No guest this week. Brian reflects on what it's been like in year 1 of AlaREIA.

In today’s episode, Brian takes a break from real estate investing to chat with Scott Register (“Reg”) and Will Lochamy, both radio hosts with Birmingham Mountain Radio. In today’s episode, they talk about their careers in radio and how Birmingham Mountain Radio has witnessed the growth of Birmingham as a city. There’s been some new urbanization with increased interest in the city, and they talk about how they serve by connecting people with good music.

Key Takeaways:

[1:57] Reg has been doing radio in Birmingham since 1997. In 2010, Scott and Will started Birmingham Mountain Radio. Throughout this time, they’ve grown as Birmingham has started to grow.

[5:56] When Reg was first getting started in Birmingham, they were a “tastemaker market.” They had a big influence on the city’s music, and music was drawing people to Birmingham. The same thing is happening today, and Reg feels like it might be more permanent, with people moving out of the suburbs into the city.

[8:55] Back in the ’90s, when all of this was coming together, people began to feel a sense of pride in the city of Birmingham. This change in attitude came around the same time that people started to invest. Compared to the ’90s, this feels like total urban renewal. Many old buildings are being refurbished and large residential buildings are going up.

[11:01] Reg has become an important voice in the town. Will was also one of the youngest radio DJ’s. Will got his start when he was young and had a career as a musician. After touring, Will took to the radio as a way to stay connected to music but still be able to settle down and have a family.

[14:24] Birmingham Mountain Radio got started when three guys got together to decide what they thought was missing from Birmingham radio. Now they do a lot themselves and they’ve partnered up with someone for a signal but they maintain creative control.

[18:40] Looking into the future, Reg hopes for continuing growth for the station and a larger signal to reach a greater area. They want to continue to help promote things that are going on around the city and all that Birmingham has to offer.

[21:00] People are visiting Birmingham more frequently and it’s important to show them what Birmingham has to offer now. People are coming for vacations and also looking here for properties. As the city continues to grow, it will hopefully retain its identity.

Mentioned in this Episode:

ALAREIA Website

Meetings

Daily REIA Show

Facebook Page

Birmingham Mountain Radio

Oh Brother Radio

Reg’s Coffee House

107.3 - Birmingham

97.5 - Tuscaloosa

92.3 FM - Pelham

Today’s guest, Justin Wilmot, got his start in real estate with wholesaling and some fix-and-flips. On the show today, he talks about how he built his 10-Hour Wholesaler program coming out of a down market and how he has been able to achieve success. In addition to talking about his program, he talks about how the nature of his business has evolved as things in his life have changed.

Key Takeaways:

[2:40] The 10-Hour Wholesaler is a basic and simple concept to profit and thrive in a down market. It’s joint venturing with other wholesalers, using OPI — other people’s inventory. They serve as sort of ‘relationship builders,’ finding wholesalers for deals.

[5:15] Someone new to real estate may not be successful with the 10-Hour Wholesaler, and a seasoned real estate investor may have trouble as well. A new person might have trouble wrapping around how nation-wide joint venturing can work; there are a lot of options to choose from and that can be overwhelming. One of the first decisions to make is choosing your market.

[6:38] For a seasoned investor, the problem may be that they’re just too busy with what they’re already doing. Justin had to stop his current real estate investing business for two weeks to start building the new business — picking markets and reaching out to investors in those markets.

[7:42] The first step to being successful with this method is to pick a market. When Justin is working with clients to learn this method, he makes them delegate their current deals to someone, and they have to pick a market Justin’s way, rather than their own.

[10:20] What you need to be really good at is 1) building relationships with other wholesalers and 2) adding value to other wholesalers.

[15:18] Justin started in real estate doing traditional wholesaling and then he moved into fix-and-flips. In 2008, he had a yacht management business and when the economy crashed, so did his biggest client and thus his business. This downfall led Justin to get involved in real estate, and also develop his 10-Hour Wholesaler.

[17:53] The 10-Hour Wholesaler was created in an uptick in the market and is designed to be effective in a down market. This is because you are always leveraging OPI and you’re just worrying about that relationship. Justin’s inspiration came as he was struggling with his own ups and downs in the market and he had an epiphany about how to change the game and increase his success.

[21:12] Currently Justin has an office and has been working on focusing their markets and simplifying into development. He is working on two big projects. Your business may change, as what you love changes; build your business so your dreams can become a reality for you.

Mentioned in this Episode:

ALAREIA Website

Meetings

Daily REIA Show

Facebook Page

To get a hold of Justin:

Facebook

10-Hour Wholesaler

Justin’s Website

Freedom Moguls

At our November meeting, Birmingham mayor-elect Randall Woodfin spent a few minutes addressing our members. Randall Woodfin will replace mayor William Bell and has big plans for our city. Take a few moments to listen to Mayor-elect Woodfin talk about his plans.