Episode 4 of The Wholster Real Estate Wholesaling Podcast – watch and listen here!
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Episode 4 of the Wholster Real Estate Wholesaling Podcast
On episode four of The Wholster Real Estate Wholesaling Podcast, we talk with investor ‘Swiss Army Knife’ Travis Lauchman about his journey from W2 to full time real estate agent and investor. He provides tips on getting out of the rat race, providing value, scaling your business and so much more!
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All right, everybody.
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Welcome to episode four of the Wholster
Real Estate Wholesaling Podcast.
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We are here today with a great
friend of mine, just a fantastic human.
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Travis Lauchman of Lauchman Real Estate.
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How are you, Travis?
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Doing wonderful, sir.
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Thank you for having me on. You're
looking good.
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I like the beard.
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Thank you.
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Thank you.
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This new addition,
my wife gave me the pass.
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She gave you the pass?
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*laughter* Just like Yo
that's the Max length.
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Don’t go beyond that, and we’re good.
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Yeah, that's.
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Yeah, thats good. It’s getting cold,
you gotta keep it warm.
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You know, you can get dry.
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I've heard all these health benefits,
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and I’m in man, I’m
all in, and frankly, I'm
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a little lazy
when it comes to hair care. Okay.
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Yeah, me too.
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This is my way of getting away with it.
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Well, I'm jealous
because I wish I could grow a beard.
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All I can do as this little goatee
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It looks good
The rest of it doesn't come in too well.
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But, hey, thanks for coming out, man.
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It's.
It's going to be exciting to talk to you.
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I know we've been gosh, we probably talk
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a couple of times
a week about real estate and
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it to get you on here and pass on our
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you know, fun conversations to others,
I think is going to be a good time so.
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Right on man.
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And it is a pleasure.
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Plus, we have
we have both active transactions
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and we have just kind of day to day,
you know, future investment stuff
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we chat about. So, yeah,
all sorts of plans. Yeah.
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So to give a little background to guys,
Travis is a real estate investor.
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He is a real estate agent.
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We've
worked together on a lot of projects.
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We've done some wholesaling together.
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He does some project management for me.
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He sells a lot of my projects
and he does a ton of stuff on his own.
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He's is very, very much in the real estate
investment world.
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So tons of knowledge
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coming out of this guy for sure.
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I appreciate that.
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Tons, tons of people
to thank you all along the way.
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And as I got started in going and
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you know, maybe I can relay how that
that whole journey began.
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Briefly.
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Let's hear about how you got started
and where you're at today.
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Cool. Cool, man. So,
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you know, the way I was
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in, I was working in finance
for a solar energy company.
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I moved to Baltimore City from, like, D.C.
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and because my wife was going to Towson
to become a teacher.
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Okay, So that's that was the catalyst
to moving up to Baltimore.
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And, um, when I was working
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in that company,
it was became a big company.
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They publicly traded
and it was a lot of desk hours
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and like
there was kind of a corporate path,
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but I just realized it wasn't for me
like trying to climb the ladder.
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I just you know, you could anyone
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I think you can do it with enough effort,
but I just didn't.
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I kind of lost interest in doing it
after putting in, you know,
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a couple of years of a ton of hours
A common story for real estate investors.
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Right.
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And like, I don't I'm not
one of those people that have like issues
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with authority.
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So it wasn’t like because I needed it done
my way.
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It was just like this
this if you if you look for
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in 25 years, is this like where you want
your life to go?
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And I just was getting so bored sitting
and the solar people are awesome.
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Like I love them and I love that industry.
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I just that specific role didn't fit
wasn't, wasn't great for me.
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So anyway, I come to know
Charm City Builders Local
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developer here well-known well-marketed
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was starting a renovation
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on a house next door to me
where I was renting in Federal Hill
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and at that time I had just started
getting into like bigger pockets
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and Rich dad, poor dad,
and kind of the the, the basic journey
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of real estate information
and getting the wheels churning
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as far as like what could be possible
if we developed
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income on our own
and like, can we do this? And
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Tyler Banks in Brooke Kaine
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at that time owned that company,
both of whom I know you know
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as well.
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Talked to Brooke this morning actually.
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There you go,
and so they had a really cool article
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right up in the Baltimore Sun and I was I
these guys are so legit
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I can't believe they're doing the house
next door to me.
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Let me just throw my name in the hat
and just see like,
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if they're willing to allow me to shadow
work for free, whatever.
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So I wrote up this,
you know, well-crafted, email it to them,
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and I was just
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basically a cold email saying,
Hey, I'm really interested in real estate.
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Here's what I've done in the past.
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I don't know if there's any opportunities
with you guys,
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but I'd love to learn anything
and help in any way I can.
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And I'm happy to do it for free.
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Yeah.
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So that's
kind of they, it happened to be the case
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that they were looking to process
and build some systems and,
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you know, after
they said yes, they responded.
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We met and it was really
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we kind of all hit it off together,
those first couple meetings.
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And then maybe a few months later
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after that trial phase,
which was good for, I think both parties
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there at that time,
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they were like, Hey, just like whenever
you're ready, you can come work for us.
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And and so that ended up
being my first foray
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and it was amazing,
like to learn from two seasoned investors,
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both of whom I respect tremendously,
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and then two guys
who are willing to share, you know,
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so much information
with you, very selfless guys and dudes
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who like have have been through
a lot of ups and downs in their careers.
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And for someone like me who doesn't
inherently take risks so beneficial,
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right, to like see it happening
and unfolding in front of you and learn.
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And then as the time comes,
like grow and grow
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more confidence and then finally
be willing to take those risks yourself.
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Yeah, exactly.
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And I'm thinking eventually you
worked yourself into a paying position.
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Yeah.
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Yeah.
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So I was I joined them
as like a W-2 employee.
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And I think in the very beginning of 2014
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and worked in that capacity
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as sort of like a director of sales
and acquisitions,
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but really kind of doing
all sorts of different things.
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And I liked being a Swiss Army knife
because I got to learn so many
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spots in the business,
like between construction
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and I was doing like Historic Chap credits
a local Baltimore thing
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for historic homes and,
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and then I got picked up the real estate
license with the idea that, hey,
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if we sell the stuff that we're building,
you know, or own,
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we don't need to,
we don't need to pay another agent two and
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a half percent each time, like I can do it
in house for a much smaller fee,
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almost build it into the salary,
whatever it was.
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So that was just something that happened
organically and affiliated
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with a brokerage locally called
Cummings, Cummings and Co Realtors.
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Dave Cummings is the owner of that.
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And again, just a through of the network,
the limited network I had,
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he was someone I was told, hey,
speak with this guy
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and what a great thing
that's been too man.
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Dave is just such a wonderful guy,
very sharp.
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And the way that he has his business
model,
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it's not like a hands on, like a Keller
Williams or one of these big brokerages.
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It's just kind of run your own show
and I'm here for support,
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and they've got like just a great team
agents there now.
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And they've grown like man
tremendously even, in five years.
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Yeah,
they have exploded. That's wild, man.
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Yeah. So, so cool to see.
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I think there's 600 ish agents there now.
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That's, that's huge.
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Good for them. Yeah.
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Yeah. He, they're doing great.
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And I think like maybe the number one
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market share in the city
and maybe two in the county, they're like
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constantly vying for one and two now,
which is pretty impressive.
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Given that it's like a boutique shop.
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That's really great. Good for them.
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So you, you managed to get yourself
into a position
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where you could learn a ton,
basically get paid to do it.
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Yeah.
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Yeah, man.
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And, you know, I think that that's
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absolutely the case
and that's kind of how it turned out.
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And of course, the flip side of that
is I'm also obviously
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sacrificing the time, too, right,
like anything they wanted me to do.
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I'm jumping on it. Yeah.
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So I think that approach worked
well for me
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because we were both
sides were willing to play ball,
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they were willing to share information and
I was willing to do whatever was asked.
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Soak it up like a sponge, do it all.
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Yeah, do it all.
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And got to meet a lot of good contractors,
like people on the way,
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wholesalers who ultimately,
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you know, just through interactions and
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and deciding
how to be once we’re in business.
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Well those things can carry forward
so like the way you approach
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people in any position wherever you are,
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I think it's critical to consider
how you want to build relationships
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because then again,
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they may come around in a year or two
and you want them to remember
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those interactions
being positive, ideally, or at least
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if nothing else, fair, right?
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Like, right,
Like honorable and fair, right?
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Yeah.
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No, I think that's that's really great
that you're able to do that.
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And a lot of people have asked me,
how do I get into this business?
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I got a job.
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I don't I don't really like
I want to get into real estate.
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I don't know how to do it.
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And what
you've done isn't necessarily easy,
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but you put yourself out there, right?
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You looked for the opportunity
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where you could get into the business
and make some money,
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but learn a ton from people
that are experienced.
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And I think
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that's a really, really good way to do it.
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I know, guys that have been like, Hey,
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I'm going to come work for you just like
you did, and I'm going to do it for free,
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and I'm just going to figure out
how to provide the value.
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And sometimes you can just create
that position for yourself,
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and it's just such a wonderful way to get
into the business and start learning it
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in a way that you can get paid
and leave your
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your corporate job that you probably don't
like in the first place.
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And then
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the next step is, okay,
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what?
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How can I take this piece?
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Take what I've learned, the relationships
I've built, and start
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moving that into something that can then
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replace that income?
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Totally. Totally.
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And and,
you know, one quick last note I’ll mention
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about that,
just because I think it's relevant
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for people who are considering it,
it was like a lot of folks
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and I think some of my family members
included
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when I mentioned
I was even considering this,
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they were like, Don't do it, don't do it.
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You don’t want to do it
And I remember when I was telling
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like I had a good relationship
with the people I was working with
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in the previous company.
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Yeah, that the lady was like,
Are you sure?
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Like, that's a really small company, like
you, you do you know what you're doing.
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And it definitely took some courage. And
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I had like, I think I had
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my first kid was like,
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we were expecting our first kid.
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And I was like, Man, I'm taking a step
backwards from a salary standpoint.
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But like, enjoy,
you know that as far as how much fun
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that I think this could be and the future
rewards like it became worth it.
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And my mind went to, if I don't do it now
like it's not it's not happening.
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It's like I have this kid.
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It gets that much harder.
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You know, you want stability.
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And anyway, I just wanted to mention that
for people who may be thinking about it
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That’s a great point,
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it takes a lot of courage and you're going
to get a lot of naysayers.
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For sure.
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For sure. For sure. Yeah.
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And if we didn’t,
we would be in the same spot as like,
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you know,
the general rest of the population.
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And again,
there's nothing wrong with choosing that.
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But if you don't, if you don't want it,
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then you have to have the courage
to choose something else. Right.
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And go for it.
And give it a shot. Exactly.
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So, let's pick up there.
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So you've been working
for Charm City for a bit,
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and what was the next step for you?
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So yeah, learned a ton.
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Got to experience
that like so many different
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facets of real estate through
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just my interaction with Charm City,
which at that time they were flipping 30
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to 40 houses like full gut renovations
a year.
00;13;50;21 - 00;13;53;24
Generally in the harbor
neighborhoods of Baltimore, Fells
00;13;53;24 - 00;13;55;27
Point, Federal Hill, Canton.
00;13;55;27 - 00;13;56;24
And then
00;13;57;29 - 00;13;59;20
we started realizing.
00;13;59;20 - 00;14;02;10
So we were kind of coming up
as a construction squad
00;14;02;23 - 00;14;07;05
and started realizing, Hey,
this marketing thing we're pretty good at.
00;14;07;05 - 00;14;09;21
And Tyler Banks is a naturally
00;14;10;23 - 00;14;16;05
gifted marketer
and just has like a mindset that is
00;14;16;23 - 00;14;20;15
constantly marketing and like really good
with building relationships.
00;14;20;15 - 00;14;22;10
And so that was his strength.
00;14;22;10 - 00;14;26;12
And you realize I think construction
wasn't his favorite thing to deal with.
00;14;26;29 - 00;14;31;13
So we shifted gears as we were going along
like organically into more
00;14;31;13 - 00;14;34;26
of a marketing company and at that time
got into some wholesaling.
00;14;35;06 - 00;14;38;19
Okay, so started to get
00;14;38;19 - 00;14;42;04
an understanding for how to do that
and build some systems around that.
00;14;42;04 - 00;14;47;11
Some software's
a couple CRMs that helped us out.
00;14;47;11 - 00;14;52;09
And then finally, as we were going along,
we did later
00;14;52;25 - 00;14;57;21
the company started kind of paring down
a little bit in the like around 2018.
00;14;57;21 - 00;15;02;17
And so we started going doing,
you know, with kind of the blessing
00;15;02;22 - 00;15;05;20
from the people I worked for
and just open communication.
00;15;05;20 - 00;15;07;12
I started doing some projects
on the side, on my own.
00;15;09;12 - 00;15;11;22
So I actually bought
00;15;12;18 - 00;15;17;25
one of the places that Charm City
had under contract as my first rental
00;15;18;13 - 00;15;23;08
and paid like an agreed on wholesale fee
and did that whole thing
00;15;23;23 - 00;15;27;28
and that kind of kicked off
the thought process for rental properties
00;15;27;28 - 00;15;32;24
and then eventually,
you know, with a couple more years, me
00;15;33;05 - 00;15;37;22
and Tyler ended up doing some partnership
on a bunch of different properties later
00;15;37;28 - 00;15;42;12
where we built a small rental portfolio
and flipped a bunch in ‘20 and ’21.
00;15;42;29 - 00;15;46;21
And then and then this year we wrapped up
00;15;46;28 - 00;15;51;04
or ‘22, we wrapped up a bunch of those
just taking advantage of the marketplace.
00;15;51;04 - 00;15;54;12
Yeah, the the ‘20-’22
00;15;54;12 - 00;15;57;16
marketplace in Baltimore.
00;15;57;24 - 00;16;02;27
But the nation as a whole I think has been
interesting to say the least.
00;16;04;10 - 00;16;07;01
Just really hot markets.
00;16;07;07 - 00;16;11;12
Um, I, I kind of went the same route
as you and took advantage
00;16;11;12 - 00;16;15;01
of some of those situations myself
and downsized
00;16;15;01 - 00;16;18;06
a bit of what I had
00;16;18;06 - 00;16;21;03
because it's just a great time to do it.
00;16;21;03 - 00;16;22;10
Yeah, totally man.
00;16;22;10 - 00;16;23;21
Like just unbelievable.
00;16;23;21 - 00;16;27;11
I mean, you know,
00;16;27;12 - 00;16;30;10
it was one of those times
when you were flipping homes
00;16;30;12 - 00;16;35;13
that it almost didn't matter
what you were putting on the market.
00;16;35;13 - 00;16;37;04
You just had to get it out there.
00;16;37;04 - 00;16;41;14
You know, within that time frame
and the time frame wasn't small.
00;16;41;15 - 00;16;44;11
It was like 18 months, you know?
00;16;44;11 - 00;16;46;19
Two years almost, where you could just,
00;16;46;19 - 00;16;48;14
you know,
and you don't want to put out junk.
00;16;48;14 - 00;16;51;09
But at that time, it was incredible.
00;16;51;09 - 00;16;53;28
People were buying houses
with no inspections.
00;16;53;28 - 00;16;55;22
They were going above ask price.
00;16;55;22 - 00;16;58;14
There was all these you remember that
the appraisal contingencies
00;16;58;29 - 00;17;01;19
in normal times, they're like,
we're either going to waive it or
00;17;01;19 - 00;17;05;18
we'll pay, you know, up
to 20 k more than the appraisal.
00;17;05;22 - 00;17;08;21
Like it was bonkers stuff man.
Yeah, it was.
00;17;08;21 - 00;17;12;22
I think we sold a couple
in a certain neighborhood that
00;17;13;23 - 00;17;14;12
each time
00;17;14;12 - 00;17;17;08
we sold
one it was the new neighborhood record.
00;17;17;15 - 00;17;20;02
Yeah the new record. Yeah. Yeah.
00;17;20;02 - 00;17;21;10
for sure man.
00;17;21;10 - 00;17;24;20
I think one of the last ones
we sold was a record
00;17;24;20 - 00;17;27;18
and it was a cash investment purchase.
00;17;30;08 - 00;17;31;25
Oh, that's right.
00;17;31;25 - 00;17;33;28
Wild times for sure.
00;17;33;28 - 00;17;34;11
Yeah.
00;17;34;11 - 00;17;37;22
When you think about,
you know, owning that house
00;17;38;10 - 00;17;41;22
and maybe you bought it for 4 to 5 years
prior to that
00;17;42;01 - 00;17;45;28
and you can start considering the number
you you purchased it for,
00;17;47;13 - 00;17;49;17
It leaves you, like
00;17;49;17 - 00;17;51;21
I always think are we, you know,
00;17;52;11 - 00;17;54;16
someone who wants to buy, buy and hold
property.
00;17;55;19 - 00;17;59;16
It's hard for us to wrap our minds around
how you can you can buy something
00;17;59;16 - 00;18;04;04
for cash at that number, you know, like,
yeah, it makes you go. Who?
00;18;04;08 - 00;18;05;01
Who is this?
00;18;05;01 - 00;18;08;27
What are their, what's their strategy and
how are they willing to pay this amount?
00;18;09;07 - 00;18;11;15
Then again, you had a 2-3% interest rate.
00;18;11;23 - 00;18;13;12
Yes, interest rates were different.
00;18;14;23 - 00;18;16;17
Additionally, when the
00;18;16;17 - 00;18;19;23
market and the opportunities
dry up like that,
00;18;20;22 - 00;18;22;23
cash just needs to find a home.
00;18;23;26 - 00;18;25;07
True. Yeah.
00;18;25;07 - 00;18;27;02
That stuff tends to happen.
00;18;27;02 - 00;18;30;13
Um, but yeah, it was a wild market.
00;18;32;06 - 00;18;34;22
And then I think as all this was going
00;18;34;22 - 00;18;38;15
on, you and I were having
a lot of conversations about,
00;18;38;15 - 00;18;42;10
you know, looking at the market,
looking at what we had and talking
00;18;42;10 - 00;18;45;27
about this idea of doing more with less.
00;18;48;03 - 00;18;51;18
Um. Do you want to talk about your mindset
there?
00;18;53;04 - 00;18;54;24
Sure. Yeah. Yeah.
00;18;54;24 - 00;18;59;19
So that's always been
I think the so the doing more
00;18;59;19 - 00;19;04;09
with less is a I see it as both a strength
and a weakness I think.
00;19;04;09 - 00;19;08;26
And I'm talking about myself when I,
when I think about this and a lot of it
00;19;08;26 - 00;19;11;26
is the idea that especially coming
00;19;11;26 - 00;19;16;01
from a place of being a jack of all trades
and just problem
00;19;16;01 - 00;19;19;27
solving and sort of like figuring out
how to operate nimbly,
00;19;20;20 - 00;19;24;06
you just tackle any challenge
that comes across your desk.
00;19;24;06 - 00;19;26;02
Email is you're
just like jumping on everything,
00;19;26;02 - 00;19;27;14
so you're dealing with marketing
00;19;27;14 - 00;19;29;28
and accounting and sales
and the whole nine yards.
00;19;30;23 - 00;19;34;16
So when we learn
how to do this, oftentimes
00;19;34;27 - 00;19;38;21
we it's it's a good thing in the sense
that we have the knowledge
00;19;38;21 - 00;19;42;18
and the capability to handle
almost anything that comes across our desk
00;19;43;06 - 00;19;44;16
from a real estate standpoint.
00;19;44;16 - 00;19;48;29
Once we understand the basic system,
right, so we can operate in any
00;19;49;13 - 00;19;53;08
any of those places,
the constraint becomes time.
00;19;53;14 - 00;19;57;05
And like if you and we've talked
about this in the past offline,
00;19;57;21 - 00;20;02;08
if you don't leverage your time
and put other people who are as skilled
00;20;02;08 - 00;20;05;28
and likely more
so ideally in those positions,
00;20;06;12 - 00;20;09;18
you're constrained
only to what you yourself can do,
00;20;10;05 - 00;20;13;02
you know, and we all have
the same number of hours in the day
00;20;13;11 - 00;20;17;19
and probably other ways we like
to spend them than just working away.
00;20;17;19 - 00;20;18;26
plugging away.
00;20;18;26 - 00;20;22;07
So, you know, I look at it from a sense of
00;20;22;29 - 00;20;28;07
2020 came around and COVID hit, and for me
00;20;28;23 - 00;20;34;05
it was like a great time to buckle down
and look at all the systems
00;20;34;05 - 00;20;38;07
that I operate in and say, can I
can I continue in this way?
00;20;38;07 - 00;20;39;29
And at that time, it felt very uncertain.
00;20;41;11 - 00;20;44;16
You know, it was like no one knew
what was going to happen
00;20;44;16 - 00;20;46;21
in the next few months
after that March, April.
00;20;47;15 - 00;20;51;09
And I think, frankly, like definitely
it was a shock to me
00;20;51;09 - 00;20;56;04
that the direction it went
was just like a match and some gasoline.
00;20;56;04 - 00;20;57;22
Like I thought it was going to go
the opposite way.
00;20;57;22 - 00;20;58;21
Yeah, me too.
00;20;59;04 - 00;21;00;04
Frickin wild, man.
00;21;00;04 - 00;21;04;14
So anyway, I think like, ultimately
00;21;05;00 - 00;21;09;02
it has become a great strength
to understand multiple facets
00;21;09;02 - 00;21;13;06
and really entrench and take
the time needed to learn.
00;21;13;06 - 00;21;16;26
Because I'm confident enough
that if I wanted to scale back
00;21;16;26 - 00;21;20;26
and just be a sole operator,
I have the capacity to do that.
00;21;20;26 - 00;21;22;26
And that's kind of where I've been.
00;21;22;26 - 00;21;27;12
And on the flip side,
I think it is important to find
00;21;27;12 - 00;21;30;16
and it could be via VA’s or it could be
00;21;31;00 - 00;21;34;08
just building out systems efficiencies
via software,
00;21;34;24 - 00;21;39;09
but figuring out ways where you are
your own bottleneck and then moving,
00;21;39;09 - 00;21;44;00
you know, removing that constraint
so that you can grow a little bit right?
00;21;44;00 - 00;21;45;10
Yeah, that makes a lot of sense.
00;21;47;09 - 00;21;47;26
Yeah, man.
00;21;47;26 - 00;21;52;07
And, and, and now I think might be another
one of those times to look,
00;21;52;07 - 00;21;55;18
you know, almost do like an internal audit
and see
00;21;56;10 - 00;21;58;24
what kind of where
00;21;58;24 - 00;22;03;08
you are not being nimble and where you're
maybe spending a lot of time
00;22;03;19 - 00;22;07;04
that doesn't return a lot of cash
and kind of reconsider.
00;22;07;13 - 00;22;12;00
And also like even places that you're
spending money that aren’t a good return,
00;22;12;18 - 00;22;15;00
which might be a good time to consider
00;22;15;00 - 00;22;17;26
from a marketing perspective,
like how we come about
00;22;17;26 - 00;22;21;21
acquiring these deals
or get these opportunities in front of us.
00;22;21;21 - 00;22;22;09
Right
00;22;23;15 - 00;22;26;03
To that point,
00;22;26;03 - 00;22;28;05
what type of marketing
00;22;28;05 - 00;22;31;19
are you doing in your business?
00;22;31;19 - 00;22;36;29
So a few different channels
and one of which was
00;22;37;26 - 00;22;42;00
is pay per click on Google,
which is basically just like
00;22;42;23 - 00;22;45;08
someone searches geographically
00;22;45;08 - 00;22;47;27
in Baltimore and surrounding areas
00;22;48;09 - 00;22;50;29
like a keyword search,
sell my home Baltimore.
00;22;51;14 - 00;22;53;02
And those first three,
00;22;54;09 - 00;22;56;13
those
first three hits, they come up our ads
00;22;56;25 - 00;22;59;26
and you can see them highlighted
before you get to the end search results.
00;22;59;26 - 00;23;02;26
Right So that's one way I market.
00;23;02;26 - 00;23;07;01
And then folks will find me and fill out
a web form or make a phone call.
00;23;07;03 - 00;23;09;19
So you’re one of those ads.
00;23;09;19 - 00;23;11;07
I’m one of those ads, Yeah.
00;23;11;07 - 00;23;13;07
Yeah. I'm
one of those three ads typically.
00;23;13;07 - 00;23;16;18
And again, it's like based on where
the search originates,
00;23;16;18 - 00;23;19;27
which is linked to an IP address
00;23;19;27 - 00;23;23;26
and that is operated
by a company called Geo Flip.
00;23;24;00 - 00;23;25;20
So that's all third party.
00;23;25;20 - 00;23;30;07
I just essentially have another company
manage that entire ad campaign
00;23;31;09 - 00;23;33;12
and I've been doing that
00;23;33;12 - 00;23;36;18
for a couple years and it's worked well.
00;23;38;06 - 00;23;42;02
It's, you know,
yeah, it's just a good consistent way
00;23;42;02 - 00;23;47;06
for me to get a few leads a week
and kind of keep keep the churn going.
00;23;47;15 - 00;23;49;28
And to that point, like that
we were talking about earlier,
00;23;50;18 - 00;23;53;01
you know, it's
something I've considered like is it
00;23;53;07 - 00;23;56;10
I've considered outsourcing
the phone calls and all these things.
00;23;56;26 - 00;23;59;09
But I think another way to think about
00;23;59;17 - 00;24;03;23
when we're doing this is to consider
like what's at the top of the funnel
00;24;04;00 - 00;24;07;14
and sort of how do we do,
what's the first domino that falls?
00;24;07;14 - 00;24;08;17
And it's the marketing, right?
00;24;08;17 - 00;24;10;24
And I definitely learned
that from like Tyler and Brooke.
00;24;11;07 - 00;24;14;19
If you don't have marketing going,
nothing else is going to happen.
00;24;14;22 - 00;24;18;17
Like, you have to get opportunities
to get the business rolling.
00;24;18;17 - 00;24;22;14
So it does it you know,
it's a little scary when you start
00;24;22;14 - 00;24;25;12
because there's there's a monthly
payment involved, and all these things.
00;24;26;03 - 00;24;29;25
And for me that was important
because I take it seriously,
00;24;29;25 - 00;24;34;00
you know, like a phone call or a lead
comes in like I'm pretty much dropping
00;24;35;01 - 00;24;36;19
to the extent I can, everything
00;24;36;19 - 00;24;39;15
that's going on and kind of tackling that
right away, Right?
00;24;40;02 - 00;24;40;11
Yeah.
00;24;40;11 - 00;24;42;26
And there's a level of commitment there.
00;24;44;13 - 00;24;46;18
You can't just put in a month, right?
00;24;46;18 - 00;24;49;26
You got to commit to the consistency
00;24;51;10 - 00;24;54;04
to see the results.
00;24;54;04 - 00;24;54;25
For sure.
00;24;54;25 - 00;24;58;00
And like some months are duds,
you know, and frustrating.
00;24;58;20 - 00;25;03;00
But then the next month, you know
it's it all ultimately equals out and
00;25;03;19 - 00;25;06;28
and I think it's always important
and I haven't been the best at this
00;25;06;28 - 00;25;10;08
but to measure you know
to figure out how you can measure
00;25;10;22 - 00;25;15;07
those campaigns, you know, a lot of people
use the word like they have their KPIs.
00;25;15;07 - 00;25;15;25
KPI’s yup.
00;25;16;06 - 00;25;20;16
You know, and just understanding like
what would it or what are the variables
00;25;20;16 - 00;25;24;15
that by which if I accomplish
these things, I will be successful.
00;25;24;15 - 00;25;25;09
How many leads
00;25;25;09 - 00;25;27;21
does it take to get an appointment,
How many appointments for an offer?
00;25;27;21 - 00;25;29;12
How many offers for a deal?
00;25;29;12 - 00;25;31;16
How many deals to reach the income level
we want?
00;25;31;16 - 00;25;33;19
And then you can just kind of work
backwards and say, okay,
00;25;33;19 - 00;25;38;01
well I need 20 leads a month to get myself
two deals like whatever it might be.
00;25;38;10 - 00;25;38;17
Right.
00;25;38;17 - 00;25;43;19
And that can help you sort of dial
in what your cost is per deal as well,
00;25;43;19 - 00;25;48;06
and make sure that when you do a deal,
there's not only room for you
00;25;48;06 - 00;25;49;00
to make a profit,
00;25;49;00 - 00;25;52;11
but room for you to cover your costs
that it took to get the deal.
00;25;53;14 - 00;25;54;03
For sure.
00;25;54;03 - 00;25;54;24
For sure.
00;25;54;24 - 00;25;58;29
And if you are measuring
and maybe you've got a couple different
00;25;58;29 - 00;26;03;11
marketing channels going,
so for instance, pay per click, you know,
00;26;03;11 - 00;26;07;04
you might have a marketing campaign
that's just direct mail.
00;26;07;20 - 00;26;11;11
Yeah, a lot of folks are doing different
things, text messages.
00;26;11;28 - 00;26;13;13
So then you if you're not
00;26;13;13 - 00;26;16;23
if you understand how many leads
it takes and understand the cost per lead,
00;26;17;10 - 00;26;21;13
well then you can basically look apples
to apples across the campaigns and say,
00;26;21;13 - 00;26;25;13
well, this one's kicking this one’s
butt, like, let's dial that one up.
00;26;25;22 - 00;26;29;01
And and see how that goes. Right.
00;26;29;01 - 00;26;30;20
So that's, that's super helpful too.
00;26;30;20 - 00;26;33;20
And I think probably for any business
00;26;33;20 - 00;26;37;08
like pretty important to
to have those basics understood.
00;26;37;16 - 00;26;37;29
Yeah.
00;26;37;29 - 00;26;40;20
I think if you're if you're not in-tune
00;26;41;04 - 00;26;47;25
with the money side of your marketing,
you're just kind of
00;26;49;02 - 00;26;50;23
doing things willy nilly and
00;26;50;23 - 00;26;55;16
that can produce results,
but it's not effective, right?
00;26;55;16 - 00;26;58;26
And you have no way to really control
things.
00;27;01;20 - 00;27;02;01
Yeah.
00;27;02;01 - 00;27;06;15
And that's, it's a constant like give
and take because you want to grow
00;27;07;00 - 00;27;10;09
and you know, there's only so much time
you can spend
00;27;11;05 - 00;27;15;12
like crunching numbers, you know,
But if you are able to set up
00;27;15;12 - 00;27;19;08
something simple,
it doesn't have to be like 100% accurate.
00;27;19;16 - 00;27;21;20
I think if you can get very close
00;27;22;00 - 00;27;25;21
to understanding where your monthly is
right and not kill yourself over it.
00;27;25;21 - 00;27;27;18
But but have a good understanding
that here's
00;27;27;18 - 00;27;30;26
here's my monthly spend, here's
how much it's going to take to cover it.
00;27;30;26 - 00;27;36;18
And based on my exit strategy, you know,
whether that's wholesale or rental
00;27;36;18 - 00;27;40;15
or flip, here's here's how many deals
I need to to kind of break even.
00;27;40;15 - 00;27;41;08
Right?
00;27;41;09 - 00;27;45;06
Yeah, some
some kind of idea because is what you want
00;27;46;04 - 00;27;49;23
and and the discipline to be consistent.
00;27;51;07 - 00;27;51;25
Yeah.
00;27;51;25 - 00;27;55;10
And you know
I think we talk a lot about discipline.
00;27;55;28 - 00;27;56;23
I mean
00;27;57;14 - 00;28;00;18
a lot of this business is discipline
and right.
00;28;00;18 - 00;28;04;26
Since there's so many different ways
to get distracted with new shiny ways
00;28;04;26 - 00;28;07;24
to make a make a buck,
00;28;08;00 - 00;28;10;29
having that discipline
to stick with something,
00;28;11;20 - 00;28;14;13
even when you have those months
where, oh, man, I didn't
00;28;14;19 - 00;28;18;25
I didn't get a deal or this,
this thing I tried.
00;28;19;22 - 00;28;21;28
It didn't work out.
00;28;22;14 - 00;28;24;20
Sometimes if you just stick with it,
00;28;24;20 - 00;28;28;10
you'll find that the benefits will come.
00;28;29;17 - 00;28;31;01
Right? Totally.
00;28;31;01 - 00;28;36;05
And to the discipline point, like
there are so many different strategies
00;28;36;05 - 00;28;38;15
in real estate, even amongst your peers,
00;28;38;15 - 00;28;41;12
as you're kind of coming up
and you start realizing,
00;28;42;02 - 00;28;45;20
Man, there's so many things, I think, for
guys that are interested in this business
00;28;45;20 - 00;28;50;22
that seem like maybe they're performing
better than what you were currently doing.
00;28;51;13 - 00;28;56;22
However, like if you're
if you're committed to whatever
00;28;56;23 - 00;28;58;16
niche that you've selected
00;28;58;16 - 00;29;01;11
and you've got like several months
involved, a couple of years,
00;29;01;11 - 00;29;05;06
whatever it is, oftentimes
like I think it makes more sense to
00;29;05;06 - 00;29;08;21
to master it, you know, especially
if you're well on the way, right,
00;29;08;28 - 00;29;12;16
and dive deep
and become really good at it.
00;29;12;23 - 00;29;16;20
And ideally, once you do that
and kind of spend the time,
00;29;16;28 - 00;29;19;24
it'll create the dividends later
where you can explore
00;29;19;25 - 00;29;22;15
more and and or maybe
like at a different asset class.
00;29;23;02 - 00;29;27;19
And I'm sure, you know,
I've had the opportunity again
00;29;27;19 - 00;29;30;28
with, with some of the relationships
that I've had to like
00;29;31;17 - 00;29;35;09
try with industrial property and,
00;29;35;16 - 00;29;40;24
and then some small multifamily stuff
and these things they seem, you know,
00;29;40;24 - 00;29;44;17
you're jumping from single family
residential into this other asset class.
00;29;45;04 - 00;29;47;06
There's
a lot of different nuances, obviously,
00;29;47;06 - 00;29;50;22
and you need to have the right team around
you, but it's achievable.
00;29;50;22 - 00;29;52;14
You know, it's like it's
00;29;52;14 - 00;29;56;14
kind of like the mental constraints
we put on ourselves and the network.
00;29;56;14 - 00;29;59;14
We have to say, Hey,
this is what I'm seeing.
00;29;59;14 - 00;30;02;11
It looks pretty good as a third party,
00;30;03;15 - 00;30;05;14
someone who's on my in my corner.
00;30;05;14 - 00;30;07;10
Could you
could you help me evaluate this? Right.
00;30;07;10 - 00;30;08;00
You know,
00;30;09;03 - 00;30;12;06
so I think that's all that's
all really, really accurate.
00;30;12;06 - 00;30;16;00
And just just sticking to selling for
a while is hard
00;30;16;15 - 00;30;20;25
in this world that we live in now,
even like finishing an email
00;30;20;25 - 00;30;23;06
without getting interrupted
is friggin tough, so
00;30;24;11 - 00;30;25;07
you can't.
00;30;25;07 - 00;30;27;29
But there's there's days
when I think I've said something
00;30;28;09 - 00;30;30;24
and I think what's happened to me
and you? And I'd be like, Dude, I.
00;30;30;26 - 00;30;33;10
I thought I hit that button
and there it is in the window.
00;30;33;10 - 00;30;36;03
It's been there for 8 hours.
I think. I've done that.
00;30;36;07 - 00;30;37;27
Well, yeah, yeah.
00;30;37;27 - 00;30;39;06
I think we all have at this point.
00;30;39;06 - 00;30;42;20
So yeah, I mean, figuring out
ways to, to block some time for,
00;30;43;20 - 00;30;45;22
for, for staying on task, you
00;30;45;22 - 00;30;50;06
know, and, and trying to finish things
that we start is important.
00;30;50;06 - 00;30;50;23
Right.
00;30;51;28 - 00;30;58;06
So one thing I want to talk about with you
is that transition.
00;30;58;06 - 00;31;01;09
I kind of alluded to it
earlier, the transition
00;31;01;09 - 00;31;06;08
from replacing the W2 the job, right.
00;31;06;22 - 00;31;09;18
Getting into the business,
getting paid for it,
00;31;10;10 - 00;31;13;03
and then finding the next step.
00;31;13;03 - 00;31;16;02
And that step being
00;31;16;02 - 00;31;18;28
passive income, filling that,
00;31;19;23 - 00;31;22;04
let's call it bucket to replace
00;31;22;10 - 00;31;25;20
that working income with passive income.
00;31;25;20 - 00;31;29;21
And what is passive income and what are
the different ways that can look like?
00;31;29;21 - 00;31;33;12
And how passive is real estate
income, right?
00;31;33;12 - 00;31;36;22
Because it's not I think most people think
00;31;36;22 - 00;31;40;03
that it's very passive, but it's not quite
as passive as people think it is.
00;31;41;09 - 00;31;42;19
Yeah, totally, man.
00;31;42;19 - 00;31;45;06
So, yeah, great, great call.
00;31;45;06 - 00;31;47;07
And I think that's so important.
00;31;47;07 - 00;31;50;25
And one thing you and I
have talked about again in the past
00;31;50;25 - 00;31;55;27
is just getting clear on what we want,
because if we can't do that,
00;31;56;12 - 00;31;57;02
then we don't.
00;31;57;02 - 00;32;02;21
There's no way we're going to ever achieve
and have kind of a milestone or a bench
00;32;02;21 - 00;32;07;00
post to say like, here's where we're going
and here's now how we get here.
00;32;07;00 - 00;32;09;26
We can come up with an actual plan
for what that looks like.
00;32;10;20 - 00;32;14;16
So to your point, you know,
the first question is like, all right,
00;32;14;16 - 00;32;16;10
I'm in this job,
00;32;16;23 - 00;32;19;09
W-2, job, corporate, whatever it might be.
00;32;19;09 - 00;32;23;15
And if I'm not loving it,
how how do I get out of that job?
00;32;23;15 - 00;32;25;16
Well, you just have to replace
00;32;25;16 - 00;32;27;26
your - Doesn't
even have to be that current income,
00;32;27;26 - 00;32;30;17
but you have to replace your expense,
whatever your expenses are.
00;32;31;04 - 00;32;35;29
So if you spend five grand a month between
rent, gas, groceries, blah blah blah,
00;32;35;29 - 00;32;38;25
figure out a way,
you know, to have a little savings
00;32;38;25 - 00;32;41;11
and then cover that
and then you can take a risk, right?
00;32;41;11 - 00;32;46;01
Or maybe you find a job
that enables you to cover the
00;32;47;03 - 00;32;48;09
next piece, right?
00;32;48;09 - 00;32;50;01
So now that corporate the the,
00;32;50;01 - 00;32;52;26
the day to day expenses are covered
and that bucket is full.
00;32;53;21 - 00;32;56;14
And now you go, okay,
what would it be like?
00;32;56;14 - 00;32;59;12
What would I have to do if I could now
00;32;59;24 - 00;33;04;08
look at those day to day that that bucket
that I'm working 9 to 5 for,
00;33;04;21 - 00;33;08;16
still working in some capacity for like
either yourself or another company
00;33;09;15 - 00;33;13;08
and have that bucket filled up
via real estate investments,
00;33;13;08 - 00;33;17;12
whether that's your own buy
and hold properties, syndications,
00;33;17;26 - 00;33;21;17
you know, different,
all these different channels and avenues.
00;33;21;17 - 00;33;26;03
And to your great point, what is passive,
00;33;26;04 - 00;33;29;13
how many you like, what kind of asset
classes are truly passive?
00;33;29;13 - 00;33;33;16
Well, I mean, I can only speak
from my experience, but,
00;33;33;23 - 00;33;37;04
you know one at one point
I think I had maybe with my partner
00;33;37;04 - 00;33;41;25
and then on my own 20 ish,
you know, 20 to 25 units,
00;33;42;10 - 00;33;45;01
and we went through several
00;33;45;01 - 00;33;48;24
managers, property managers, and,
00;33;49;27 - 00;33;51;08
you know, it was partly our
00;33;51;08 - 00;33;56;01
own issues with like the learning curve
and how to operate in those relationships.
00;33;56;01 - 00;34;01;13
But today I'm down to maybe ten on my own.
00;34;01;13 - 00;34;03;28
And there's,
00;34;04;22 - 00;34;08;02
you know, to the point it's
I don't get like blasted,
00;34;08;02 - 00;34;11;27
but it's definitely several hours
still a week than I'm putting in.
00;34;11;27 - 00;34;14;04
So like, it's not zero is my point. Right?
00;34;15;02 - 00;34;17;06
And in order for you to operate
00;34;17;23 - 00;34;21;13
any business, well,
you want to build the systems around it.
00;34;21;25 - 00;34;23;02
There's always a way to solve it.
00;34;23;02 - 00;34;24;27
Like you can hire a manager,
00;34;24;27 - 00;34;28;24
but then you're you're entrusting
that entire piece to a manager, right?
00;34;28;24 - 00;34;30;26
So, like, as long as that trust is there
00;34;30;26 - 00;34;34;17
and you're somehow keeping track
and still staying responsible,
00;34;34;29 - 00;34;39;04
I think that's the most that was the key
lesson I learned with the manager before.
00;34;39;05 - 00;34;42;13
I was like, I can focus on my flips
and my active income
00;34;42;24 - 00;34;45;11
and Hey manager,
you got the rest like this stuff.
00;34;46;06 - 00;34;49;17
And then I removed my own responsibility
from the equation
00;34;49;17 - 00;34;53;00
and then the next time I looked,
I was like, Dude, what happened here?
00;34;53;00 - 00;34;55;03
Like, the house is crushed.
00;34;55;13 - 00;34;57;26
We got these terrible tenants, it
00;34;58;11 - 00;35;00;29
more like a rehabbing this to resell it.
00;35;00;29 - 00;35;02;29
Like I would like a gut, you know. Yeah.
00;35;03;06 - 00;35;07;08
So sometimes you learn
to learn the hard way and just hope that,
00;35;07;23 - 00;35;08;25
you know, you could stay.
00;35;08;25 - 00;35;13;02
You could stay in business and then
change up quick before it happens again.
00;35;13;02 - 00;35;15;13
Yeah, Yeah. You got to manage the managers
00;35;16;16 - 00;35;18;26
like, people forget that sometimes.
00;35;19;06 - 00;35;19;19
Yeah.
00;35;19;19 - 00;35;20;10
And do
00;35;20;10 - 00;35;21;13
maybe you find a great one
00;35;21;13 - 00;35;25;06
that you don't need to but you got to
watch it for a little while, right?
00;35;25;11 - 00;35;28;14
Yeah. We all hope that's the case. Right?
00;35;28;20 - 00;35;30;28
They're hard to find though.
00;35;30;28 - 00;35;31;17
They are.
00;35;31;17 - 00;35;31;29
They are.
00;35;31;29 - 00;35;33;18
Well, it's a tough business. It's
a very tough business.
00;35;33;18 - 00;35;34;20
Property management.
00;35;34;20 - 00;35;35;21
It's a very tough business.
00;35;35;21 - 00;35;37;13
Yeah, Thin margins.
00;35;37;13 - 00;35;39;26
You kind of have to thin margins.
00;35;39;26 - 00;35;40;08
That's it.
00;35;40;08 - 00;35;44;04
And like, you know, I,
I think about that one personally is like
00;35;44;04 - 00;35;49;01
you kind of have to get to 100 units
before you hire someone
00;35;49;11 - 00;35;52;11
because you're maybe making 8
to 10% of rent.
00;35;52;12 - 00;35;52;27
Right?
00;35;53;04 - 00;35;56;05
And that might be 100 bucks a unit.
00;35;56;23 - 00;35;58;23
So, you know, if
00;35;59;09 - 00;36;01;29
if you're that guy
operating that business,
00;36;02;14 - 00;36;05;22
are you the only guy like,
are you the guy answering all the calls?
00;36;05;22 - 00;36;07;09
Are you the dude?
Do it all the maintenance.
00;36;07;09 - 00;36;09;18
What are you. Yeah. So it's it's tough.
00;36;09;21 - 00;36;10;15
It's a hard one, man.
00;36;10;15 - 00;36;14;29
Yeah,
but with that said, you know, back to our
00;36;15;22 - 00;36;20;15
passive bucket, you know, like,
I think there's you come up with your goal
00;36;20;26 - 00;36;25;05
to, to figure out how much you know what
what monthly income are you looking for.
00;36;25;22 - 00;36;28;23
You figure out an asset class
and for me it was like
00;36;29;09 - 00;36;32;23
just natural to find stuff
that was easy for me to get to
00;36;34;02 - 00;36;35;21
because
I think there's a lot of opportunities
00;36;35;21 - 00;36;39;09
still in and around
where I live in Baltimore and
00;36;40;04 - 00;36;43;20
and then kind of work backwards
from there to say, okay, if it's if I stay
00;36;43;20 - 00;36;47;10
with these single property, single family
properties, how many is it going to take,
00;36;47;29 - 00;36;50;18
you know, at the level
that we're pursuing them?
00;36;51;09 - 00;36;56;09
And, you know,
I think that that goal can change.
00;36;56;09 - 00;37;00;19
And for me, it's gone from like,
I'd rather have fewer
00;37;02;10 - 00;37;05;28
kind of larger assets, you know, condense.
00;37;05;28 - 00;37;09;20
So the same rationale that a lot of people
I was with multifamily
00;37;09;20 - 00;37;13;16
or whatever asset class,
like maybe you want to drop 1 to 2 million
00;37;14;07 - 00;37;16;15
into a multi a small multi family
00;37;16;15 - 00;37;20;11
rather than having seven,
eight or nine single family properties.
00;37;20;11 - 00;37;22;08
And that's definitely becoming
more attractive.
00;37;22;08 - 00;37;24;09
As I'm kind of progressing here.
00;37;24;09 - 00;37;28;29
I feel the same way and I think that ties
in nicely to the overall theme here.
00;37;28;29 - 00;37;31;10
Do more with less.
00;37;31;10 - 00;37;32;05
Exactly right.
00;37;32;05 - 00;37;34;19
Exactly. Me Yeah, yeah. And
00;37;35;17 - 00;37;37;21
just like
anyone who's kind of looked into this,
00;37;37;21 - 00;37;40;06
this isn't new information at all,
but like
00;37;40;28 - 00;37;44;02
small multifamily, you have 20 units.
00;37;44;02 - 00;37;46;22
They're all one bed,
one bath are all laid out the same.
00;37;46;25 - 00;37;50;00
They have one roof,
all have the same exact infrastructure.
00;37;50;10 - 00;37;54;27
20 houses on the other hand, 20
different layouts, 20 different
00;37;55;08 - 00;37;58;20
you like completely different HVAC systems
and like the whole thing Yeah.
00;37;58;23 - 00;38;01;26
So if you're especially
if you're a small business, it's
00;38;01;26 - 00;38;06;01
really nice to have those levels
of understanding and scale
00;38;06;07 - 00;38;10;02
and then go, Hey, we can you know, this,
this is still one building.
00;38;10;02 - 00;38;12;29
It's not 20 buildings,
it's one place, right? Right.
00;38;12;29 - 00;38;15;09
I think that makes a lot of sense
and as I've
00;38;16;09 - 00;38;17;19
I'm kind of in the same boat as you.
00;38;17;19 - 00;38;20;19
I've owned a portfolio of single families
and I've
00;38;20;19 - 00;38;23;22
found that multifamily
00;38;24;22 - 00;38;27;13
owning less of those single buildings
00;38;27;26 - 00;38;32;07
and more units
themselves has been a big change.
00;38;33;12 - 00;38;34;20
Yeah, Yeah.
00;38;34;20 - 00;38;38;03
And frankly,
I need to practice what I preach.
00;38;38;20 - 00;38;42;13
But because I still like, you know,
I've owned a few small multifamily
00;38;42;15 - 00;38;47;15
and it's something it's definitely
a bigger goal for me this year in 23.
00;38;47;23 - 00;38;51;22
And, and one thing that happens
that has happened to me
00;38;51;22 - 00;38;56;29
is like we get so involved and invested
in our in our marketing system
00;38;57;15 - 00;39;00;22
that what shows up easily
and kind of naturally
00;39;00;22 - 00;39;04;04
now is single family property.
00;39;04;04 - 00;39;07;20
So I don't want to abandon that channel,
you know, and I'm
00;39;07;20 - 00;39;09;02
just kind of like thinking out loud
here, like,
00;39;09;02 - 00;39;13;01
I don't want to abandon that
because that's the business I've built.
00;39;13;01 - 00;39;16;15
However, you have like, if,
if I want it to change,
00;39;17;07 - 00;39;21;26
I have to make some changes to the system
because it's built in a way
00;39;22;04 - 00;39;25;04
that right now those things are still real
valuable to me, right?
00;39;25;06 - 00;39;28;19
So I need to have you know, it has to be
very intentional, as is my point, Right?
00;39;28;27 - 00;39;29;22
Yeah, that's a good point.
00;39;31;06 - 00;39;32;14
Yeah, right.
00;39;32;14 - 00;39;35;04
Well, Travis, what are your goals
for the rest of the year?
00;39;35;10 - 00;39;39;15
What do you see yourself doing?
00;39;39;15 - 00;39;44;26
Well,
if we I'm looking to do 12 to 15 flips,
00;39;45;15 - 00;39;50;16
you know, 1-ish
a month is is a good level for me.
00;39;50;16 - 00;39;53;09
And I got there last year.
00;39;53;09 - 00;39;58;20
I think there's still enough
and I kind of the way I operate is houses
00;39;58;20 - 00;40;02;09
that are like generally $350,000
and under as an ARV.
00;40;03;18 - 00;40;07;16
And just for me personally, like in the
construction I do, I think that's safer
00;40;08;11 - 00;40;11;20
for, for kind of the level of finish
and the model that I have.
00;40;12;13 - 00;40;14;20
So that's certainly a goal.
00;40;14;20 - 00;40;18;23
Keep the marketing going
and then this year to the
00;40;18;26 - 00;40;22;17
to the passive bucket,
I want to get that thing a lot more full.
00;40;22;28 - 00;40;26;21
So I am seeking now
and kind of clarifying myself
00;40;26;21 - 00;40;31;01
like what does that look like from a 1
to $2 million asset?
00;40;31;01 - 00;40;34;04
And I'm kind of toying with a different
a few different asset
00;40;34;04 - 00;40;38;01
classes in real estate
multifamily being one of them, and then
00;40;39;02 - 00;40;40;05
the small multifamily.
00;40;40;05 - 00;40;43;10
And then I've actually
just recently started looking at like
00;40;43;10 - 00;40;46;01
small neighborhood centers,
which is kind of a weird
00;40;46;22 - 00;40;48;08
something that not a lot of people
talk about.
00;40;48;08 - 00;40;49;25
Like Shopping centers?
00;40;50;13 - 00;40;54;11
Yeah, sort of like strip malls,
but but say say they're
00;40;54;27 - 00;40;58;13
the way I'm looking at
this is like maybe like 5 to 10
00;40;58;13 - 00;41;02;22
tenant situations that aren't anchored
by like a huge grocery store.
00;41;02;27 - 00;41;05;09
So it would be like,
you know, a liquor store
00;41;05;09 - 00;41;08;29
and a tax accountant
and like a dog groomer or whatever.
00;41;09;13 - 00;41;12;29
But things that whether there's
an economic downturn
00;41;13;04 - 00;41;16;28
or not, haircuts like people are going
to, you know,
00;41;17;13 - 00;41;20;13
and it's something
I've just started learning about
00;41;20;13 - 00;41;24;22
but I'm pretty interested in
because it doesn't seem quite as saturated
00;41;24;22 - 00;41;29;29
and competitive at this very moment,
you know, in comparison
00;41;29;29 - 00;41;32;17
with like multifamily
and and a few, you know,
00;41;32;22 - 00;41;35;02
mobile
home parks have blown up and self-storage.
00;41;35;02 - 00;41;41;15
So anyway, might be something that'll I'll
get into here in the next 6 to 8 months.
00;41;41;28 - 00;41;43;28
Great. Well,
that's that's pretty exciting.
00;41;45;05 - 00;41;47;09
Yeah, I'm pretty, pretty excited
about it, man.
00;41;47;09 - 00;41;49;21
And look, if I don’t life goes on.
00;41;50;05 - 00;41;51;18
Life goes on.
00;41;51;18 - 00;41;53;27
A lot of other different ways to,
00;41;54;20 - 00;41;57;06
you know, expand your business.
00;41;57;06 - 00;41;59;04
Right, right, right.
00;41;59;04 - 00;41;59;16
Yeah.
00;41;59;16 - 00;42;04;13
And dude one other thing on the expansion
I just want to mention,
00;42;04;15 - 00;42;07;27
like it's also okay
to, like, be good with where you are.
00;42;07;27 - 00;42;10;19
Yeah, I would.
00;42;10;25 - 00;42;13;10
And I say that
because I think we all as like
00;42;13;18 - 00;42;17;03
in our culture,
we're like, Oh, well you did 12 last year.
00;42;17;03 - 00;42;18;13
Like, why don't you want to do 20?
00;42;18;13 - 00;42;20;19
Like,
why don't you want to double, like, Well,
00;42;20;23 - 00;42;23;25
because I have three kids
and I've tried to raise a family too
00;42;23;25 - 00;42;25;28
and like not be kicked
out of my household.
00;42;25;28 - 00;42;28;12
It's so important to realize that
00;42;29;12 - 00;42;32;15
you you can't give it all up to work,
00;42;33;24 - 00;42;34;20
right?
00;42;35;01 - 00;42;35;26
I mean, you can.
00;42;35;26 - 00;42;36;19
You certainly can.
00;42;36;19 - 00;42;39;10
But there's there's a cost to that.
00;42;39;19 - 00;42;44;09
And not everyone
has the same sort of situation.
00;42;44;24 - 00;42;47;22
But your something is going to cost you.
00;42;47;22 - 00;42;50;07
There will be something to break along
the way.
00;42;51;16 - 00;42;51;23
Right.
00;42;51;23 - 00;42;57;23
So taking time for yourself, taking time
for your family, recharging, spending,
00;42;58;00 - 00;43;00;24
you know, time on your relationships,
all that stuff is so important.
00;43;00;24 - 00;43;05;11
And I and personally I think
is the most important thing.
00;43;05;11 - 00;43;08;11
So, you know,
I think you've got a great mindset.
00;43;09;20 - 00;43;10;16
Well, I appreciate that.
00;43;10;16 - 00;43;13;03
Yeah. And yeah, that's it. That's easy.
I feel the same way.
00;43;13;04 - 00;43;15;04
Like that's why we started this, right?
00;43;15;04 - 00;43;18;20
You know, that's why we decided
to go into this business so we could
00;43;19;09 - 00;43;22;23
develop freedom and not have to work
till were 60 you know, behind a desk.
00;43;22;23 - 00;43;25;13
Right?
So that's, that's the whole thing for me.
00;43;25;13 - 00;43;29;09
And that's kind of what keeps me grounded
and getting after it,
00;43;29;09 - 00;43;33;18
you know, with the hopes of
of having creating more time freedom.
00;43;33;18 - 00;43;34;20
Yeah. Yeah.
00;43;34;20 - 00;43;36;00
I think it makes a lot of sense.
00;43;36;00 - 00;43;38;03
Well, you're
you're absolutely crushing it.
00;43;38;29 - 00;43;40;27
We appreciate you coming on, Travis.
00;43;40;27 - 00;43;42;22
I value our friendship a lot.
00;43;42;22 - 00;43;45;11
And I'm glad that you're here with us
chatting.
00;43;45;11 - 00;43;50;25
And is there any way that people can reach
out to you if they want to get in touch?
00;43;52;16 - 00;43;53;03
Yeah, man.
00;43;53;03 - 00;43;53;22
Absolutely.
00;43;53;22 - 00;43;56;19
So, first of all,
thank you for having me, Jarred.
00;43;56;19 - 00;43;58;26
It's it's a complete pleasure
to chat with you.
00;43;59;15 - 00;44;01;11
On and offline at any time.
00;44;01;11 - 00;44;02;21
So thank you.
00;44;02;21 - 00;44;07;03
And we can
if anyone's interested in chatting,
00;44;07;18 - 00;44;11;19
I'm on Instagram just @lauchmanRE
00;44;12;04 - 00;44;17;01
and and Facebook
and you know like website.
00;44;17;01 - 00;44;19;14
So hit me up
if you guys have any questions in
00;44;19;29 - 00;44;22;15
around construction or flipping houses
or if there's anything I can do
00;44;22;15 - 00;44;26;07
to help Happy to Happy to chat Travis
we'll put all that stuff in the show notes
00;44;26;07 - 00;44;29;02
for everybody.
And thanks again for coming on.
00;44;29;02 - 00;44;32;04
I look forward to chatting with you again
soon.
00;44;32;04 - 00;44;32;28
My pleasure, man.
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