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Business
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Cashflow Diary™

Updated about 19 hours 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.

Read more

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

170 Ratings
Average Ratings
158
4
3
1
4

An incredible show!!

By JoshCrist - Oct 15 2019
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J. Massey is an incredible host and brings on some of the most inspiring guests in the investing, real estate and business world! Each interview has an awesome blend of tactical advice (how do we translate this into immediate, cashflow action today) and the deeper mindset that allows those tactics to become an extension of who you are. The stories he shares are raw and authentic, and he invites his guests to be just as candid. Highly recommend making this podcast one of your go-tos!

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

170 Ratings
Average Ratings
158
4
3
1
4

An incredible show!!

By JoshCrist - Oct 15 2019
Read more
J. Massey is an incredible host and brings on some of the most inspiring guests in the investing, real estate and business world! Each interview has an awesome blend of tactical advice (how do we translate this into immediate, cashflow action today) and the deeper mindset that allows those tactics to become an extension of who you are. The stories he shares are raw and authentic, and he invites his guests to be just as candid. Highly recommend making this podcast one of your go-tos!

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™

Updated about 19 hours ago

Read more

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.

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: 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 #3: 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 #4: October 2019 Q & A 8: Negotiations, Slow Seasons, and Protecting Yourself

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Questions and Answers

  • I have a person that wants to book through February to November but I’ve already got someone with a reservation in the middle of that time. Do I offer the other guest to switch to another short term rental unit to accommodate the person who wants to stay longer?

This can be pretty common with new short term rental units or you are new to operating. When you put up a new listing it often gets promoted and for people looking for longer stays there often aren’t a lot of options. You should offer the current reservation the option to move to another short term rental unit, even if you don’t have another unit in that particular area. 

The ideal situation would be to get all the days booked with both individuals while also getting the money upfront. The revenue from the long term reservation can actually be used to acquire another unit for the shorter reservation if necessary. There are also a number of incentives you can offer to close the deal.

  • A major cancellation issue with AirBnB

J has had a similar situation occur with a guest that said they were going to cancel but didn’t. We continually sent the person messages as well as keeping in communication with AirBnB. In both cases we were paid in full for the days that were stuck in limbo but only because we were being hyper diligent about following up and making sure the reservation was actually cancelled.

If you’re at the 70 bedroom stage like this caller is in, you really shouldn’t be involved in this sort of issue. Your staff should be able to handle everything. Your business should also have an established system for making sure your guests actually arrive for their reservations.

For the caller, they need to have a customer experience manager that should be able to handle all aspects of this sort of issue. When you encounter something new, create an SOP (standard operating procedure).

  • My fear of not being sure of where to begin is holding me back. What should I start with first?

All of our short term rental  mastermind students get a six hour kickstart session with J specifically to address this problem. Outside of that, the very first question you have to answer is “Who do I want to serve?”. Once you answer that, you can figure everything else out.

  • What if I can’t find a management company for one condo that’s out of town?

Remote management is challenging. If you are going to do it remotely you must have a cash management system in place to make sure that no money gets released without a verification that the work has actually been done. Find someone who can be your eyes and ears on a job site.

If you can find an actual landlord in the area to assist you that has experience with rehabs that would be ideal. You can find them through the local real estate investors association or meetup.com.

  • If a guest leaves a review but you haven’t you reviewed them yet, can people still see it?

Nope, not until either you review them or 14 days pass.

  • Are the metrics you used in the SmartBnB training available to the public?

SmartBnB is great for their ability to see data and metrics and then use that to drive higher revenue. It’s not currently available to the public.

  • The slow season is coming, any updates on refreshing our short term rental listing to keep a higher viewing rate?

Depending on where you are geographically, the travel season is changing which means you need to adjust to the market. That may mean adjusting your discount curve. That doesn’t mean that you have to sacrifice profit, just that you need to think about new lines of revenue. Those are things that everyone should have in place in case of an occupancy challenge.

  • How do we suggest we deal with when a guest needs an insurance payment in order to make a booking?

Never let a guest into a unit prior to getting paid. The answer is to get paid upfront, the guest will figure out what they need to do to make that happen.

  • How often should I be checking pricing and how often should I be manually adjusting it?

In a 30 day market checking daily isn’t really necessary. It’s more about making sure you are priced appropriately from the beginning and understanding the platform you are on. 

  • Where can I find info on hiring VA’s, outsourcing, managing, and fee collection?

Even though the caller is already experienced, they should try to approach things as a beginner. You need to start with the foundation if you want to build a proper business. Even at short term rental 8 units they probably don’t need VA’s yet if they’ve set up the right systems in place.

  • What are some tips to make it through the upcoming slow season?

Assuming you’re in a somewhat temperate client, when it comes to slow season you need to understand that your expectation of where your revenue comes from needs to be adjusted. Go to the formula Leads x Customers x Margin x Frequency = Growth Potential, which of those can be improved upon? One of them will be a clue as to what you need to build to deal with the slow season.

  • Can you take advantage of cost segregation when doing night rental arbitration? Are there tax advantages to controlling a property versus owning it?

Much of the furnishing can become a direct write off. For some students when they are starting off, it makes more sense to lease the furniture and preserve their capital. One of the major downsides to the whole operation is it will create a large cash flow, and if you don’t offset that cashflow with some sort of investment you will just end up paying Uncle Sam.

  • What factors matter in the negotiation process for additional units?

It’s often that landlords that you’re working with will begin to approach you about additional units because you solve their vacancy problem. You need to be aware of the problems that you are taking off their table for them. If you want to eventually own the property, this is when you should start leveraging what you’re doing for them to set that in motion. 

  • Do I setup Lodgify or Wheelhouse so I can set up my own website for direct bookings?

We use Lodgify for just that.

  • What are the boundaries for the landlord showing up to the unit unannounced?

There should never be a situation where your landlord shows up to the unit unannounced outside of a fire or some other type of major issue.

  • Is okay to take a lease in your name and not your company name?

Doing business in your personal name is not something that I would recommend, especially when you’re working a public facing business because the liability is massive. You never know when something random happens and will put you on the hook. Even if you’re not guilty, you will still have to pay for the defence. Insurance is essentially prepaid legal defense.

You should protect the value that you are creating in the marketplace.

Links:

cashflowdiarypodcast.com

Cashflowdiary.com/teachme

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

Oct 25 2019

1hr 25mins

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: 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

Play

Rank #7: CFD 447 - Designing Your Life Around What You Love

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Back in 2008, Kean Graham was working as a digital marketing manager, but lost my his job during the global financial crisis. With his career on hold, he decided to do the one thing he loved: travel. Standing on a mountain overlooking Machu Picchu, Kean realized he never wanted to stop. From that day forward he’s been combining my passion for entrepreneurship with his love of travel. Kean shares on this episode of the CashFlow Diary podcast that even if you don’t have an idea yet, write down every idea you’ve had and do the research. Just enough to narrow it down to one or two then reach out to potential clients and assess the opportunity within. Once you find the one that feels right, dig in and commit. Learn how to bring your client’s value and keep working at it. Get started and stay started.

Feb 19 2018

35mins

Play

Rank #8: CFD 430 - The Principles Of Real Estate Investing

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Erik Stark is an Expert Real Estate Entrepreneur, Educator, Marketer, Ubercool Dad and Dedicated Husband of 13+ Years. Erik has purchased hundreds of properties, created masterful marketing pieces, shared the stage with the top real estate and personal development educators, helped thousands of people improve their lives and continues to pour his life into people, friendships, disciplines, breakthroughs and growth.  

Podcast Highlights

  • Who is Erik Stark?

If you want to know who Erik really is you have to observe him, not just listen to his words.

Erik originally went to take the test for his Real Estate license right out of high school but after being told there wasn’t enough people in the class and the test was cancelled, he believed that Real Estate wasn’t for him. He later went on to work in an automobile detailing shop where he met up with a friend that convinced him they should go into the Real Estate business together. In the first eight months in business, they closed 35 deals and generated just under a quarter million dollars in profit.

  • What was it like when you realized you could make that kind of money?

The biggest breakthrough in Erik’s business life was when he realized he learned a new skill that he could take it wherever he went.

  • Principles of Real Estate Investing

“The man who chooses his own principles can gladly choose his own methods throughout life.” Ralph Waldo Emerson

Success and entrepreneurship is not about what’s quick and easy. It’s about a systematic approach to testing and improving your process.

  • What are your top three principles?

Stop chasing an opportunity and work a strategy instead. Focus on lead generation. Focus on your vision and don’t abandon it for something new and shiny.

There are a million ways to make money in Real Estate, but when you strategy aligns with your values that’s when you create something very special.

Once you have a team that can execute, your job becomes generating leads to keep the team working. Taking lead generation to the next level is how you can stand out in the marketplace.

Everyone questions their path every once in awhile. When you know your “why”, it will lead you to the right path towards greatness. You will never outearn your personal growth.

  • What is it in your vision that helps you push through?

There is no growth without trials. Get comfortable being uncomfortable. There is risk no matter which path through life you pick.

  • Erik’s Takeaway

You have to find something bigger than yourself that is going to help you keep it together when the negative voices start talking. Break it down to its core so you know exactly why you’re pushing so hard. With regards to Real Estate, learn it from a street level that is close to home. Have as many conversations with buyers, sellers, and lenders of Real Estate that you can.

Links:

realestatewhileyoudrive.com

therealerikstark.com

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

Dec 11 2017

42mins

Play

Rank #9: 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

Play

Rank #10: 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

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Rank #11: CFD 374 - Cashflow Is King; Real Estate Investing For Cash Flow - Kevin Bupp

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Kevin Bupp believes there's a smarter way to build wealth. The most successful commercial real estate investors in the world have learned to leverage their multifamily and commercial properties to create a steady stream of passive income.

Links mentioned in this episode

May 01 2017

55mins

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Rank #12: 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

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Rank #13: CFD 439 - The Truth About Money

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Ric Edelman, Founder & Executive Chairman of Edelman Financial Services, has been ranked the #1 Independent Financial Advisor in the nation by Barron’s three times.1 His commitment to teaching consumers about personal finance has established him as a popular and trusted financial professional in the country. A #1 New York Times bestselling author, Edelman’s eight books have collectively sold more than one million copies and have been translated into several languages.

Jan 11 2018

48mins

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Rank #14: CFD 409 - Investing Like The 1%

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This episode shows you how to duplicate the results of some of the most successful entrepreneurs in the world and invest life the top 1%.

Scott Picken is a South African-born real estate investor and entrepreneur. He is the co-founder of Wealth Migrate, a fintech company that offers real estate investments on its online marketplace through crowdfunding. He began offering real estate investment solutions at the age of 26 when he founded International Property Solutions.

The Huffington Post named Wealth Migrate as one of the top 60 real estate crowdfunding solutions in the United States in 2014.

Podcast Highlights

  • Who is Scott Picken?

Scott Picken has always loved building things. Scott built an extension onto his family’s house at the age of 13. This lead to his passion for building businesses and technology.

  • Building Something Tangible Versus Something Intangible

If you want to be successful, do what successful people do.

The amount of money you can make in the business world is proportional to the amount of value you can add.

  • How Did You Go From 13 Year Old To Wealth Migrate?

After missing out on a major opportunity during the 2008 crisis, Scott decided to build a platform that allowed people to access the capital that the institutions could as well as the knowledge and expertise to invest globally.

  • Using The Wealth Migrate Platform

No matter what happens to business and technology, the fundamentals never change.

  • What Are The Top 3 Mistakes That You’ve Made?

Systems unlock the potential for your business.

The people you know and like don’t always make good team members, it can make having difficult conversations even harder.

  • Scott’s Takeaway

Nobody learned how to swim by reading a book, at some point you have to jump in the water.

What doesn’t kill you makes you stronger, it’s not a case of if, it’s a case of when you will make mistakes. The important trait to have is persistence.

Links:

https://www.wealthmigrate.com/

http://www.ipsinvest.com/

https://en.wikipedia.org/wiki/Scott_Picken

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

Sep 28 2017

51mins

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Rank #15: CFD 395 [REPLAY 023] - How to Produce Passive Income, Find Leads, and Build a Team in Real Estate

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Would you believe me if I told you that you are capable of purchasing a property and  selling that property without having to have any earnest money in as little as seven days? Listen now, as J. Massey teaches a live audience how making assumptions limits your possibilities and opportunities to learn, grow and get paid.

Jul 24 2017

40mins

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Rank #16: From Employee To Real Estate Investing

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Tom Cafarella always dreamed of following in his grandfather’s footsteps (a very successful landlord) and become a successful real estate mogul. Instead, he followed everyone’s advice and took on a traditional 9-to-5 job as an accountant. The problem: his heart was in real estate investing. It didn’t take long to get fired from his job due to his daydreaming about his passion.

On this episode of the CashFlow Diary Podcast, Tom shares that if he were to go back and do it all over again he would find a coach that is successful in whatever field he was looking into and align himself with them. The hardest part of going out on your own is the trial and error process, if you can shorten that time you will make money a lot faster and ramp your business up a lot quicker. By having some you can work with that’s a little bit ahead of you, you can limit your downside.

Jul 19 2018

42mins

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Rank #17: The E-Myth Entrepreneur: What Every Small Business Owner Needs To Hear

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Michael E. Gerber is the founder of Michael E. Gerber Companies and E-Myth Worldwide. He has had nearly 100,000 business/coaching clients over his career and has consistently been called “the World’s #1 Small Business Guru” — the entrepreneurial and small business thought leader who has impacted the lives of millions of small business owners and hundreds of thousands of companies worldwide for over 40 years.

He is the #1 New York Times' bestselling author of The E-Myth Revisited: Why Most Small Businesses Don't Work and What to Do About It, Awakening the Entrepreneur Within: How Ordinary People Can Create Extraordinary Companies, The E-Myth Revisited: Why Most Small Businesses Don't Work and What to Do About It, E-Myth Mastery: The Seven Essential Disciplines for Building a World-Class Company, The E-Myth Real Estate Investor: Why Most Real Estate Investment Businesses Don't Work And What To Do About It, The E-Myth Contractor: Why Most Contractors' Businesses Don't Work and What to Do About It, and the new book The E-Myth Chief Financial Officer: Why Most Small Businesses Run Out of Money and What to Do about It.

Podcast Highlights

  • Who is Michael Gerber?

Michael didn’t find his path in life until he was 41 years old. His brother-in-law owned an advertising agency and was working with a high tech client that was having trouble converting the leads they were getting for them. He wanted to bring in Michael to help even though Michael believed that he didn’t know anything about business. The conversation started off pretty strangely, since Michael truly didn’t know anything about that client’s business, so he just started asking questions. That was how he discovered that just because someone owns a business, that doesn’t mean they understand what business is. That was also when Michael realized that he did know something about business, and that is that selling is a system.

Working with that first client was the beginning of Michael’s business, although he didn’t think about it that way. The more he worked with them, the more he realized how critical what it was that he was doing for them. It went beyond sales, it was transforming the way they thought about the business of business and the purpose of them being there.

After a moment of clarity in a McDonald’s, Michael realized that the idea of the system is what’s missing with every client he had been working with. The trouble was Michael’s brother-in-law didn’t see his business the way Michael saw all his client’s businesses. He could never truly take in what Michael was saying to him, this lead to him bringing someone in to replace Michael named Tom Travisono. After working with Michael for a couple of weeks, he decided to join him and they started the first business development coaching company on the planet.

  • Technician vs Entrepreneur

The truth is when you start a small company, you are doomed to misunderstand what the reality of starting a small company is. That’s why the majority of small companies fail. 1 out of 10 businesses will reach their 10th anniversary, but that doesn’t mean they’ve succeeded. They’ve just persisted harder and longer than others.

You can’t learn everything that must be known to operate a successful company, but your company needs to. The question then becomes “what is it that I absolutely need to know to start my company right?”

  • The E-Myth Dreaming Room

The absolutely critical role that you need to fill as an entrepreneur is that of the founding entrepreneur. Not the person that sells real estate, the person who designs, builds, and launches the company that sells real estate.

At the heart of the entrepreneur there are four critical personalities. If you are going to play the entrepreneur game, you need to understand the rules if you want to win. We are born to create, and the creator is the entrepreneur. An entrepreneur is composed of the Dreamer, the Thinker, the Storyteller, and the Leader.

Before you set out, you have to set the foundation for what you’re going to do. The Dreamer says “I have a dream”, the Thinker says “I have a vision”, the Storyteller says “I have a purpose”, and the Leader says “I have a mission.” Until you understand those four things, you don’t have the substance you need to launch your company.

  • Are these systems built for today or for the future?

A company is a product for sale. The eightfold path is the method that Michael teaches that deals with both where you are today and where you intend to be five years from now.

The first step is the dream, then the vision, purpose, and mission. The following step is the job, which is the client fulfillment system. Then comes the practice, which is the client acquisition system. The next step is the business, which is what Michael defines as seven turnkey practices. The final step is the enterprise, which is seven turnkey businesses.

Every person that has a creator within, all their job is to go to work on their life in a way that transforms it and creates the systems that enable them to replicate themselves successfully.

When Michael first started his company, he and his business partner spent three months talking about it. Those three months produced the dream, vision, purpose, and mission.

Reference: The E-Myth Chief Financial Officer: Why Most Small Businesses Run Out of Money and What to Do about It, Michael Gerber

  • Michael’s Takeaway

Let go of your doubts and concerns, and go to RadicalU.com and enroll. Michael Gerber has gone through everything that small business owners could theoretically go through. Go to work on your company of one instead of in your company of one. Waking up the entrepreneur within is the primary work every single one of us must do to understand why we are here on the planet. Enroll at RadicalU.com and begin the journey.

Links:

freebook.michaelegerber.com

radicalu.com

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

Jun 06 2019

53mins

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Rank #18: CFD 441 - How to Build an Empire

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Sean Dowdell is the Founder of Club Tattoo and author of, "Tattooed Millionaire: Building the Club Tattoo Empire" With the help of his wife/partner; Thora and partner (Chester Bennington), they created one of the most successful tattoo and piercing brands in the world and became multi-millionaires that give back to their communities and help other young entrepreneurs.

Jan 18 2018

37mins

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Rank #19: CFD 347 [REPLAY 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.

Jan 26 2017

39mins

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Rank #20: Thomas Smith: From Football To Real Estate

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NFL athletes are notorious for being ill-prepared for life outside of football. It is not uncommon for former players to fall into financial distress or bankruptcy soon after their athletic career ends. Sports Illustrated reported that 78% of NFL players are broke within three years of retirement, not the case for Thomas Smith. His preparations for a post-football career began before his time in the NFL. On this episode of the CashFlow Diary podcast, Thomas encourages us not to pay attention to the outside voices, just listen to the inner voice. But you have to understand why your inner voice may be telling you something negative and be willing to make a leap of faith. Once you take action, don’t worry about the how of getting things done, just put together a plan and start doing. The how will come to you as you move through life. The passion, will, and determination to succeed will make it happen. Don’t quit and keep going.

Apr 09 2018

54mins

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