Investor Cheat Code Podcast with Mike Simmons

 

Do you need help investing in real estate? Do you understand how to grow, scale, and profitably build your company into the business that you want it to be? You’re in luck! I’ve been working for the past several years with some of the most successful real estate investors in the industry and from around the country. Names such as Andy McFarland and Bill Allen, along with myself, have built a program called “Seven Figure Flipping.” This exclusive mastermind and coaching program is designed to get you and your business to the next level. Interested in finding out more? Email me at [email protected] with the subject line “help,” and we’ll get on a call together to see if this program is a good fit for you and your business.

In this episode, Amir Dukic joins me to chat about his AirBnb model of investing in which he and his wife have been very successful in implementing. Amir is based in Charlotte, North Carolina, and has a background in IT and engineering. After purchasing his home in Charlotte, he and his wife decided to make the separate dwelling attached to their home into an Air rental. AirBnb’s are more successful in metropolitan markets than traditional vacation home markets. Business and family travelers will often use AirBnb to get a sense of what the neighborhood is like, especially if they are planning to move to the city or town.

The types of travelers who utilize AirBnb are looking to get away from the downtown scene, however; they want to be close enough for a short car ride to arrive downtown. Paint the picture of what your property looks like through your description on your account. Highlight the neighborhood and why your potential guests want to stay in your neighborhood at your location.

Amir and his wife quickly realized the income from their unit covered the mortgage for their home. They decided to acquire more properties to rent through a master lease model. This removed the barrier of having large amounts of capital to purchase multiple homes.

What would happen if the owner of the home wants to sell? Amir and his wife protect themselves with contracts and are strategic about the lease terms and term of leases which they sign.

Amir explains how he and his wife scaled their business from one rental at their home to over 70 rentals. Early on, they realized they needed to automate processes as they were performing all the upkeep manually, which used up much of their management time. Amir brought in a partner, James, to build the backend technology to assist them in automating much of what they did in the day-to-day business.

A well-performing property is filled 60% to 70% occupancy, at 30% occupancy the property breaks even. Automating their property, especially heating and cooling, reduces the amount of money used to upkeep the properties.

Amir also makes sure their property is safe by changing the codes often and giving specific laws to managers and cleaners.

Make sure to avoid pitfalls for your AirBnB, such as buying the cheapest Wi-fi and not having hot tubs and other costly amenities. Amir takes out many items they don’t have to have, however,’ laundry is a must. Many people will stay long-term, and a washer and dryer is a necessary amenity. These lead to more issues and higher costs. Focus on purchasing for location.

Listen in to find out how to evaluate a house for rental and the rules and guidelines you want to use to determine rent. Find out how to use resources online to assess the amount of rent you can charge at a location. Learn what the aesthetic reasons to purchase or lease a home for rental on AirBnb are. What can you easily replace or redecorate to make your home more appealing? Should your home you rent be a large home, small home? How many bedrooms or bathrooms should you have in your rental home? Where should you start when considering renting on AirBnb?

In This Episode:

[04:19] Amir talks about his background and how he ventured into the AirBnb model of investing.

[06:28] The market where Amir’s first Air is located. What types of markets work for AirBnb?

[08:13] Where is the most desirable markets to have an Air?

[09:50] How the marketing component plays into filling your Air rental.

[10:56] The success of his first Air rental, what Amir learned with his first rental unit.

[15:03] Why would someone want to offer their space as a master lease?

[17:11] Typical lease terms for a master lease on a property.

[20:52] How Amir and his wife scaled their business from one rental to over 70 rentals.

[22:22] Rental processes James was able to automate with his program.

[26:42] What types of problems can derail and Air rental?

[30:42] How should you determine rent for your rental? What is the rule or guideline for charging rent?

[31:18] How to pre-evaluate for occupancy of your rental.

[33:27] Physical characteristics of the house you want to have when renting out a home.

[36:04] How many bedrooms and bathrooms should you look for in a home?

[39:11] What about proximity of your rental to a major city in a state?

[43:25] How to paint a picture of the surrounding area.

[44:13] Bad calls Amir made when securing a property for rent.

[45:35] Where to start if you are thinking about running an AirBnb model.

Links and Resources

Just Start Real Estate on the Web

Just Start Real Estate Coaching

Get in Touch with Mike at Just Start Real Estate

Air DNA

Mash Visor

Amir’s Rabbu.com Property Management in Charlotte

Contact Amir at [email protected]

This Week’s Episode:

Beka Shea joins me on this episode.  Beka is an investor that I think highly of, as well as a personal friend. Beka went to school for mechanical engineering. After graduating, she became a US Naval Officer, serving on an aircraft carrier. After serving, she worked as an engineer in the energy arena, helping to build a power plant to support aircraft carriers stationed in Japan. In an effort to spend more time at home with her daughter, Beka got into real estate investing. She has built a team to support her business of flipping houses, wholesaling, and rentals.

In this conversation, you will hear Beka’s story.  You will learn why Beka got into real estate investing and how her first deal came together and became the foundation for her real estate career.  Since she comes from an engineering background, Beka is extremely strategic, and she explains why she does things certain ways.  Beka also describes moving markets and adjusting to real estate in different areas of the country.  Beka is very open and transparent in this conversation, and you will get great insights into her pricing, team-building, and much more.

You’ll Learn: 

• [06:41] - Beka talks about her life before real estate investing.
• [09:05] - Beka explains why she decided to get into real estate.
• [09:43] - Beka shares that she was very nervous about her first meeting.
• [10:39] - After attending a meeting, she asked her friend about a loan, but the friend instead wanted to become a partner.
• [11:49] - Beka talks about evaluating properties.
• [13:43] - She shares the results of her first investment.
• [14:35] - Beka describes her partnership and explains why they split.
• [15:49] - Beka lists the next few deals and explains why two similar deals ended with very different results.
• [19:13] - Two years ago, Beka relocated to Pennsylvania. She talks about how some expenses vary from location to location.
• [22:14] - Beka explains why she decided to go through a coaching class and shares advice on deciding whether or not you should pay for coaching.
• [28:13] - Beka shares how coaching changed her mindset and business.
• [33:56] - We talk about adjusting to the changing market.
• [35:38] - Beka talks about her policy on showings and pricing.
• [36:55] - Beka shares how things are currently going with her business.
• [37:50] - Beka describes her team.
• [43:26] - Beka shares her goals, including a unique goal for revenue.
• [47:54] - Beka explains what she would do if she needed to start her business from scratch in a new area.
• [50:11] - Beka says that you will never estimate your repairs correctly.
• [52:02] - Beka addresses her goal setting strategies and what she wants for the future.
• [53:01] - We discuss the need for coaching, even for people starting out.

Resources:

The 12-Week Year: Get More Done in 12 Weeks Than Others Do in 12 Months - Brian P. Moran and Michael Lennington

If you’re interested in learning more about our coaching, email me - [email protected].  We’d love to help you meet your goals. If investing and real estate is your dream, there is only one way you can make it a reality...JUST START!

This Week’s Episode:

Beka Shea joins me on this episode.  Beka is an investor that I think highly of, as well as a personal friend. Beka went to school for mechanical engineering. After graduating, she became a US Naval Officer, serving on an aircraft carrier. After serving, she worked as an engineer in the energy arena, helping to build a power plant to support aircraft carriers stationed in Japan. In an effort to spend more time at home with her daughter, Beka got into real estate investing. She has built a team to support her business of flipping houses, wholesaling, and rentals.

In this conversation, you will hear Beka’s story.  You will learn why Beka got into real estate investing and how her first deal came together and became the foundation for her real estate career.  Since she comes from an engineering background, Beka is extremely strategic, and she explains why she does things certain ways.  Beka also describes moving markets and adjusting to real estate in different areas of the country.  Beka is very open and transparent in this conversation, and you will get great insights into her pricing, team-building, and much more.

You’ll Learn: 

[06:41] - Beka talks about her life before real estate investing.

[09:05] - Beka explains why she decided to get into real estate.

[09:43] - Beka shares that she was very nervous about her first meeting.

[10:39] - After attending a meeting, she asked her friend about a loan, but the friend instead wanted to become a partner.

[11:49] - Beka talks about evaluating properties.

[13:43] - She shares the results of her first investment.

[14:35] - Beka describes her partnership and explains why they split.

[15:49] - Beka lists the next few deals and explains why two similar deals ended with very different results.

[19:13] - Two years ago, Beka relocated to Pennsylvania. She talks about how some expenses vary from location to location.

[22:14] - Beka explains why she decided to go through a coaching class and shares advice on deciding whether or not you should pay for coaching.

[28:13] - Beka shares how coaching changed her mindset and business.

[33:56] - We talk about adjusting to the changing market.

[35:38] - Beka talks about her policy on showings and pricing.

[36:55] - Beka shares how things are currently going with her business.

[37:50] - Beka describes her team.

[43:26] - Beka shares her goals, including a unique goal for revenue.

[47:54] - Beka explains what she would do if she needed to start her business from scratch in a new area.

[50:11] - Beka says that you will never estimate your repairs correctly.

[52:02] - Beka addresses her goal setting strategies and what she wants for the future.

[53:01] - We discuss the need for coaching, even for people starting out.

Resources:

The 12-Week Year: Get More Done in 12 Weeks Than Others Do in 12 Months - Brian P. Moran and Michael Lennington

If you’re interested in learning more about our coaching, email me - [email protected].  We’d love to help you meet your goals.

If investing and real estate is your dream, there is only one way you can make it a reality...JUST START!

Mike Cowper joins me again on the podcast.  Mike is my business partner, and I enjoy bringing him on the podcast to discuss our business and the strategies that we have used to grow our business to what it is today.  

In this conversation, you will hear Mike, and I discuss some of the common seller objections.  You will encounter seller objection, and we share some of our techniques of overcoming this objection.  These objections are usually legitimate questions and concerns and handling these concerns and addressing them in a productive and respectful way can help move the sale to the next step.

Connect with Mike Cowper:

Mike Cowper on LinkedIn

You’ll Learn:

• [06:09] - Going through a realtor is more conventional. Buying from a wholesaler is new to a lot of people.
• [06:50] - We discuss how to respond when the seller says they would like to collect other quotes.
• [10:22] - We share some tips for new people on how to sell you and your business when competing against more established businesses.
• [13:30] - Sometimes people are just not sure if they’re ready to sell.  We explain how to handle this scenario.
• [16:19] - Mike and I discuss how to handle a situation where the seller believes the price you offer is too low.  
• [20:14] - We talk about renovations and why you should not be afraid to inflate renovations numbers to the seller.
• [23:10] - We talk about a seller stating their neighbor’s house sold for a certain amount. The response involves using comps to show this is not a like-kind sale.
• [25:28] - The seller says another realtor told them they could get more for the house. We share how we handle this situation.  
• [31:40] - Mike explains that the goal isn’t to hoodwink anybody, but rather to be honest with sellers.

If you’re interested in learning more about our coaching, email me - [email protected].  We’d love to help you meet your goals in 2017.

If investing and real estate is your dream, there is only one way you can make it a reality...JUST START!

This Week’s Episode:

Mike Cowper joins me again on the podcast.  Mike is my business partner, and I enjoy bringing him on the podcast to discuss our business and the strategies that we have used to grow our business to what it is today.  

In this conversation, you will hear Mike, and I discuss some of the common seller objections.  You will encounter seller objection, and we share some of our techniques of overcoming this objection.  These objections are usually legitimate questions and concerns and handling these concerns and addressing them in a productive and respectful way can help move the sale to the next step.

Connect with Mike Cowper:

Mike Cowper on LinkedIn

You’ll Learn:

[06:09] - Going through a realtor is more conventional. Buying from a wholesaler is new to a lot of people.

[06:50] - We discuss how to respond when the seller says they would like to collect other quotes.

[10:22] - We share some tips for new people on how to sell you and your business when competing against more established businesses.

[13:30] - Sometimes people are just not sure if they’re ready to sell.  We explain how to handle this scenario.

[16:19] - Mike and I discuss how to handle a situation where the seller believes the price you offer is too low.  

[20:14] - We talk about renovations and why you should not be afraid to inflate renovations numbers to the seller.

[23:10] - We talk about a seller stating their neighbor’s house sold for a certain amount. The response involves using comps to show this is not a like-kind sale.

[25:28] - The seller says another realtor told them they could get more for the house. We share how we handle this situation.  

[31:40] - Mike explains that the goal isn’t to hoodwink anybody, but rather to be honest with sellers.

If you’re interested in learning more about our coaching, email me - [email protected].  We’d love to help you meet your goals in 2017.

If investing and real estate is your dream, there is only one way you can make it a reality...JUST START!

This Week’s Episode:

Mike Cowper joins me again on the podcast. Mike is my business partner and I enjoy bringing him on the podcast to discuss our business and the strategies that we have used to grow our business to what it is today. In this conversation, you will hear Mike and I share the tools that we use with our business.

We are frequently asked about the technology and apps that we use help our business run smoothly. If you are looking to streamline your business and get yourself and your team operating in an organized manner, this episode will be extremely valuable for you.

Connect with Mike Cowper

Mike Cowper on LinkedIn

You’ll Learn:

• [05:45] - Mike explains that there are an infinite number of tools out there.  Knowing what you need is the first step in finding the app to help solve your problem.

• [06:12] - Many people are app junkies.  I explain why it’s sometimes best just to ask people what they use and stick with it.
• [07:05] - The #1 app that we use with our business is WhatsApp.  We describe the app, explain why we prefer it over other messaging options, and share how we use this messaging app.
• [10:37] - The second biggest piece of technology we use is Google and its services like Docs, Drive, etc.
• [13:42] - Google Voice is a great way to have a 2nd phone line dedicated for business.  I encourage you to use this as a buffer and changing out your private line.
• [14:55] - I also use Sideline for additional phone lines.  This is a free app that provides you with a local telephone number.  
• [15:44] - Trello is a to-do app that helps you organize tasks and projects.  
• [17:08] - Podio is the CRM service that we use to organize and manage leads. Podio is the brain of our company.
• [19:18] - I recently downloaded Boomerang for Gmail.  This service allows you to track emails and it gives you reminders.
• [20:40] - FollowUp.cc is a similar service that Mike uses.  This service also has a Chrome plugin.
• [21:40] - For faxing, I use MetroFax.  There are lots of fax services out there, but this has been fast and reliable for me.
• [21:23] - I use TurboScan to scan documents and email them to people.
• [23:07] - With our business, we use DocuSign.  If I need to sign something and I don’t have access to a printer, I use SignEasy.  
• [24:12] - Mike uses Evernote to collect his documents, and he explains that it could even be used as a CRM.
• [25:24] - We use Zoom with our business.  It’s a video-conferencing software that we prefer over Skype and other alternatives. Mike shares some of the features we really like about this service.
• [27:20] - Mike talks about Jing, which is a free screen-capture application.  We use this for our training manuals and videos.
• [28:30] - Mike uses IFTT to share receipts and notes with our bookkeepers.  He also sends himself notes to his email.  
• [29:27] - Our team uses Calendly for group-wide scheduling.  
• [30:18] - If you need to leave a message, but don’t have time for a conversation, you can use slydial or slybroadcast to bypass a phone call and go straight to voicemail.

Resources:

WhatsAppGoogle DriveGoogle VoiceSidelineTrelloPodioBoomerangFollowUp.ccMetroFaxTurboScanSignEasyEvernoteZoomJingIFTTCalendlySlydialslybroadcast

If you’re interested in learning more about our coaching, email me - [email protected]. We’d love to help you meet your goals in 2017.

If investing and real estate is your dream, there is only one way you can make it a reality...JUST START!

This Week’s Episode:

Mike Cowper joins me again on the podcast. Mike is my business partner and I enjoy bringing him on the podcast to discuss our business and the strategies that we have used to grow our business to what it is today. In this conversation, you will hear Mike and I share the tools that we use with our business.

We are frequently asked about the technology and apps that we use help our business run smoothly. If you are looking to streamline your business and get yourself and your team operating in an organized manner, this episode will be extremely valuable for you.

Connect with Mike Cowper

Mike Cowper on LinkedIn

You’ll Learn:

[05:45] - Mike explains that there are an infinite number of tools out there.  Knowing what you need is the first step in finding the app to help solve your problem.

[06:12] - Many people are app junkies.  I explain why it’s sometimes best just to ask people what they use and stick with it.

[07:05] - The #1 app that we use with our business is WhatsApp.  We describe the app, explain why we prefer it over other messaging options, and share how we use this messaging app.

[10:37] - The second biggest piece of technology we use is Google and its services like Docs, Drive, etc.

[13:42] - Google Voice is a great way to have a 2nd phone line dedicated for business.  I encourage you to use this as a buffer and changing out your private line.

[14:55] - I also use Sideline for additional phone lines.  This is a free app that provides you with a local telephone number.  

[15:44] - Trello is a to-do app that helps you organize tasks and projects.  

[17:08] - Podio is the CRM service that we use to organize and manage leads. Podio is the brain of our company.

[19:18] - I recently downloaded Boomerang for Gmail.  This service allows you to track emails and it gives you reminders.

[20:40] - FollowUp.cc is a similar service that Mike uses.  This service also has a Chrome plugin.

[21:40] - For faxing, I use MetroFax.  There are lots of fax services out there, but this has been fast and reliable for me.

[21:23] - I use TurboScan to scan documents and email them to people.

[23:07] - With our business, we use DocuSign.  If I need to sign something and I don’t have access to a printer, I use SignEasy.  

[24:12] - Mike uses Evernote to collect his documents, and he explains that it could even be used as a CRM.

[25:24] - We use Zoom with our business.  It’s a video-conferencing software that we prefer over Skype and other alternatives. Mike shares some of the features we really like about this service.

[27:20] - Mike talks about Jing, which is a free screen-capture application.  We use this for our training manuals and videos.

[28:30] - Mike uses IFTT to share receipts and notes with our bookkeepers.  He also sends himself notes to his email.  

[29:27] - Our team uses Calendly for group-wide scheduling.  

[30:18] - If you need to leave a message, but don’t have time for a conversation, you can use slydial or slybroadcast to bypass a phone call and go straight to voicemail.

Resources:

WhatsApp

Google Drive

Google Voice

Sideline

Trello

Podio

Boomerang

FollowUp.cc

MetroFax

TurboScan

SignEasy

Evernote

Zoom

Jing

IFTT

Calendly

Slydial

slybroadcast

If you’re interested in learning more about our coaching, email me - [email protected]. We’d love to help you meet your goals in 2017.

If investing and real estate is your dream, there is only one way you can make it a reality...JUST START!

This Week’s Episode:

Joni and Kirk Yates take care of the books for my company.  Joni has an extensive career in administration, working with Fortune 500 and small companies.  Kirk has worked for Fortune 500 companies and has expertise in sales, management, the automotive aftermarket, mortgages, and banking.  Both Joni and Kirk work extensively in QuickBooks. Joni and Kirk are my favorite hires.

If you are trying to scale your business, if you don’t keep accurate books, you can’t out-earn the problems that bad bookkeeping creates.  I’m guessing you don’t want the stress of books.  You didn’t start your real estate business to do bookkeeping.  We have a special offer we’d like to share with you.  For just $350 Joni and Kirk will set up your books, get you caught up for 2017 and get you headed in the right direction.  You have until April 4th to take advantage of this opportunity.  Regardless of the size of your business, it is $350 to get your books caught up.  Learn more at REIBooksOnline.com.

Connect with Joni and Kirk Yates:

Website: REIBooksOnline.com

You’ll Learn:

[07:10] - I tell the background story of how I met Joni and Kirk.  

[10:41] - Joni explains what it was like to come on board with our company and help us get headed in the right direction with our books.  

[11:50] - Joni and Kirk explain how bookkeeping for real estate is quite different than other businesses.  

[16:09] - Because this is such a specialized bookkeeping situation, it’s important to make sure you get the right person that knows or can learn.

[18:25] - As Joni and Kirk have grown, they can use their experiences to help with the process with other clients.  

[20:24] - I ask Joni and Kirk to share what habits Mike and I have with our business that impact them the most.  

[21:28] - I share some of the benefits of having someone keeping your books.  This gives you a lot more data and information to run your business better.

[22:41] - Joni shares that she is in her client’s books on a daily basis to stay up on everything and make sure that everything is in order. I explain why this helps you with your business.  

[28:04] - We have a special offer for you to have Joni and Kirk help you get your books under control.

[33:48] - Kirk explains what can happen to a business if your books are not in order.

 

Resources:

REIBooksOnline.com

If you’re interested in learning more about our coaching, email me - [email protected].  We’d love to help you meet your goals in 2017.

If investing and real estate is your dream, there is only one way you can make it a reality...JUST START!

This Week’s Episode:

Joni and Kirk Yates take care of the books for my company.  Joni has an extensive career in administration, working with Fortune 500 and small companies.  Kirk has worked for Fortune 500 companies and has expertise in sales, management, the automotive aftermarket, mortgages, and banking.  Both Joni and Kirk work extensively in QuickBooks. Joni and Kirk are my favorite hires.

If you are trying to scale your business, if you don’t keep accurate books, you can’t out-earn the problems that bad bookkeeping creates.  I’m guessing you don’t want the stress of books.  You didn’t start your real estate business to do bookkeeping.  We have a special offer we’d like to share with you.  For just $350 Joni and Kirk will set up your books, get you caught up for 2017 and get you headed in the right direction.  You have until April 4th to take advantage of this opportunity.  Regardless of the size of your business, it is $350 to get your books caught up.  Learn more at REIBooksOnline.com.

 

Connect with Joni and Kirk Yates:

Website: REIBooksOnline.com

 

You’ll Learn:

• [07:10] - I tell the background story of how I met Joni and Kirk.  

• [10:41] - Joni explains what it was like to come on board with our company and help us get headed in the right direction with our books.  
• [11:50] - Joni and Kirk explain how bookkeeping for real estate is quite different than other businesses.  
• [16:09] - Because this is such a specialized bookkeeping situation, it’s important to make sure you get the right person that knows or can learn.
• [18:25] - As Joni and Kirk have grown, they can use their experiences to help with the process with other clients.  
• [20:24] - I ask Joni and Kirk to share what habits Mike and I have with our business that impact them the most.  
• [21:28] - I share some of the benefits of having someone keeping your books.  This gives you a lot more data and information to run your business better.
• [22:41] - Joni shares that she is in her client’s books on a daily basis to stay up on everything and make sure that everything is in order. I explain why this helps you with your business.  
• [28:04] - We have a special offer for you to have Joni and Kirk help you get your books under control.
• [33:48] - Kirk explains what can happen to a business if your books are not in order.

 

Resources:

REIBooksOnline.com

 

If you’re interested in learning more about our coaching, email me - [email protected].  We’d love to help you meet your goals in 2017.

If investing and real estate is your dream, there is only one way you can make it a reality...JUST START!

Are you looking for past episodes of this podcast?  You can go to

Just Start Real Estate Archive 1

and/or

Just Start Real Estate Archive 2

You can find these in iTunes, or whereever you listen to podcasts! Enjoy!!