning and managing the property post purchase that makes or breaks your investment.
And your choice of a property management company is probably one of the single most important. Decisions that you’ll make in owning the property, especially when you own it at a distance and, and, and you most likely will never even physically see that property yourself. And so this is such a critical component to it, to the, the whole, you know, to the whole puzzle.
So, um, property management, absolutely key. Awesome. Morgan, any last words from you? Look forward to 2021. Awesome. That sounds good. All right everybody. Well, thank you as always for joining us on Replace Your Income. Thank you to Steve and thank you to Morgan for jumping on. Uh, we love you guys. Keep listening, keep sharing, um, and make sure if you have not, please go subscribe and rate the podcast that helps us so much.
We wanna grow this podcast. We feel like it’s good content that really makes a difference. So please share this with a family member or a friend, and, uh, we appreciate you guys listening as always, and we will see you next week. Bye. Take care. Thanks so much for listening to Replace Your Income with Steven.
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