Rank #1: 202 - The Art of The Deal
In this episode, I discuss the most recent deal we put together for one of our clients. The seller was a tired landlord who did not like the small multi-family sector, in this case, an 8 unit apartment building. We took on the task of selling this property for her only a year after she bought it.
In any deal in which I am involved, I focus my energy on why the Seller is selling and more importantly, what they intend on doing with the money. In this case, the Seller’s plans were to secure a more passive investment arrangement with the proceeds of the sale. She wanted a return that was secure and would outpace inflation.
What I heard right there was music to my ears, listen-in to hear how we broke this deal down and created a true win/win for the Buyer AND Seller.
Oct 25 2019
Rank #2: 078 Back to Basics—The Cashflow Foundations
To start with, we’d like to talk to you about a course written by our good friend and mentor Larry Harbolt. This is one of his courses he kept in the archives and brought out just for us to present to our listeners. The course is completely online and is filled with audio lessons, cheat sheets, and negotiating scripts, just for you.
Take a look at the Cashflow Blueprint course here: http://www.cashflowguys.com/myfirstdeal
The course begins with Property and Deal Analysis, with emphasis on the 4 Pillars of Real Estate. These pillars are your exit strategies, and each one should be utilized not as your primary business identity, but as a technique and tool when approaching every deal.
In today’s world drooling for instant-gratification, slick gurus have convinced the population that fix ‘n flips and wholesaling are a primary business model. They’re not; they’re meant to be used so almost every deal you come across can be a money-maker. If you try to flip a deal that’s really meant to be buy-and-hold, you’re going to lose money and earn plenty of frustration.
The primary point today’s episode is that you need a plan. You have to understand exactly what your plan is with every single deal. Most importantly, you need to build the community and find the financial friends so no matter what deal comes your way, you know exactly how and who to move forward to put money in your pocket.
If you need help rehabilitating your credit, don’t forget to visit http://www.cashflowguys.com/creditrepair. My credit repair team will help you take the steps you need to get your credit back on track.
Jun 02 2017
Rank #3: 135 - How To Add An Extra Zero with Scott Carson of We Close Notes
In this episode of the Cash Flow Guys Podcast, I get the distinct honor of interviewing Scott Carson of the We Close Notes podcast. Over the years I have recorded hundreds of episodes but this one was certainly the most fun. Scott brings a unique energy and personality to an otherwise boring (yet profitable) field of note investing.
Jul 13 2018
Rank #4: 094 Should I Buy Real Estate Now or Wait?
Sep 22 2017
Rank #5: 141 - Are You Ready For What Is Coming?
Aug 24 2018
Rank #6: 090 Life in The Rat Race and Tips To Escape It
The band “The Eagles” wrote and published the song “Life In The Fast Lane” many years ago. It was a popular song that headed to the top of the charts. If talked about living large, running at full speed and so on.
In today’s real estate world, many investors seem to be running in the fast lane which is concerning to say the least.
Why is it that broke people turn to real estate as the solution? What is the lure to real estate that attracts so many people with dreams of riches and fame?
We Americans tend to idolize those who are perceived to be rich and successful.
Those who are “stuck in the rat race” view those that are not as “different”, mysterious and worthy of attention.
What is the rat race? Robert Kiyosaki wrote the book “Rich Dad Poor Dad” which is what first educated me about the rat race. It kinda goes like this..get up, go to work, come home, pay bills, go to sleep, get up and go to work again.
Many Americans are stuck in this rut with no hope of escaping. Many believe that achieving riches in real estate is easy...which I disagree with completely. Simple? Yes, that is a better word, because it certainly is not complicated.
Hard work is something that many folks these days tend to shy away from. Confrontation (or that which is perceived as confrontational) is another thing that spooks many people.
Here’s the deal...you can lose your job tomorrow. You can also lose your big business or government funded pension tomorrow. Getting out of the rat race is all about building up your passive income to an amount that exceeds your expenses.
Let’s discuss how we can accomplish this:
First off, “get your money right” as Grant Cardone says. This means not blowing your money on silly things that do not put money in your pocket. Eating out is a huge expense incurred by Americans that is costing us millions.
Pay off credit cards sooner than later. Begin with the cards that have the smallest balance, this helps gain that feeling of accomplishment.
Avoid the end caps at your local store. These are specifically designed to entice you to buy, don’t get suckered into that (especially at Lowes and Home Depot!)
Before you get started investing, you have to first establish financial prudence. We have to know what is going out every month, where does our money go if you will. Too many “investors” are financial trainwrecks and cannot figure out why real estate investing has not solved all of their financial problems yet.
If we cannot control our finances, real estate investing will likely make your financial situation worse before it gets better.
Once we know what our monthly expenses are, we then know where we need to be in order to escape the rat race. Remember, the expenses only provide a “break even” point which does not allow for future growth or expansion. It generally does not include retirement contributions, college savings or anything else outside of basic survival.
The lower we can get our expenses the easier it will be to escape the rat race. Cut out that which you don’t absolutely need until a later time when it will be affordable, trust me it will be worth it. After all, for a couple years I had to stop buying electronics and firearms. I am so glad those dark days are over.
Many people find it rather easy to escape the rat race, only to be unknowingly back in the rat race quickly after escaping it the first time. This happened to me at the beginning of our “second act” of real estate investing. We acquired a bunch of properties (26 in the first year) and because I was so focused on quantity of properties I made a few dumb financial decisions along the way and had to streamline how I do things. I fell into that “rockstar” lifestyle however I was able to jump right back out (after a swift kick in the ass from my wife).
Aug 25 2017
Rank #7: 172 - How To Buy Houses The Simple Way with Amanda Young and Tyler Sheff
In this two-part episode I sit down face to face in the studio with a local investor Amanda Young. Amanda has been investing for many years now, beginning as a buy and hold landlord and later including house flipping to her resume. Amanda believes in getting face to face with the sellers while taking the time out to build rapport with them before trying to buy their house. In this episode, Amanda breaks down the steps she takes in getting to know the sellers and how she learns about whatever problem they may have that can be solved by the sale of their home.
When we focus more on the seller’s problem than we do on the property we build strong relationships with the seller. Anyone can throw an “all cash” offer at a seller and hope for the best, but those who take time to invest in the seller will yield far greater results. Amanda outlines how she has been in multiple offer settings and won the bidding as the LOWEST bidder!
Sellers that “like” us are far more likely to do business with us. People generally avoid doing business with people they do not like. To be liked we need to be good listeners which means applying that 70/30 rule. This means that 70% of the time we should be listening, and 30% of the time it’s ok to talk; BUT during that time we should be asking questions. The more we learn about the seller’s situation, the more prepared we are to help them and heal their pain. Offers that solve problems get accepted, its really that simple.
Mar 29 2019
Rank #8: 035 Cash Cow Note Investing Basics with Paige Panzarello
Working smarter not harder is the focus of this episode as Paige Panzarello of CashFlowChick.com and Tyler Sheff of CashFlowGuys.com discuss putting our money to work for us, instead of us working for it. Paige and Tyler have spent the last year or so building a team to acquire non performing notes and service them effectively for our investors.
We take this opportunity to discuss a general overview of what exactly “notes” are, the ups and downs of the note investing business and how we can profit from “paper”.
We buy notes at a significant discount….these are notes that are “non”performing” which means the borrower has stopped paying. The banks desire to sell these non paying notes at a discount to “clear their books”. Often we find that the banks have not even bothered to reach out to the borrower to find out why they are not paying.
When we buy these notes, our team is able to reach out to the homeowners and often make arrangements to lower their loan costs or terms to allow them to start paying again. More often than not we can make arrangements with them that allow them to get their life on track and often remain in their home.
The #1 most important element of investing in notes is the Due Diligence element. We have invested a great amount of time and focus on building the right combination of people needed to be sure our due diligence is effective and protects us from unnecessary loss. When working with investors, it is critical to be sure that we are extremely thorough in our research to protect our investor’s capital investment and future profits.
In future episodes we will be digging deeper into the note investing arena and providing further insight into this mysterious yet highly profitable venture.
Are you stuck as an investor and not sure what to invest in or what a good deal is? Are you overwhelmed at the educational options available to you in the marketplace? Would it help you to spend 30 minutes on the phone with Tyler in order for him to help you get “un-stuck” if so head on over to CashFlowGuys.com/AskTyler to book a free strategy session with Tyler to get on track today.
Are you in the Tampa Bay Area? If so go to CashFlowGuys.com/events to register for our next free event.
Aug 05 2016
Rank #9: 025 How To Make $5,000 in 90 Days or Less
“Guru’s” will tell you that anyone can use their system and get rich in 30-90 days by “flipping” real estate. They continue to bleed you dry with secret sauce software systems that promise to “do all the work for you”. RUBBISH!!!
Making money in real estate takes work….LOTS of work. There is no software program that does it all, there is no secret script that will lure people into giving you their home.
Finding your way to success in real estate takes practice. It takes patience, and it takes being comfortable with being uncomfortable. The best (and fastest way) to learn and succeed is to practice, fail, practice, fail and practice some more.
In this episode, Tyler uncovers many of the methods he has used to raise quick capital that was later used to invest in order to make MORE money.
Retail Arbitrage is “whole-tailing” in its purest form. Buying something at a significant discount, shining it up a little and reselling it for a profit is what the game is all about. Next, Tyler unveils his methods of “flipping” everyday items on eBay and Craigslist for big profits.
Learning how to discover opportunity takes time and research. Look on craigslist for items that you know about….for example you are a boater….focus on boating items. Find things that people do not want, and negotiate the price down as low as possible. By now; you have done your research to know what the item will sell for once fixed up. Once you have the item, clean it up, take great photos and write a great description. You can then resell these items on Craigslist, eBay, Amazon or the like for significant returns.
Sounds like lots of work right? Real Estate is even more work, however the rewards are much greater.
As a real estate investor, you have to learn how to source opportunity. A savvy investor is also a great negotiator and an even better salesman!
Building relationships with sellers and buyers is a critical part of the process. The methods in this episode allow you to build these skills to prepare you for a career in real estate investing.
As always, to interact with Tyler and his team on Facebook, go to www.CashFlowGuys.com/group. If you would like to book a 30 minute consultation with Tyler to discuss how to get started today go to www.CashFlowGuys.com/asktyler
May 27 2016
Rank #10: 109 The Ultimate Long-Distance Investing Guide with Billy Keels
Today I am beyond excited to have my good friend and mentor, Billy Keels, joining me on this week’s episode. Billy is an American citizen who lives in Barcelona, Spain and INVESTS in the United States. Even though he already has a successful career in the technology industry, Billy was looking for ways to replace his current income with passive income to spend more time with his wife and two sons. It was Billy’s boss who initially showed Billy that long distance investing was viable.
Jan 05 2018
Rank #11: 059 Tyler Calls A FSBO | Negotiations Part One
In this week’s episode, Tyler calls on a For Sale By Owner Duplex to learn more about the situation to determine if creative acquisition was possible.
Last week, Tyler heard of this opportunity from a member of the mentoring group he belongs to when a member stated the seller refused to consider any creative alternatives. In the Craigslist ad, the seller stated a cash sale was the only option. The Seller also stated a 7% Cap Rate which seems inaccurate based on the listed purchase price of $245,000 and income of $1,690 a month.
Listen in as you hear Tyler set the stage for a fact finding conversation where he uses positioning techniques to help the seller feel “in charge” or in control of the conversation. Many of the tactics Tyler uses are found in the famous book “How to Win Friends and Influence People” by Dale Carnegie.
When dealing with a seller or Real Estate agent, you will often find them to be close minded when it comes to creative acquisition. You see, people fear what they don’t understand, and all too often they make assumptions on how things are, or will be, inaccurately.
Tyler being a student of Real Estate Legend Larry Harbolt, and others, has learned how to navigate these sometimes treacherous waters ending up with a great conversation and a little to no money down deal in many cases. If you want to learn more about the bootcamp Tyler attends twice a year, go to http://cashflowguys.com/NoBanks
As a student of Larry Harbolt, you only pay once, and then get to repeat the course twice a year at no additional cost. This is something that Tyler does to keep sharp on his negotiating skills which has allowed him to build a large portfolio of rental properties.
To gain more negotiation skills examples, consider joining our free Facebook group at http://cashflowguys.com/group
Jan 20 2017
Rank #12: 038 How to Buy Real Estate Using Seller Financing and Listener Questions with Tyler Sheff
In this episode Tyler Sheff answers several questions from the CashFlowGuys.com Podcast audience.
We begin with seller financing where a listener asks “How can I convince the seller to accept owner financing”. Tyler explains several ways that owner financing aka Seller Financing or Purchase Money Mortgages can be explained to a seller to where it makes sense to them.
An old saying says “A man convinced against his will is of the same opinion still” This means that you cannot force your opinions and ideas on others, instead you have to explain it in a way that brings the other person to a point to where your idea becomes their idea. By taking the time to explain the features and benefits of your idea to them, they can begin to discover what is “in it for them”
There are numerous benefits to seller financing that homeowners need to be made aware of. This is one of the most used strategies that Tyler teaches his coaching students. When structured properly, it can create a true win / win relationship. Tyler goes on to provide some real world examples that can be used to assist you in obtaining terms on your next real estate purchase.
Tax advantages are a popular benefit of seller financing. By explaining the basics of these advantages, you may be able to pique the interest of the seller. Publication 537 if the IRS code discusses the tax advantages if installment sale agreements (seller financing). An investor should become very familiar with this publication and Section 121 of IRS code.
By learning to negotiate terms as a wholesaler or rehabber you will able to acquire and flip far more property. When you make the property you are offering “easier to buy” far more buyers are attracted. What happens when you open your property up to a larger audience? The price goes up...WAY UP.
Take the time to truly discover the needs of the seller. This one point is the most often overlooked thing that Realtors miss. Ask a listing agent “why are they selling”, most will not be able to tell you why the seller is really selling. If you listen to the answers to the questions you ask, often you will learn, how much money the seller really needs. Sometimes….they don’t really need money at all (yes that is true).
Do you feel that mastering the mindset for seller financing is important for you? Do you feel you could buy much more real estate if you had the training on how to master this mindset? To talk to Tyler about becoming a Cash Flow Guys Coaching Client, book some time on his schedule at CashFlowGuys.com/coach
To read discussions on our private Facebook group on this subject or watch Tyler’s videos on it go to CashFlowGuys.com/Group to join our free Facebook Group.
Aug 26 2016
Rank #13: 169 - What Do I Need To Get Started as a Real Estate Investor
Getting started is the most important step. You can plan all you want but until you start, planning is futile because everyone finds that the plan needs constant tweaking.
Begin with a budget:
There is no such thing as a free lunch. To build any business a financial investment is required at some point.
Below is a list of some of the things to be considered when writing out a budget. This is good practice for once you have an asset to manage.
Direct Mail - how many pieces? letter, postcards, cards, etc. There are many schools of thought here, but remember that as the saying goes “Everything works, nothing doesn't”. To me this means that we must take action on getting our word out there so people know what we are looking for. We need to use our marketing to educate the marketplace on our needs in regard to money, deals, team etc.
Business Cards- People spend a ton of time getting caught up on business card designs. My best advice is to keep it simple and remember that the purpose of a business card is to provide someone your contact details. Don’t try to make it something it isn’t (a billboard). You should use your meeting with the person you are providing the card memorable enough to make a billboard unnecessary.
Bandit Signs / Other Signage - depending on your marketing strategy, these may or may not be necessary. Regardless, prepare for many of them to get stolen or confiscated by code enforcement, therefore budget for replacements.
Facebook / Instagram / YouTube - Google Adwords - A good ad agency should be able to help you determine the budget for ad spend. Take their advice, this money isn’t going to them, its going to Facebook.
Entity Creation (only if deemed necessary)
DIY or Lawyer? I vote to use a Lawyer, BUT not until you actually NEED an entity. Don’t get sucked into elaborate asset protection setups when you don’t have any assets to protect. It would be a shame to set up a structure only to have to change it later.
Equipment / Supplies budget (think minimalistic)
Laptop, cell phone with wide angle camera lens, don’t go crazy here and keep it simple.
It’s easy to rack up a small fortune in outbound recurring payments with all the services available to us these days. Carefully examine the necessity and value of a specific service before shelling out your hard earned money. Some great tools are:
If you setup your spending ahead of the actual spending you will be better able to focus on building your business and not having to worry about money as much. Taking the time to write out a solid budget and then sticking to it is most likely the most important thing you can commit to as a new investor.
Lastly, DO NOT build your business with a credit card!
Mar 08 2019
Rank #14: 139 - How to Get Leads for Real Estate Deals - Part 2
Last week we left off talking about ways to generate leads for your real estate business and this week will be no different. As the market begins to shift unprepared people will have a tougher time sourcing opportunity in the marketplace. Cash buyers will quickly dwindle as the herd mentality begins to take over. An investor who is positioned to survive a market correction will be able to see the opportunity before others do and capitalize it at the time of discovery for that to happen lead sourcing needs to be efficient and action taken must be swift.
Aug 10 2018
Rank #15: 126 - Where You Should Be Looking To Buy
Where are all the deals?
I hear this a bunch, and my usual reply is “What specifically have you done to find opportunity?” After saying that, I hear silence, the reality is the answer is that they have not done a thing.
I also hear about investors buying properties simply because “they could” or because “the seller allowed me to buy” which blows my mind.
When we focus only on “what’s for sale” we are seeing the same opportunity as everyone else. In what some refer to as a seller’s market, this creates a frenzy as the scarcity mindset kicks in as does F.O.M.O (which stands for Fear of Missing Out). Any time there is buying pressure, people simply overspend because of the fear of missing out. Overspending often leads to a foreclosure.
Instead of focusing on what’s for sale, perhaps we instead focus on finding problems. When we shift our focus to sellers with problems (or properties with problems) we then have seller motivation on our side.
What are problems? Problems are ANY situation that motivates a seller to sell their property. One of the best ways I learned to discover problems is to say less and listen more. By closing my mouth and opening my ears I discovered that problems were all around me once I learned to recognize them.
Ugly Properties - Driving for dollars is a time tested method that does produce results over time. Walking for dollars is a much more effective solution because you can better see the details of what is happening on your area. By walking instead of driving, you can also better notice changes that would otherwise be missed while driving down the street looking ahead.
Lawyers are a great source of leads, take the time to network with several of them, specifically those that focus in elder law, probate, family law, etc. More often than not they have clients that need to liquidate their real estate in connection with some sort of legal event such as a divorce, lawsuit or probate.
Public records mining is also a great way (especially for those who are shy) to “dig for details” and uncover case history and recent filings for the legal proceedings mentioned above. Be sure to add to that those who are behind on property taxes. Reach out to people who are behind on property tax to buy the house BEFORE a tax certificate or tax deed sale happens. For many this might be their last chance at profiting from the sale of their property.
The bottom line is that as investors, we need to spend less time buying off the shelf and more time digging for the gold, its out there! Trust me on that.
May 04 2018
Rank #16: 075 Back To Basics - Where To Get Funding
On this episode of the Cash Flow Guys Podcast Tyler discusses many of the common misconceptions that new (and some experienced) investors get caught up in..
Easy Loan Program Scam:
Predatory lenders and terms (not “hard money”)
Application fees or upfront fees are trash
Takeaway: Lenders should be competing for your business, they are not doing you a favor..they are making an investment.
Go see a lender (Mortgage Broker) and get qualified, if they say no get into a credit repair arrangement.
Understand the programs available, Fannie Mae, USDA, VA if applicable...talk to small local banks that make local underwriting decisions.
Educate everyone you know about what you are doing, many will want to come along for the ride..too scared to go at it alone…
Buy, Fix, Occupy, Repeat:
FHA allows a 3.5% down payment, seller can pay up to 6% of the purchase price towards closing costs at current.
Save every nickel, buy a place for as little as $3500 out of pocket and live there for one year. When you move out it cashflows $200 per door or $400 for the property. Save every penny of that for one year = $4800, now go buy another.
In 10 years you will have 20 doors (10 properties) and $48,000 or more passive income taxed at the LOWEST rate allowed by law (if at all).
May 12 2017
Rank #17: 065 Ten Biggest Tax Mistakes with Craig Cody CPA
Today we meet CPA Craig Cody of Craig Cody and Company from Manhasset, NY. Craig is a retired NYPD Police Officer turned tax professional. Craig is a certified tax coach which means that he takes the time to educate himself to a higher level and surrounds himself with other taxation experts to discuss tax savings strategies.
As we continue the discussion, Craig talks about tax planning and the importance of taking the time to build out a plan that will help you save money all year long and for many years down the road. There is a big difference between tax preparation and tax planning. For example, good tax planning offers a 400-500% return on investment for many taxpayers.
In addition to being a tax planning expert, Craig is the author of “Secrets of a Tax Free Life” and also his book “10 Biggest Tax Mistakes That Cost Business Owners Thousands” To obtain a FREE COPY of the 10 mistakes book, visit http://www.craigcodyandcompany.com/tyler/ to register and receive a copy in the mail.
Mar 03 2017
Rank #18: 203 - Business Credit - It's Not Fibbing Its FRAUD
Business Lines of Credit...
Whatever you choose to call it, It’s nothing more than a piece of cheese on a mousetrap!
It will keep you in financial prison AND can land you in Real Prison. In this episode, I discuss this very slippery slope and what happened to David Gaylord of Rochester, NY. (Spoiler alert: It’s not a pretty picture).
As the economy continues to get life breathed into it by the smoke and mirrors of the Fed, one thing for certain is that irrational exuberance will lead many Americans into making financial commitments that they simply cannot afford.
In this episode, I dive into America’s latest dumb thing to do in regard to borrowing money and abuse of credit. Many claim they are doing this to “Build their business” while in reality, if they need a credit card for that they have no business to begin with.
Nov 01 2019
Rank #19: 069 Raising Private Capital For Your Deals Part 1
Today we are going to talk about a topic near and dear to my heart. It's the topic that allows me to buy cash flowing real estate with my friends, raising private capital. Now, this is a series. This is going to be a multi part series that I'm going to do over a couple different episodes. Enjoy!
Mar 31 2017
Rank #20: 127 - Back to Basics - Where to Begin
May 11 2018