Master Your Niche And Tips To Scale

Episode 4 of The Wholster Real Estate Wholesaling Podcast – watch and listen here!

Wholster Real Estate Wholesaling Podcast Ep. 4 with Travis Lauchman.

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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