In this episode, Jerry Garcia interviews Merrick Lee, a digital marketer and real estate investor. Merrick shares his journey into real estate investing and discusses the benefits of digital marketing for blue-collar businesses. He also talks about his experience in multifamily investing and the importance of finding the right deals and operators. Merrick emphasizes the need for mentors and the power of surrounding oneself with like-minded individuals. 

Takeaways

• Digital marketing can be a powerful tool for blue-collar businesses to expand and differentiate themselves in the market.
• Multifamily investing offers opportunities for passive income and long-term wealth building.
• Choosing the right deals and operators is crucial for successful real estate investing.
• Surrounding oneself with mentors and like-minded individuals can accelerate personal and professional growth.

Chapters

00:00 Introduction and Background

03:02 The Power of Digital Marketing for Blue-Collar Businesses

06:10 Exploring the World of Multifamily Investing

10:12 Choosing the Right Deals and Operators

13:47 The Importance of Mentors and Like-Minded Individuals

25:33 Book Recommendation: 'Who Not How'

Contact info

LinkedIn: https://www.linkedin.com/in/merricklee/

TikTok: https://www.tiktok.com/@merrickleejr

Book

Who Not How by Dan Sullivan and Dr. Benjamin Hardy

In this episode of the Blue Collar Wealth Club, hosts Shena White and Jerry Garcia discuss the critical steps to protect oneself when buying a business. They emphasize the importance of due diligence, hiring independent professionals, and understanding financials to avoid pitfalls post-purchase. The conversation also covers legal protections such as non-compete agreements and the necessity of thorough evaluations to ensure a sound investment.

Takeaways

• Due diligence is essential to avoid post-purchase issues.
• Hiring independent professionals can protect buyers.
• Understanding financials is crucial before making a purchase.
• Non-compete agreements are vital for protecting investments.
• Investing in quality evaluations can save money in the long run.
• Buyers should not rush the due diligence process.
• Asking questions is key to understanding a business's true value.
• Look for consistency in financial performance over time.
• Protecting your investment requires thorough checks and balances.
• A longer due diligence period can provide more security.

Chapters

00:00 Protecting Yourself When Buying a Business

08:07 The Importance of Due Diligence

14:11 Legal Protections: Non-Competes and Agreements

19:47 Final Thoughts on Business Acquisition

Brian O'Neill, founder of Passive Capital Partners, shares his journey from construction and restaurant businesses to real estate investing. He emphasizes the importance of being confident and knowledgeable in your field, as well as understanding the business side of any industry. Brian discusses the similarities between running a business and investing in real estate, highlighting the need for efficient operations, attention to detail, and making smart decisions. He also recommends the book 'The Road Less Stupid' by Keith J. Cunningham, which focuses on avoiding stupid decisions and making better choices in business and finance.

Takeaways

• Confidence and knowledge are key in any industry
• Understanding the business side of your field is crucial
• Efficient operations and attention to detail are important in both business and real estate
• Avoiding stupid decisions and making smart choices is essential
• The book 'The Road Less Stupid' by Keith J. Cunningham provides valuable insights on decision-making in business and finance

Chapters

00:00 Introduction and Background

08:30 Transitioning from Construction to Real Estate

19:40 Lessons Learned from Owning Restaurants

25:31 The Similarities Between Business and Real Estate

33:17 Book Recommendation: 'The Road Less Stupid'

35:09 Conclusion and Future Plans

Books

The Road Less Stupid by Keith J Cunningham

Contact 

FB: Brian.ONeill.Investor

IG: brian_oneill_investor 

LinkedIn: brian-oneill-pcp

In this episode, Shena and Jerry discuss the process of turning a side hustle into a full-time business. They share their own experiences and offer advice on how to navigate the transition successfully. They emphasize the importance of having a financial runway, creating a budget, and setting realistic goals. They also discuss the need to charge the right amount for your services and to continuously evaluate and adjust your pricing. Overall, they stress the importance of planning, patience, and taking a long-term approach to building a successful business.

Takeaways

• Having a financial runway is crucial when transitioning from a side hustle to a full-time business.
• Creating a budget and knowing your monthly expenses will help you determine how much money you need to make to sustain your business.
• Charging the right amount for your services is important for long-term growth and sustainability.
• Planning and setting realistic goals are key to successfully turning your side hustle into a full-time business.
• Taking a long-term approach and being patient is essential in building a successful business.

Chapters

00:00 Introduction: Turning Your Side Hustle into a Full-Time Business

03:54 Building a Client Base and Rapport

06:18 Progression and Iteration in Business

09:53 The Importance of Budgeting

14:03 Setting the Right Price for Your Services

17:50 Taking a Long-Term Approach to Building a Successful Business

20:15 Conclusion

In this episode, Jerry Garcia interviews Shawn Hart of Modern Heart Realty. Shawn shares his journey into real estate, starting with house hacking and gradually expanding his portfolio. He discusses his current projects in Jacksonville, including long-term rentals, fix and flips, and short-term rentals. Shawn also explains his strategies for creative financing, such as subject-to deals and seller financing. He emphasizes the importance of sacrifice, discipline, and thinking outside the box in building a successful real estate portfolio.

Takeaways

• House hacking can be a great way to start in real estate, allowing tenants to cover the mortgage and even generate extra income.
• Jacksonville is an attractive market for real estate investment due to significant stadium renovations and other development projects.
• Creative financing options like subject-to deals and seller financing can provide opportunities to acquire properties with lower down payments and better terms than traditional bank loans.
• Approaching banks with a level head and a business mindset can help navigate challenges like the due-on-sale clause in subject-to deals.
• Building a successful real estate portfolio requires sacrifice, discipline, and a willingness to think outside the box.

Chapters

00:00 Introduction and Background

02:27 Exploring the Jacksonville Real Estate Market

08:04 Creative Financing: Subject-To Deals and Seller Financing

14:08 Navigating Challenges in Creative Financing

19:42 Building a Successful Real Estate Portfolio

Books

Think and Grow Rich by Napoleon Hill

Habits for Success by Daniel Walter

The Power of Discipline by Daniel Walter

12 Months to $1 Million by Ryan Daniel Moran

Contact

Facebook: https://www.facebook.com/modernheartrealty?mibextid=LQQJ4d

In this episode, Shena and Jerry discuss the importance of client retention and how businesses can retain clients and generate repeat or referral business. They provide examples from various industries, such as mortgage and landscaping, to illustrate how businesses can stay in front of their clients and remain top of mind. They emphasize the value of newsletters, client appreciation events, sponsorships, and delivering exceptional service to retain clients. They also highlight the economic benefits of client retention and referral marketing compared to acquiring new clients. The episode concludes with a reminder to revisit past clients and express gratitude for their support.

Takeaways

• Client retention is possible in any business, and there are various strategies to stay in front of clients and generate repeat or referral business.
• Newsletters should provide valuable content that clients would want to read, rather than sending out information for the sake of sending a newsletter.
• Client appreciation events, sponsorships, and exceptional service can help build relationships and stay top of mind with clients.
• Referral marketing is a cost-effective way to acquire new clients, and it is important to collect client data and stay in communication with them.
• Retaining clients and generating repeat or referral business is more economically beneficial than constantly acquiring new clients.

Chapters

00:00 Introduction and the Misconception of Client Retention

03:38 The Value of Newsletters and Staying Top of Mind

08:43 Client Appreciation Events and Sponsorships

11:06 The Economic Benefits of Referral Marketing

17:17 Delivering Exceptional Service to Retain Clients

19:13 Revisiting Past Clients and Expressing Gratitude

Summary

George Salas, a short-term rental expert, shares his journey from humble beginnings in Peru to building a successful real estate business. He explains why he prefers short-term rentals as a wealth-building strategy and discusses creative financing options to get started with little money. George emphasizes the importance of strategic market selection and adding unique amenities to stand out in the short-term rental market. He also offers active and passive partnership opportunities for those interested in getting involved in the industry.

Takeaways

• Short-term rentals can be a lucrative strategy for wealth building, especially for those with limited funds or credit.
• Creative financing, such as subject-to deals, allows investors to acquire properties with little to no money down.
• Strategic market selection is crucial for success in the short-term rental industry, focusing on underserved or mid-developed markets.
• Adding unique amenities to properties can attract guests and increase revenue, especially in larger properties that cater to groups.
• Partnership opportunities exist for both active and passive investors looking to enter the short-term rental market.

Chapters

00:00 Introduction and Background

05:04 Why Short-Term Rentals?

07:16 Creative Financing for Real Estate

10:19 Finding Subject-to Properties

12:38 Overcoming Challenges with Mortgage Companies

15:21 Balancing Expenses and Margins in Short-Term Rentals

18:31 Adding Amenities to Attract Guests

21:01 Strategic Market Selection for Short-Term Rentals

27:13 Partnership Opportunities in the Short-Term Rental Industry

29:26 Book Recommendation: The Millionaire Real Estate Investor

Book

The Millionaire Real Estate Investor by Jay Papasan

In this episode, Jerry Garcia and Shena White discuss the challenges and considerations involved in buying a business. They share their experiences with private sellers and brokers, highlighting the importance of realistic valuation and the ability for the business to operate without the owner's direct involvement. They emphasize the need for a continuation plan and the importance of tracking key performance indicators and building a customer database. The hosts also explore different financing options, including seller financing, alternative financing, and equity partnerships. They stress the importance of careful consideration and due diligence when entering into partnerships.

Takeaways

• Valuation and realistic expectations are crucial when buying a business.
• A business should be able to operate without the owner's direct involvement to be more attractive to buyers.
• Tracking key performance indicators and building a customer database are essential for a successful business and a higher sales price.
• Different financing options, such as seller financing, alternative financing, and equity partnerships, can be explored to bridge the gap in cash flow.
• Careful consideration and due diligence are necessary when entering into partnerships.

Chapters

00:00 Introduction and Overview

01:10 Challenges of Buying a Business

03:05 The Importance of Business Sustainability

05:01 Preparing for Sale: Tracking KPIs and Building a Customer Database

08:18 Financing Options for Buying a Business

19:08 Exploring Alternative Financing and Equity Partnerships

25:45 Considerations and Due Diligence in Partnerships

26:15 Conclusion and Future Discussions

Amanda Larson, founder of Ama X Equity, shares her journey in commercial real estate investing and the influence of her father's contracting business. She discusses the transition from single-family to multifamily syndications and the benefits of scalability and professional property management. Amanda emphasizes the importance of thorough underwriting and due diligence, particularly in assessing delinquency rates and bad debt. She also highlights the significance of partnering with experienced operators and focusing on the business aspect of real estate investing. 

Takeaways

• Commercial real estate investing offers scalability and the ability to hire professional property management.
• Thorough underwriting and due diligence are crucial in assessing delinquency rates and bad debt.
• Partnering with experienced operators is key to success in multifamily syndications.
• Focusing on the business aspect of real estate investing is essential for long-term profitability.

Chapters

00:00 Introduction and Background

03:05 Transition from Single-Family to Multifamily

11:51 Importance of Delinquency Rates and Bad Debt

19:11 Focus on Underwriting and New Deals

21:25 The Impact of Non-Paying Tenants

25:11 Book Recommendation: Maximum Achievement

Contact info

Amanda Larson

amaxequity.com

LinkedIn: www.linkedin.com/in/amanda-larson-mba

Book Recommendation

Maximum Achievement by Brian Tracy

In this episode of the Blue Collar Wealth Club podcast, the hosts discuss the topic of employee turnover and how to navigate it. They emphasize the inevitability of turnover and the need to make it as easy as possible on oneself. They explore reasons for turnover, such as employees not being the right fit or their work starting to fall off. They also discuss the importance of having conversations with employees and using non-solicitation agreements to protect the business. The hosts highlight the significance of valuing and appreciating employees, creating a positive work culture, and aligning employee goals with company goals to reduce turnover.

Takeaways

• Employee turnover is inevitable in business, so it's important to make it as easy as possible on oneself.
• Having conversations with employees about their performance and addressing any issues can help improve the situation.
• Non-solicitation agreements can be used to protect the business from employees soliciting clients or other employees if they leave.
• Valuing and appreciating employees, creating a positive work culture, and aligning employee goals with company goals can help reduce turnover.

Chapters

00:00 Introduction: Employee Turnover

01:02 Reasons for Turnover: Not the Right Fit

01:55 Using Non-Solicitation Agreements

04:47 Valuing Employees and Creating a Positive Work Culture

08:20 Aligning Goals: Reducing Turnover

15:52 Conclusion