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Cashflow Diary™

Updated 5 days ago

Business
Careers
Investing
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J. Massey, real estate investor, entrepreneur, sales coach, instructor, master facilitator of Robert Kiyosaki’s CASHFLOW™ 101 games and creator of Cashflow™ Diary, offers free training courses for new and experienced investors. Break through the clutter of learning real estate and business investing and become a successful entrepreneur. Listen to beneficial strategies to improve your skills in prospecting, placing offers, closing deals, buying, selling, wholesaling, fix & Flips, rehabs and much more. By way of Cashflow™ Diary, J. Massey basically gives away current industry strategies by simply teaching what he does daily as a real estate practitioner. Start Learning For Free Today.

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J. Massey, real estate investor, entrepreneur, sales coach, instructor, master facilitator of Robert Kiyosaki’s CASHFLOW™ 101 games and creator of Cashflow™ Diary, offers free training courses for new and experienced investors. Break through the clutter of learning real estate and business investing and become a successful entrepreneur. Listen to beneficial strategies to improve your skills in prospecting, placing offers, closing deals, buying, selling, wholesaling, fix & Flips, rehabs and much more. By way of Cashflow™ Diary, J. Massey basically gives away current industry strategies by simply teaching what he does daily as a real estate practitioner. Start Learning For Free Today.

iTunes Ratings

178 Ratings
Average Ratings
164
5
4
1
4

My Favorite Show

By P Wats - Jan 14 2020
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J’s Show CashFlowDiary is the first Real Estate podcast I’ve encountered when I found out I wanted to become a real estate investor. This podcast had provided me with phenomenal advice, information, and a new mindset. This podcast has inspired me to grow as a person, an entrepreneur, and as an action taker. Thanks J for creating this podcast.

Great Host and Guests

By Lucas Marshall - Jun 25 2017
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Wealth of knowledge can be learned listening to the Host and guests on this podcast!!!

iTunes Ratings

178 Ratings
Average Ratings
164
5
4
1
4

My Favorite Show

By P Wats - Jan 14 2020
Read more
J’s Show CashFlowDiary is the first Real Estate podcast I’ve encountered when I found out I wanted to become a real estate investor. This podcast had provided me with phenomenal advice, information, and a new mindset. This podcast has inspired me to grow as a person, an entrepreneur, and as an action taker. Thanks J for creating this podcast.

Great Host and Guests

By Lucas Marshall - Jun 25 2017
Read more
Wealth of knowledge can be learned listening to the Host and guests on this podcast!!!
Cover image of Cashflow Diary™

Cashflow Diary™

Latest release on Feb 20, 2020

The Best Episodes Ranked Using User Listens

Updated by OwlTail 5 days ago

Rank #1: AHP: Debts, Chaos, and Cashflow

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Jorge P. Newbery is on a mission to help Americans crushed by unaffordable debts. He is Founder and Chairman of American Homeowner Preservation LLC and AHP Servicing LLC. AHP crowdfunds the purchase of non-performing mortgages from banks at big discounts, then shares the discounts with struggling homeowners. AHP Servicing LLC will bring social responsibility and a willingness to do the right thing to an industry often devoid of caring, compassion and basic human decency. On this episode of the CashFlow Diary Podcast, Jorge explains that the most important thing is to take that first step. Then the second step, then the third step. List the steps and take the first one. Don’t look all the way to the finish line, work on getting through the first mile. Break it down into achievable bites that get you closer to your goal.

Apr 12 2018

42mins

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Rank #2: Al Williamson on the Secret Behind the Extended Stay Model

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Al Williamson is a professional engineer, full-time real estate investor and the author of several real estate books. He began investing in 1996. Al is best known for publicly documenting his quest to create enough secondary income streams to cover the 1st mortgage of his eight-unit apartment building (which he accomplished in September 2015). He is now trying to figure out how to maximize the cash flow of a small portfolio so it can generate enough income to replace a middle-class job. Al is a proud family man who now spends his day managing and expanding his corporate housing business in Sacramento, California. 

Podcast Highlights

  • Who is Al Williamson? 

Before everything that people know Al Williamson for today, he was training to become a professional gymnast. That was until he broke his arm on the high bar and realized that he was going down a risky path. He switched course and learned to be an engineer and started creating things.

It wasn’t until meeting his wife did he consider getting into real estate. He met a guy at a church picnic that turned him on to real estate investing and after reading everything he could about the subject at his local library Al realized that it was exactly what he was looking for.

Al Williamson and his new wife purchased a triplex and it eventually quadrupled in price. That early experience brought his wife on board with the whole idea and taught them plenty of valuable lessons. He leveraged that into his next purchase where he had a major focus on cleaning up the local neighborhood. It was a relationship with a local health center that later got Al into the short term rental space.

One of the easiest ways to get into the real estate game and put yourself into a profitable position quickly is by leveraging short term rentals.

  • Was it a challenge in making the short term rental model work in California?

Initially the numbers didn’t work out for Al because of maintenance costs. Owning property is a great way to build wealth but a bad way to generate income because something is always broken that needs to be replaced. You don’t get to keep the money because it has to go back into the property until that debt service is finished. In a lot of ways, short term rentals were the answer to Al’s problems.

There are a number of different ways that short term rentals solve the issue and there are tons of opportunities to increase your cash flow. By experimenting with one unit for short term rentals Al was able to generate the same net income as his three other units. The extended stay model is changing the way Al is structuring his business because the trend of people wanting to live in one place and work in another is taking off.

  • How do you market for long term guests?

Al has 14 different marketing strategies that he uses to bring in extended stay short term rental guests. A good indicator that your market can support the model is if there is an extended stay hotel in your area already. From there you need to get out from behind your computer and have a conversation with real people. Talking to the bartender at the hotel can yield some valuable info.

Extended Stay America is doubling down on the one month and two month guests. It’s a big business and major hospitality companies are beginning to recognize that.

If you’re working with Airbnb you’re going to have to put your listing together. The headline of that listing is very important and you can use that to call out the exact type of customer you are looking for. Write your headline to resonate with that person. You can also set your minimum stay requirement so Airbnb only shows your listing to people looking for an extended stay unit. Do things to separate yourself from the rest of the competition.

There is a growing need for extended stay units in America, it’s up to the housing entrepreneur to step up and answer the demand. The type of the property is less relevant than the type of customer you want to serve. Stay in your lane and serve people like you because you will have a better understanding of what they need and want. You will make the same net income. 

You can make your decisions based on gross income, which many people do, but only the net income really matters. You can make different decisions and save yourself a lot of time and energy and still make the same net income.

Most ordinances were written to slow down transient rentals and prevent them from competing with the existing hotel businesses, but they are not intended to affect month to month rentals. Month to month rentals are the cornerstone of affordable housing and they know it.

  • What are some differences you’ve seen between people running a less than 30 day stay business and a greater than 30 day stay?

The less than 30 days operators are looking at serving tourists and convention goers. For the people focusing on more than 30 days, they are thinking about other features that are important to a different crowd. Things like parking and laundry facilities. They also get the advantage of business travelers being more forgiving and easy going in general because they aren’t paying for the stay out of their own pockets.

  • What are some alternative ways to attract your target market?

Facebook has been very effective, having your own group is a good way to let people know what you’re offering. Al also has his own website which has been a good tool in attracting extended stay guests. When you’ve been in business for over a year, your reputation starts to do some good work as well.

Al has eight different categories of customers that he caters to: vacation renters, military housing, student housing, insurance housing, corporate rentals, people in between selling their homes, and international housing. There is also medical housing that’s broken down into three different types as well. You can take those categories and figure out which one you want to dominate and then start growing your funnel for that category.

  • How do you avoid having to evict or grant tenancy to someone?

Al hasn’t had to evict anyone because he mainly serves business travelers and they are just not going to stay. Even if they did, if they’re happy paying an elevated rent than what’s the problem? 

The main purpose of a lease agreement is to turn a transient into a tenant, which means the relationship is governed by a different set of laws. If you do that, then all the ordinances and laws around the typical short term rental transients no longer apply.

  • What are the special services you’re offering to increase your net income?

Al started off by offering a menu of cleaning services to guests but he found that they generally just wanted to be left alone. Do you it yourself options like a washer and dryer are much more important.

  • Al’s Takeaway

You need a coach to help you get the best out of you and overcome your subconscious. They will also help you avoid making the basic beginner mistakes. Al would be happy to coach you and be your booster rocket to help you launch your real estate business.

Links:

leadinglandlord.com

Thank you for listening! If you enjoyed this podcast, please subscribe to the show on iTunes and Stitcher Radio!

Nov 06 2019

58mins

Play

Rank #3: CFD 421 - Achieving Your Vision In Life

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Isaac Lidsky comes onto the Cashflow Diary podcast to give you some much needed inspiration and to show you that you can achieve your vision for your life.

As a successful child actor in a major sitcom, Isaac Lidsky was bound from Hollywood to Harvard, where he graduated by the age of 19 – all while losing his eyesight to a rare blinding disease, retinitis pigmentosa. Yet his future was bright. Today a blind CEO, author and acclaimed speaker, Isaac shares a remarkable story of courage and achievement amid tough challenges.

America first saw Isaac as “Weasel” in NBC’s "Saved by the Bell: The New Class". As a teen, while his eyesight gradually diminished, Isaac began to reframe his outlook. Dispelling any notion of disability, Isaac honed his true vision. And his achievements kept mounting: following college, he not only spearheaded a start-up, but then studied law and graduated Harvard Law School magna cum laude; clerked for Supreme Court Justices Ruth Bader Ginsberg and Sandra Day O’Connor, and argued and won more than a dozen appeals in federal court on behalf of the United States.

As an entrepreneur and leader, Isaac’s first company sold for $230 million, and he then transformed a struggling Orlando subcontractor into the leading $150 million construction services company ODC Construction, he now leads as CEO. He also founded Hope for Vision, a nonprofit organization that funds the development of treatments and cures for blinding diseases.

Podcast Highlights

  • Who is Isaac Lidsky?

Isaac grew up in the Hollywood fairytale in a lot of ways. When Isaac was 13 he was diagnosed with retinitis pigmentosa and realized that he was destined to lose his eyesight. Isaac believed that he would end up alone and unremarkable, which obviously turned out to not be true.

  • Where did the courage to continue come from?

We all confront our challenges differently. In the face of crisis, our fears can step in and we often imagine the worst case scenario. Isaac lost his sight over the course of twelve years. The process of becoming blind made Isaac realize that we shape our own realities.

In every moment, we get to choose who we want to be and how we live our lives. It’s an inescapable responsibility.

Isaac had an epiphany in the office of his occupational therapist. He was choosing to live in the awful world that he had created for himself in his mind. He made a choice to live differently.

  • How did you go from the doctor’s office to creating a company?

What is it that you want to spend your time and your life on? What does success look like to you? You are living the answer to those questions every moment of your life, whether or not you are asking them consciously.

  • Without your diagnosis, would your life look like the way it does?

Isaac wouldn’t change a thing about his life. Going blind was one of the greatest unexpected blessings he has received.

  • Changing your perspective

We tell ourselves stories and limit ourselves. We listen to our fears and let them dictate the way we act. In the business world, entrepreneurs often set out to market the business or service that they want to sell. But it’s often more lucrative to create what your customers want to buy.

  • Why did you write the book?

EYES WIDE OPEN explores the vision and philosophy of choosing what you want to see. Isaac wrote the book with his children in mind in the hopes that they will read it in the future.

Isaac does not have vision problems, he has sight problems. No matter what circumstances we are in, there are people who have done far more with much less and have lead happier lives. It’s not our circumstances that dictate our life, it’s how we view them.

  • What are some challenges that entrepreneurs create for themselves?

Cash flow can be a valuable ally or a vicious foe. Too often will problems in your business will be obscured by positive cash flow. Or negative cash flow can sink an otherwise profitable venture. Business is both an art and a science.

Understanding and leveraging cash flow dynamics is what saved Isaac’s construction business.

Don’t do work that is not profitable is cash flow rule number 1. If you are not collecting money before you are paying money, it’s only a matter of time before your business will be underwater.

Isaac saw the 2011 recession as a major opportunity for the residential construction industry despite the housing market. The possibility of failure was very real but nothing ventured, nothing gained.

If you are looking for a guarantee in life, you are never going to find one. Do the research, talk to who you need to talk to, and if you believe in what you are doing, go for it! Success is in the striving for a worthy ideal.

Reference: EYES WIDE OPEN: Overcoming Obstacles and Recognizing Opportunities in a World That Can't See Clearly, Isaac Lidsky

  • Isaac’s Takeaway

Ultimately the art of the entrepreneur is to silence the inner critic and harness the strength within and believe in yourself. The circus of negative thoughts are not your reality unless you choose to listen to them.

Links:

http://lidsky.com

Thank you for listening! If you enjoyed this podcast, please subscribe to the show on iTunes!

Nov 09 2017

42mins

Play

Rank #4: CFD 303 - Kenneth D. Campbell

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Ken created and edited for 20 years an influential investment newsletter; co-wrote The Real Estate Trusts: America’s Newest Billionaires, first full-length book on REITs; and co-founded a global firm managing $20 billion in assets.

Born in the western Pennsylvania steel town of Butler, Ken received his undergraduate degree from Capital University in Bexley (Columbus), OH, and his MBA from the Graduate School of Business Administration (now Stern Business School) of New York University.  After stints as associate and news editor of House & Home magazine, he joined Standard & Poor’s Corp. as a security analyst before forming Audit Investments Inc. in 1969.  His investment advisory and editorial experiences at Audit are recounted in Watch That Rat Hole … and Witness the REIT Revolution. Now eighty-six, Ken lives with Irene, his wife of sixty-five years, outside Philadelphia.

Aug 25 2016

55mins

Play

Rank #5: The Science of Getting Rich

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David Neagle is the bestselling author of The Millions Within: How to Manifest Exactly What You Want and Have an EPIC Life!. He is one of the architects of the coaching and personal growth industry, and has spoken or worked alongside Bob Proctor, Marianne Morrisey, and Tony Robbins.

Podcast Highlights

  • Who is David Neagle?

David was a person that was truly confused about the meaning of life. He came from a place of dysfunction in childhood and sought the answers to his questions from his teachers, parents, and mentors but no one could answer him. He ended up venturing on his own and turned into a curious kid on the wrong path in life.

He could really relate to the idea of “I don’t like what I am doing, but I don’t know what to go do.” At some point, David made the decision to follow the desires of his own heart which put him into a different emotional state, and his results soon changed as well. He wanted to set up his life so that he could do what he loved, with the people he loved.

  • Why do we feel like we need permission?

We are raised to believe that we need permission in order to advance in life. Permission is subconsciously linked to security which is something that is vital to human beings. The proper role of a parent is to turn over the power to make decisions to their children as they grow over time but many dysfunctional families end up with children taking care of the parents instead.

We live in a world of conflicting ideas and information, without a set of core values to guide us through life we begin to look for others to guide us and tell us what we need to do.

  • Questions About Suffering

Are we meant to suffer? David had a near death experience when he was younger that completely changed his perspective on life and brought a sense of urgency to his life.

David was working six days a week and couldn’t earn more than $20,000 a year and felt stuck. He was emotionally and physically exhausted while on the job one day that he had a complete breakdown and asked for direction. He received the answer “change your attitude” and decided to act like he loved what he did, do every job to the best of his ability, and treat everyone with respect from then on. Within 30 days he went from $20,000 a year to $62,000 and realized he was on to something big.

Your attitude determines your altitude.

  • The Science of Getting Rich

For years the book The Science of Getting Rich had been around David but he always thought it was a book about economics, that was until many people told him he had to read it. After reading The Science of Getting Rich in a single afternoon, he realized that it contained the answers he was always looking for.

Once he got clarity, David was able to make positive changes to his life much faster. Lack of clarity is the primary obstacle in people’s lives.

There is so much conflicting information in the world and if the information you discover conflicts with the principles you were raised with, it creates an internal battle. Until that battle is resolved, it’s impossible to get clear on your life.

  • Where did the courage to teach others come from?

David was waking up in the middle of the night for six months. Every night he awoke with the thought that if he wanted to live his dream, he had to leave, but he didn’t understand what it was that he had to leave. He called his mentor Bob Proctor who told David to just quit. He learned that the decision always comes first.

You always get what you need when you need it. You will not replay a pattern in your life that you haven’t experienced before.

To grow you have to acknowledge the desire in your heart. The conflict that comes in for a lot of people is they believe that’s irresponsible. There is a lot of uncertainty in people’s mind about how resilient they are.

When you connect the result to the action and the thought, everything in your life changes. True wealth is the awareness to manifest whatever you need in life.

Reference: The Millions Within: How to Manifest Exactly What You Want and Have an EPIC Life!, David Neagle

  • David’s Takeaway

The first thing is to change the concept of who you think you are. When you hear the voice that tells you about all the things you did wrong in the past, it shapes your concept that you are flawed. Making mistakes is not a flaw, it’s how we learn. Embrace the idea of making mistakes and growing rapidly. Step into your purpose. Make a solid decision to take an action on something which creates momentum and opens the door to the next decision. Opportunity often shows up as misfortune or temporary defeat, when you make the decision to focus on what you want your awareness will expand and then it becomes a process of saying yes to the things that will move you forward.

Links:

davidneagle.com

Thank you for listening! If you enjoyed this podcast, please subscribe to the show on iTunes!

Nov 08 2018

44mins

Play

Rank #6: Fearless Wealth and Living The Undiversified Life

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RC Peck, sits at the intersection of money and human behavior. For over 20 years he's helped people hear what their money is trying to tell them. His struggle with dyslexia, watching his parents' life savings get embezzled, and his background in Neuro-Linguistic-Programming (NLP), taught him to question the obvious. He now uses his ability to see what others can't see which brings clarity and insight to a world that is often described as confusing and overwhelming. His fearless wealth message is clear. Listen to your money. It's trying to tell you how to get the life you want.  

Podcast Highlights

  • Who is RC Peck?

The first answer that came to RC was a time when he was in 7th grade and taking martial arts. He was able to buy throwing stars for $2 and take them to school and sell them for $8, it was just something made sense for him to do. It just came naturally, he saw the excitement in others and the opportunity became obvious.

RC didn’t know that he was dyslexic until his 30’s, all throughout school RC felt like he was smart but his teachers and test scores told a different story. This lead him to pursuing more creative courses like art, something that came easily to him and that he excelled at. He thinks of his dyslexic journey and sees a lot of people going through the same process, but with their money. There is a form of investment dyslexia that is holding people back.

When RC’s parent’s life savings were embezzled when he was 19, that was when he realized that something was wrong with the investment world. The biggest investment mistake in the world is the belief that “I trust and like fill in the blank!” People trust anyone other than themselves to grow their money.

  • Where does the idea of diversification and fearless wealth come from?

Diversification is an idea from the 50’s, from academia before there were computers as we know them today. The idea of diversification is not inherently wrong, you will still eventually get to where you want to go, but there are probably better options depending on what your goal is.

We are never given the choice to not diversify because it is so common place we never even question the idea. Doing things that go against the mainstream current can be scary, so people rarely look at their assumptions and the common wisdom around investing.

There are only two things that humans can not tolerate, the first thing is not belonging. The second is not knowing the rules. A good parent can be much stricter, as long as they are consistent with their rules. People can even feel “good” about losing half of their investment portfolio value, as long as everybody else is losing too. People with investment dyslexia know there’s a problem, they just don’t have the words to describe it.

  • What are the words that will set us free?

The stock market is an idea that is loaded with negative emotions. When you read a headline that screams “Market Crash!”, your brain is interpreting that as a real, tangible threat. But if you look at an image of a graph of the stock market, you’ll put the whole thing in context and that can shortcut your brain’s fight or flight reaction.

We are not taught to think visually, we are taught to think in words and sentences and the whole time your brain is bringing up associated images that is driving your life. When in doubt, zoom out.

We are under attack, not by animals with claws, but from people who are paid very well that know that if they can make you angry or scared.

Simple and easy are not the same thing. The defense and offense for fearless wealth is simple but not easy. You start with an image because that will rewire your brain. It can prevent your brain from going into panic mode, and can prime you to push toward your goals. To be successful in any area, you have to dissociate yourself from the immediate surroundings.

When you achieve this rewiring you become a bigger difference maker in your community and family. People are unaware of how much of your time and attention that is being sucked away from unnecessary anxiety. Your life is broken down into three parts: your health, wealth, and relationships. If your wealth isn’t taking up as much time and attention, that leaves more for the other areas of your life.

You don’t start nine companies and hope one of them works out. You start one and focus on that. You don’t marry seven people. We don’t diversify in most areas of our lives and that’s what fearless wealth is all about. 

  • RC’s Takeaway

Notice that the voice has always been there, it’s not going to go away. Those who are waiting for the voice to be different before they do the training, it will never happen. If you want to jump to the front of the line, jump on a call with RC and start thinking visually with your money. You will never have to trust and like RC because you will be able to verify your results yourself.

Links:

fearlesswealth.com

Thank you for listening! If you enjoyed this podcast, please subscribe to the show on iTunes!

Jun 10 2019

46mins

Play

Rank #7: CFD 274 – How I Did My First 117 Units of Property and Beyond

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In this short Cash Flow diary podcast episode I talk about a few of the basics, like how I did my first deals (because I get the question all the time), how to raise capital and how to generate leads. What you’ll learn is to do things in a certain sequence, which will help get others to enroll in your process. It’s like planting your lands in preparation for a harvest. You have to plow the land, prepare the soil, seed it, do a few more things to keep cultivating and nurturing your crops… and finally get to the harvest. (In real estate transactions, the close of the deal is your harvest.)

In this episode you will learn about the importance of conducting the III interview (triple “I”) with everyone you want to work with. That’s because you want your buyers, investors and sellers to be in total alignment with your goals, mission and vision. If they don’t fit you can’t force them to fit. If you do, you’ll be sorry at some point down the road.

You’ll also learn how to generate leads wherever you go. Whether that’s at Starbucks or the mall or in line at the grocery store. Again, it’s like planting seeds. You don’t just plant in one spot. You spread them around so you get a big, healthy crop.

If you want a better look at generating leads in the real world, you need to check out our Lead Machine Video Course. If you do, you can actually begin generating leads minutes after taking the course! It happens all the time. (It gives you all my offline lead-generation strategies I used when I was starting out as an investor and strategies I use even today!)

You will want to take notes as you listen to this episode. It is taken from a recent Periscope session I did on lead generation. We are archiving these videos in our member area, so if you are a Cashflow Core Member you can go watch it and take screen shots of the graphics I drew in this one! (BTW, you’ll hear my kids in the background. They have taken the role of my official “heart monitors” because we’re trying to reach a million hearts on Periscope by the end of the month.) Learn more. LISTEN NOW.

May 16 2016

36mins

Play

Rank #8: Short Term Rentals Business Q&A #2

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Questions and Answers

  • What’s your system for rewarding or getting rid of cleaners that work for you? 

The best way to make this work is to make sure that everybody you work with understands the metrics that you are measuring performance by. You should know what your revenue was before you hire someone, and you should see a reflection of that person’s productivity in that after you hire them. You should have a minimum standard for review scores the you require your cleaners to maintain and then keep that number in front of them.

  • If the landlord feels the negotiation around the lease is too much work, is there a better way to go about it?

There isn’t much to deal with a lease other than the specific clause around being able to use the property as a short term rental. Other than that there is a clause around marketing and making sure the lease is in the company name. Those are the three main things that you need to address, other than that there shouldn’t be much you should have to fight for.

The more units and the more revenue you’re bringing to the table, the easier it is to have this type of conversation. Start using future language to help your side of the negotiations.

Failing fast and failing frequently is the secret to success in the short term rental business. You won’t be able to get the ball rolling if you are trying to get it right the first time and are unwilling to fail.

  • Do you find you have more success when you are having a conversation with someone in person or is more of a numbers game?

Being in person is a major advantage when you’re getting started because when you’re new, you have a lot working against you including the mainstream media. You have to overcome a bunch of assumptions which is a big challenge over the phone, which is why your only goal on the phone should be to secure a face to face appointment.

  • Can you talk about how many towels, sheets, and linens you put in your units for each stay?

There is a file in the program that breaks down what you need based on the number of beds and bathrooms. Basically you want to stock for maximum occupancy.

  • Can you speak to the Cashflow Game, where do you find it, host it, why do you consider it important?

The Cashflow Game was developed by Robert Kiyosaki and his wife but the best way to buy it now is through Amazon. Being an introvert, J had to figure out a way to increase his odds of attracting customers. The way to do that is to filter, and the kinds of people who are willing to show up and play a Cashflow Game are self selecting as people who are willing to take action.

He or she who educates their market, dominates their market.

  • Can you talk about obtaining guests that are looking for short term rentals due to being displaced and using insurance claim to fund the rental? Who do we need to build relationships and how do we meet them?

You tend to need a lot of inventory to meet these people. You won’t typically find them, they will find you, but once that happens, developing the relationship is crucial. When someone comes to you ask them who their adjuster is or if the adjuster is contacting you, get to know them and their company.

  • Do you have any ideas to generate more income from short term rentals I already have?

Have you automated offering your upcoming guests early arrival? You can also do that with late departures, extra cleaning, or an extra parking spot. There are a lot of little things you can offer to generate extra revenue.

  • What are your suggestions for offsite storage?

If your running a property with a large number of units, an offsite storage area is just how it has to be done. If it’s on a completely different property, then maybe your cleaners have a legitimate complaint.

  • Do you wash all the towels, including the ones that haven’t been used?

Yes, it’s more important to clean everything than to save the money. 

  • Is it true that certain services will turn on instant booking for all listings once they are connected through a property management software?

It depends on the connection type. If it uses iCal to schedule bookings, you will maintain control, but if it uses an API then it will be automatic.

  • How do I handle it when someone books for someone else?

When someone makes a reservation on behalf of another party, instead of referring them to the link we let them know that that’s not allowed and help them understand how to fix it. One way is to have the other person register. You will have to come up with a process that you’re satisfied with because there is no other way to make it work for business travellers.

  • Should I get an AC for a house in Vancouver, WA that doesn’t have one?

There should be inexpensive options that will allow you to install some sort of AC option in the unit. You should also help the landlord understand that by not having an AC in the property they will be at a major disadvantage. If they won’t spend the money on the AC, they will spend it on vacancy.

  • Is there any pros to using software instead of a direct booking site? 

Ultimately they are too expensive for what you get. Just because you’re not ready to use a direct booking site, that doesn’t mean you should start building your business on a faulty foundation.

  • Does the landlord have to obtain the permits? 

Read the ordinance and do what it says. You can’t reliably call the city and expect the person to know the answer. 

  • How do we get into the cleaning business for short term rentals? 

The easiest way would be to make a reservation at one of the busiest short term rentals in your area and then comment on their cleaning. Go wherever short term rental owners hang out. There are many ways to attract the right people to you but they are attracted to you you must also communicate what services you have to offer.

  • If a landlord had six stand alone houses and wanted to work with you, but they had an HOA that’s in charge of 80 houses in that area, would you still pursue those houses? 

You need to read the CC&R’s understand the rules. Do you want to operate the type of business that the rules allow for, if that’s true then go for it. As an entrepreneur, it’s up to you to decide who you want to serve.

Links:

cashflowdiarypodcast.com

Influence by Robert Chialdini

cashflowdiary.com/start

Thank you for listening! If you enjoyed this podcast, please subscribe to the show on iTunes and Stitcher Radio!

Oct 11 2019

1hr 9mins

Play

Rank #9: CFD 297 - The Path To Wealth with May McCarthy

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Since 1982, May McCarthy has helped to start and grow six successful companies as large as $100 million in annual revenues. She is a best-selling author, speaker, university lecturer and angel investor. She serves on business, philanthropic, arts and university boards. May has become successful by implementing spiritual principles into her ventures, and it is her passion to pass her knowledge on to others. She is the author of the best-selling book The Path to Wealth: Seven Spiritual Steps for Financial Abundance.

Aug 04 2016

49mins

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Rank #10: CFD 307 - Gary Beasley Says Angels Like Entrepreneurs!

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So, is there a way out of the 9-to-5? Um, yes. That’s what you’ll learn in this episode of the Cash Flow Diary podcast from guest Gary Beasley, who took his own experience in real estate to create his own entrepreneurial thing. You’re sure to get answers to your burning questions about jumping into the real estate investing pool. 

As you might have guessed, Gary wasn’t always the real estate entrepreneur he is today who started www.Roofstock.com, which is something that allows a whole lot more people to participate in real estate investing than ever before. In Gary’s words, he’s proud to have been a part of building a very disruptive company and makes money for the investors and the employees! But he says another thing that gets him excited about Roofstock is the psychic rewards he receives from knowing he is a part of this brainchild. Gary loves what he’s doing!

Coming from a small town in Indiana, he grew up in a traditional, hard-working family where he learned the value of working toward goals. Gary said he feels fortunate not to have grown up with money, because he’s known a number of people who came from money and lacked the motivation to get out there in the real world and do anything special. Gary says that early on he knew the path he didn’t want to take was one that would force him into clipping coupons and working in a company Monday through Friday. 

Gary says that you don’t need your own money to get started as an entrepreneur. While you can’t start a company that requires a lot of capital to get it going, if you have a great idea and a well-thought-out business plan, you can capture the interested of angel investors. In fact, in his experience, investors often like the “scrappy entrepreneur” who will work really hard to make the dream become a successful, income-producing reality. 

You’ll learn a lot about courage, drive, motivation and what makes an entrepreneur great in this episode. Listen to Gary’s story and how he describes his personal journey to success, what he didn’t like about being in a business vs. helping others start businesses and creating real wealth, and why he changed his path to becoming the entrepreneur he is today. LISTEN NOW.

Sep 08 2016

40mins

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Rank #11: CFD 299 - Mark Rampolla Tells Us to Build Something Great by Going Somewhere No One Else Will!!

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Cash Flow Diary podcast guest Mark Rampolla is the man behind Zico Coconut Water. I’m talking about the highly popular coconut water beverage my family knows and loves!! Mark wrote a book that has to do with his journey, too. It’s titled High Hanging Fruit and it’s a recommended read.

Mark wasn’t always the trend-setting entrepreneur he is today. BUT what drove him toward starting his own business is that he was never quite like his peers. He wasn’t into the trends, but he watched them with interest. 

He also knew how to set goals. So before he chose the product he wanted to launch he needed something that would scale. He wanted something healthy and that would make people’s lives better if they took it into their bodies. After lots of research and because he happens to love coconut water, Mark and his wife decided that’s what his road to wealth and success would be. 

This success didn’t happen overnight. But then when does that ever happen in real life? He put in 9 years of hard work up front as he grew his brand. Everyone in his little company worked toward his mission. (It’s always about more than just the possible money we can make, right?) 

The great news is that Mark’s little company isn’t little any longer. Because of Mark’s dedication and beliefs about the benefits of his products, he attracted excellent talent to the company, which made growth happen naturally. 

Mark’s story is very unique… and I don’t use that word often. This guy’s energy is contagious. He has a great amount of wisdom that he shares about building a business of YOUR dreams, and if this interview doesn’t motivate you to move further toward your goals, well, I don’t know what to say. Listen in particular to what Mark has to say about “going where others don’t want to go” to get to the success he now enjoys. Learn more. Listen now. 

Aug 11 2016

43mins

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Rank #12: CFD 340 [REPLAY 274] – How I Did My First 117 Units of Property and Beyond

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In this short Cash Flow diary podcast episode I talk about a few of the basics, like how I did my first deals (because I get the question all the time), how to raise capital and how to generate leads. What you’ll learn is to do things in a certain sequence, which will help get others to enroll in your process. It’s like planting your lands in preparation for a harvest. You have to plow the land, prepare the soil, seed it, do a few more things to keep cultivating and nurturing your crops… and finally get to the harvest. (In real estate transactions, the close of the deal is your harvest.)

In this episode you will learn about the importance of conducting the III interview (triple “I”) with everyone you want to work with. That’s because you want your buyers, investors and sellers to be in total alignment with your goals, mission and vision. If they don’t fit you can’t force them to fit. If you do, you’ll be sorry at some point down the road.

You’ll also learn how to generate leads wherever you go. Whether that’s at Starbucks or the mall or in line at the grocery store. Again, it’s like planting seeds. You don’t just plant in one spot. You spread them around so you get a big, healthy crop.

If you want a better look at generating leads in the real world, you need to check out our Lead Machine Video Course. If you do, you can actually begin generating leads minutes after taking the course! It happens all the time. (It gives you all my offline lead-generation strategies I used when I was starting out as an investor and strategies I use even today!)

You will want to take notes as you listen to this episode. It is taken from a recent Periscope session I did on lead generation. We are archiving these videos in our member area, so if you are a Cashflow Core Member you can go watch it and take screen shots of the graphics I drew in this one! (BTW, you’ll hear my kids in the background. They have taken the role of my official “heart monitors” because we’re trying to reach a million hearts on Periscope by the end of the month.) Learn more. LISTEN NOW.

Jan 02 2017

36mins

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Rank #13: October 2019 Q & A #5: How Long Does It Take To Get Started In Short Term Rentals

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Questions and Answers

  • Does AirBnB work the same globally? 

The idea is the same, but some of the functions will be different. For example, payment systems will be different depending on the country you live in. Same with cleaning services. The basic idea of offering someone a place to stay in exchange for a fee is the same.

  • I have a landlord concerned with a privacy issue regarding a camera on the door, what should I do?

Since the unit already has cameras pointed at the hall in the building, there shouldn’t be any issues. The important legal idea is where there is an expectation of privacy you can’t place a camera, but that doesn’t apply in this case. You would just be adding what is essentially another security camera to a hall that already has them.

From a privacy standpoint, having a doorbell camera pointed at another unit’s door can be a problem since the camera could potentially see into the other unit when the door is open. This could lead to complaints from the other tenant which is why J tries to avoid those kinds of units. If you can control both sides of the hallway, that removes the issue so that’s a good strategy if you can swing it.

  • How long does it take to get started in short term rentals?

This is a hard question to answer because of all the variables involved. Some markets are more difficult than others, but in general for most people it won’t take too long to get started. Cashflow Diary students get a big advantage because they get the knowledge to select the best properties for their business, so they can earn the most money and continue growing.

Having had the privilege of teaching a variety of real estate strategies, short term rentals is the one that has allowed people to learn the most the fastest and get their business up in running very quickly.

It is possible to go from lease signing to operation in 72 hours if you have the systems in place.

  • Can you talk about your process for finding and training cleaners?

Finding the right cleaners is a big piece of the puzzle. Ideally you don’t go looking for cleaners, you make them find you. One way to find a cleaner is to make a reservation at a short term rental you don’t own, and when the check out happens just wait until the cleaner shows up. Another method is to join your local BNI, because that organization is referral based and a cleaner is likely to already be vetted by the person referring them. Chances are you will have to work with a few different cleaning companies before you find one you can rely on.

  • How do you recommend I leverage the leads I’m getting from a real estate broker with other local businesses?

It’s a great idea to try to leverage your existing leads with other local businesses, but it really depends on the size of your business. The simplest way is to just go into the store and tell them who you are and what you do.

If you can show them that you can help lower their customer acquisition cost, you’re set.

  • When is a good time to start a new unit?

It’s always a good time to start a new unit. When you start a unit into the low season you are building up a profile so that in the high season you will have enough reviews to maximize your profits in the high season. The flip side is that starting the unit in the high season your transition to the low season won’t be as low.

It’s more important to start a unit around the 22nd to the 25th of the month than the time of year. Keep in mind that certain holidays can actually make certain items harder to find when starting a new unit as well.

  • What is the best way to sync our calendar so we don’t have to manually block them out on different websites?

The systems you have to have on board changes as you grow. The reason you’re having trouble with Home Away is that you’re going from one unit to five. Ultimately you want to have Lodgify working to avoid manual bookings, but the big issue here is trying to get so many units going so quickly while also building the systems you need at the same time.

  • What are your thoughts about a unit I have in the mountains where there are definite slow seasons?

Don’t listen to someone who doesn’t have any experience with short term rentals tell you what’s going to work with short term rentals. You may not have to worry about the 30 day rental restriction in that area of Colorado. J recommends for the caller to narrow down her customers to three target markets, not just the obvious ones like ski enthusiasts.

There is a good chance she will be able to recoup her down season by expanding her target market and appealing to a broader swath of people.

Side note: It doesn’t matter how much you put on paper or how prepared you think you are, you aren’t. You have to get comfortable being uncomfortable and roll with the learning process. You will eventually develop a different response to the fear of action that will allow you to build the business you are dreaming of.

  • How soon should you start your own corporation? What about credit cards?

As a general rule of thumb, it’s a good idea to have your first unit in the name of some entity. Whatever that is, consult with your attorney.

If you have a credit card where you earn points, take advantage of it. Depending on the retailer it may make more sense to act as a consumer rather than a business.

  • I used to get a number of bookings from Booking.com but now I’m not getting any, is the drop in bookings unique to my area?

Before you blame a platform you need to compare your performance year over year. Remember the formula: Leads x Customers x Margin x Frequency = Growth Potential. You need to know that info in order to diagnose your issue. 

  • How often do you use air purifiers in your units?

We use them as frequently as our cleaning crew suggests it needs to be done.

  • What is the best way to market and position this home?

Answer the question of who you want to serve first. Once you answer that, the rest becomes clear. Before choosing a path, do your due diligence and understand your customer.

  • I have a studio on my primary residence that I’m thinking about turning into a short term rental, should I?

Being in Hawaii, someone is always going to want someplace to stay but when the unit is on your primary residence it is a completely different system. J always wants to avoid the situation where the tenant knows that he’s the landlord, and that’s pretty much impossible if the unit is on or in your primary residence.

Episode 120 of the Cashflow Diary podcast is a good resource if you do want to go this route. If you’re already comfortable with the situation then go for it.

  • Do you recommend operating across the border?

The biggest challenges working across the border are the legal system and language barriers. If you understand those then it shouldn’t be an issue.

  • How would you approach a private money lender when you are just starting up?

Refer to episode 548 of the Cashflow Diary podcast to learn about the Slicing Pie model of funding your business.

  • What are your thoughts on obtaining a real estate license?

You don’t need a license to operate a short term rental business. It depends on whether you are going to use the license to sell homes, if that’s what you want to do then sure.

Links:

cashflowdiarypodcast.com

cashflowdiary.com/star

Thank you for listening! If you enjoyed this podcast, please subscribe to the show on iTunes and Stitcher Radio!

Oct 18 2019

1hr 32mins

Play

Rank #14: Lisa Phillips On Affordable Real Estate

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Lisa Phillips is the founder of Affordable Real Estate Investments and #1 bestselling author of Investing in Rental Properties for Beginners: Buy Low, Rent High. After her second layoff and a foreclosure in the bloated Las Vegas, NV real estate market, Lisa found herself alone and halfway across the US from her friends and family with no job. She was left with a 35k condo and only enough money to renovate the place doing the work herself to stretch her unemployment check. It not only gave her a solid foundation of repair maintenance and costs, but also a taste of how owning real estate could be affordable and profitable. After purchasing four more rental properties around or under 30K in OH, MD, and VA, Lisa is now focused on doing one thing she loves to do: showing EVERYONE how they too can affordably start investing in real estate for high profits and cash flow.

Podcast Highlights

  • Who is Lisa Phillips?

Lisa Phillips was born in an impoverished situation but has a strength and conviction that the world can be a better place. Everyone has a need for a house, but there is another process that goes into turning a house into a home, which is one of Lisa’s innate talents.

Lisa was born and raised in Las Vegas and saw the real estate market in the area and thought it was going to the moon. After getting laid off, Lisa had to move to Ohio to find a job that paid a similar salary to what she was making before, which she needed to covering the mortgage on the condo she had purchased. One of the main lessons she learned from that experience was to make sure the average rent of the neighbourhood can cover the payment in case you need it to.

While living in Ohio, she was laid off again after purchasing a small condo and realized that low priced and affordable homes are a great protection in times of recession and uncertainty.

  • Saving Money For Real Estate

When you’re single you choose what level of savings you want to achieve. Once you have a family it becomes much harder to save the same level because your dream of frugality may not be theirs.

  • Courage

Courage comes from being true to who you are. It comes from acknowledging your soul and not letting other people tell you how you live your life. Listen to your own internal intuition and guidance, don’t ignore it.

Lisa noticed that every time she didn’t listen to the voice in her heard, she tended to regret it so she had some practice with it. It can be very hard when everyone around you is going in one direction and your intuition is telling you to go the other way but Lisa found that the more she listened to her soul the more she came out ahead.

Optimism and confidence in yourself to figure out something for yourself or ask for help are two other tools that will help you succeed. You can weather through the storm.

Lessons learned can help you when you get burned. By having such a negative experience with her first real estate purchase, Lisa learned a lot about the economics and math of the whole process and that helped her with her future deals.

  • Why do you help people?

Lisa felt that even though she doesn’t have a massive portfolio of properties she still had some knowledge that other people could really benefit from.

Inspiring people and creating a culture of responsibility are big reasons why Lisa continues to talk to people about her real estate methods. She knows that it doesn’t take a huge number of properties to change the way you think about life and allow you to do things that you always wanted to.

If even 10% of the people in the world had the financial ability to spend most of their time doing the things that they really love, the world would be a different place. Sometimes you just need to see someone else do it before you realize you can do it yourself.

Reference: Investing in Rental Properties for Beginners: Buy Low, Rent High, Lisa Phillips

  • Lisa’s Takeaway

First get really clear about what you want and why you’re doing it. Then talk to yourself in your head about what that vision will do and what it’s going to be. Don’t tell anyone else until why you believe it. Do the research so you can minimize the risks and then choose the path to get you there. Start acting. Have your daydream sessions and then make them fun. Find a coach and talk to them about what you want to achieve, invest in people that can help you.

Links:

affordablerealestateinvestments.com

youtube.com/user/affordablerei

Thank you for listening! If you enjoyed this podcast, please subscribe to the show on iTunes!

Feb 11 2019

40mins

Play

Rank #15: 2x Scaling A Business

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Austin Netzley is a former athlete turned engineer, investor, entrepreneur and author. He is the founder of ONE Pursuit Investments as well as the host of the YoPro Wealth blog & podcast. Austin overcame $80,000 of debt and a middle class mindset to find financial freedom early on. At the age of 27, Austin left the corporate world to travel the world and scale his automated stock trading business while also doing what he is most passionate about - helping others take their money and mindset to the next level while scaling their business. He is the author of the bestselling book Make Money, Live Wealthy: 75 Successful Entrepreneurs Share the 10 Simple Steps to True Wealth

Podcast Highlights

  • Who is Austin Netzley?

Austin was just an ambitious kid growing up in a small town in Ohio that was just trying to find his way. When he was 18 years old, he made a decision that someday, somehow, he was going to be rich. He thought that becoming the CEO of a major business was going to be his ticket so this lead him to get his Engineering degree and some sales experience. But once Austin dipped into entrepreneurship, it opened his eyes and he hasn’t looked back.

  • Holding On To The Vision

Austin started out interviewing the most successful investors, entrepreneurs, and influencers he could find and learned that the details of their journeys to success were completely different. But the main steps were all the same, specifically making the decision.

When you make the commitment, the ‘how’ isn’t that important. You are committed to figuring it out, whatever that looks like. Your definition of success will change over time and that’s okay.

A lot of people wait until there is a lot of pain before making a change.

If you are still motivated about a decision weeks after you make it, you’re on to something. When you get into motion, you will encounter some roadblocks, how you respond will determine if you’re path is the right one.

The real question is “what do you really want?”

  • Wealth And Success

When Austin was growing up he thought that having money meant being wealthy. Despite earning six figures very early into his career he realized that money is only one piece of the wealth puzzle.

Austin had to look within and realize that what he really wanted was freedom. Freedom from debt and worry. He started his first business on the side and went all in. Financial freedom was way more valuable than the individual dollars in Austin’s bank account.

It’s less about how much you have than it is how you earned it.

  • Scaling A Business 2x in 90 Days

Success breeds success. There is a formula that small businesses that have found success can use to unlock their potential.

Most owners do not have a business, they have a hustle. The bottleneck in the equation is often the entrepreneur themselves.

Scaling a business means you have to let go of the desire to be the center of your business. Once you do that, you can scale rapidly. You are your own problem.

You have to get clear on what you want. Put it down on paper and compare it to the existing structure of the business then figure out what model you would need to achieve that vision.

Most entrepreneurs cannot say with clarity what they really want. The vast majority of the time you spend on your business is actually what is keeping you from getting out of the way.

Most entrepreneurs fail because they make things too complex.

This works across every industry because it’s not about tactics. Scaling a business is about strategic and timeless moves.

  • Austin’s Takeaway

Get out a piece of paper and draw a stick figure picture of yourself, date it. Write down on the left hand side the characteristics and qualities that you represented in the last six months. On the right hand side, write the Future and put down the characteristics you need to embody to achieve your vision. Your going to spend a lot of time in your business, you have to be intentional about what you’re going to get back from that business. You’re never going to outgrow your level of personal development. If seeing that laid out in front of you, you are probably not destined for that vision. Last step is to make sure your environment supports what you are trying achieve.

Links:

scale2x.com

Thank you for listening! If you enjoyed this podcast, please subscribe to the show on iTunes!

Dec 27 2018

41mins

Play

Rank #16: 90 Days To 5k: Passive Income Real Estate Investing

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Edna Keep, author of Multiple Ways To Wealth: Creating Your Prosperous Lifestyle and real estate investment teacher, has a deep understanding of what investors want in a deal. As a former financial advisor, Edna helps connect investors with everyday people who want to create true passive income for the long term.

Edna’s team has a portfolio of $60 Million they built in less than ten years on primarily multifamily units and primarily with none of their own money. Her process is proven, which she now teaches through coaching and her Mastermind groups.

Edna lives near Regina, Saskatchewan between Calgary and Winnipeg with her husband Warren and teenage daughters Desiree and Dhani.

Podcast Highlights

  • Who is Edna Keep?

Edna recalls a teacher that once told her she was very social and if she could only channel that ability, she would inevitably become successful, despite the fact that she was barely passing his class!

Whenever Edna has a challenge, she tends to call her key people and brainstorm with them, she prefers to think on her feet. Her natural curiosity and desire to get to know people is one of her unexpected super powers.

  • Hope and Regret

It doesn’t matter how old you are, tomorrow is a new day. You can always start being an entrepreneur now.

Edna was 48 when she started in passive income real estate investing and she didn’t intend on becoming a full time investor. She actually walked away from her mutual fund investment business because she felt that real estate was such a great option.

  • Where did the courage to make the leap come from?

Edna originally had a decent job and made a good amount of money but she was extremely bored. She wanted more and had to do correspondence courses because she didn’t have extra money for school. The common thread in Edna’s experience is constant education and always being willing to try new things plus the desire for more.

Edna always wanted to be financially free and being a financial advisor was the vehicle that initially got her there. Eventually she was down to working one day a week while doing passive income real estate investing part time

Edna has a history of taking a chance, but she believes the key is taking a chance on yourself. Don’t try to do everything yourself, the most successful people have coaches that help them work through challenges.

There is a four step process to success and the final step is teaching what you know to others.

  • What have you learned about mindset?

You are always beating yourself up for what you’re not, but literally everything in the world is learnable.

School is not as important as an education. We have a great schooling system, but we have a poor education system.

Edna always loved learning as long it was something she was interested in. A lot of people think education is limited to the traditional school, but there are a number of resources online you can access very easily.

You have to get to know yourself to understand what you will be good at. What did you do as a kid that you loved, and is there a way to turn that into a business?

  • Why bother coaching passive income real estate investing?

People were always asking Edna how she had been so successful in such a short period of time, and she realized that it’s all about the steps you take and the systems you set up. She started helping people achieve what she has and it’s one of the most fulfilling things she’s done.

Reference: Multiple Ways To Wealth: Creating Your Prosperous Lifestyle, Edna Keep

  • Edna’s Takeaway

Watch the Masterclass and take some action. Argue for your greatness, not your limitations. The voice in your head can stop you but you can change that voice. If Edna can do it, of course you can too!

Links:

ednakeep.com/90daysto5k

ednakeep.com/cashflowdiary

Thank you for listening! If you enjoyed this podcast, please subscribe to the show on iTunes!

Sep 10 2018

43mins

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Rank #17: Credit Unions Are The Solution You Didn’t Know You Needed

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Mark Ritter is the CEO of MBFS and an expert in credit unions and business lending. His primary role at MBFS is overseeing the strategy of helping credit unions assist members with business needs and consulting with credit unions on planning the delivery of services to their membership. 

In 2002, Mark started Members 1 st Federal Credit Union's business lending program as "one person and a desk" with no policies, products, staff, systems, or business members. That program grew to be one of the top ten in the nation in the number of loans and balances outstanding for federal credit unions. In addition, Mark developed a participation program that grew to one of the top buyers and sellers of credit union business loans in the eastern United States. He has done extensive work with branch retail staff, business lending operational and sales staff, and credit unions to educate and train them on the merits of business lending.  

Podcast Highlights

  • Who is Mark Ritter? 

Mark always tells people that he is a blue collar guy in a white collar world. He grew up in a town called Burwick in Pennsylvania and despite being a marginal football player he found himself with the opportunity to work for the Penn State football team. Without that chance he would probably still be working in that small town. In many ways he can attribute that one thing to getting him to where he is today.

Mark remembers his father talking about their credit union fondly and that has always stuck with him. Once he got older and looking for new areas to work in he thought again of the credit union space. In terms of superheros, Mark considers himself like Aquaman. Aquaman has a number of non obvious superpowers but they are quite useful when you need them. 

  • How are credit unions different?

When you walk into a credit union you’ll see a lot of the same features that you would at a bank. The difference is in the underlying structure, credit unions are a cooperative business that focuses on building relationships and doing what’s right for people. The shareholders and stakeholders of a credit union are the members of that union, and in some ways they are similar to mutual insurance companies.

Credit unions were originally created for businesses, and since then there has been a revolution in what credit unions were capable of that has lead to them really taking off. 

Credit unions can be friendlier when it comes to fees, and terms and conditions on the financing they offer because they are considering what is best for the membership of the union instead of just the shareholders.

One out of every three people have an account with a credit union. They are generally smaller institutions when compared to banks but even then they are still managing many millions of dollars. There are twice as many credit unions in America as there are banks, but getting the word out is one of the main challenges.

Most people want a relationship with their financial institution and with credit unions that’s possible. The numbers are the same for everybody, where credit unions excel is in the qualitative analysis of a loan and taking the story into account.

  • Where do credit unions operate?

Most credit unions prefer to lend within their region but there are some that will consider a wider area. If a customer comes to Mark with a need for financing in another area, they would recommend another credit union to work with that’s closer to home.

Everything that a credit union does in internal to their own portfolio. They lend against their own money but they also love to work cooperatively with other credit unions. For larger loans, there could be multiple credit unions participating in the loan without the borrower even realizing.

Credit unions are insured the same way that banks are insured, so there is pretty much no downside to working with a credit union instead of a bank.

  • Why did you go from football to credit unions?

The community bank of the local area is going away and the trend is towards super sized corporate banks. Mark looked at the credit unions as a career path because their value systems were the same as his.

  • Credit Unions and Real Estate

Credit unions operate in many different markets at every different price point. They work with individual investors, sophisticated investors, and major developers. When credit unions first began they were limited to their lending limits to 12.5% of the portfolio, but legislation recently passed made it so that small 1 to 4 unit properties don’t count against that limit. That has really opened up the possibilities for real estate investors to work with credit unions.

Since they take into account the borrower’s history and experience into the loan, credit unions may be a good lending partner for the more difficult short term rental market. They also take into account the income value of the property instead of just the appraised value. Residential rental lending is nearly a third of Mark’s company’s business.

Most of the lending that a credit union does is recourse lending that requires a personal guarantee, but they do some non recourse lending for bigger investors.

  • Mark’s Takeaway

Follow your dreams. Don’t do it for the money. Do it to fulfill your life goal instead. A business is a great way to build and take control of your own destiny. If you’re one of the two thirds of the country who aren’t members of a credit union, they may be the kind of financial institution that you have been looking for.

Links:

mbfs.org

Member Business Financial Services on LinkedIn

Thank you for listening! If you enjoyed this podcast, please subscribe to the show on iTunes and Stitcher Radio!

Sep 06 2019

43mins

Play

Rank #18: CFD 259 - How to Become A Real Estate Entrepreneur

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We are always learning new things and trying new things so we can become bigger and badder in whatever we are doing in life and in our professional lives. When we have a business we need to keep trying new things with our marketing. This is a critical factor in building your presence in the world and online. 

At Cash Flow Diary we have been trying a few new things to spread our message and presence. One thing is Periscope. So in this unique episode I lift the audio from a recent Periscope session to cover the topic of how to become a real estate entrepreneur. 

If you’re new to Cash Flow Diary and are just learning about what we do here, this episode should be very helpful to you. I recap my path to becoming the businessman and investor I am today. You’ll also learn that I’m a father of a few very active children, cuz you’ll hear them from time to time in the background. 

I can give Periscope two thumbs up. It’s fun, it’s easy to use and I can record literally from anywhere. What’s also cool is that I can interact with people in real time because the questions flow in, I see them and get to answer. What’s better than that? 

Another thing you will get a glimpse of is the chaos of my world when I’m at home with the kids! So if you have ever told yourself that you can’t get into real estate investing because you have children and too much chaos, I’m going to have to call you on it. That’s just an excuse. Of course, to fully appreciate my response, you need to head over the ABOUT PAGE on this site and watch a short video about how my life has changed since I first started as a wholesaler and then moving into a buy-and-hold real estate entrepreneur. Learn more. LISTEN NOW. 

Mar 24 2016

39mins

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Rank #19: CFD 319 - Mat Sorensen Reveals a “Hidden” Private Capital Source You Need to Know About NOW.

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Cash Flow Diary podcast guest Attorney Mat Sorensen is the guy that I was fortunate to meet and work with a few years ago. He is also the person who first introduced me to the idea of using SDIRAs, which happens to be the “most investable section of cash” available to you as a real estate entrepreneur in the world. Mat would know; he’s an author who wrote the book on SDIRA rules. He’s also a speaker, trainer, radio show host and all-around great guy!

So, what does “SDIRA” mean? Simply it means “Self-Directed IRA” and as such it means the monies in that type of account can be used to invest in properties… like YOUR properties. And it’s not all that tough to rollover or transfer monies from a traditional IRA into one that is self-directed. You can’t do it, but there are companies that specialize in that sort of thing. You need a custodian for the self-directed account. Guess what Mat helps people do?

Mat is one of people who can help people open SDIRAs, because that’s one of the things his firm advises clients to do. In fact, Mat has advised thousands of clients with self-directed retirement plan investments, because he is one of the go-to experts on the topic in the country. 

Today, Mat has established IRA/LLCs, partnerships, private offerings, corporations, and other investment structures with self-directed IRAs and 401(k)s. In addition to account owners, over the years his clients have included trust companies, financial institutions, insurance companies, hedge funds, investment sponsors, and third party administrators.

If you meet people who have self-directed IRAs, those people can invest in your deals. It pays to find out what type of retirement accounts those people you meet happen to have. And if they have a more traditional IRA or retirement account, you can help them move it to being a self-directed account… if you know who to send them to. Mat is a trusted source, because he is someone I can personally attest to that really knows his stuff. 

Stick with this episode and you’ll learn that people might be calling your IRA “self-directed” when it absolutely is not. You’ll also learn what a truly self-directed IRA is and what it can do… which is invest in real estate. There are rules, however, and you need to follow them by the letter of the law. You aren’t the one investing; your IRA is. 

This is a very educational episode, so make sure you keep a notepad next to you if you can as you listen. Mat does his best at using layman’s terms to explain the complicated stuff he does. Learn more. LISTEN NOW. 

Oct 20 2016

47mins

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Rank #20: CFD 424 - The Philosophy of the Pyramid of Success

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Neville Johnson breaks down John Wooden’s Pyramid of Success and how you can apply his philosophy of success to your life and career.

Neville Johnson is the Founding Partner of the law office Johnson & Johnson, LLP and, “One of the most feared litigators in Hollywood” who has represented Nancy Sinatra, members of The Beach Boys, Fleetwood Mac and The Moody Blues, Jane’s Addiction, The Temptations, and the heirs of Buddy Holly and John Lennon. He is the author of The John Wooden Pyramid of Success: The Authorized Biography, Philosophy and Ultimate Guide to Life, Leadership, Friendship and Love of the Greatest Coach in the History of Sports. 

Podcast Highlights

  • Who is Neville Johnson?

Neville was raised in Southern California and graduated from UC Berkeley during the Student Revolution. Neville grew up knowing that  he was going to go to law school due to two things: His love of arguing and his family and friends.

There is no substitute for hard work. As a lawyer, there is no escape from knowing what is going on in the world of law.

  • Where did the fascination with John Wooden come from?

After achieving his primary goal as a lawyer and representing some of the biggest names in the entertainment industry, Neville discovered John Wooden’s Pyramid of Success. Neville contacted John and asked to do an interview. He ended up writing a biography of John Wooden the same way that Neville works on a law case. As thoroughly as possible.

John’s philosophy that success is peace of mind which is the direct result from the self satisfaction that you’ve made the effort to become your best is what drew Neville to write the book.

You can achieve whatever goals you want, as long as they are realistic.

  • The Entertainment Industry

Entertainers are entrepreneurs of a different sort and it’s one of the most exciting and difficult industries to be in. You have to have the talent, the drive, and the will to climb the ladder.

  • What are the top 3 Woodenisms you would recommend?

Whatever you are doing, you have to know as much as you can about that particular thing if you really want to succeed. Your life has to be in balance, your work is important but you can’t neglect your health or relationships along the way..

“Make each day your masterpiece.” Don’t miss out on the good things in life.

“The most important word in the English language is love, followed by balance.” Don’t get really high after a victory, don’t get really low after a defeat.

  • An Unlikely Source

Despite John Wooden’s incredible success, he was always approachable and down to earth.

John Wooden was the ultimate mentor for the people who knew him.

  • Making Time For Things You Enjoy

You can’t spend all your time working if you want balance in your life. Neville enjoys writing and playing music, writing and publishing poetry, and traveling.

Hobbies are an opportunity to create and improve yourself, you are never going to attain perfection but that is what you are going for.

  • Making Mistakes

“You can make mistakes, but you’re not a failure until you start blaming someone else.”

Whenever you make a mistake, try to rectify it as quickly as possible.

Reference: The John Wooden Pyramid of Success: The Authorized Biography, Philosophy and Ultimate Guide to Life, Leadership, Friendship and Love of the Greatest Coach in the History of Sports, Neville Johnson

  • Neville’s Takeaway

Google the Pyramid of Success and study it. Figure out if you are living up to the principles of John Wooden’s philosophy. Realize that teamwork is the key to success, according to John Wooden: “It’s not about the best players, it’s about having the best players working together.”

Links:

Neville Johnson on Amazon

Trevor Mcshane on Youtube

Thank you for listening! If you enjoyed this podcast, please subscribe to the show on iTunes!

Nov 20 2017

37mins

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