How to Find Properties Through Relationship Building | The Real Estate Revolution | Episode 2

Coming up on this episode of the Real Estate Revolution.

So, yeah, I've kind of had this mindset of like, one at a time, like, don't overwhelm yourself, you know, waiting for that vacation rental to happen or whatnot to, you know, to find what we're looking for. But then I'm now I'm like, we have, we do have, I believe we have enough money and we have a home equity line of credit on our current house that we can do more.

You know, this episode will absolutely blow your mind. So I'm with Courtney. She's, she's a newer agent. She's got some experience, but she's not, not using her real estate license to her fullest capacity to accomplish the things that she wants to accomplish, which is a second home and some rental properties. And we're going to dive deep on different diversity with your real estate license. Maybe if you're not doing the typical real estate things and she's not. So listen up now. The East Valley in the Phoenix Chandler area. And she's got some questions and I'm going to try to give the best advice I possibly can. Courtney, thank you and thanks for taking the time and I'm looking forward to the questions and just seeing, seeing what we can come up with, see what I can do to help you continue to be successful in what you do.

Yeah, thank you. I'm excited.

Well, where do you want to start? You had lots of questions on Instagram and so I want to answer them the very best that I can.

Okay. So right now we have plans to buy a vacation rental up in White Mountain area. You know, we're being kind of picky with that one. It'll serve as also like a vacation home for our family. We spend a lot of time up there and so we're, you know, the market waiting on something that we feel like is a good time to buy for us, a good, a good position for us to be in up there. And we have.

So how are you, how are you searching for that property?

Currently online.

Okay.

Also, yeah, that's mostly it. You know, we want something newer, bigger, nicer, you know, we have a lot of kids. We want to be able to host multiple families at a time. So, yeah, we're pretty specific in what we want.

Okay. Are you, are you looking or trying to source any of that from an off market standpoint?

No, I don't, Yeah, I don't know what, where to go with that.

Okay, well, I mean, here's, here's a simple tip on it. Is you could go to your title partner and you could take whatever city, let's say it's show low or pinetop or whatever it is. And you can actually get tax records based on square footage and year built. And you can get both the address and the mailing address and sometimes they'll even have contact information. So what that's doing is it will give you a targeted approach to what you're looking for because you're looking for something specific. So why spend a bunch of money on trying to go out there and shotgun approach, right? You're waiting for something to come on the market rather than hunting it down, right? Which is something you can do in your lead gen time or relationship building time. Here's the cool part about that. When you figure out what your messaging is. So if you were like, hey, here's a family picture and you're sending them a letter or you're sending them a postcard saying, hey, my family and I are really looking for a place. Didn't know if you're still using your second home or if you'd be willing to, you know, talk about selling it, we'd be interested in purchasing it. Now what you've done is you've created a conversation which, who knows, Maybe it's a $2 million house and it's too much for you, right? But you didn't specify price. But now you've had a conversation and maybe that conversation turns out it leads to a listing, right? Or at least some other source of income by doing those. So you're doing a, you're accomplishing a couple of things by doing that is, you know, you might generate the house and it might be off market. You might find a fix up that needs repair. There's all kinds of things that come out of the different mentality of, well, normally you're, you're marketing, trying to look for a listing, but you're specifically trying to find something for yourself so you can get a targeted approach to what you're looking for, which gives you, you know, some, some things to do during the week of I want to, you know, send five handwritten cards or I want to send 10 letters or whatever the case. And you start really working that every week until you find the right thing. You see, one of the pieces that I'm really big on as real estate agents is that we have a lot of opportunity that the general public does not. So, you know, what you're doing right now is you're doing exactly what your clients are doing. You're waiting for something to come up rather than can I go find something that works for my family? And I believe in real estate, but I don't believe in buying things just to buy things. So if. If I were to tell you every time we have purchased a property, including our primary residence, it was a disaster when we bought it. Right. The people lived in 1980 and they stayed there, but we knew it needed to be remodeled. So it was a deal. Right. It was something we were trying to find forms of buying equity and finding things off market to where we had a little bit of upside in it. Whenever we're investing in real estate, as a real estate agent, I believe that we should be looking for something that is potentially off market that we can buy some equity in or convert into what we want. Does all that make sense? Yeah, they give you some good ideas there.

Yeah, it does. Thank you. It's very smart.

Good.

Yeah. Because I am getting frustrated with it.

But yeah, you. If. And plus, you know, it's wintertime right now, so when is the best time to chase those people down? It's when it's costing them money. The snow is causing problems. Right. And they're like, maybe we should just sell this thing. And then somebody gets a postcard in the mail from you that says, hey, we'd be interested in buying your property. It's always about being there rather than being good. Right. So right time, right place. And just because somebody doesn't respond this month doesn't mean they won't respond next month. Right. So thinking about those little things that we do, it's such an old school technique, but it's very effective if you're consistent with it. Right. And then, you know, you were on. You were on my VRBO call, which, by the way, the VRBO link to the YouTube video, the replay. How did you get any ideas of how we structured our second home with affording it with the rental and things like that?

Yeah, yeah, that. That's good info, too.

Awesome. Awesome. What other questions do you have?

So, yeah, I've kind of had this mindset of like, one at a time, like, don't overwhelm yourself, you know, waiting for that vacation rental to happen or whatnot to, you know, to find what we're looking for. But then I'm. Now I'm like, we have. We do have. I believe we have enough money and we have a home equity line of credit on our current house that we can do more, you know?

Okay.

I don't. I don't. Yeah, I'm ready to just like, look for opportunities. And we've never. So we've flipped homes before. We've done other like passive investing with like hard money, but we've never gotten into like the long term rentals or we, we've bought from. Whenever we were flipping, we were buying at the foreclosure auction, which this was years ago and I, we've never.

I bet you wish you would have kept a couple of those, huh?

Yeah, yeah. And we were, yeah, we were just like so new and just trying to do something, you know, just learn and.

Right.

But actually the, the house that we're living in, we bought at a foreclosure auction and we weren't able to sell it, moved into it. So we're. That's, that's been really good and you know, planning on keeping it forever.

So, so here's, here's my advice and my opinion on that is that you've already done, you said something that's key. Right. We're looking for opportunity. And you've also prepared for opportunity. You have the equity line set up and you have some cash set aside. So now it's kind of targeting what those opportunities are, you know. So we created a buy box for our long term strategy. Right. So I wanted to know, because if you don't have a target, you'd be like, yeah, this is a good opportunity, but is it? Right. So our portfolio that we own is about 80 homes and we have a very specific buy box that it fits in. Right. It's a geographical location because we've done research on how long the tenants stay, you know, what, what the rents are and it makes sense there. Right. We've also done it from a long term liability impact of, you know, I don't want pools. I want houses under 2,000 square feet. I want single AC units. I typically don't want. And I don't mind older homes and here's why. I don't mind older homes because if they need to be remodeled or they're like a fix up opportunity that you bought a foreclosure or you got from a wholesaler, you get to renovate it in a tenant proof state. Right. Which means we're doing solid surface flooring and countertops and you get to add the value to it without the recourses of paying taxes on gain. When we flip or cost of sale of selling it on the open market, you're like, great, we made money, but we still have taxes and we still had to pay another real estate agent. All these things. What that typically adds up to between the taxes and the cost of sale is the amount of debt or of equity you need to keep that property, right? So if you're able to buy something, you know, back to what I said earlier is like, I don't want to buy just to buy, right? I want to be prepared for the right opportunity that comes up. And so here's how we create some of those opportunities, right? Does anybody in your mom group or anybody in your brokerage right now know that you're looking for an opportunity?

A couple. Okay.

Are you talking about it on your social media?

No. See, I feel like I'm not confident with that yet. Like, if somebody came to me and was like, you know, gave me a situation or whatever, like, I wouldn't know what to do with it or, you know what I mean? Like, I, I feel like I need to learn more before I put myself out there.

What don't you know about the situation? Because I bet you more know than. More, you know, more than you think.

Just the, I guess part of it is just the, like having that conversation, trying to, you know, make a good deal for the owner and ourselves and just kind of the way that you structure that sale or that transfer.

So let's, I'm going to give you the very, very quick conversation and understanding of how we've acquired and how, how we do things in our business, right? Because, you know, we acquire properties, we flip properties, we keep things as rentals and we do traditional real estate. Right? We do all of those things and we work with our investors. So every conversation that we have with somebody that wants to sell their house, and I'm going to give you the most recent conversation. My next door neighbor, right, his dad passed a couple of years ago. They kept it as a rental. There's three or four siblings involved. He called me, he says, hey, what's your opinion? And I said, okay, well, what do you want to do? He's like, well, really not sure. So give us some options. Okay. So his options were a, hey, you could put it on the market 300 to 330 if you put 40 to $50,000 in repairs in it. Do you have the money to do that and do you want to wait six months to do this? There's no guarantee we're going to get that price in this market. So that is one option. The second option is we can put it out to the open market and see as is no repairs and see what kind of investor offers we generate and see what happens, right? And we could go at this price. You're Going to have cost of sale. Right? So, and I usually, in those price ranges, I'm usually using about a 10% cost of sale because you figure the buyer might be asking for some closing costs and commissions. Right? So we take that off. Then I gave them one, and I always give them the good and the bad. Right? The good part about making the renovation and putting it on the market, you might get more money, you might not. We're going to have pickier buyers. We're going to have to go through inspections. We could come across a broken sewer line. So all these things are positives and negatives. Same thing in selling it as is. We could get an investor that wants to pay an exorbitant amount of money for it, and then what do they do? They cancel. Right? They want to renegotiate the price. We've all gone through that. Or do you want a solid number that can be done in the next 10 to 14 days? It's in agreement with your siblings and you guys are good. And everybody understands that if myself or investor buys this property, they are going to make a profit on it. Right. No matter what they do with it. This was convenient for you. And if that's convenient, we can go that route. So you have three options. Which one would you like to do? Right? He's like, hey, you know what? The family does not have the money, nor do we want to put money in and take that risk. Okay. Off the market, right? There was a $20,000 difference between putting the house on the open market as is and me purchasing the property. Okay. So. So their choice was, hey, we can have our Money with no BS in the next 14 days, we're going to take a little bit lower than what we could get here. But we're all good with that, right? I just gave them options. They chose the last option. We bought it. We were able to make a significant profit on it. And he's okay with that, right? That was their choice to do because everybody wanted the money, but I gave him the options. Choose your own adventure. This is almost every conversation I have with the seller when I meet with them, as I always give them the options, tell them exactly what to expect, and give them the pros and cons of each so that they can choose. And this going forward for you and your career, it's giving people different strategies based on what they want to accomplish. And so what happens is, as real estate agents, if we don't give them that last option of myself, or an investor can buy the house, do you know who they're calling some I Buy homes, cash postcards, somebody knocked on the door, they're calling one of the ibuyers, right? If we're not giving them the option, they're going to go elsewhere. So we want to try to give them every option possible and then go from there.

So if I am reaching out to the girls that I work with and saying, hey, if you come across this, you know, let me know what, what are those signs or what would make it a possible good thing, good deal that they would want to do that.

So they're always going to get paid, right? I mean, that's the deal, right? They're still getting a commission on, right? They have a client that wants to sell a house you want to position yourself to, hey, I'm always an investor. I, you know, you guys get the, you guys might get a listing that is a hoarder house or something of that nature. I always want to be your first call so that we can create a win win strategy for yourself to get paid your client to make a win win and make it super simple. And I'm here to do that. So will you give me that opportunity? And so you're starting to ask people, you're starting to be in front of them. Because here's what I've noticed. A lot of agents in the business that do an average of 10 to 15 transactions a year. They really have a hard time when these houses come up like, blah, right? They don't know what to do with them. And so what do they do? They tell the seller, well, we need to clean all this stuff up, we need to declutter, we need to like do all that. But they don't ever give them the option of like, hey, what if you could just take the things that you want out of the house and leave the. Would that be more convenient for you? Some of what you're going to be doing is educating those other agents in your circle so that they can help you find the next opportunity. That's where a lot of, you know, what I do in educating agents is like, hey, this is what I'm looking for. And they're going to give you that opportunity. Well, here's where it can't stop. If you're looking for that opportunity and it doesn't fit your box, who do you know where can you create income or a source for your investors? Maybe another homeowner. So it's a rabbit hole that you can continue to go down over and over again. So I always look at properties and I always look at them. From this standpoint, if, for an example, let's say the agent, one of your friends, brings you the same deal that I just bought from my neighbor, they're like, hey, this is a $200,000 property. It needs everything. Is this something you want to buy? And you're like, well, it seems like there's somewhere I can make income on this, so I'm going to use my equity line. Maybe you can pay cash for it, maybe you need to use hard money. But you're like one way, shape or form, I can create income from this or I can create a rental. So my theory is always say yes and figure it out later. If the numbers work right, you could buy it. It may not work for you, but if you buy it and you just turn around and put it on the MLS as is, could you make 20,000, 30,000? Could you do a renovation on it? Could you sell it to another investor? It's always looking forward rather than looking backwards. Oh, that doesn't work for me. And you walk away. You're like, well, it's a really good deal just because it doesn't fit in your buy box. Where else does it fit? We have to have a different mentality of solving problems and realizing, like, is there a way to make some money? It might be 5,000, it might be 50,000, but is there a way to make some money on it?

Yeah, I think. I don't know. I think I heard you speak about that a little bit in a podcast or somewhere that I recently listened to. And for whatever reason that had never occurred to me. I don't have a ton of clients myself coming to me wanting to do the traditional real estate. Cause I haven't really put myself out there that much, but I have these close friends who do. And yeah, it was like a light bulb moment that they come across a lot more properties and people than I do and they would absolutely give me that opportunity if they were looking for it as well, if they knew.

Right? So you can't just tell them once. It's got to be like a reminder, like, hey, this month I'm looking for a three bedroom, two bath, two car garage. No pool. Don't do the pool thing because you can always get rid of a pool. Right? You don't want to make it too specific, but you want to give them some ideas so that when they go out, you know what they're thinking. Because you might have done this on a listing appointment. Like, I have a buyer for this. I don't have to sit on this for six months. And they're going to be at the listing point going, hey, you know what? I have an investor that's willing to buy this house as is. Would you be willing to look at their offer right now? You've excited them because they don't have to go to market. They don't have to deal with the bs. They get paid faster, and they're helping their clients solve a problem by giving them that option. So it's really a goal to create that win, win. And I want to go back just a little bit. You said, you know, in the traditional space, you're not really putting yourself out there. Right. Why aren't you putting yourself out there?

I kind of like, like I said a couple years ago, I kind of was like, I have this license. I know we're going to want to invest in the future. I think I'm going to try out, you know, getting back, like, getting into it, so I'm in it so I can meet more people and that will help when it comes to investing, blah, blah, blah. And if I, you know, if family or friends want to sell their house with me, then that would be great, too. But it's not, I don't know, it's just like, some block that I have that, like, I'm not like the super, like, outgoing. Like, it's not super comfortable. I'm like an introvert. It's not comfortable, like, for me to just go talk to a stranger or, you know, I have this block.

I get it.

And I feel like I don't since I have been out of it for so long. Like, I'm not super confident in it. And I hate, like, they always tell me that, you know, like, fake it till you make it. Pretend like this is your listing, it's my listing, but you pretend like it's yours. Pretend like you're doing this and this and this. And like, I hate feeling like I'm fake or like I'm, you know, trying to be pushy or act like I'm something I'm not. I don't. I just need to figure out a better way to do it. My own way to come at it, you know, from myself instead of like, these other people are doing it.

Okay. I'm going to give you exactly how to do it.

Okay.

Okay. I'm not one of those people either. If I go out and meet with somebody and they're like, we don't fit, and I'm going to go list for someone else. Cool. That's awesome. I'm not Going to push you. I'm not going to be like, hey, I'm the greatest person in the world, right? That's the fake it till we make it, right? Here's what it's about. If you're putting yourself out there as a real estate agent, guess what happens. You have an investment mindset and you're going to. I'll give you a great idea, like a scenario you could do. You go put yourself out there in a neighborhood that you're going to farm, right? That is a place where you would want to buy a rental property. Okay? Like, hey, this neighborhood fits my buy box. So I'm going to farm the crap out of this with postcards, with phone calls, with slide aisles, and I'm going to do things different. I'm not going to do that. Just listed, just sold, nobody cares, right? But I'm going to do it in a way that I can give people ideas. Hey, have you thought about keeping your property as a rental? I'd love to tell you what the current rental comps are. Now you've created conversation and maybe that conversation, once you tell them the good and bad of a rental, like, maybe I don't want to rent it. Well, do you want to sell it? Can I buy it? Right. So you start thinking about outside ways to take the mindset that you have and turn it into helping somebody invite you into their living room to have a conversation about what it is. Because right now, here's the thing. If you don't do this, what do you accomplish?

Nothing.

Nothing. If you do do it, what opportunities are you likely to have? Right.

Yeah.

So your target is different to where you're not looking at like, hey, I want to be this big real estate agent, but I do want to invest and I want to use Our real estate license is our greatest opportunity to create wealth and income and the greatest opportunity to solve somebody's need. Right. No matter what it is. So when you go into an appointment, you have the same mindset that I have in the business. It just took me 20 years to get here, which is, hey, this conversation can go one of six ways. I can say, hey, have you thought about keeping your house as a rental? You do? Well, that's awesome. Let me refer you to a property manager and can I help you find the next house? Where are you going? Okay, perfect. Now you just created some income out of it, right? And you solved their problem and you might have given them something to think about that they didn't before. And then they're like, hey, you know What? We've owned this house for like 10 years. The rental, we own it free and clear. We've been thinking about selling it, but there's a tenant in it. It needs probably $50,000 in repairs, and we just don't want to mess with it. That conversation for me is like, cool. What are you going to do with your money if you sell this house? Well, we're going to pay our taxes on it, and then we're going to go put it in a dumb money market and it's not going to do anything. What if you cannot own it and still make money on it? Well, what does that mean? Well, would. Would you be willing to sell that? Sell me the house on seller financing or seller carryback? Well, how does that work? Well, you're going to be the bank and you're going to be secured by the property, and I'm going to pay you payments, and you don't have to pay taxes, insurance, and deal with the tenants anymore. And I will take it over with the tenants in place. Right. But you keep going on these things. Right. And then if they're like, hey, you know what? We really want to put it on the market. Retail, Cool. Now you can sell it for.

Yeah.

So these are the conversations where you want to put yourself out there, but don't put yourself out there in the typical form or fashion because it's not really what you want to do. Find different messaging that. That works for you, that creates conversation. Right? Yeah, same thing. You could go out in that same neighborhood and go look at a listing that's on the market and go, hey, Instagram. You know, I'm just out here. I'm looking for a new rental property. I looked at this one online and I went out and looked at it. It's not really my type. So if you know something in the Chandler area that's in this price range and it's not on the market, please let me know. This what I'm looking for?

Yeah.

You're not faking anything. You're being true and confident in the conversation that you're having. And the more people know that that is what you're doing and what you're trying to do, the more people will converse with you. Right. That's one of the reasons in Phoenix is that right when somebody's going through a weird problem or they need a quick solution, I'm usually one of the calls that gets made because they know they can bring me in with their seller completely safe. You know, the joke always is I go on more Listing appointments with other agents than I do myself. Right. Because they know I can be that instant solution for everybody.

Yeah.

They may not be. They may not. They may not be in the ability or have the mental capacity that they want to buy an investment property, but they do want to create income and they do want to help their client. So I'm just there to facilitate and help them. Does all that make sense?

Yeah.

Does it give you a little bit more confident and, you know, some things you can be doing?

Yeah.

Strike up those conversations.

Yeah, it does.

Cool. The other thing too that I want to go back to on those conversations is I want you to think about maybe five other real estate agents that you're good friends with or, you know, acquaintances with and say, hey, can I take you to coffee and tell you about some investment goals that I have? Because I think you can help. Right. Then you explain to them what you want to do, what you're looking for. And you're always their cash buyer. You have cash or you have hard money and I can solve a problem. Will you help me accomplish this goal? And oh, by the way, is there anything I can do to help you? Right. Maybe. Here's, here's the good and the bad of it. Maybe you get an appointment for something you really don't want to list. Well, can you go give a referral to this other person or you don't want to work with them as a buyer, why can't you connect them with somebody that does and create a referral fee?

Yeah.

So we just have to learn how to master connecting the dots inside our sphere. And a lot of people in this industry, they don't want to connect the dots with somebody else that they think is competition. And it cracks me up because I believe that our industry, if we would focus on collaboration and not competition, the business would completely change and we'd be able to solve more problems. And you'd put people like offer pad and open door out of the business. Right. Because they wouldn't be able to solve the way we do together. Right. Because everybody's creating a win win and everybody's working towards the same goal.

Yeah, that's. That's super smart. And for whatever reason. Yeah. Just recently I've been able. I've been changing my mindset to think that way. And so, yeah, that's going to be awesome.

What other questions do you have? What advice can I give?

So. So when you're financing, I know you do all kinds of different financing for your rentals.

Yep.

For me, you know, if you're just kind of getting a traditional mortgage or any mortgage on it. What do you try to do as far as down payment and is there anything specific or is it just whatever works for that property or that time?

So in the middle of creating the step by step video course on how we created the $50 million portfolio we had. Right. Remember what I said? I don't buy just to buy. I want to find things with a little bit of equity in it or some things I can increase the value by renovating. Okay, I'm going to give you the short version of this. This is how we built the portfolio with little to none of our own money. Totally sounds like a late night infomercial, but it's not because we actually did it right. So early on we figured out that if we can buy something with hard money and it's a good deal and we record a second mortgage against it. Again, there's a lot of details to this, but I'm just going to kind of lay it out. You record a second mortgage against it from maybe your construction company, another entity, at the time of closing. Okay. You have two liens on it. They're both considered purchase money. Okay, this is important. Now let's say you paid $100,000 for the house and you had to put $40,000 in repairs in it. You have $140,000 worth of liens, the property's repaired and it's rented. Okay? Now because you bought it at a good deal and you put the money into it, now the house is worth 200,000. I probably should be using higher numbers in the current market, but that's just the number that came to my head. So you have $60,000 in equity. Right. Okay. The 140 liens, $60,000 equity. Now, because you used hard money and it's really important that you use some sort of form of hard money or lien against the property. And again, there's a number of different ways to do it, which we're explaining in this video course is if you have that lien, you can go to the bank and do what's called a rate and term refinance. Right. Rate and term is going to be based on the equity you have in it. So you have 60,000, which is about 30% equity, and you're going to refinance for those two liens and you can do that within six months of buying the house. It's a seasoning requirement. Unless you go through a little bit more complicated, which is a DSCR loan, which is asset based Lending. But if you have regular conventional loans that you can utilize for rentals, then you want to utilize those first. So now rate and term refinance. You have $60,000 in equity. You're at a 70% loan to value, which is really good. On the investment side, they rate in term refinance. You get a good rate because you're not taking cash out. What happens when the bank looks at it? They're like, oh, here's the two liens. 140 grand hard money, lender gets paid off. That second lien that might be from one of your other companies is also paid off, which was your cash into the property for repairs, and now your piece out with 30% equity and no money out of pocket.

Okay, that's awesome.

This is how you speed up the process and you're prepared for opportunities. So you're going to have some cash out for a little while, but I'd rather have a little bit of cash out for a little while and not have all that money tied up in traditional down payments. Right. Because you can only go so far in traditional down payments.

Yeah.

You either got to earn it or create it. And you're in a space. You can create it by finding something off market.

Okay. Yeah. I love that.

I can see your wheels turning.

Yeah. Sometimes it's hard to wrap my head around it. It takes a little bit, but yeah, yeah, it's. It's awesome.

Well, we're just about up on time, so do you have one last question?

So, obviously, I'm guessing you have property management for your rentals.

Yes.

And is that. Is that taking up a lot of your. Or how much. How much do you. Per. How much do you give per what you're renting it out for? Property management.

Okay. So here's kind of cool. Like if you're local in Phoenix, listening to this Valentine's Day Valentine Property Management, which is my mom's company, it's a separate entity, separate brokerage, all that stuff. Because I'm so involved in the real estate business, they have an agreement with the realtor community that because they're referring people, they will do your property management for $75 a house. Okay. Now that comes with multiples. And then you also have a referral partner as well. Right. So you can send other clients to it. They're a great resource. Right. We'll put that in the show notes as well. Just the contact information. There's. So what happens is, is as a real estate agent, I didn't want to manage my own properties. I wanted to put one more person in between my real estate license and the property management. Because tenants with the tenant, landlord act, fair housing, all those things. I'm like, hey, somebody else is managing and it's not my license. So if they do something wrong, it's not on me, it's on them. Right. And by the way, they're flawless. They manage over 80 properties for me and they manage about 200 homes for my clients. And they are flawless when it comes down to property management. You'll never find somebody that answers the phone faster than Karen. Right. When it comes down to it. So it's really awesome relationship. I would always recommend using a property manager. Too many agents are like, yeah, I'm going to manage this or lease this property for a client. Like that is just a waste of time for you to do. And you're creating liability for you and the client. Right. You're like, yeah, I got paid $350 to do this lease and the tenant turned out bad because I didn't do something. Right. And now you've got an E and O claim because of whatever. So I'm just like, unless you specialize in it, stay out of it. Right. Let an expert handle it. And I love having P sub do nothing but get reports from the management company once a month. Right? Yep. They call me like, hey, we got a broken water heater. Great. Fix it. Right. So you can set up whatever thresholds you want with them. But it's just, it's just an amazing relationship. And I highly recommend, like if you're a real estate agent or an investor, you know, just get a property manager, just interview some people, create a relationship and know that they are going to, they're managing your asset. Right. And that's what's crazy about it. You think about, you know, we pay them between 75 and $100 a month, whether you're a consumer or you're a real estate agent. And if you look at a $400,000 house and you paid $1,200 a year to manage it, it's less than 0.25% of the purchase price to manage an asset, to not have to take phone calls, to not do the accounting on, to not do any of that, I'm peace out on all that for that money.

Yeah.

It's just a really good idea to have that, that management piece in place for your long term stuff.

Okay. All right. Well, I appreciate you helping me out and being willing.

Absolutely.

I can tell you're like, this is what you like to do, is to.

I love this stuff.

Yeah, it's really helpful for me.

One final question, Courtney. What are like two or three takeaways that you're going to take away and maybe implement from this? What. What's really, like, making your wheel spin right now?

Okay. I think definitely just like the new mindset when it comes to the relationship that I have with my Realtor friends group or, you know, putting myself out there on social media and, you know, just another layer of, like, education to help me feel more confident doing that. And yeah, the whole I had, you know, obviously I never thought when it comes to the vacation rental that there was another way to go about targeting, you know, home owners besides just looking and waiting for something to come up.

Yes.

So that's exciting. Or, you know, I thought maybe just by chance something would happen, but obviously that's not. Your odds are not good with that.

Right. Right.

So I don't know for right now. Yeah, my brain is pretty full, but it's. It's really good and it's really exciting.

Awesome, awesome, awesome. Well, I appreciate your time today. Yeah, well, I had an amazing time and I hope that this helps your success. My only ask previously is that if you'll share, tag me and whatever you're doing when you come across something, if it's interesting that the information that I gave is like, this is what I learned from that one call, I'd love for you to share it. Because my goal is to impact the real estate community and really get them to kind of see where you're headed and the faster you can do it. You know, the goal is to help people build wealth, generate income, and ultimately solve problems for their clients and the people around them. So, Courtney, thanks for joining me and doing this reverse coaching interview and I love it. And you are going to be super successful this, and I can't wait to hear about it.

Thank you.

Thanks for joining the real estate revolution. The one thing that I would ask if this podcast had an impact on you, that you would subscribe, share, and write a review for me, I would be forever in your debt and grateful for that.