Brain Pick a Pro Podcast

Darrin Gross is a commercial real estate insurance expert and a real estate investor. He specialises in insuring investment properties. Their real estate insurance program partners currently provide coverage in 44 states accounting for over 300,000+ real estate rental units.

In this episode, Darrin talks about how he got started in this business, what to look for when insuring property, and much more!

Topics:

• Darrin's background
• How he got into real estate from doing insurance
• On the properties they have bought
• 3 basic strategies of risk management - Avoid - Minimize - Transfer
• Insurance as a vehicle to transfer the risk
• On minimising the risk
• Understanding what an insurance underwriter looks for
• Do your due diligence and talk to your insurance broker sooner in the deal
• Different types of insurance that an investor needs to be aware of and when they are used
• Builders risk policy
• What liability means
• Protecting yourself from future liabilities
• 2 sections of liability - Premise - Completed operation
• How builders risk works
• The kind of insurance a landlord needs
• Make sure you've insured to the replacement cost value
• Policies that a landlord would need
• The insurance a wholesaler needs

Quotes:

• "Get your insurance broker involved early."
• "You have to know what is your strategy."

Nathan Brooks is the co-founder and CEO of Bridge Turnkey Investments. It is a Kansas City-based company renovating and selling more than 100 turnkey properties per year. Nathan is a seasoned investor with a large personal portfolio and a growing business portfolio.

In this episode, Nathan talked about how turnkey works, all about their deals, and many more.

Topics:

• Who Nathan Brook is

• How they started a REIA group

• The purpose of their REIA group

• What Bridge Turnkey Investments' business model is

• What Turnkey is all about

• Doing 3 checks to ensure the quality of the property

• Their typical deals

• 3 types of market

• On serving clients

• Leveraging their property management to a third party company

• Being good at various things

• Knowing the company's culture

• How they structure their deals

• Understanding the rates

• Why Fannie Mae is important

• Who their typical investors are

• Using your retirement account

• What their team looks like

• Advice to those who are just starting out

• Focusing on the right thing

Quotes:

• "Know your strengths. Know your weaknesses. Know what you need to be doing and what your clients need."
• "The longer the amortisation, the lower the cost of your mortgage payment."
• "Where we put our focus is where we have our result."

In this episode, Larry invited a good friend and fellow mastermind member, Gary Boomershine. Gary Boomershine founded RealEstateInvestor.com in 2005 out of the need to scale and grow his own real estate investing and home buying business.

With a family legacy in the real estate niche and a long successful career in enterprise and emerging technology markets, Gary noticed the glaring opportunity to leverage people, processes, and technology to gain a leg up in a changing and competitive marketplace. RealEstateInvestor.com offers its flagship product, REIvault, to the savvy investor market.

REIvault caters to top producing agents, investors, and smaller hedge funds who are looking for a competitive advantage in their local markets. Under the leadership of Gary Boomershine, this service has launched a "technology revolution" within the real estate niche; offering an alternative to the MLS by bringing pre-screened motivated sellers and buyers face-to-face at the right time.

In today's episode, Gary shares what's working and not working right now, among many others.

Topics:

• How he got into real estate

• What REIvault is

  • Find people that are making money and have the model, replicate, and get onboard with them

  • Join mastermind groups

• The market is hot right now

• What's working right now

  • Direct Mail

  • Cold calling

  • Door knocking

  • Pay-per-click

• Cost per deal and profit per deal

• It's important to have an ISA that is working the leads

• On sending out postcards

• Having a follow-up system

• Using other people's money and leveraging other people's resources, experience, and time

• The off-market funnel

• Lead processors

• Leverage on people

• Processes

• Simple systems

• REIvault R.A.P.I.D. Results EOS Scorecard

• How REIvault works

• The value of having a community and like-minded people together

• His ideal client

• The budget someone needs to have

Quotes:

• "It's not just what works, it's also what doesn't work."
• "Do not reinvent the wheel."
• "Be in mastermind groups."

In this episode, Larry invited a very special guest. Deven Wohlend is an 11-year-old real estate investor and has started being an entrepreneur at age 7. Deven has already written a book and been doing multiple real estate deals.

Deven talked about how he got into real estate investing, what his book is all about, and his deals.

Topics:

• How Larry and Deven met
• How he got into real estate and entrepreneurship
• What his book, "If I Can Do It, So Can You!," is all about
• Deven's first investment
• On acting immediately
• Starting small
• Getting their child interested in business, entrepreneurship, or real estate investing
• How his parents got him interested in real estate
• His venture into real estate
• His part-time job
• Finding his first deal
• On hiring a management company
• Number of deals Deven has done
• How parents can encourage their children
• What his typical day looks like
• His future plans
• Who inspires him

Quotes:

• "Always hire professionals."
• "Start small."
• "Be creative and take action."

Larry has been excited to interview Caeli Ridge for long time. Caeli Ridge is the president and CEO of Ridge Lending Group and a fellow real estate investor. She has spent around 20 years as a nationwide lender, loan officer, and real estate investor in both residential and commercial properties.

Caeli is also an established real estate investor. She has held up to 42 investment properties across the United States. She has worked with tens of thousands of RE investors and homeowners all over the country and has helped more families realise their dreams of homeownership as real estate investors than any other mortgage lender in the country.

Ridge Lending is the preferred lender for over four dozen investment networks nationwide.

Topics:

• About Ridge Lending Group
• Who Caeli Ridge is
• Having a comprehensive and diverse product line of loan products for investors - The Golden tickets - Specialty - Short-term fix and flip money - Commercial financing
• What residential properties are
• What their ideal borrower would look like
• What happens when the borrower has exhausted their Fannie
• Freddie capability
• Fix and flip type of loan
• Refinances available for investment property: - Rate-and-term refinances - Cash-out refinances: delay cash-out and standard
• Why it's important to work with a lender that understands the details of non-owner occupied
• Difference between the delayed CO refinance and the standard
• CO refinance on the BRRR methods
• Commercial lending
• How important having some experience is
• Their process

Quotes:

• "Your network is your net worth."
• "It is the leverage or the use of other people's money that gives us the greatest rate of returns."
• "Lending on investment properties is like navigating a battleship in a creek."

In this episode, Larry invited Dave Orloff of American Heritage Lending. He's been in the mortgage business for years. American Heritage Lending is a lending organization for the real estate investor community. He is a full-service mortgage broker with extensive knowledge of mortgage lending. He talked about how the mortgage industry works, how to get loans, and many more.

Topics:

• Dave's background
• What his business is focusing on
• Operating nationwide
• Different types of loans
• Underwriting process
• The importance of experience as a lender
• Their process from start through closing
• What happens once the loan is approved
• Some of the required documentations
• AVR appraisal
• Their terms
• Their qualification
• Advice to those who are just starting
• On working with them

Quotes:

• "The investor can't do a deal without money."
• "Don't go take a giant giant leap into the business."

Sterling White is a seasoned real estate investor, philanthropist, and former world record attemptee from Indianapolis, Indiana. He first joined the real estate world in 2009.

He is also the co-founder of Holdfolio—a real estate crowdfunding platform. His primary specialties include sales, marketing, crowdfunding, buy and hold investing, investment properties, and many more.

Topics:

• Who Sterling White is
• How he got into entrepreneurship and real estate
• Reasons Sterling likes multifamily - Scalability - The economy of scale - Determining your exit
• On finding someone else that complements you
• On finding deals
• Using outbound sales
• Finding the list of people who own multifamily properties
• On making calls
• The syndication process
• What preferred return means
• Finding investors to fund your deals
• Some legalities on raising money
• On establishing a relationship with an individual
• Cooling off period
• On hiring a syndication attorney
• What his team looks like
• Getting a deal with no money or no credit
• Tips and strategies about multifamily
• On being creative when doing follow ups
• Taking into consideration the amount you need to take care of the improvements
• On creative financing structuring

Quotes:

• "Multifamily is very scalable."
• "Start with where you are comfortable."
• "Step out of your comfort zone."

Kevin Bupp is a real estate investor and the host of the Real Estate Investing For Cash Flow Podcast. He is also a serial entrepreneur. Kevin completed his degree in business at a small community college in PA before focusing all his energy into real estate. His expertise ranges from apartment buildings, single-family homes, office buildings, raw land, condos, and by far his most profitable, mobile home parks.

In this episode, Kevin shared his expertise on mobile home park investing.

Topics:

• Who Kevin Bupp is
• How he got into real estate
• Losing and rebuilding his business
• Lessons he learned and things he could have done differently
• On running mobile home parks through different modelling scenarios
• Why he chose mobile home parks
• On its diminishing supply
• Minimal turnover that exists
• Management is less extensive
• Can get higher return of investments today
• On his model and structure
• Downtime equals loss of revenue
• Significance of management intensity
• Handling delinquency
• Average age of a mobile home park
• Onsite community managers
• On putting deals together
• Best ways to find mobile home parks
• Why developing your own park is not the best plan

Quotes:

• "Take the lesson away from the experience and apply it to your life moving forward."
• "Your net worth is your network."
• "Good ideas does not care where it comes from."

On this week's show, Larry invited Mike Wagner of The Storage Rebellion. Mike bought his first house in February of 2007. Mike has systematically purchased twelve additional houses and one commercial apartment building along with two self storage facilities.

More importantly, he learned that life is far better when you master your money instead of unconsciously letting your money master you. Their mission is to lead others toward a life of freedom that comes with re-learning some important things about money, redefining what success looks like, and implementing a proven plan to help people achieve success.

In this episode, Mike shared different ways to do self storage, different ways to look at it, and different ways to structure the deals.

Topics:

• Who Mike Wagner is

• How he got into real estate

• How he discovered self storage

• Different ways to do real estate

• What his business looks like now

• On buying self storage facilities

• On selling their property

• New IRS regulation regarding opportunities

• His criteria for self storage

• Analyzing self storage by the numbers

• His remote management structure

• On having a fence and a gate

• On funding the deal

• Determining the geographic location you want to focus on

• On finding deals

• His advice to those who want to get into self storage

Quotes:

• "The better questions you ask, the better answers you're going to get and the more successful you are."
• "If we don't define success for ourselves, we'll end up chasing somebody else's definition."
• "Our success as individuals will depend on how much we help other people succeed."

In this episode, Larry invited Martin Boonzayer. They are in the Collective Genius mastermind group together. Martin Boonzayer is the founder and CEO of The Trusted Home Buyer, a residential redevelopment company.

Martin has been involved in buying and selling real estate for the past 12 years and has been an entrepreneur his whole life. He is also a part-time martial arts instructor and a 2-time Olympian (2000 & 2004) in the sport of Judo.

Topics:

• How he got into business

• What his business is all about

• His business model

• On partnering and mentoring locals

• What his team looks like

• His operation process

• On consistently mailing your list

• Number of postcards they are mailing

• Branded marketing versus unbranded marketing

• Consistent marketing

• On seller financing

• Vacation rentals or short-term rentals

• Advice to those who are just starting out in real estate

Quotes:

• "We are delivering value to our clients by solving their problem."
• "Real estate is a great way where you can help people and you can have a lot of fun and you can make a living all at the same time."
• "It's not about how much you make but how much you keep."
• "It takes work to find a deal."