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Seller signed a contract with you. You just happened to have assigned it. So did they teach you that at the bootcamp? I bet you they didn’t. And if it was a lawyer who did that, it would be malpractice. If it was a doctor that you walked into the medical office or their office or the hospital and they just started doing surgery on you without doing an x-ray or physical, that’s akin to you gonna a seminar signing up for a program and d.

What your strategy’s gonna be. 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 right. Well, hello everybody. Welcome to Replace Your Income back with you again, Steve. How are you, man? Doing great. Today’s a good day. Today is an awesome day because we have an awesome guest and I can’t wait for you guys to meet. And I think what we really need to talk about Steve, was really critically important is last week we, uh, did an interview with our friend Kelly and we were talking about how I’ve lost a little over 20 pounds and you haven’t lost yet.

So what’s the well gained For me, it’s kinda like golf. It’s like I know that everybody else is kinda get a lower score. Yeah. I have way more. When I get to hit the ball more times. Well, I’ll tell you. I that is a good point. Yeah. And you know what, Let’s be honest. Um, eating delicious things can play more fun.

It just, it is. And which actually makes, you know what? Feeling better. More. Okay. All right. There you go. E butter. Ok, listen, I wanna go get a Chick-Fil-A Shake. We’re who we’re about there, Martin. And the last, you and I were earlier made it a point to get some Chick-Fil-A shakes with our friend and with Coach Moore.

And so I look, I’m looking at, there’s. And I’m just thinking, man, not only am I thankful she’s a friend and a mentor to me, but I just wanna go get some Chick-Fil-A shake. Know what mean? I could go for that . Well, we are so excited to bring you an awesome topic today and an awesome podcast with our amazing friend there, Martin.

And I gotta tell you, so Theresa lives in New York City and, uh, and she, she’s, we actually met her through our company. Gosh, Theresa, how many years has it been that we’ve been hanging out? Wow. Since, I believe it was 2013 or 12 20 12 or 2013. a minute, right? And I have been so impressed from the very moment.

I met there Martin. I was impressed. Theresa owns the New York City r She’s an attorney. She is one of the most intelligent, real talk, straightforward investment educators and mentors that I’ve ever met or ever seen. And I gotta tell you time, I get to go to run in. While there will, uh, give the blessing of being able to talk to her people, uh, we get to have her come and talk to.

Whether I, I, one of my favorite stories there, and I think, I don’t think I told this on the podcast, but one of the times when I was in New York City and I was gonna come, I think it was maybe even the first time I was gonna speak to New City. The world.

Yes. And I remember we were kinda doing, like, we had this kinda take on this grand opening thing that we were doing. And, uh, and I had, I had traveled from Utah to New York and I had, I had brought with me these massive, like two and a half foot scissors, right? Like to be able to cut a ribs. We were kinda the, it was like a grand opening of New York City r and our company sort of working together, being able to partner up and help all, all these folks in invest in real estate.

And so where my hotel was, it wasn’t like far. Uh, that I felt like I should take a taxi. I’m like, I’m not trying to spend $35 on a five minute ride. You know what I mean? And so I’m like, I’ll just walk to the hotel. But somewhere on that journey it struck me that I’m in a suit wearing a backpack. Carrying a, a two and a half or three foot pair of scissors through downtown, uh, through Manhattan.

And I’m like, Know what? If I was anywhere else in the world, this would be strange, but somehow I think I just fit in here. Absolutely. It was, it was awesome. But So at you were wearing pants. Yeah. At least I was, I was not like the naked cowboy. Yeah. That was, I could’ve been the naked sister cutter guy.

Yeah. That would’ve been a whole new thing for Times Square. Well, we are so excited to have there here, and listen, I love you to piece this there, you know that, but I, I can’t just introduce you and tell everybody how much I love you because I’m gonna forget all the qualifications. So I actually wanna read your bio because, you know, usually people give bios and it has.

A list of a couple things that they’ve accomplished, but you’re so accomplished that I feel like if I don’t read the bio, I’m miss things. So I’m just read

there. Right ahead. Right ahead. Doctor Teresa, r Martin Quire, I mean, let’s just start there, right? We got a doctor, we got things that I’ll never have anywhere attached to my name cause I, not I, I am not dedicated or smart enough to have either of those things at either side of my name. But there Martin, she’s an attorney for women real estate entrepreneurs and a profit acceleration strategist for business.

There leverages her decades of experience as a business and investment consultant, business owner, partner, entrepreneur, real estate investor, and legal advisor to help women business owners grow and scale their small businesses with innovative legal and consulting services that are focused on increasing their returns in their businesses.

Whether you wanna build business, Grow business income or master your assets. Theresa helps crystallize your vision and shape existing businesses in the highly successful ventures with the profitable built in exit strategy. And everybody should check out our website and enjoy your legacy.com. But there without any further ado.

I just wanna welcome you to the podcast, say thank you for coming on, replace your income. Thank you for bracing us with your presence. I think this is the first time we’ve had a doctor or an attorney on, or an especially a doctor, attorney on the podcast, right? Steve? Have we done that yet? No, I think. All right, Lisa, you are in a class by yourself.

How are you my friend? I am doing super fantastic and thank both you and Steve. Um, Kevin, this is, this is phenomenal, just what you guys have been able to do and how you are shaping, um, small business and small entrepreneurs to help them replace their income is, you know, in a class by itself. So you guys are in a class by yourself, so.

All that you would do to the place. , you’re, you’re so nice. You know, I gotta tell you, there, having you and Coach Moore over there in New York makes me, cause I love New York. Like I love it. And having you guys over there who I love and know I, you guys are always in my mind and I always feel like I have a little foot in New York because you guys are in my life.

So thank you for that because I just love, I love knowing you guys are out there, just getting after it. And there I am. So every. You and I do an event together, or every time you, you blessed me by letting me speak to some of the folks that follow you. I am so just blown away by your ability to articulate and, and, and the way you articulate the value of real estate, the value of entrepreneurship, the value of, of.

You know fiscally at, Well, there’s a sign behind you right now that says Fiscally fabulous lifestyle. That totally embodies what you share with people. Such an honor to be able to learn from you and talk to you, and I’m excited for our listeners to be able to hear from you and able to connect. To be able to connect with you.

And one of the things that is fascinating about you, Theresa, is I just love your background. I love everything you’ve done and where you’ve in your life, but I want everybody to talk sort of where did your journey begin and how did you get to the point now? Well, it all began because I was a, I was a teen, a only child, not listening to my parents and became a teen mom.

So we gonna start there. So all you, all people out there listen to your parents

or just for my children and I’m. Dr. Theresa R. Martin Esquire told you to listen to me. That’s right. And that’s where it started, because I’m an only child. Um, and I came, um, I was just raised by just two awesome parents. Um, and my dad, you know. Basically, I’m an only child, so I was like his only shot, right?

And so that’s where it started because my dad, I didn’t wanna depo, um, disappoint him. So I graduated, you know, um, high school at 16. I went on, you know, to go to law school and all those, you know, great things have so many letters behind my name. I tell people I have, you know, I have one degrees than the.

Right. So, um, it’s just one of those things, right? And so you always wanted, you know, um, to just accomplish and be a success in your parents’ eye. You’re not a success until your mommy and daddy knows that you’re a success, right? You can do all these things, right? Um, and so, um, that’s where it began. But I always push myself and, um, to do more and to be more.

But despite that, Kevin, um, and Steve, one of the things that happened to me as in my journey, In law, what happened was not. Right. Cause I’m pushing through doing all the things that I need to do, get the credit score right. You know, making sure I pay my bills on time. And because the planes went into the building, my whole world shattered so I no longer could afford to pay for the house that I just built.

Right? Um, and the Poconos, you know, and just the whole world shifted. At that time it was not 11, right? So, from there, my. Um, went from eight 10 to a 4 37. I couldn’t go into the bank to get money without a gun. You understand? I’m saying it just wasn’t happening. Right. Credit score, Right. The. Was actually to do creative financing and, you know, lease options and land contracts and all those creative things that was out there.

Cause I came from that family of investors and I missed that point. So, um, when I graduated high school, I got my first property. When my daughters graduated high school, they got their property. So this is what, this is what we do. We knew that that Rich dad poor dad. Yeah. That, that was about right. And so I did all that good stuff.

But you know, despite that nine 11 happened, you know, no fault of my. Right. So then, you know, I had to fight through bankruptcy. I had to fight through foreclosure because I had no income, right? So I had to save my home. So I was a corporate attorney, toxic to litigation, you know, asbestos. Um, and, and I actually had to learn bankruptcy.

I had to learn foreclosure for myself. Right. And so I’m in the not knowing what to do. Went bankruptcy attorneys, can you help save my home? I don’t wanna lose my home. They looked at my income, they at everything they said, You said devils a liar, said

we to do lose this goal. Right? So, So that’s how that was. Right? Um, and so what happened was, you know, I just was crying and praying and you know, not sure, you know, whatever you believe in, but I was crying and praying just how could this happen to me? Cause I thought I did everything right. Right. And then all I heard was a voice.

Just say, get. Didn’t say, Get up and do something. I don’t get up. Okay, I’m up. What do I do? Didn’t do anything. But basically I just washed myself off and I just had to fight. And with that, you know, I decided that I was gonna save my home. I’m gonna learn the bankruptcy, I’m gonna save my home. And that’s when I actually, uh, went to the courthouse, the day of the auction, Kevin and Steve, the day of the auction.

Ok. And I put in my emergency, Bankruptcy petition. Didn’t know what I was doing. Remember this? My first one, um, didn’t know what

and next know was in. They had to to what time was the stay? What time the went that’s. Crazy. That’s how old it was. It was insane. And so it turned out that I beat the gavel and so I saved my home from the auction that day. And that’s how that whole journey started. And so with that, with that, you know, I went back what I’m gonna do.

So now I’m just trying out what I’m gonna do. I still income, who can’t pay anything. And so, um, with that, it just started everything. And then one day, you know, my daughter, this is months later, you know, My daughter just came to me and said, Mom, I wanna go back to New York cause we in the Pocono, so I wanna go back to New York.

And I said, What? I’m doing all this and you wanna go back to New York? What are you talking about? And so at that point, I called the bank, ok, I’m done. You can have it. Come take the house. I’m, I’m moving, do you, don’t you wanna itm done, finish, I’m, I’m, it’s over. And then they said, Well, you’ll have time. You know, see what you can do, or whatever the case may be.

And I did. I went to list it. Assist to sell like 3% commission, whatever the case may be. I told them. I am not un I said, I’m not motivated. I don’t care. This is what it is. Don’t if you buy it or not. So I’m not a motivated seller. Investors, I’m don’t ied I, So long story short, um, the property was sold. I was able to take money from.

From the, from the house. And I went back to New York and I moved back in with my parents. Who, who wants to do that? Oh my goodness. Ok. What is that about? Um, I went back with my parents and that’s where, that’s where I stayed until I got everything together. But in the midst, you know, the whole bottom line, I still had a property, right.

Um, and all that kind of stuff. But the whole aspect of this was I couldn’t do anything else cause my credit had been shot. But guess what? I emerged as a corporate attorney with my tail between my legs going back home to my parents, and I emerge as the baddest foreclosure defense attorney on the planet.

You hear what I say? And so, so, so, so that’s how it started. I became a bankruptcy foreclosure defense attorney because I was so upset with the banks. I was gonna put my Vaseline on. I dunno about that. That’s a New York thing. Put my Vaseline on and go and fight the banks and save homes for people. But for their circumstances or losing their home.

So I became a champion for the people and that’s how the journey started in real estate. Ok. I really didn’t get into the midst of foreclosure investing until, you know, time over. Because that’s the next, That’s the next step, right? Cause then we got the mortgage meltdown. Right. And you still are, I gotta say you are a champion for the people.

Cause you really do. When I watch. And motivate, and when you share your story and when you then go and take that, So many other folks and say, Listen, this is what is possible because I know, because I’ve been there, I know that there’s so many people that have found light in otherwise very dark situations for themselves financially because of you and your example.

It’s, it’s really, it is really the one thing that I wanna let everyone knows. We all go through something. You know, some people go through it publicly. Some people go through it privately, you know. But the one thing that I’ve always learned is that there is always a testimony in your test and, and so I’m always being tested by certain things in my life, and I am very transparent.

I tell people I can run for office. You can’t pull out anything in my background that I haven’t already shared. So I am, I am so okay. You know, with who I am because my story helps and empowers other people. You may have been going through divorce, I don’t understand that, but I understand what divorce means for your finances.

Okay? I have lost jobs, right? And thank God I did so that I can understand this whole entrepreneurial journey. Thank God for all those people who fired me. Thank you. So it’s. But it’s, it’s what you do in the midst of your story because people stop, you know, and put a period in their life when God placed a comma.

It’s not over. Keep moving, you know? And so my story is still being written. Chapters have to be rewritten. I got the eraser and all that kind of stuff. So I love real estate, I love law and I get the pleasure of adding all of my loves together. Cause I always felt like I was cheating on the law at real estate.

You know, I was tipping out and I felt like I was, you know, cheating on, you know, the law. I mean real estate with the law, right? And so now I have a love with the. And the law and real estate. We are having a minaja tw up in here. I love it. Right? It’s like, it’s like fantastic. All the love that is shared between these passions, because guess what?

And you guys know this with the pillars of real estate, right? You always need to protect your assets, right? And so once you protect your assets, you know, um, you have to have assets to protect, right? So we gotta, you know, build up that legacy. You can’t pass on debt. Now, some people do, but you don’t wanna.

Right. So that’s the whole story behind generational wealth. It takes a good man or woman to leave a, um, an inheritance for his children’s children or her children’s children. So that’s what Generational Wealth Zone is about, which is my parent company. And outta that is fiscally fabulous cause we want women to be.

One. Fabulous. Cause you already are, okay. You’re raising the children. You are, you know where the children’s lies. So they look at you. So that’s important, important job that we as women have, but we also have to be fiscally responsible. So we add those things together, making sure that we are fabulous in our households, fabulous in our marriages.

As as parents, you know, as, as siblings and daughters and, and, and, and, and, and sons, but also, Fiscally responsible in our finances. So we just merge those things together and we just call it the fiscally fabulous lifestyle because that’s what we wanna help everyone, um, achieve. But my focus is on women because there’s so much pressures right now.

Right now remember, you know, we in, so with, we got. Mothers at home. You got fathers too, but you got mothers at home, raisings and children trying to juggle being online and doing home studies and you know, things of that sort, especially in summer school and summer camps being out and all that kinda stuff.

So I, I just love what I do. Um, and I love what, you know, um, New York has to offer. I don’t believe that I would be in any other place now. That’s cause right now, you know, I haven’t looked at my bank account in a minute, but maybe I might have to move. I. I, I love New York and I don’t wanna go anywhere else, but we have challenges here, right?

Which is why I encourage my, you know, my real members, um, to keep an open mind, you know, keep an open mind to the other opportunities that exist. This is a big place that we live in, right? United States is huge, and there’s opportunities all over the place. So if this may not be a buyer’s market, we can go out and find a buyer market.

If this is not a growth market, maybe you can go out and find a. Whatever you need, you know the, the universe will serve you. It serve you.

Virtual

never stops . Well, that’s so awesome, Therea. And you talked about some of the challenges that investors have in New York. Like what are some of the challenges that you see that they. You know, in terms of like price points and the types of real estate available there and, and what, you gotta identify some of those challenges.

What are some of the solutions that you’ve helped your students and your associates, uh, you know, find, And before you answer that, cause to Steve’s point, I think this is really interesting, right? Because you just said you love New York. I love New York. I grew up in California. I love California. I’m not trying to live there anymore, but I love living here in Utah.

But there’s, there’s folks that are living in a variety of markets where, you know, one of the things we see here in Utah is that price point has increased, but rents have not necessarily scaled. Right. And I know that, you know, I, I know I think of my friends back in California still, and what they’re having to pay for a single family residence that they wanna put their family in.

I know. Real estate is in New York. We were talking a little bit about this before, and it, it, it kinda brings home that point of it. It, it, there’s so many markets where it may not be the most advantageous for the average person like me or, or, or like Steve to be able to go and, and buy real estate in a market where you live.

Why look outside of why look elsewhere. I know that’s something you’ve advocated very strongly for the members of your New York City r and for the folks you work with in New York advocating potentially maybe there’s other areas to look at and investing in. And I’d love to hear kind of just your, your feedback on that and, and what your take is on why that’s the critical.

Well, first let’s just start by saying I really don’t know any smaller investors that should be looking in the New York City marketplace as an investment market at this point in time. One, because the median sales price in New York City hits 718,000 in June. Where are you going? Like what? Like what are you doing?

Like, you know, and as far as the price per square foot, we’re seeing it hit, and you know, this is monthly, right? So we’ve seen it hit between six $9 per square foot to six 60 per square foot. Okay? So again, where are you going, right? So if, if you’re looking at, you know, the market. As a whole and the price points.

So in second quarter we were at $660,000 price points in New York City. Okay? Now, Manhattan, you know, obviously home median home sale prices mil 1 million. Okay? That’s, That’s like median, but we’re talking about New York City as a whole. 660,000, the condos. Let’s talk about condos. 900. Thousand was the median condo price, and then the median co-op price, you know, was 489,000 Co.

Okay, so when you’re looking at the market as a whole, yes, we do see that there is a cooling of the market, right? So Covid here though, so we can’t really determine what’s what’s gonna happen, but I do believe that it will trend to more like a balance real estate market until the whole pandemic thing is over.

Ok. But whether you are looking to buy or sell timing, the local market is gonna be. Right. So we have to make sure that we keep our eyes open for those other markets because the three types of real estate markets just, you know, for the people listening in case they’re not sure, you got the buyer market, you got the balance market, and then you have the seller’s market, right?

So the buyer market is more than seven months of inventory, is how we kind look at that. And then the balance market is more like five to seven months of inventory. And then the seller’s market is like less than five months of inventory, right? So when you’re looking at what kind of market you’re shifting in, the balance markets, you know, occur during the transition between the markets and they don’t last long.

So if we’re looking at a, a balance market, we’re looking at more like anything goals. Right, Because sellers are afraid to put the, their properties on the market, right? Because they have to move and go somewhere else, and jobs are being lost. They don’t know what the economy is gonna hold, right? Buyers are looking to kind of buy, but because mortgage rates are low.

So you have this whole thing where opportunities exist. Now, with all that said, ok, um, while there may be some wiggle. How much wiggle room do you think a $718,000 price point market is going to, to, to give you? Right, Right. So with all that said, whether it’s a balanced market, whether it’s a, you know, buyers market, seller’s market, you know, you still have to understand that the price is still expensive.

So with your question, what have I been telling my, you know, members Is that since New York City? Um, New York. Okay. Um, New York State upstate is a little cheaper, but New York City as a whole is very expensive for many investors and there’s several other areas where they might wanna invest. Invest. And so I’m always looking to you guys as my partners, you know, in the Tennessee market, um, as well as in.

Indianapolis market for cash flow because people are trying to replace their income , right? So when you’re looking at, you know, those type of markets, my, my investors are not in the position to kind of go after growth because growth markets tend to be a little bit higher, um, in the entry. Um, but. That’s a, that’s a opportunity, right?

There are other markets across the country that can help, but my biggest thing, Kevin, is that if they’re looking to make a profit, you don’t wanna invest in the most expensive property right? In New York City because the real estate market is, you know, not going to give you those profits on your rents that you may think that you can get, because everything is gonna be a little.

Off scale, if you will. Okay, so you got high rents in New York, but there’s also an issue in New York because you got severe rent regulations. Okay. So those are some of the things that we have to pay attention to because when people go to boot camps and you know, I’m, you know, I’m raving, this is my, my rent.

Session here. The biggest issue that I, I really have, um, when it comes to people just going to seminars and really saying, Okay, I can wholesale or I can flip, I can do all that. I have a, a serious concern when someone. Takes you. You go to a seminar and you sit down to tell people about their program. They don’t go into looking at your finances.

They don’t go into reporting about, you know, where you are now and where you can grow. And maybe I can fill in the gap. Okay. Because that’s what it’s all about. You can’t get freedom dollars until you know what that number is. Right. So the whole point that I. I, I despise, is that they’re missing the formula of learn, explore, invest in plan.

So for me, you know, I want people to really achieve financial freedom through real estate. I just believe in real estate. I believe in wealth building. That’s what I believe in. However, I do believe that you need to learn first. You need to be in an environment where you’re learning the different nuances and niches, you know, that you may be getting.

Okay, because wholesaling is maybe an assignment of the contract, right? But in if you’re assigning a contract, did you really know that if you assign that contract, you are still liable if that end buyer doesn’t complete the sale, right? Because the seller signed a contract with you. You just happen to have assigned.

Okay. So did they teach you that at the bootcamp? I bet you they didn’t. Okay. So it’s just, it’s just certain things that bother me and grinds my gears. Okay. And it is really, if it was a lawyer who did that, it would be malpractice. If it was a doctor that you walked into the medical office or their office or the hospital and they just started doing surgery on you without doing an x-ray or physical, that’s akin to you gonna a seminar signing up for a program and d.

What your strategy is gonna be. That’s what I feel about that. , you know, we talked about it on the podcast too. We started the company really from the standpoint of like, we just wanna help people actually physically really do real estate and really replace their income. But it was kinda in a response to some of the stuff that was in the industry where there was.

All of these people paying for these, these irresponsible seminars where what you just said, it’s not like they were being diagnosed. They were just being sold a thing and they were being sold. A hope and a wish and a dream. But it wasn’t like there was anything about that individual, right? It was about the individual buying the person from the product as opposed to individual actually achieving real results they had the ability to achieve.

And one of, and one of the points that I’ve heard you make there, and I think you made even what we were leading up to the podcast. Is that you go to these seminars or you go here, you know this stuff about, okay, no money. No credit or, or you know, you go creative types. Real estate sounds so good. There’s some big personalities that do videos about no credit and no money and just, but you bring up a really good point about list.

Real estate requires both credit. It’s gotta come from somewhere. I’d love to hear you ran and talk a little bit about that, because I think your perspective on it is so valuable being in this industry, the way that you’re, It’s crazy to me, and I really wish, you know, I, I’m gonna join some legislative committees just so I can stop people from saying that because it’s, you are really skewing the marketplace.

You need somebody’s credit and you need somebody’s. Okay. And even from a business standpoint, how do you start a business with no. You have to market marketing, create sales, sales, fund your marketing. It goes hand in hand. We have people there running around. Remember I told you that I had a credit score and I knew to do was fault.

My own I had to do to get it back, right? Used, used my, my personal credit in over 10. You know, because I built business credit, but I did it the right way. I did it organically. I didn’t buy shelf companies. I didn’t do all that. Okay. What everybody’s pushing. So your credit score, you need a seven 20 to seven 40 credit score point blank period.

You can do these other things on the side, but you still need to be operating on your own personal development, and that includes your. Okay, working on your credit. Now, with that being said, you also need to start networking. You need to find people who may have the capital resources to come in with a partnership with you where you can wholesale the properties to them or what have you, but they need to be able to trust you.

But if you have no experience because your credit is, and you have no capital to invest, or whatever the case may be, when people search you, what are they search? What are they finding about you when they go to the pay and they look at your pay score? Who are you ? You know, So it, the, the whole concept is a little crazy to me because we’re trying to train people to go out wholesale, but we’re not teaching people the basic principles of business and how businesses run and business is run on credit and.

And networks and joint ventures and strategic partnerships and all those things come into play because trust me, when I say what people call me and tell me, they’re interviewing me to be on their power team as their attorney, I say, You don’t interview me. You don’t have enough. You don’t have enough experience to interview me.

You wouldn’t even know what questions to ask. So how about I start asking you some questions to see whether or not I can work with. Okay. And the first question I ask is, are you set up in an entity? Are you a sole proprietor? Okay, do you have business credit? Are you operating under your social security?

Those two questions alone are, Tell me who you are. Right? And I always tell people, your credit report is key for you. And I know there’s challenges that you can explain, but remember, a vendor, creditor lender don’t have time to know your story. They’re gonna look at your. And the way that I tell people and explain it to them is that your credit, you know your social security number is how they find you, but your credit report is how they define you.

Yeah. So you need to make sure that you have the right definition about who you are. As a person, as a business person, as a person in general, because that is the key to real estate because you’re building networks, you’re building partnerships, you’re going private money. They ask you to fill out this form, and on the form you’ve been in business for three years, you know, but you haven’t earned a hundred thousand dollars yet in either net assets or revenue.

So inconsistency. So the problem that I have, Kevin, in a nutshell, you know, you can’t ask an attorney your question cause we gotta go on and on and on. Ok. You know, we gonna go on and on and on, ok. And, but the biggest issue that I have is let’s stop doing real estate and let’s start doing business. Let’s treat our real estate as assets.

And assets As a class is an asset. Your real estate is an asset. Your credit is an asset which can be leveraged. Your business is an asset which can be leveraged. You can leverage your business with business credit, You can leverage your social security number with your credit. So that’s Ed. That’s an asset, and you can leverage your actual asset as an.

Right. So I just think that when people go to these different networks and, and they are, are being pushed and sold these different things, the ultimate wealth building strategy is buy and hold real estate point blank period. A wholesaler is not an investor. Rehaber is not an investor because you’re not.

Investing is a cash strategy, so you gotta keep doing it like a car salesman. You know, once you flip one time, you gotta keep doing all over again. When you wholesale one time, you gotta keep doing it all over again. So the ultimate wealth building strategy is the wealth building strategy of buy and whole, whether it’s short term or long term, depends on how you look at it, but you gotta go in there.

Find the right property for the right terms and the right price. You wanna analyze that property, you know, that property gotta make sense and make sure the numbers work and the terms make sense for you. Because I don’t care about your price point, I don’t care about your numbers as long as I can get my term right.

Terms are very important to me. Right? And then you wanna buy, right? So the investment property where you make money going, Definitely make money going in during the time and then out, you know, the register. You know, you make it all the way through managing that property, making sure that your at tenant and your properties, you’re managing that like a pro.

And then the ultimate thing is keep growing it. You know, the way to your wealth and your financial freedom. You wanna wash and repeat. So find, analyze, buy, manage, and grow. Those are the five steps, and you can only do that through a wealth building strategy called buy and whole real estate or note buying when you are the bank.

So there’s a whole different technique, um, on that, but I think you should be diversified. But definitely credit and money matters. Now that’s just the bottom line. And I’ll drop the mic on that. great. That was, that was an awesome, We’ve been, we’ve been kinda hanging out with each other for many, many years now.

And I have to say that, you know, as a company our, we’ve evolved, right? As a company, we had these ideas, these principles, you know, when first started. But over the years we’ve refined and we’ve really defined ourselves and, and I have to, Everything that you’re talking about, our relationship with you has influenced us greatly, obviously.

Cause everything that you’re saying, it’s like, have you been like listening to our podcast? Cause everything kinda goes along with what we’re saying. But I would say that everything that that you’re saying, we really go along with what you’re saying. And I mean, because one of the first things that we do as a company when somebody comes in is we go through that diagnostic process.

That’s the very first thing that we do. And in. It kind of annoys some people because they just wanna move their, their, I just wanna see something I wanna buy. And we’re like, Well, first we need to understand like, what are your resources? What are your goals? What are your objectives? And then on top of that, we take them through an entire, not pre-qualification process, but a preapproval process where we gather their documentation and we do an analysis.

We put together an income replacement estimate. We go through this massive process. Right Kevin? I mean, you know better than anyone. You’re the one that’s kind, you and, and your team are the ones that, that take them through this process, Right? That is, is so, so critical to knowing whether or not it makes sense for them to even work with us or for us, quite frankly to work with them.

Well, and you know it, so I love what you is, I think it’s irresponsible. So there’s so many service providers, right? There’s so many people that wanna offer products and service. And in this industry with the level of dollars we’re talking about and what’s on the line? Cause what’s on the line here is income replacement.

Right. It’s the, that you’re talking about the generational wealth, that what’s on the, You cannot take that. You just pay. You know, tens of thousands of dollars for an education and hope that it’s gonna work out. So when we start to work with people, we have to do that diagnostic, we have to do that preapproval.

We have to look at where they’re at. I was, it’s, it’s like mall mapping, right? You know, you go to, I think I’ve mentioned this before, but you go to a mall and if it’s a new mall, you’ve never been there. You know, back when people used to be able to go to mall, but you were to. Walk the, you’ve never been there before.

You look for the, the, and it tells you where you, you look, where you wanna go, and you put from where you, where you wanna, you, it’s, In the real estate kind of education industry, that that diagnosis happens, that that conversation is taking place. And you know what? We know that not everybody’s ready to real.

And if real,

to begin that process in the more traditional. We’re able to give them a bit of a process. Here’s step 1, 2, 3, 4, and five of what you need to do in order to prepare to begin to invest in real estate. And that was the question I wanted to ask you there is, I know you have a ton of people that you interact with and that come, you say, Hey, I’d love to get into real estate.

I’d love to begin the journey. Where do you guys start? So what would you say to somebody that’s listening, that’s been hearing the podcast and thinking, Oh my. I really wanna get started, but I feel like I don’t have the money to thread it or whatever. How do I, in that process, what would your answer be to that?

My answer to that person would, would, would simply be take a step back before you speed up. You know, let’s slow down, right? So let’s look at your needs, like where are you right now? Right? It doesn’t matter if you are at a negative, let’s get you to a zero, right? We just gotta make that simple step. It’s okay if you’re negative.

We all started in a whole, Right now we’re in the pandemic, so a lot of people are in the hole. That doesn’t define. That you have to stay there. That’s not defining your set of circumstances for the future. That’s just your right now. Right, Right. But that doesn’t have to be your new normal. Right. So what I do, you know, as a whole, you know, whether it’s from the, um, the R standpoint or whether it’s from, you know, enjoy your legacy, the coaching standpoint is really just, and when I say coaching, I’m not talking.

In coaching, I’m just talking about our free halls that we have every month, right? So just, just getting, getting to know your needs, whether you are Novi, whether you are intermediate or a seasoned investor. Then we explore, you know, we discuss challenges, investment strategies, and ideas with you, you know, so that you can avoid your costly mistakes.

This is what I do, but this is what you should be doing with anyone that you’re working with. And then you actually. Right. So you wanna invest, so you wanna learn powerful strategies that help you generate cash flow while developing that robust investment portfolio that you’re looking for so that you can increase net worth, right?

So that’s either lease options, right? But you gotta learn lease options. That’s either, you know, working on a land contract. Or, uh, contract for deed. You know, in some states it’s called different things or sell financing, but you gotta learn those things, invest and not important. So becomes important.

Again, even creative financing point you investors to help them acquire their first property. And I help them develop a real estate investment plan that works with individuals needs, budgets, and their risk to. So if you don’t have the money or the credit, what we do is as a association, what we do is we try to partner in a Mastermind where you can collectively come together form your llc.

You have to have an llc. Your LLC joins with a joint venture llc, and you kind of partner kind of together. And I teach you how to run an investment company, how to form an investment company, how to form your committees so that you can stay outta trouble with the. Right, Because there’s so many people trying to get private money and do all these things, and you’re running a foul upcc guidelines and you may find yourself in trouble.

So I wanna teach people, there’s the legal hat, how to stay outta legal trouble and protect their ass sex, you know, so that they don’t be taken away from from them by legal missteps, right? And do it the right way. So you really just have to. Business principles in general, profit and law statements. At the bare minimum, you need toand, a profit and law statement.

Start with your own home. You know what you live in so you know, you make this much. This much comes in home. This is what goes out from expenses and, and mortgages and things of that sort. Let’s run my own statement. That will dictate whether or not I can run a business profit law statement. Ok? And then if I need help, I ask for.

The problem with Americans today is that we don’t ask for help when it’s needed. We think we have to have all the answers. We don’t have to have all the answers. We just have to know someone who has the answer. And that’s the biggest issue that I find that most newer investors or people who don’t wanna be embarrassed, okay, they should know this.

I dunno it. So I don’t wanna ask. I’m gonna just act as though I, I know and I’m gonna get hurt. So I would just tell people, join an association that is truly vet. You know, that can help you get to from point A to point Z, but even if it can help you get from point A to point B, that’s good enough for now.

If you’re a beginner, if you’re season, you know, I don’t deal in, um, multifamily units because my target audience happens to be smaller investors who are getting their first or next. So we go. Four units. So we are not in the commercial space. We might wanna go to, you know, association that deals with that.

So we deal in the single family up to four units, um, in my association. But for me, I just have a huge network and wherever you need to go or however you have the resources to help you get there. So that’s what I wanna put out there to people. Just take time and learn. Be a student of the game. You can’t make a million dollars if you’ve never made a.

And real estate. Okay, so. So that, well, you have blessed us with so much incredible information. I think that it’s so critical for people to understand that this idea of, of this pay expensive education, when they won’t even run a diagnosis to tell you where you’re at and what you need to do to take your next step.

People need to avoid that light the plague. This idea of no money, no credit, real. Doesn’t really exist. You’ve gotta have those things in order to become a successful real.

The idea of why we do single family residences and that’s

buy

and also. If they don’t know what their next step should be, they just need to join an association or gain some education, even if that’s free education, to help ’em not move from A to Z, but from A to B. And I think these are all just gems that people need and that. From this episode today and that I hope that they there in order for people to get in touch with you if they wanna from you or access to, to you know your would best.

I would just tell them to reach out to enjoy your legacy.com. Enjoy your legacy.com. That’s all things therea. So whether you want to join the association, whether you want to just get involved, you know your woman and you just wanna build wealth and join our network on our, our second Monday calls, which is totally free to the public.

That’s where you find that information, and I welcome everyone listening to just get involved and get the knowledge, because knowledge is how you grow and your network is gonna define how fast you get there. So I just encourage people to stay to the path, true to the learning experience, and start getting in the real estate game because it is the fastest path to wealth.

But you gotta have a team and a knowledgeable power team behind you to help you get those resource. I love it. Well, thank you so much there. You’re amazing as always. I hope you guys stay safe out there in New York and uh, it’s so good that we’re able to connect this way and. See each other on video and hear one another’s voices.

We appreciate you so much. You’re such a valuable piece of our power team and of the folks that we know and that we get to interact with. So thank you for all that you do for the world and uh, we are so excited to have you guys here with us every week on Replace Your Income. We love doing these episodes.

We are so thrilled that you come and listen week after week and that you leave the reviews and that you share the podcast. Thank you for doing that. Steve, before we sign off, any last words? Nothing other than just thanks. It’s been, it’s been super fun. I tell Kevin all time, I’m really enjoying doing this podcast.

I didn’t would at first, but I’ve just enjoyed so much, been one of my favorite conversations. Thanks for part of what’re. Before we sign off, what’s the last thing you want the people to hear? Bill, Wealth and brick to chains of generational poverty. One house at a time. Boom. Boom, boom. There it is. All right.

Hey, thank you everybody for joining us. We’ll see you next week. Take care. Thanks so much for listening to Replace Your Income with Steven. Kevin, if you’re not subscribed already, be sure to head over to your favorite podcasting platform and do that now, if you enjoyed this, Episode, we’d love it if you could do us a quick favor and rate and review the podcast on Apple Podcast.

This lets the platform know that we’re doing something right and that people like the content. It’d be a huge help and we would be super grateful. Also, be sure to head over to dfy dash real estate.com and request your free income replacement estimate. We’ll jump on a quick call and put a free and person.

Income replacement estimate report together for you. Your report will show you a step by step plan of how you can begin replacing your income one property at a time, starting right away with the resources you already have. It only takes a few minutes, but could change the trajectory of your entire financial future.

So until next time, just remember income replacement for you and your family may only be one property away. See you next week.