What do you want to be when you grow up? Do you dream about making millions of dollars and driving luxury vehicles? That’s a great goal; unless you “major in” student loan debt. Today, Toby Mathis of Anderson Business Advisors talks to Clay and Evan Manship. They’re the owners and founders of Mainstay Property Group, which exclusively sells Indianapolis real estate and offers consulting, coaching, and advising through the process. They’re also familiar with figuring out life and a way to deal with their six-figure student loan debt.

Highlights/Topics:

Mainstay’s mantra is to provide value via equity through wholesale transactions: Clay and Evan have completed about 1,200 property transactions

Rich Dad Poor Dad transformed how they looked at life; instead of working 100 hours a week as investment bankers, they could own buy and sell houses

Bought first house in 2013 for $2,400, put $1,000 down to make monthly mortgage payment $94, leased it for $650 a month, and selling it now for $120,000

Graduating from negative net worth, going door-to-door to raise private capital, living in their parents’ home to owning several homes and a successful real estate business

270 rejections for 23 year olds who didn’t know what they were doing; then, along comes Jeb (#271) on BiggerPockets.com with $30 grand

Lesson Learned: Build a portfolio and niche by identifying a service to procure investment opportunities to help build other people’s portfolios

Cafeteria Service: Evan and Clay’s “secret sauce” is procuring properties

Wholesaling isn’t about waiting for deals, but going out and finding them; keep business model moving by starting the process

First Faceplant on First House Flipped: Bought house for $125 and put $125 into it, but made newbie mistake of over-leveraging money and lost $36,000

Tuition and Textbook Mismanagement: Paid a lot of money for a college degree, but paid a lot less for one year to flip property degree

Evan and Clay’s communication process with people who buy properties from them: What are you looking for? How can we customize a solution that achieves those goals?

Advice for getting into real estate: Know the game you’re playing before you can get good at it, get to First Base, don’t be afraid to swing the bat, and build the best team

Why do you need a degree? What’s the return? Millennials are renting, not buying houses because of so much student debt

Passionate about non-profit organization to implement financial education into high schools and lead students down the path of financial independence or wealth generation

Resources

Mainstay Property Group

Raymond James

Edward Jones

Northwestern Mutual

Rich Dad Poor Dad by Guy Kiyosaki

BiggerPockets

Zillow

Toby Mathis

Anderson Advisors

Anderson Advisors Tax and Asset Protection Event

Anderson Advisors on YouTube