BiggerPockets Real Estate Podcast - 242: How to Live an Incredible Life Now & Achieve Early Retirement with Josh Randall

Episode Date: August 31, 2017

Money doesn’t buy happiness – but it can give you the freedom to live a truly extraordinary life, something our guest today can really speak to! We sit down with Josh Randall, an investor from Kentucky with nearly 100 units who also works as a full-time business owner. You’ll love Josh’s mindset when it comes to buying cars, travel, and more through real estate, as well as his “goal-focused” investing that will get him fully retired by the age of 48 (with $50k a month in cash flow!) Josh is incredibly fun and also highly informative, so don’t miss a second of this show which Brandon calls “one of his top episodes ever!” In This Episode We Cover: How Josh got started in real estate through buying a Corvette Details on his first deal – a mini mall Selling bath tubs while property was still empty How many properties Josh currently owns Juggling business and real estate investing Facebook Marketing to find deals The Plumber story His strategy His monthly cashflow The ‘why‘ behind his investing Making assets pay for the liability His strategy in finding deals The types of houses he buys Adding one more bedroom to a house What is a knockdown? Managing a business with 70 employees and real estate investing The Limo Hummer And SO much more! Links from the Show BiggerPockets Forums BiggerPockets Youtube Channel BiggerPockets Facebook Profile Buy and Hold Real Estate—What Works and What Doesn’t with Tim Shiner BiggerPockets Webinar Tenant Cloud Books Mentioned in this Show Rich Dad Poor Dad by Robert Kiyosaki 50 Things They Didn’t Teach You in School by Tim Shiner Playing to Win: Jerry Jones and the Dallas Cowboys by David Magee Fire Round Questions Oil tank in basement – should I remove? Investing/Flipping Manufactured home. Good or bad idea? Buyer asks for inspection report items to be repaired. Tweetable Topics: “Real estate is a piece of cake. I can do it with my eyes closed!” (Tweet This!) “There’s always a way to add an additional bedroom.” (Tweet This!) “Not everybody is the same person.” (Tweet This!) Connect with Josh Josh’s BiggerPockets Profile Central City Rentals Facebook Page Josh’s Company Website Josh’s Personal Website Learn more about your ad choices. Visit megaphone.fm/adchoices

This is the Bigger Pockets podcast show 242. For the most part, I always tell people this. Compared to having 70 employees, real estate is a piece of cake. I'm telling you, I can do that with my eyes closed. It's easy. You're listening to Bigger Pockets Radio, simplifying real estate for investors large and small. If you're here looking to learn about real estate investing, without all the hype, you're in the right place. Stay tuned and be sure to join the millions of others who have benefited from biggerpockets.com.

Your home for real estate investing online. What's going on, everybody? This is Josh Dorkin, host to the Bigger Pockets podcast here with my disobedient co-host. Disobedient? Mr. Bramette. That's a weird phrase to you. Like, am I like your kid now? I don't know.

You're like, no. You're like mocking me as I'm doing my intro atcho. I was pretty disobedient. That's the wrong word. are you what are you want to lean over you can get got a paddle spank me yeah that was just me you're not a not a not a not a not a nice person sometimes brann that's that's that's like for any of you guys who want to know what just went down you know go to youtube and check out the bigger pockets channel at youtube.com slash bigger pocket bigger pockets and check out the show I have a bigger bigger bigger

pockets speaking to that speaking of that speaking of big now you're making fun of how I speak and wow it just continues I've been working through parks and wrecks the show parks and rec which amazing show. And I'm almost done with it. I'm in the last season. And one of the last episodes, anyway, there was a scene in there where one of the guys says something about, you argue about everything. You argue about pockets. And she says, well, I think they should be bigger. And I was like, ha, bigger pockets. Yeah. Awesome. Anyway, maybe last. That's great. Okay. So anyway, today's show, how are you doing? I'm doing, I'm doing good, but I'm doing better now. I'm actually pretty pumped up because of today's episode. We just recorded this episode. And it was, like,

I would say easily one of my top three favorite shows I've, we've ever, I guess we've ever talked to. I don't know. I really got a ton out of today's show. You're making 200 people feel really bad. I know. They're all going to be like,

well, they don't know. They might be in the top three as well. No, but this show like, man, we talk about everything from like using Facebook to get leads for your rental properties to why he owns a limo hummer,

like a 34 foot limo hover. It's actually a really, really cool idea. I'm going to start looking for a limo hummer. And like, I would say it's one of the funniest shows we've done. It's great. I think one of the most important things about this show for me and I think for any listener was

the idea of why. Again, this is something we continue to talk about is what is your why? Why are you doing this? Why are you getting into this? How do you do it in a way that helps you build wealth but also rewards you and makes you feel good and gets you on board? It's great. This is a great show for everybody.

So definitely tune in. Yeah. But yeah, well, I guess we're not doing any small talk here, Brandon. I'm right in us. But let's, we do need to get to today's quick. You're going to take it? I will take it. All right.

Today's quick tip is very, very, very simple. If you are not following us on Facebook, you should go follow us right now. Like pause the thing right now. Go over to your, you're on your phone anyway, probably. So go to your phone. If you're driving, do this later. But go and follow us and go to Facebook.com slash bigger pockets and follow us there. We just post a lot of cool stuff there all the time.

And in fact, like our channels, Zach runs it. He's awesome. So anyway, follow us. there. Awesome. Very, very good. Very good. All right, guys, this is show 242 of the BiggerPockets podcast. You can check out the show notes at biggerpockets.com slash 242. And I want to ask you guys for a favor, please, please, if you like this show, if you love this show, if you're addicted to this show, go on iTunes, leave us a rating and review.

Let everybody know how you feel. Those ratings and reviews help us. As of this weekend, I was looking and we were ranked number eight in business. We were ranked like 147 of all podcasts on iTunes. Fantastic, but we could do better and we need your help. So leave us a rating and review. And if you don't like us, don't do it. No, be honest. Leave us an honest review.

Yeah, yeah, that'd be really helpful. With that said, let's get to this thing. Let's get to this thing. Today's guest, Josh Randall, from, I don't know, I can't even find it on a map, Kentucky, is a successful real estate business, still, oh my God, a successful real estate investor and business owner, who's just got a great philosophy on how he does things, good guy, funny, and has tons of great things to share on today's show. So listen up. Have you ever lost a DSCR deal because the financing just took too long?

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segregation guys is the number one firm nationwide, specializing in identifying these faster depreciating assets in your property. They've completed tens of thousands of studies across all 50 states from remote cabins to apartment complexes. So if you own investment property, this is a no brainer. So visit cost segregation guys.com slash BP for your free proposal and find out how much you could save this tax season. Let's bring them on. Josh Randall. Welcome to the show, man. It's good to have you. Hey, Josh. Hey, Brandon. Thanks for having me on. I really appreciate it. Yeah, this should be a lot of fun today, especially since I don't, have we ever had a Josh on the show? we must have.

But I think we've had one. It'll be confusing. Yeah, it's going to be weird. So I'm going to be like, hey, Josh, you're a good looking guy. And you don't know who I'm talking about. Thank you. What's I talking about? I don't know.

You could do JR, which also are my initials. Yeah, J.R. Docton and Josh Randall, weird. Yeah. All right. We're going to try to minimize the confusion by just having Josh Dork and not talk much. I'm just not from Kentucky. So the listeners will figure it out.

Oh, yeah. Really quick. That'll be obvious. So, cool. I'm married my sister, too. You're not married to your sister. Yeah, baby. That's what I'm talking about.

That's a little weird, Josh. You've dishonored our name, but, you know. You knew it. It's coming. I knew it was coming. I was going to say it. So you just beat me to the puncher. It's great.

I love it. I love it. I mean, let's get into this thing. So Josh, you are an active real estate investor with a growing portfolio. Where did this all get started? from what did you do before how did the idea of real estate come up how'd you get started good question so i own a printing company actually me and my father uh own a printing company my dad started a business in 1984 i became a half owner in 1995 i've been doing it ever since i was 10

years old i'm 42 now so 32 years i've been in the printing business so when i was 31 almost 32 at that point, I had been in the business 20 years. And I met a gentleman named Tim Shiner, who you all did a podcast with. It's actually podcast number 221. Nice. Look at you all prepared. There you go. And so I was over his house.

We went to a Cowboys game. I flew to Dallas. Oh, Cowboys. Come on. Come on. Hit Cowboys fan, man. Got it. Oh, gosh.

Francoe. All right. Well, we have five Super Bowl rings. But anyways. So I was down there and we were just talking about retirement plan because, you know, being an entrepreneur, I wasn't heavily investing in the stock market, didn't have hardly any investments, actually. And I was just running around like a chick on my head cut off, trying to grow the business still. And Tim basically gave me some great advice. He said, Josh, 10 years is going to go by whether you own real estate or not.

and you'll never buy anything else that somebody else will pay for. And I thought, you know what? That makes good sense. And he was the guy driving around in the black Lamborghini, so I knew he knew what he was talking about. So he literally told me, he said, you know what? He said, it's all about setting goals for yourself and rewarding yourself. He said, you can't work enough hours to get wealthy in what you're doing.

And he's right. I mean, it was going to take a ton of business hours. So he said, you've got to leverage yourself off by buying real estate. He said, what's a car that you like? And I said, man, I'm from near Bowling Green Kentucky where the Chevy Corvettes made. Everybody likes Corvettes back home. He said, I thought you were going to say like a Pinto or something. Well, I like Pindo's too. But the Corvette, so here's what he said. Go back home, try to find a real estate deal. He said, how much money do you need to make to justify buying a new Corvette? And I said, if I can make 20 to 25 grand on one deal,

go buy me new vet. So I did. I came back home, started looking around for a real estate deal, and I bought this little mini mall, ended up making about $40,000 on it. So it was my first deal. And I got on eBay, bought me a brand new Chevy, bright yellow Corvette, convertible stick shift. And I bought it to reward myself for doing that. And every since that day, I realized you can make money in real estate. You just got to start looking. And you got to have a purpose. I love it, man. So your purpose to start was by the damn vet, which, what color was it?

It's bright yellow. I figured it would be bright yellow. What other color would you? Yep. Yep. Yep. DB, man. DB.

All right. Okay, Josh. So do you. I could say that, right? Yeah. Say what you want. This is your show, man. It's all good.

All right. So you went and did a real estate. deal because you wanted a new port vet and by doing so you proved to yourself that real estate could definitively be a means to an end for you towards not just a vet but retirement as well correct absolutely okay cool so that first deal was a mini mall right that's right let's let's never yeah never heard a guest saying their first deal was a mini mall so yeah so what did that what what did that look like like to describe the mini mall how did you find it what'd you pay what did you do and how'd you sell it?

Obviously, it sounds like you flipped it. So what'd you do here? So at that time, like I said, it's 31 years old. My dad, that was the only time ever since then. It's been the mini mall was the only thing ever went into partnership with somebody on. And that was my bad, right? So we bought it originally for this $40,000 and we ended up selling it for. $40,000 for the parking lot for the driveway.

Yeah. Now welcome to small town central city. city. The property is not the same as it is everywhere else. As a matter of fact, to change go a little different direction real quick, the building that I'm in now is 22,500 square feet. It's my printing company, right? Gave $240,000 for it. Now, they were asking $340. I made them a one-time offer, told them that if basically I'm going to build something if I don't get a good deal on it. And because I had seven acres.

And they took my offer. For $240,000, we put $100,000 in it. The appraisals is a half a million. Yeah. But you moved this building 30 miles north and it's a million. Yeah. So you're in, as we like to say, podunk. Right.

Absolutely. Okay. All right. All right. So you played, and we should talk a little bit about podunk and investing in podunk. In fact, Brandon, I think has a story who wants to share about investing in pro which he was complaining to me about earlier. But it's convenient.

We got two podunk guys here, but you paid $40,000 for this thing. What did it include? What was the mall? It was a, it used to be like an indoor flea market. Okay. So if you can, it's, it was sectioned off. And in the very back, it actually had like a room set up

for somebody like living quarters. And it actually had a brick house on the property as well. That went with it. That was about 1,200 square feet. fee. It needed a lot of work, but we bought it mainly for the building. And right off to bat, before I sold it, I got online, found wholesale hot tubs, bought about three tractor, trailer loads full of hot tubs, which was about 45 units and marked them up $500 each and sold them all than about two months time. Wow. So actually made $27,000 on that deal as well in addition to

selling the property. So while I had it sitting empty, I was selling hot tubs out of it. So was the hot tub thing designed so that somebody could see what it would look like to have stuff in there or was it just like, eh, I'm going to buy some hot tubs and sell some hot tubs. I just wanted to put something in it that I could sell. So I can back up. I'm like, I'm not warranting the hot tubs. You're getting a brand new $6,000 hot tub for $2,500. I'd pay two grand for it. So they're saving a lot of money. They'd back up with the trailer. Man, four other guys would load it up into the trailer and they drive off.

This is some Kentucky business right here, boy. Yeah, Willing and Dylan. I love it. Hysterical. All right. So you paid 40K. Did you do any work to the property? Absolutely nothing.

And sold for $120,000 about two or three months later. Wow. Wow. And then how were you able to do that two to three months later? It was worth it. It there were you got to understand there's very little commercial buildings here. Yeah, but how'd you how'd you get it for 40k then if it was worth 100 plus? It was a guy that had it.

It was an older gentleman who had it for years and sit empty. And basically I'd say it was going downhill, but I mean, he was just ready to get out from underneath of a lot of different properties that he had. He was actually a retired minister. So they was just looking get an honest, I didn't even have it a price. I just bought it. We wouldn't have to spot it. We knew it worked more than that. We didn't know how much more than that.

Right. That's cool. That's a cool first deal. Go ahead. That's inspiring. So how did you go from there to, well, let's actually fast forward to the end of your, I mean, what have you done total now? And then we'll back up and go through your story.

Like, what do you do today? I mean, what's your portfolio like? All right. Well, I work 12, 15 hours a day at my printing business. We had 70 employees. We printed $7 million worth of the T-shirts last year. That gives you a kind of volume how much we're going through here. So I'm working my butt off here still, but I enjoy it.

But so that tells you how much time I actually have to devote to real estate. And I have 50 houses and 40 apartments. And people tell me all the time, how do you manage that much property? Do you have a property manager? Honestly, my wife, she works up front here in the printing company. And she keeps the books, people turn receipts. So people walk in a lot. lot of times they pay the rent here and she keeps up with the money but for the most part

I always tell people this compared to having 70 employees that is a piece real estate is a piece of cake I'm telling you I can do that with my eyes closed it's easy so I have about nine guys that's including a painter maintenance guy uh construction guys and I give them a work order every morning and I give it to one guy and he takes out and takes care of everything needs to be done. So that's basically where I'm at and I'm buying about a house every four to six weeks right now. And being in the small town has its advantages because I'm kind of known as the guy that buys real estate. I tell people up front, look, I don't need it. I'm not living there.

I'm your last resort. You want a good deal. I can write you a check for it. I'll get a tight opinion done. As long as there's no liens against it. I'll, I can close on a deal in three to four days. So, so by doing that, I mean, I get a lot of good deals. I'm actually in a process of closing a one right now, five bedroom, two story house.

You won't believe it. It's got a garage. It's moving ready. 10K. 25,000. 25. Wow. Yeah, and it'll rent for 650 a month here.

Wow. So are you doing marketing? I mean, you got billboards out there and stuff like that? Or is it word of mouth or? It's all Facebook. Really? Facebook. Facebook.

I'm telling you, this is funny because we have what's called for rent in Milibur County, you know, a Facebook page, a group, and there's several groups like that. In this area, we have a lot more renters than homeowners now. It's just kind of trended that way. I posted a four-bedroom house last night on Purcell in Milibur County or for rent Milibur County, and it was rented within an hour. Wow. So, and I've been getting calls all day on that.

It's actually a fascinating thing. We don't have a local Facebook group in my county for rentals. So create a landlord or rental group. Yeah, Graz Harbor, like where I live, Grays Harbor County, Graz Harbor County rentals and invite other landlords. City rentals. Is it? Yeah.

My central city rentals. Who runs that group? I do. So you created the group. I created the group. And what it allowed me to do to is take an album. So I have, I use Tenet Cloud, a cloud-based program. But also before that, what I would do is I'd upload the pictures.

So when my guys got done remodeling the house, I take pictures. Rather than keep it on my phone or my personal Facebook, I'd upload it to Central City Rennels. And I'd have an album there that I could just easily share when it came open. And you let other people in your other landlords in the community also share? Yeah, I will. Absolutely. Got it. Got it.

And so how did you actually, I mean, I think this is a really clever strategy for finding tenants. I mean, obviously in some markets, you don't have to do that. You got Craigslist and places like that. But in a, in kind of a smaller market where maybe there's not as many people, how do you get those renters to show up there? How do they find out about this group? Well, what I do is when you, number one, I've got a ton of friends on my regular Facebook. Well, when you look like that, man. I know, I know, trust me. Keith Urban, man. Let's sing us a song.

Maybe at the end. But like for rent in Miliburton County, I mean, it's got, I think it's like 8,000 members. You got to understand. There's only 30,000 people that live in my county. So in Kentucky, you know you're from Kentucky when you don't say a town you're from, unless it's Louisville or Lexington. You use counties. So from Yulberg County or Ohio County. That's what we do here too, yeah.

Do you really? Yeah, we say Grace Harbor County. I don't say Aberdeen or Montessano. Yeah. So it's just honestly, I post it and my stuff is gone. I mean, literally, a lot of times in minutes. Well, what's cool about Facebook is that even if, I mean, let's say somebody isn't even part of that group, but somebody, you know, Aunt Betty is part of that group.

She sees the listing come up. She knows that her niece is looking for a place. She can just tag that niece. Like Facebook is so powerful for that stuff and very few like investors use it. That's very cool. And it's real easy for me to do. You know, I don't have to, you know, I get that s a lot of time. How do you market it?

I don't market it. Matter of fact, I don't even want my phone number out there. Unfortunately, my phone, it rings off the hook. So at 6 o'clock at night, I have to, you know, turn it on silent. Yep. There you go. Yeah. All right.

So I've got some, I've got some questions that I want to dive into. But before I do, Brandon, let's hear this small town investing story that you're dealing with. All right. So, no, maybe you can, you know, resonate with this, I don't know. But you got, you got people right now. So anyway, I've got a plumbing issue last night, somebody called and they've got water from when they run their sink in their kitchen. It's running up the bathtub and the toilet, which means there's a clog somewhere.

And I know the plumbing is, it's been kind of messed up for a while. I need somebody to go into there and just redo that plumbing. I cannot find a plumber with a hundred miles of here, period. Like, I just can't. I called like 17 plumbers and like three ends up. their phone and they can't do it. And so like the last, and I didn't tell you this, Josh, I just got a text other dorkin, but I just got a text here like five minutes ago from my assistant who said, I got a guy that will do it for a thousand bucks. Like he'll, he'll do it for a thousand

dollars. So come for a couple hours of work to clear this thing. And I'm like, this is like the hard part about living in podunk is that sometimes it's just impossible to find people at a reasonable time. Like by law, I have to within 24 hours get their water working again. Yeah. And I can't do it. Like I'm really struggling. Yeah. So how do you over? It's funny you said that because I just dealt with the same thing this past weekend. I promise you. Yeah. And I actually, I posted on Facebook, I said, if somebody will get me a good plumber,

I will give him 90 rental houses all the work he wants. That's a good idea. So, but here's the thing. I'll be honest with you. I've got a few plumbers here. One, you know, just got arrested for meth. Oh, wow. So I can't use him anymore.

Whoops. But I guess there's more money and meth than plumbing. I guess so. But I tell you something else I would probably suggest is I had a maintenance man that at one time that we went up unfortunately had to part ways about a year ago. But I was going to pay for him to get his license. And by doing that, he's going to have him sign a contract saying he would still work for me for a certain amount of time. So that way he can still make, he can make very good money as a licensed plumber here. Yeah.

Interesting. Interesting. Interesting. Cool. Well, good story. And there you go, guys. The harrowing truth about investing in the middle of nowhere. Well, if I could expand real quick on this.

I hear people from time and time who live in big cities like, you know, Seattle or San Francisco or Denver. And they want to invest. What? You can't find a plumber. You can't find a good one because they're all every. There's like thousands of houses being constructed. Everybody's working on their property. And you can't find contractors to save your life.

So I do like, I do like that idea. There's too much growth. Yeah, I think the Facebook thing is interesting. But here's like people, where I was going to go is like people buy in podunk. They go and buy in Grace Harbor where I live. They go and buy in your town because they're like, oh, $25,000 for a house. I'll buy that. But then what happens and I see this, people come, like investors from out of the area coming to my town, they buy something because they think it's cheap.

And a year later, it's sitting there vacant and empty and falling apart. And eventually they just lose it in foreclosure or they just let it go back like for not paying taxes. Right. Well, Tim, the Tim that did the podcast with you guys, right? Yep. He came up here. He actually had a business in Central City, a promotional company that we did all this work. And that's how I met Tim.

So he started buying apartments and houses, and he's 750 miles away in Dallas. So the problem that he had was people stealing from him. You know, the property managers, literally they were taking the laundry money, the money from the Coke machines. Yep. and they don't really care if all the units are full. I mean, let's face it, I mean, even though he would bonus them, they still didn't care. It wouldn't work the hassle for them. It was amazing how I would talk to him, and I would say, how do you have 24 units open

when I'm completely full and I have people beating down my doors? Well, that's the difference between him and I. So he recently just sold off his property here. My rule of thumb is, you know, people ask me, do I have property 20, 30 miles away? My rule of thumb is if I cannot drive by that property with ease on my way home, I don't want it. Yeah. It's my rule of thumb. And a lot of people buy into that.

And I think especially for new investors, it's a good strategy. It keeps it close. It makes sure, and it doesn't have to be 20 minutes. It could be whatever, you know, works for you. But, you know, we used to talk about this a lot on the show back in the first, you know, 100 shows. I don't think we really brought it up. But, yeah, I mean, investing. closer to home makes sense, right? It's easy to roll by. It's easy to see. It's easy to stay on top of

if you have a property manager to keep on top of them. If you're managing it yourself, you know, then you can know what's going on. So that's great. You got to understand my printing company is where I make the bulk of my living. Right. So I don't want, if I was in real estate all the time, I would be buying property in Nashville, Bowling Green. I mean, there's stuff appreciating there like crazy. That is the downside here is there's no appreciation. Yep. But we do cash flow like crazy. All right, Tim. I mean, Josh, sorry. I'm thinking of Tim because of you. So what's the strategy then? You know, why are you? I mean, you talked about it initially as a means to buy that car. And you're saying obviously that you've got this business that is what provides you the bulk of

your income. Yeah. Why are you in the game and where are you going with it? Why are you? are you trying to make more money with it than your business? Are you trying to get out of your business? Or you just, it's another stream. All right. So there's a couple of objectives I'm trying to meet here. Number one is I want to be able to retire at the age of 48. When I started buying property back when I was 31, when I hit around 33, 34, I'm like, all right, I've got to have a go. Just to go and buy a house here and there really didn't. I mean, it wasn't appeasing other than just appealing other than just going for the sake of buying property. and remalling it for the fun of it.

So my goal became to, I want to be able to sustain a certain lifestyle at the age of 48 and to be able to start backing out of my printing company at some point. My dad, he's 62 years old still doing it. And I don't want to be in that position. So I'm 42 now. I'll be 43 in December. So I started financing my properties when I was like 34 and 35.

to the age of 48. So that gave me an end goal. And also, I travel a lot. I have four kids. I mean, I'm going to Vegas this weekend. We just got back from a third cruise this year. And that's not bringing. It's just telling people,

there's a lot of people that can't afford to travel that much. But I'm your ordinary guy. And I used to not be able to travel that much. But I'll give you a good example, how it allows me to travel. So I bought a house that had a 24 by 30 garage on it. It was two bedroom upstairs, full-sized basement that were finishing. And it also had a 30 by 80 building that was built in the year 2000.

So 2400 square foot building that were turning into a three-bedroom house. So I bought all that. You won't believe it. The same number, 25 grand. Oh. Now, after fixing up, so my, I would always try to tell people, my friends that want to get into this business is I get a line of credit. And so what I do is like I'll pay for that house up from that line of credit for 25,000.

The crews that me and my family took was $8,200. So I paid for that out of that line of credit. So when it's all said and done, I'll refinance that property. I'll have roughly around $45,000 in it. The appraises going to come back easily, $75,000 to $80,000. So that $8,200,000. for that cruise, they're not come out of my pocket. That person out on that rental property just paid for my vacation.

I've actually done that a number of times as well. It's like the birth strategy and you just take out a little bit more for or doing a trip or going somewhere, having fun, like living life now versus, you know, waiting to you're too old. And could I pay for that from printing business? Yes, I could, but why? You know, why do I want to do? I can at any time take that $8,000 and go pay it down on that mortgage if I wanted to. But this keeps my wife happy.

So every time I go to her and I say, hey, I just bought two more houses rather than hear her. She's like, vacation. Yeah, she's like, vacation, baby. So is that? Well, I think Tim talked about that same concept too. I think it was somebody recently, but I think it was Tim Shiner.

It's rewarding yourself. Yeah, reward yourself every time you buy a property. And then your spouse is totally on board. I love that. Absolutely. Yeah. And that property is going to be paid off when I'm 48. Yeah.

So in your 42 right now, so now you're getting. six-year notes on your property when you're buying? Are you making it to everything ends? Well, let me say this. All right. I want to be totally up front. That strategy was perfectly fine up to us a couple years ago.

But now I still have a lot of properties that's starting to be paid off. And mortgages have been paid off starting next year. Yeah. So these things are going to start snowballing starting next year. And I still have about 12 of those houses that are just paid for that I bought that I didn't finance. So the money is going to start rolling it. And so I can still pay everything off at 48, even though a couple of the properties in the past year I financed for 10 years. I can still take the money that's being paid off and pay those off in plenty of time before I'm 48.

But I don't have to, you know, it's just, but now when I'm going to have close to 50 grand a month coming in at 48 right now. You can't live on that in Kentucky. Come on. You need to double that. Yeah. Right. So, I mean, that's, he's, he's going to be buying. a Corvette a week.

Yeah. You can just line the block up with yellow corvettes, man. Don't let anyone else park. But, you know, that's the way I'm going to retire. And I don't know, I'll probably pull money back out at 48 and, you know, refinance. What I love about this is, you know, it's funny that you talk about the strategy because just the last couple of weeks, my wife and I have been talking a lot about this, but we're kind of shifting a little bit of how we think about real estate in terms of before it was

leverage everything as much as possible, get the, the best deal, get the cash flow up because I needed that cash flow to be able to, you know, have financial freedom. Well, I got the financial freedom. I have the income. I'm not worried about any of that anymore. Now we're thinking, you know, what does retirement look like? And I'm 32 now.

So I'm like, well, what does that look like in terms of not having to deal with finding a plumber at, you know, nine o'clock at night and deal with all. Like, and where I came up with this is idea. And again, this is not like I made this up or anything, but it was an interesting way of looking at it. Let's just say I had 20 houses. that were each giving me $200 a month in cash flow, right? So it's not a ton of money, but it's $4,000 a month, right?

20 houses give you $2,000 in cash flow. But if each of those houses, the mortgage payment was roughly $400 a month, it means that as soon as they're paid off, my income triples overnight, which means a person could have just 20 houses making $200 a month, and that's $4,000 a month for a long time, especially if you put those on a 15-year mortgage, but as soon as they're paid off, your income triple. So you're living good now and you're living even better later.

And that's why we love real estate. Like right. Even if I love looking at a house that I could buy for $30,000 and rent for 500 a month. So every 30 grand that I make through my printing company or through other means, it's another 500 a month for a long time in my life. Yep. So it's, that's why it, being in real estate has made it so hard for me to go buy a vehicle. Yeah.

To spend a ton of money because I'm thinking, I want to go buy a house. I did just buy a new truck finally. I drove the same truck for 17 years, but something else that real estate allowed me to do, you know, the rich dad, poor dad theory. You know, my wife wanted a new Camaro. We've been married 23 or so.

I wanted to get everyone for our 21st anniversary. So I'm in Vegas. I find a brand new Corvette. I'm at Corvette Camaro for $28,000. Call the banker. I'm like, I'm going to buy this car. And he's like, no problem, Josh. I'll go ahead and start getting set up on payments, right?

I told my brother he was with me in Vegas. Now, when I get home, I'm going to go buy me a $30,000 house. Yep. Let it make the car payment. So at the end of the five years, that Camaro that's only worth $8,000, it's still, you know, yeah, I lost money on it, but I still have the house bringing in $500 in mine. Yep. Yeah.

So, yeah, you make an asset pay-free liability. Yep. Every time. I love that. So here's a question I have. Like, this works great for you, right? You know, you get to live in the, glowing metropolis of, you know, what the fuck nowhere.

Beep. I guess I just got beat. I just, I just, I think I just got beep there. But, you know, you get to live in sunny, sunnyville nowhere and buy houses for 20 grand a house, which like is, I mean, that that cash flow, you know, three, four hundred dollars a month. I mean, that's amazing. Most, you know, in lots of parts of the country, people can't find that. And, you know, obviously we tell people, and within two hours of any major city,

you generally can start to find stuff, two-hour drive. But what would you say to somebody who says, wow, I love this? I really, like, man, I can't live there. I can't do it, right? Yeah. But you can only see like Tim Shiner, who gets 20% a year in appreciation, which is another way to make. make money. But there's no guarantee of that, right? I mean, that's true. That's right.

Well, there's no guarantee of anything, but, you know, obviously cash flow is a lot safer than betting on appreciation. So that's right. What advice would you give to that person other than like, come on down? Well, all right. In this small town, that is a great point because there is less risk. A house that's worth that you buy for 35 grand, it's never going to be worth less than 35 grand. I don't care what the market, what happens to the housing market. Unless you're in Detroit, but yeah. Yeah, right. I mean, 10 years ago, five years ago.

Excluding Detroit and places. And a few other cities, yeah, yeah. But I would not live anyway. It's no offense. That's not me. I like small towns. So you got back. Oh, so let me tell you something else.

So these people that have their houses, I paid off my house in Kentucky, now, which is 4,800 square foot that I bought 13 years ago for $10,000,000. And first I put some money into it. So it's really, I got it set through what I like. It looks like a miniature Panama City Beach in the backyard. So I paid it off. My wife, she's like, man, I'm so glad we don't have that payment. And I'm like, honey out, I hate to tell you this, but I've already talked to somebody.

I'm refinancing it. And so I pulled out 200 grand and went and bought five more rental houses with it. Now, it's all in what you want. I think there's a lot of people that has a lot of equity in their house where they live. And they think a house is paid off or I've got a $800,000 house. I only owe $200 grand on. To me, if you're not using that equity, it's useless. So because you always have to have a place to live.

Yeah. Right. So I went and I pulled out $200,000. So my payments on my house now is $895 a month. I'm buying those rental property. They bring in $2,650 a month. So just by refinancing my own house, I'm making an additional $1,700. $1,800 a month.

Yeah. And so I think if people have houses, no matter where you live, using equity in your house, I really don't have all the answers. No, no, of course. You know, from the big cities type stuff. It's just not, I mean, I've had people give me advice. There's a doctor local here who buys a lot of property in Nashville. The appreciation is going up like crazy there right now.

But it's just not for me. I mean, I'm trying to grow my printing company and still set up for retirement. in Central City. So that's the goal. That's what you're shooting for, is retirement and, you know, continue running your printing business because you like it and it's a good income and buy yourself a cruise, you know, once every two weeks and a car, you know, once a month. It's great.

I love it. Well, I don't buy cars that often. Actually, not very often at all. I hate buying it. I got you. I got you. Now, I'm giving you a hard time. All right, Brandon.

Yeah. So before we go back, I mean, we got to move on to the fire round here in a little bit, but I want to go back to a strategy you talked about earlier about finding deals. You said you find deals. Did you say you find them via Facebook as well? Sometimes, but typically, you know, I'm up on Saturday mornings. I devote that time. If I don't have something really pressing at my office here, I devote Saturday to rental property. I'll drive around, look for for sale by owner, signs, just anything that I do. And I'll just, I'll go around, check out my property, do drive by. If I see some things I want to change, I take pictures of my phone.

I text it to my maintenance guy. But by doing that, I'm able to find a lot of deals. That's awesome. So just driving for dollars, looking for properties. And I make obnoxious offers. So, okay, let's let's talk about that. So you drive, you find properties that look, that don't look like they're doing well, or are you just doing ones with the for sale by owner science?

Not always. I'll give you another example. So there's this brick house sitting on the corner lot. I really liked it. And I drive by it almost every day. And I thought, you know, I'm going to stop in and talk to the owner and tell if they ever want to sell it. I want to buy it. I want to put an offer in at least.

So I just knock on the door. Guy comes the door. And I said, hey, man, you know, I'm Josh Randall and it's printing company over here. But I also buy real estate. If you ever want to sell, I like to put an offer and goes, you know what? I think I would want my own mind entertaining an offer. the house, the appraisal on it was $125,000 offering $75,000, and he took it. We shook hands right then, right then.

And so I'll go back to the office. I'm like, well, I just bought another house and it's a great deal. I mean, I love this house. Guy in there hears me talking about it. And he's like, man, I need another house. I wouldn't mind a house. You know, I need a four-bedroom. I ended up, didn't even, I didn't sign a purchase agreement or nothing.

I just shook hands with this guy. I let him buy it. And now the deal, I got 10 grand of cash and a pontoon. Just knocking on the guy's door and letting somebody else buy it. So you wholesale the deal. I'll sell the deal really quick. And for those of us who don't know what a pontoon, are you talking about a pontoon boat? Yes.

Absolutely. Pontein boat. Country song. Yeah. Yeah, there's. So, so I don't know. I gotted that pontoon and actually did count it. It looks just like my core van.

bright yellow now. Corvette Cals on it. It's got Corvette seats in it. Do you have photos of the car and the pontoon? That is obnoxious. I have to see that. You should shoot me a picture. We'll put it up on the show notes at biggerpockts.com slash what show or number 242.

So BiggerPockets.com slash show 242. And if we can get some pictures, I'll put them up on the on the site. That'd be fun to see. Just don't do what they're doing in Ozark, man. Don't cut the holes in those pontoons to hide bad things. That would they do in Ozark. All right. I'm going to watch that show. I heard it's good.

Yeah, you got to watch your show. It's crazy. It's crazy. All right. Well, that's, that's awesome. So what, what are you looking for in a house? Like, what kind of metrics are you looking for? Obviously, you want some kind of cash flow, since you're not focused on appreciation. So what are the exact? What kinds of houses are you buying? And what the metrics? I love making houses three-bedroom that are not three-bedrooms. Oh, me too. I love that. Yep. Yeah. I love buying two-level homes. and make them in duplexes.

That's my favorite thing. I bought a house for $32,000 about eight years ago. It's one of my first properties, right? First dozen houses. And I had $32,000 in it. I was renting it for $575 a month, I think it was. And I went in for a couple thousand dollars. I was able to make it two different units.

One bedroom upstairs, two bedroom down. But I pay the utilities, right? So now the one bedroom brings in five. The two bread bedrooms brings in 575. So I'm bringing in $1,100. I'm out about $300 a month in utilities. So that's $800 versus $5.50. And just five.

And what are you all in on construction on that and purchase? Literally, there was a kitchen already downstairs. Yeah. So literally I put new flooring, sealed off the doorways, the stairway is going up, made in my closet and poured a driveway around back. And that was pretty much yet. So three or four grand. So you mentioned the, I love that a lot.

I love looking for ways to, you know, find a hidden potential. Like that's what it's about, right? Is you find a hidden potential? So if you can't find a good deal, oftentimes creativity can let you, let you make a good deal. It's like you mentioned the two bedroom or three bedroom thing. What I always look for, and this is just a tip for everybody, like look for a two bedroom house that has over a thousand square feet.

Because almost if you have a thousand square foot house and it's only two bedrooms, there's almost always a way to put in another bedroom. I found one the other day, a 1,400 square foot house with two bedrooms. And so I knew just by looking at that like scrolling through realtor.com and I saw the listing, I go, there's hidden potential right now. So it's going there. And I look and sure enough, there was a garage that somebody converted to a den, right? And they were even using it as a bedroom, which means as a rental property, this is a three bedroom house that rents in my area for 875 versus a two bedroom, which runs for 575. I mean, that's a massive difference.

Absolutely. Turned it from a mediocre deal, probably not a deal, to an amazing deal just by that. Right. Well, I started out in the rental business putting cheap laminate down. I'm talking about years ago, right? You're going to, at that time, it was lows buying 79 cent laminated or cheap carpet. I don't do that anymore. I put really good flooring down that is vinyl, water resistant.

Yep, same here. The interlock, like the click lock or whatever. Yeah. Yep. Absolutely. So I'm going back now, what I find out. myself doing is as these properties are, you know, coming empty, the ones that I bought 10 years ago. I'm going to and doing some updating. Like I took one house to perform 50 bucks, updated it,

put new flooring, just does some renovation of things that I've learned, like spraying knockdown on the walls. If you got paneling, you know, you could seal the lines up and spray where it looks like a condo, you know, Florida condo. Hey, hey, by the way, just to clarify what, what that is. Knockdown? Knock down. Knock down. Yeah. It's, They put sheetrock mud and a hopper and they spray it on. I like texture on the ceiling. Then they come back for the trial and they knock the sharp edges off. So it looks like a stucco.

Like you would see in a condominium and like if you went to Panama City Beach or something like that. Yeah, I was really surprised. I went out to where was it? I think I was hanging out with Jay Scott over on the East Coast at one point a couple years ago. And we were talking about how like they don't use any texture. I think that was where it was. They don't use any texture on their walls at all. And that was a weird thing to use texture.

But where I'm from and like every. Everything gets texture. I mean, the wall behind me is textured with, with, you don't have smooth walls. That's weird. But other parts of the country are different. Now, I do have some things got smooth walls, smooth ceilings, but those, I want to come about these older houses where you don't want to go in and if you have to rip all the paneling off.

If it's getting tight, we can spray knock down on it. I mean, a whole house and a half a day. Yeah. And so what I'm doing is I'm going back and just facelifting those houses that we're bringing in 450 a month. Now I'm getting $6.50 a month out of them for a few thousand bucks. That's awesome. Yeah.

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messaging guests, creating your host space and managing reservations. So everything runs smoothly. It's a practical way to earn a little extra money, maybe even some cash toward your next trip. Plus, you get to share your place with someone traveling to your area while you're off making memories somewhere else. Your home might be worth more than you think. Find out how much at Airbnb.com slash host. Yeah, I think this is great. I'm, go ahead. You've got one.

I got a question. You're ready? I'm ready. I'm ready. You're sure? Yeah, I want to know this. Make moves. Right now.

Spit it out, buddy. This is a question that I'm going to help you with Josh Dorkin here. Oh, oh, wow. Josh Dorkin. And Josh Randall's going to help Josh Dorkin here. And myself. All right. You have 70 employees.

You know? 70. Josh has 30, 25, 30, some more in there, right? Josh Dorkin. But Josh Randall got 70 employees. You also have 50 houses, 40 rental units, like, and then you travel frequently. Now, most business owners can't leave their business. Now, Josh Dorkin here did just leave for like nine months and go, no, okay, it was like, three weeks, but whatever.

Went around the country. But like, how do you do that? How do you find, how do you manage all this stuff? How do you get the right people in place, sort of like, do you have any tips of advice on that? That is the key. So it took me a lot of people. And that said any place doesn't count the eight or nine that I keep in the rental business, too. So I finally found a guy and I pay him pretty good money, who's the head of the construction crew.

So they basically work for him. I don't want to have to go to each one of them and give them marching orders every day. I give it to one guy. And by the way, this tenant cloud that I'm using, you can give them an iPad that when they're There's maintenance issues. You can just drop it into your software so they know what needs to be done. So I'm not constantly answering the phone for toilet leaks and all that good stuff, right? So he takes care of all that.

In the screen printing world, I mean, it takes, my biggest thing was I was my own bottleneck in the company. You know, in 2000, I was a graphic designer for 12 years. I did all the artwork. Finally, I realized I need to hire more graphic designers. Now I got six. And then I realized I was a salesperson. bottleneck. So what I started doing is just we start putting supervisors in place over each department. So now, rather than one person trying to run everything, you got into little business owners

supervisors running their own department and make sure it's running good. And I think girl, let me ask you a question because you use really interesting words there and I've never heard anyone else say that. You called your supervisors business owners. Explain that. Are you compensating them as business owners? How exactly do you treat them as business owners or Did that just kind of slip out wrong? Well, I mean, honestly, I pay like the printing supervisor, right? We're able to pay more. Every time we add equipment, he's able to make more money.

So rather than going, oh, my gosh, he added another automatic printing press. And now we've got to hire another person to run it, a person to cash your shirts and box them and all that. So when you give him more on his salary, every time you add a piece of equipment. So they have some stake in the game, right? Salespeople, they're compensated by salary. commission and bonuses. The sales manager is bonus on

the previous year, whatever our sales go up this year over that last year and gets bonus on. Yeah. So it's, and honestly they got it better than I do. Yeah. Oh, I know about that from time to time.

How do you do? How do you deal? Yeah. Yeah, right there, Josh. Oh, sorry. There's something down on here. So how do you deal? How do you deal with the fact that you've got commissioned people getting bonuses and stuff?

And then you've also got admins who are not commissioned bonus, like commission base. And you got probably HR people and you got all these people. How do you deal with them getting mad at the same person? Not everybody's the same. You know what? There's something to be said for those people that could come in at seven in the morning and leave at 3.30 and not have to answer their phone anymore. Yep. They'd rather get paid more per hour, get their health care paid, you know, get their vacation time and go home.

I mean, there is something to be said for that. Then there's people that are, it's, you know, salespeople, they don't want that. They want to be able when they go out to eat red lobster to also give out a business card and make money. And that's where I'm at. Your line, your line, it appears, is, you know, it's the clock in, clock out guys. Those are those are the ones who are paid, you know, a salary and fairly, obviously. And those people who the office never closes, so to speak. That's right.

Those are the guys who are getting a piece of the pie. That's exactly right. And you know what? If you got a maintenance guy, you pay for his cell phone bill. You give him extra money per week because he's taking those calls for you at night. Yeah. You know, you compensate them as well. I give them gas money.

I mean, just whatever I have to do. And I'll go money their way at my own discretion. You know, if we finish the house pretty quick, I bonus them. Yeah. That's great. That's awesome. Yeah, I love it. Cool.

Well, let's one of the fun. Yeah. Let's head over to the fire round. It's time for the fire round. All right, let's get the fire round questions. These questions come direct out of the Bigger Pockets Forums, which of course you can go and get to by going to biggerpockets.com slash forums. We're going to fire them right now at Josh Randall.

Number one. I'm nervous. You better be. You better be. It's getting hot in here. It's getting hot in her. All right. Converting from oil to gas furnace.

Should I remove the oil tank in the basement? The quote to remove is $700. It's a flip, but it could be a rental if it doesn't sell at the right place. So should I spend the $700 to remove the oil tank in the basement? Absolutely. Look long term. The 700 bucks over seven years is nothing. Take it out.

There you go. There you go. Cool. All right, next question. While still searching for my first rehab, I received a call from a homeowner via direct mail who's interested in selling. The thing is that it's a manufactured home, basically a mobile home that can't be moved. taking it over with my partner, I've been told that this type of property, one, would be hard

to get funding for, and two, is difficult to get comps on the property. I don't know a lot about this part of investing, which is why I'm coming to bigger pockets for some insights. Would flipping a manufactured home be a good idea for first flip? Absolutely. I actually own two. I try not to buy those because the insurance is higher. It's harder to fix. It's harder to find parts for, you know, the hot water tanks are a different size. So I would, anything I could buy and make money on, I'm going to flip it. I flip the tractor trail load of, I flipped a tractor trail load of a Corvette tires one time. I made $6,000.

Just a guy came to me and I bought all he had and just re-shoulders. You're just a flipper. You're a flipper. I flip anything. Yeah, well, I just got offered. My mobile home actually, I paid $36,000 for. I've had it, rented it for $5.50 for the last. three or four years and somebody just wanted to buy it for 49.5.

So I could sell it if I wanted to. Probably won't. Yeah. I hate selling. Why do you hate selling? Because I'm not in it to sell. I just not in it. I look at residual.

I just want residual income. Yep. I love that. You love it. If you give me 10 grand, I'm going to blow it on Texas Roadhouse and all the other stuff that I do. Nice. All right.

All right. All right. All right. Next question. this is, I pick this question because this is something I'm dealing with a lot lately. When a buyer asks for items on an inspection report to be repaired, do you repair all of them? Do you negotiate which ones you're willing to do, et cetera? Well, I was looking to see what the cost is.

I mean, it all depends on how much you're making on the deal, right? If I can go through and fix, so like the house I just rented out last night, the big four bedroom, if they went through and I say, here's exactly what I told them, I promise. pertains to this. I'm not selling, but I'm renting it. It's a higher price house. I said, you could go through and nitpick this house. If you nitpick me to death, it's not a brand new house.

I'm going to raise the rent. But anything safety related, I'll fix. So locks and windows, loose, post around doors, front porch, everything like that, I want to fix it. But don't nitpick me over every little thing. I want to raise the rent. So that would be my answer is if you want me to raise the price, I'll fix everything. There's some things I can go through it. Because you know how to, I could say my crew of eight guys.

We can knock out a ton of stuff that the average homeowner thinks is a big deal that I know it's not a big deal. Yeah. Yeah. I had a last week or two weeks ago, I had a deal fall through. We were selling a house and they got the inspection back. And, you know, again, you can find a lot of things in a hundred year old house. And so the house is a hundred. I mean, it was in mint condition, in my opinion, and like totally remodeled everything.

But, man, like they wanted, they, the agent wrote back, we have to the inspection. thing, they would like it all fixed. And we said, what do you mean? And they said, well, it's a 70-page, you know, inspection report that was done by the best inspector in town. We want it all fixed. We're like, well, what does that even mean? Like, the roof is eight years old.

Yeah, we want a new roof. Really? Like, I mean, they ended up, in their first time homebuyers, they wanted a perfect brand new house. And I'm like, which makes, I mean, you're scared. They're nervous. Yeah, they're scared. I don't know what, what's it like for it.

But your answer, it's okay to say now. This is the best looking house in that town. Like, they will not find. a better house. Like this will not be homeowners ever at that mentality. It just drives me nuts. But anyway. And they'll probably, if they don't buy that house and they want a brand new house, they're going to pay 20 or 30 more grand for it. Yep. Rather than buying yours and putting a $4,000 roof on it. Yep. By the way, the end of that story real quick is just,

because I want a roof costs down in nowhere. Actually, I just put a roof on a house that's a thousand square foot and it cost me labor and all like $2,800. Nice. This metal, metal roof. Oh, okay. So as I said, the end of that story is that day, I told my agent, it's like, screw it. I'm so tired of selling it. It was a second time, like, something similar had happened.

I said, screw it. I'm not going to sell the house. Let's just rent it out. That got my agent like hustling because now he's going to lose all that commission. So he goes, within like three hours, he had another buyer that he had been working with. And they just weren't quite ready. They needed a month. So we put under contract.

They got early occupancy. They're renting it for a month and a half until their loan can go through. through. And yeah, I might end up losing it. Who know? Like, they might just become renters of mine, but we have a contract. They're going to sign in October and actually close. So, who knows? My wife makes a list and I still don't fix everything in my own house. I'm not fixing it for everybody else. There you go. Yeah, you, uh, you are not alone, my friend. You were not alone. All right. Last, last question. Should we consider letting the tenants stay or is it better to start with a new set of tenants? Oh, sorry. I missed the first half of that question. Basically, they bought a new property.

They're closing on a new property and they've got to inherit a tenant. Oh, there you go. Oh, okay. You know, I mess it up. So I inherited a tenant. Yeah. Yeah. Yeah.

So what experiences do you have with this type of situation? What would you recommend? So do you keep them? It's got a pin in it, right? Yeah. Do you keep them or do you put somebody new and train them your way? The house I'm closing on right now, the five-bedroom has somebody in it. It's their family member.

It's renting it for $300. So the day I close, I'm going to go ahead and serve an eviction notice. Why? Because I know they're not going to pay the $5.50 or $600. I know that I'll give them the opportunity to. But it's typically, I have more problems with people that's staying in a house. If I look around the yard and I see how they're living in it now and the yard's not mowed and there's crap everywhere, I don't want it in my house. So I guess it's case by case.

I mean, I can't say I would evict everybody. Yeah. Yeah. You can usually tell the way that a tenant has been is the way that they're going to be. That's like a phrase we use in the book on managing rental properties. Yeah. The way that they've been is the way they'll be. And people don't change.

That is hard to get people to change. Just look at Josh. Isn't it Brandon? I've been trying. I think we both just made the same joke at the same time. You're just more dominant in your yelling. Well, I am definitively. That's a love-hate relationship.

more doubt but there's there's absolutely no love between brand and i there's a whole lot there's a little there's a little love man come on these two guys come on come on all right all right it's time man all right it's time for the fire no famous for nice job i thought it's a fire round no one okay to butcher it brother yeah all right all right All right, the famous four, these are the same four questions we ask every guest, every week. And now we're going to. Okay, we'll decide to make them the famous five because we do ask five questions. We don't.

It's four, pause, one. It's the famous four, right? Number one, what is your favorite, what is your favorite real estate related book? It's rich dad, poor dad, man. It's life changing for me. There you are. I like it. I got to land there.

And I actually will give copies. Tim Shiner gave me a copy of it. And that's what I do for a lot of other people's way. Did he read it to you? Or? Yeah, and I had a pacifier in my mouth. And he was bare chested, the baby old on him. He'll love that.

That's weird. You're crazy. I love it. I love it. That was weird. Okay. Next question. Favorite business book?

And who read that? to you. All right. So, I'm changing. All right. So here's my favorite business book. It is 50 things they did not teach you in school by Tim Shias.

Nice. And the reason is I am chapter 39. And, and hang on, I'm going to show you this yet. What chapter in? You're a two. You're a deuce. This book's got to go, man. See that napkin right there?

I do. That napkin that's going to want the books. That napkin was something that when I had 33 properties in my mid-30s, Tim Shiner we was at Buffalo Wild Wings. He made me sign it. And he said, set a goal for yourself. I said, I was going to have 92 properties by the time I was 45, but I was going to have 50 by the time I turned 39.

So my 39th birthday, Tim calls me up. He said, how many do you have? And at that time, I had 70. And he put this, he framed it and sent it up to me and I didn't know it. So he said, congratulations on meeting your goal. So that's good friend and mentor right there. That's really cool. All right.

I have no idea what the book was, what it's about, but that's okay. Say it again. It's basically talking about what I'll say. It's 50 things they did not teach you in school. Cool. Awesome. It's on Amazon. He don't like all the money to a shelter.

Food bank. That's great. Awesome. All right. Next question. What do you do for fun besides like cruising and racing cars and having kids? and I don't know. What else do you do?

Besides playing around with the new drone toy, you know, one thing that I did buy that real estate helped me buy is, and I'm not being a chalk back here, so when I did buy a 34-foot Hummer limo. I don't know what you said. Is that something we're supposed to bleep that? I think so.

That's a Kentucky term, I think. Maybe or maybe. No, no, no, that one. Yeah. I think our editor will have bleeped that because I'm guessing it's bad. It's not bad. It's just a turn for a guy that flaunt stuff, basically.

Okay. So you're not fronty, but you bought a 34-foot limo-hummer. Yeah. Tell us about this. Remote-hummer? Yeah. I take, like, my salespeople, and actually, there is the company I bought my first limo from was a real estate company that would take potential buyers around and show them their

more higher-end houses. You know, limos, like the car limo is cheap. I gave 15 grand for it. And people think you're a raw. It makes them feel like rock stars when they get in it. So that's a great way and a great thing to use in your business. So if I want to send the limo, I have a tenant or a tenant, a client that flew into Nashville and now I don't want him bringing a car driving through cornfields and beanfields to get here.

You send him this Josh Hummer. They don't even realize it. They just sit back and relax and they show up in my office. That's awesome. And so we live 30, 40 minutes away from, you know, any bigger town. Only 90 miles from Nashville, by the way. But we could jump in the Hummer, talk. So I have a driver who takes this.

We'll go out to eat and take staff out. It's a great tool. And we play guitar in it a little bit. We sing. I got karaoke system. And that's what we do. Is that what's happening after you pick me up with the private jet, the next purchase? Absolutely.

It's going to be yellow as hell, isn't it? Yeah, it's going to be bright yellow. I should never told you the color. I should have said white. Yeah. I can't live that one down. All right. All right.

Last question from me. And the final of the famous four. What do you believe sets apart successful real estate investors from all those who give up, fail, or never get started? Hmm. But makes them successful. I think it's that moment. Everybody, you know, you talk people that say they fail and, you know, you have to get back

up. I mean, that's, that's easy to say and I understand that. I just think that one. once you get the aha moment and you grasp the big picture of not being in debt, you know, not charging 30 grand on your credit card, buying assets instead of liabilities. You know, the biggest problem that I see is these young guys that go and they work in the coal mines here and they're making a ton of money. And they make really a money.

So what they do, they go buy $60,000 diesel trucks. They go buy them a boat. They take to the river and they're in debt rather than taking good advice going to buying assets and setting those sales up in their 20s where they can really play in their late 20s and 30s. But the successful people, I think, don't go into debt. They only go into good debt. Good debt. There you go. There you go. Awesome. Josh Randall, where can people find out more about you? How do they reach out? And obviously, you've got a printing company. So let us know about that. All right. Well, I'm not one that really promotes a lot myself, but you could go to

central screenprinting.com. I was given a advice before I came on here that I need to go ahead and get a web page. So it's going to be Josh Journey.com. Josh Journey. Josh Journey. So I'm going to, yeah, Josh's journey was taken. Oh, Josh Journey. And all I'm going to do is just kind of show you a timeline.

I'm going to put it on there when I started buying and things I've learned along those ways. Nice. Some people can also connect with you over on bigger pockets, right? Yeah, absolutely. Yeah, cool. Hey, by the way, Josh has sent us some swag. And rarely do I do this.

but, you know, we've been looking for a company to work with to sell bigger pockets merchandise. Josh sent us some samples of his work, of what he can do, and the quality was really, really good. I was really, really pleased with it. And so, you know, if you're looking for somebody who could do this stuff, I would obviously reach out and have him send you some samples. If it meets your goals, it meets your needs and, you know, work with him. And if not, no, harm, no, fail. And no, he did not pay me for this. And no, this is not quid pro quo having him on the podcast.

I just learned about it this morning after finding out who I'm talking to here. So, yeah, definitely check it out. I wear the hat. I wear the hat all the time, man. I love that hat you sent. Thank you very much. And I love what you guys do, bigger pockets. It really does help a lot of investors, I know.

Yeah. Here's actually a funny story. So I'm in the office. I'm in my office doing my work. And I walk out and I see Scott wearing this hat that looks amazing. that is this awesome golf hat with bigger pockets on it. There's a bunch of other swag in the room. And I walk in, I'm like, yeah, where'd you get that, man?

He's like, Mindy, I go, I talk to Mindy. I'm like, Mindy, what's going? She explains what's going on. Go back to Scott. I'm like, dude, I need that hat. Sorry, man, I really need that hat. I'll see more. I totally stole the hat from Scott.

I feel terrible about it. I definitely need to replace it. But I rocked that hat like all the time, you know, in representing bigger pockets. everywhere I go and everything that I do. And so I got to, yeah, I'm a terrible boss. No, no, you're doing it right. You're playing the cards right.

But I'll send more. I'll see you guys more. Woohoo. Awesome, man. All right, Josh, well, listen, man. It was a pleasure having you on the show. I love what you're doing. It sounds great.

Lots of luck going forward. And please do send us pictures of all that yellowness, man. You got it. I appreciate you guys very much. Thanks for having me on. I think so much. Thank you, Josh. See you later.

Bye guys. All right, guys. That was Josh Randall. Big thanks to Josh. That was a great show. That was a fantastic show. I mean, I was like, like seriously, like laughing hysterically. There's points where I turned off my, my microphone and I was just like, like, I'm sure

my wife probably in the other room, like, what is he laughing about? Yeah. Yeah. Anyway. So, yeah, I thought it was a fantastic show. You know, one thing we didn't really spend a lot of time talking about, but it was so, like, important. He used the word bottleneck.

Like, in your business, like, you are a bottleneck to something right now. everybody is somewhere. So I think it's an important thing to ask you stuff, what are you bottlenecking in your business? Like what are you stopping progress from happening right now and how can you get out of that? And I thought that was a, it just made a big impact on me. I started thinking about, you know, what am I, where am I right now that I'm on bottleneck? I love it. I love it.

Awesome. Yeah. Great. Great. Well, a great show. Brandon, you know, go, go find a plumber. I'm going to, I think I got the guy for a thousand bucks for a half a day or whatever to the world.

It's going to be crazy. Absurd. It was a guy that, like, like, he's refused years. and years of not. He's a licensed plumber. He doesn't want to do plumbing anymore. He wants to be an artist, which is fine. He's a cool guy. But I'm like, dude, I need you. I will give you a thousand dollars. And I think he'll do it.

Anyway, I love it. All right, man. Well, good luck with that. And, uh, all right. Let's get out of here. I am Josh Dorkin. Signing off. And that's Brandon Turner. You're listening to Bigger Pockets Radio.

Simplifying real estate for investors large and small. If you're here looking to learn about real estate investing, without all the height, you're in the right place. Be sure to join the millions of others who have benefited from biggerpockets.com. Your home for real estate investing online. It's time for it. It's time for it's time. The random five. All right, this is time for our random six or five or whatever we call this.

Nowadays, number one, these are random, random questions that we ask our guests. Just get to know them a little better. Number one, if you can sit down with your 15-year-old self, what would you tell him or her? I would say, try to leverage yourself quicker, hire people earlier on, invest in automated equipment, a lot, equipment a lot sooner. You know, a lot of times people don't want to invest in their business and you become your own bottleneck and it takes you 20 years. Then all of a sudden, once you start growing, you get it, you can really expand fast. There you go. Nice.

All right, what historical figure would you like to see in present day? Like, would you think it would be cool to watch George Washington roam around the streets? Oh, you know, I am a Christian. I'm a Christian man. So I would like to see the Apostle Paul. I like Paul. I like that. So you want to see what Paul knocks out on his Facebook account every day?

I mean, is that what's up? I think Apostle Paul would probably say, hey, quit worrying so much about making money and do other stuff. Yeah, maybe. But he did write a lot of the Bible, so he's pretty gay. There you go. I like it. I love it. All right.

Number three, what are you currently reading right now? Oh, you know what? I got it right here. 50 things I. I was going to say the book, which is after 47 all about me. Playing to win by Jerry Jones. Oh. Just got it.

Jerry Jones, isn't he the coach of that one horrible team? What was it? Yeah, he's a major and owner. Hey, he's a billionaire, man, so he knows what he's doing. He knows what he's doing. People give him grief, but my thing is, if I'm in my 70s and I'm a billionaire, I'll be passing the football if I want to. All right.

So you've got this Hummer and you like to take people in it and sing karaoke. So how do you rate your karaoke singing ability from one to ten? I only give myself a six or seven, six and a half. Wow. Okay. That's pretty bold. It's pretty bold. Well, maybe I need to back it up.

Now that you said that to a four. Yeah. I didn't think six was bold. So I did sing the other night in Nashville, I got up on stage. The band, if you pay them 20 bucks, they would play any song. So I paid them another 20 to let me sing. They got, and I did Bon Jovi. Nice.

Oh, nice. Which one? That would be a song I would sing. I'll be there for you. Okay, okay. I was hoping it was living on a prayer. That's my jam. That's old school.

That's a guitar hero, though. There you go. Josh Dorkin, how would you rate your karaoke singing ability? If I was singing Pearl Jam or Bon Jovi, it would be a 12. Oh, okay. Yes, wow. That's not bold at all. Anything else.

It would be 1.5. All right. All right. That sounds about right. All right. I do like country music, though, a lot. I do too. Yeah, that's good for you.

I like country music guy. All right. Hey, I'm small town, man. I can't stand it. That's because you're a big city, you know? I like some very, very limited country. It just can't be due twangy or whiny. Yeah, me neither.

I'm not real twangy type either. Yeah, yeah, yeah. All right. Brennan. Where is the last place you went on vacation? I think you mentioned Vegas. What were you doing there? Well, that's this weekend.

I'm going to Vegas this weekend. What was last place? Last vacation, we went to Dominican Republic, Grand Tart, and Nassau, Thomas. Nice. What cruise line? Carnival. Okay. I've done princess. I've not done carnival. What did you do, Josh, Dorkin? I don't remember. I just show up. That's all right. It's my family's 19th cruise.

Yeah, you are cruiser. But when you have four kids, it's actually cheaper, I think, to cruise than it is. Yeah. I would not disagree. All right. Last question. What is your favorite guilty pleasure? Ooh, I guess playing cards. You know, I guess some people frown up on gambling, but I love playing Texas Hottom Turn it. And while I was on the cruise, you won't believe this.

So I'm playing Texas Holtem on the table game and hit a Royal Flusch. And for a $10 bet, I won $5,000. Woo, look at you, man. That was pretty nice. That's great. That's great. All right, Josh. Thank you.

Thanks so much. Thanks, guys. Thank you all for listening to the Bigger Pockets Real Estate podcast. Make sure you get all our new episodes by subscribing on YouTube, Apple, Spotify, or any other podcast platform. Our new episodes come out Monday, Wednesday, and Friday. On the host, an executive producer of the show, Dave Meyer, the show is produced by Ian K, copywriting is by Calico content, and editing is by Exodus Media. If you'd like to learn more about real estate investing or to sign up for our free newsletter,

please visit www.biggerpockets.com. The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk. So use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. And remember, past performance is not indicative of future results. BiggerPockets LLC disclaims all liability for direct, indirect, consequential, or other damages arising from a reliance on information presented in this podcast.