Epic Real Estate Investing - Turnkey Properties Helping with Work-Life Balance |612

Episode Date: March 19, 2019

Jim has a busy professional career, active family life, and he has just become an investor. Like many of you, Jim also doubted that this was realistic. However, he is here to tell you that real estate can be “smooth and seamless”. Find out how turnkey operations helped Jim to enhance his work-life balance, how he decided to take the 1st step, how he felt about working with us through different stages, and what advice he has for the new investors. Learn more about your ad choices. Visit megaphone.fm/adchoices

This is Terrio Media. So you want to be a real estate investor, but you don't want to do the work. If there were only a way where someone else could do it for you, now there is. Tune in here each and every Tuesday on the Epic Real Estate Investing Show for Turnkey Tuesdays with your host, Mercedes-Torres. Hello and welcome, welcome to Turnkey Tuesdays brought to you by Epic Real Estate Investing. My name is Mercedes Torres, and I am lucky enough to be partners in crime with Mr. Matt Terrio, the gentleman who created the epic real estate empire. For those of you back again listening to Turnkey Tuesdays, welcome back, guys. Good to see you again and make yourself comfortable.

For those of you who are just tuning in now for the first time, Matt and I created this show because it's designed to help busy professionals who understand the important. of real estate, just don't have the time or the desire to learn every single nuance that there is to learn about real estate. So Matt and I created this show to get you to dive in and dive deep without having to do all the work. I know, I know. It sounds too good to be true. And actually, that is exactly why I invite guests, like the guest that I have on our podcast, Jim, from Pennsylvania, I invite them to share their story with us because it's important for our listeners to hear that it's okay to be a dad. It's okay to have a full-time job. It's okay to not have time to do a flipping thing more than what you're already doing.

But it's okay to use turnkey real estate and listen to podcasts and educate yourself to make a financial difference in your life. So precisely, my guest today, Jim from Pennsylvania, I invited him on the show because he's your typical gentleman that works 40 hours a week, that has a family. In fact, he has a baby due in like six weeks, a third one on his way. You know, he is an IT guy. He loves the systems. He's a self-proclaimed analysis paralysis suffer. a big fan of Robert Kiyosaki follows bigger pockets and has followed us for years. And even after all of that, it took him a long time to make a decision to finally jump in and trust Cashflow Savvy with his first investment property. So without further ado, help me welcome my good friend to the show,

client of cash flow savvy in an absolute doer. Jim, welcome to the epic turnkey Tuesday real estate investing podcast. Are you there? Yes, loud and clear Mercedes. Thank you for having you. Awesome. Welcome on board, sir, and welcome to the world of cash flow. I know that you just closed on your first investment property with us. So you're going to share your journey with us, right? Yes. Yes, exactly. Awesome. So introduce yourself, Jim. Tell us a little bit about yourself. Sure. My name's Jim. I'm from southeastern Pennsylvania, born and raised here. Never left the state to live anywhere else. 40 years old. I have two wonderful kids and a beautiful wife and one more child on the way coming soon in May. Yay. I've been in corporate America most of my life in IT and sales-related roles.

Yeah, I came to a point in my life when I started looking at. at the future more when I have my second girl. And things just, I started to learn more things and think of things differently and new journey in my life. I love it. I love it. So you said that you're in IT and you've been in that world. So are you an independent contractor? Do you work for a big company? What's that about? I started out with smaller companies and basically got farmed out, right? I was a field engineer, got contracted work with bigger. companies and those bigger companies like me and, you know, hired me on. So it's kind of been with some large pharmaceutical companies and consumer packaging good companies. And yeah, so now

I'm in a coffee business. And I don't do IT work anymore. I'm in sales operations. So I kind of help people do their jobs more efficiently and bring more value to the company and, you know, refine processes and fun, fun things like that. Look at my APIs and analyze. So you're a system kind of a guy. You're an analytical system kind of a guy, right? I love it. And this is exactly why you resonate with Matt.

Is that correct? Yeah. So a lot of what I preach at work and try to promote is activity-based selling. And that's a lot around managing and measuring activities and coaching through that. So his activity sheet, his daily activity sheet, it really resonated with me. I'm like, yeah, that's exactly what I do. You know, it's so funny. I think I've shared this in the past,

but I was lucky enough at some point that everybody that called our office, I was the one that actually picked up the phone and answered the calls. And I got to talk to our podcast listeners, our followers. And I will have to say, after a while, I did a very informal ticky sheet. And I do mean informal. Like next to my desk, by my desk, by my phone and I would always ask, what do you do for a living? Because what I found is I was being connected

with the coolest people on the planet that were listening to the podcast, but all of you were like of the same, your thought process is exactly the same. So my very informal survey, I gave everything to my accounting team. And I said, after two years, I said, tell me who I talked to. And without a doubt, My top six people are attorneys, physicians, mechanical engineers of some sort, and then managers in the field of systems, IT, and then it's nurses, firemen. And so I find it amazing that the followers of our podcast are very system driven people. They are, they like that. And Matt thinks in that way. So this is probably how you found epic real estate, right? Awesome. Awesome. Cool. So tell me why real estate? How did you find epic real estate and cash flow savvy? Well, I found it through a colleague at work that's also a real estate investor in Canada. She actually has her own podcast and she has her own meetup and she, you know, she's doing it all. She was great. And she turned me on to it. I started out. The first podcast I ever listened to was Rich Dad Radio.

The way I found that was a buddy from work. It was like when I was struggling with understanding how I was going to ever retire and how I was going to make enough money to support my kids as I kept having more. Poor Dad. It was my buddy Anthony. And that just, I read that and it like opened my mind to a whole new world. And I just started, I read like 20 other books that year all like around money and financing and real estate and asset classes just to confirm what it said in the book of the story

of Rich Dad and Fordat. I brought me back after I read it. everything to, yeah, real estate is the right thing, and I'm going to pursue that. So then I joined meetups and I joined, you know, my local real estate investing group, dig, and, you know, I joined bigger pockets, became a pro member, got on board with all the tools, started watching the webinar, just trying to get really educated because that's what Robert Kiyosaki said to do, you know, get educated and take action. Yeah, for sure.

I guess I got to a point where I was just listening to all these different podcasts learning so much, and it was it was good to learn it all but I couldn't like hone in on what I wanted to do and now I got I finally she recommended this podcast and that's when I got to Epic right I was like oh that's I really resonate with Matt because of the way he structures his work and it's really practical and you know I even took

some education class with Rich Dad Poor Dad and it was it wasn't like as practical I would have liked it to be it was great education great theory and all that it was hard to apply it and so then when I on Epic I was a I was like, oh, I took Matt's like first deal, like pilot, you know, class. And as soon as I was doing that and started doing that, I was like, this is really cool. But then we got pregnant with our third.

And I was like, I want to do this really bad, but I don't have time to do all the things. And I feel bad that I can't fill out the sheet every day the way I want to. So I was trying to do it just like at work on breaks and talking to people. And I found all these other people at work that were doing different kinds of real estate investing. I was like, oh, this is great. So I'm like doing some of that, building some of these contacts, having some of these. talks and trying to find people that, you know, were like me. And yeah, and then I think it was one episode I heard from Matt.

So I was getting kind of down on myself for not being able to do everything he said to do. And I was like missing the coaching calls once a month too because it'd be like the night that my wife worked and I had to watch the kids or put them to bed. And it was like the time of the call and I trying to get in the bed in time and I couldn't. But then I had an episode where he was talking about his success. It wasn't about real estate. I don't think that episode was about it was maybe like one of those thoughts. leader things. And he was talking about how he's been, you know, always in his life, he's been, like, you know, hitting it hard, trying to work hard, really hard. And he's like, you know, this might not be

for everybody. But, and then he was like, reflecting at the end of this conversation, he's like, yeah, this might not be for everybody, you know, because I actually got divorced, like, once or twice. So maybe, you know, don't take, don't take my advice, like, you know, to heart completely. And I was like, you know, that's, that's right. My goal here is to have this, you know, world of work-life balance that I can be flexible. I can work what I want to and be with my family because that's my real long-term goal. And I don't want to sacrifice that now to have them not like me in the future because I ignored them for years to become financially independent.

So I was like, okay, I'm going to take a step back and I'm going to do it at my own pace and not feel bad that I can't keep up with that. Wow. So I kind of came over and I was like, I had already been listening to Cashflow Savvy because I listened to just like straight weeks of the episodes now. Yeah. because I was listening to different podcasts. And so I was like listening to you more.

And that's when I called you. I was like, you know what? I think I can still get some education but still take action now because I also had that like goal I told you before about I wanted to have a rental property by 40. And I was getting close to 40 and I was like, I got to do something a little different. So that's my came over to you. Thank you so much for sharing. So much great information.

Thought Leader Thursday, Matt goes out of his way to bring amazing. leaders that share different points of views and different thoughts. And one thing that I love about when Matt does that is that it's not just real estate driven. He'll talk to people that have done other things. And the reality of it, real estate is just one small niche of all the possibilities out there. But it happens to be the one niche that has created the most millionaires out of the average American. So we like to bring on people that weren't, that are not specifically real estate people just so that people out there, our listeners know, hey, other people can do things, can do real estate too. So I love that you mentioned that because the whole

reason for Thought Leader Thursdays is that analogy is that you don't have to be a real estate investor to do real estate. You can do whatever you do. You can be an IT dude. You can be a physician. You can be a fireman. And you can still have real estate. And guess what? Even if you don't tick the boxes every single night, Jim, it doesn't mean that you're not doing something towards your financial future. But I will say, the fact that you've gone out and educated yourself in so many different aspects of it, I love that. And even the fact that you did so much of it, you were confusing yourself, you took action. And the fact that you took action, and I'm going to let you share your story because there's so many people out there right now resonating with you. But the fact that you took

action sets you apart. And now that you did it, you know it's possible. So let's dive into the story. So you reached out to me. I'm going to let you do most of the talking because in my mind, I already know how I remember our first conversation. I remember when you were looking at property. So tell me, what was the one thing that said, okay, I'm going to reach out to Mercedes and I'm going to have a conversation with her? The one thing, I believe it was my looming deadline. I was like, I'm not going to get this done at my own pace, trying to follow, you know, trying to fish for leads and deals and get over those, you know, many that I might have to make offers on to get there. Yeah. I knew that, you know, this baby's coming and I need to be here for my wife and do that.

So that was kind of that deadline and the pregnancy, basically. I love it. A bad first trimester, I guess, is what me. Let me tell you, that first trimester. is scary. I love it. I love it. Been there, done that. Awesome. Okay. So you reached out to me. Was it difficult to get a hold of me? I don't know. I know. I think you answered the phone when I called. Yeah, we had a scheduled call, I think. But awesome. Okay. Yeah, you schedule a call and I actually reached out to you and you said, I can't believe it's really you, Mercedes. And I laughed because I

I thought, well, I'm sorry, Jim, you made an appointment with me to talk to me. So it would be logical that me, Mercedes, would call you back. So I thought that was kind of funny. And then I do remember you said, you know, my deadline is 40 years old and these are my goals. And so you asked me what the next steps were. And so many people asked me what the next steps are. But you actually took action. So what happened in your mind that you said, okay, I'm going to take action this time?

because you've been educating yourself for like years. You kind of almost were on the verge of suffering from analysis paralysis. Would you agree? Yeah, definitely. One thing, I guess, I had, you know, researched cash flow savvy and epic real estate after I decided I was going to talk to you, right? I was, I looked on forums, I asked on bigger pockets. I, you know, asked around to see if anybody had experience with you.

I had heard that, you know, Robert Kiyosaki refers people your way. And I guess it just, I think it was mostly doing that little bit, that research and confirming all of that. And to be honest, I think it was a lot of Matt. Like I, from what I, I listened for like six months, I think, to his podcast. And I kind of trusted what he said. It didn't sound like he was, you know, one of those late night real estate guys. You know what I mean? Like carth and sheets.

Yeah, exactly. And all those case studies and the real life experiences and then go in to try and track some of those case studies by looking those people up there on the podcast, just gave me some trust and confidence in it. Yeah. Since it's part of his company and you're his wife, that I could trust you too.

Yeah. Our wall of profits is pretty impressive. I remember when we first started doing this, and never dawned on us to share that with other people. And, you know, one of our mentors said, you know, you want to share what other people are doing just so other people, the average person can see, they can do it too. So our Wall of Profits used to be just like a little scroll. Now, if you go on to our Wallop Profits, you scroll and you scroll and you scroll.

And there's countless success stories and videos of our students, of our clients. It's just so, it's so warming. So, yeah, and, you know, we are lucky enough and honored that we do get a lot of referrals from the Rich Dad organization. We get them all the time. And, you know, there's talk about us on Bigger Pockets, the bigger pocket world, they're amazing people. And so we get a lot of their people. And they just happen to be really cool because they get it. And they may not always get it, but they're trying to get it.

They're trying to learn. And that just sets us, sets you apart. So anyway, okay, so then you said, what's our next step? I told you what our next step was. You did your due diligence, and you finally said, I'm doing it. You jumped into our queue. Tell me what that process was like. Educate our listeners.

Yeah, it was pretty simple. I believe all I had to do, I filled out a contract, I guess, to work, I believe to work with you. And I wired money into an account. And I think that was it. And I was in the queue. And you had to pre-qualify for lending. Oh, sorry, yes.

I'd already done that many other times before that. I forgot I had to do that as well. Yeah. Pre-qualified with one of your lenders, which was a great experience all the way through. And then I got right into the queue and I think within a day or two, I started getting leads. Yeah. In fact, you may not remember this, but when you got your approval, you said, that was the fastest approval I've ever gotten. And I said, oh, really?

it was a little long. You got it in three days and you're like, three days, that's fast. For us, that was a little longer. Average is, yeah, 48 to 72 hours. But I like the 48 hours. You got it in 72 hours. So it was a little bit longer than normal. One thing that really helped with you, Jim, honestly speaking, is you move at the speed of instruction. And that just alone, the fact that, you know, Matt shares this all the time. You may not know, what you're doing, but you're going to figure it out. And you can ask questions as much as you need to, because that's what we're here for. You know, I often say, I've done over 2,000 transactions in my lifetime. I kind of know what I'm doing. And there's a very few scenarios that I haven't come across. So I may have an answer for you. And if I don't, I know someone that will have an answer for you. So I love that you moved at the speed of instruction because you would travel as far as you can see. And when you got

there, I bet you you saw further. Is that not what happened? Yes. And that's kind of, that's the other reason I, that was one other reason I jumped right in with you because I needed something to force me to go do these things that I didn't want to say, oh no, I'm not going to play with the kids now. I'm going to, I'm going to go do this or, you know, I was, I was like, if I, if I lock myself in, I'm going to definitely take action. I'm going to do all this extra due diligence that I've, you know, read about and all these things that I'm supposed to be doing. So that was, that was, you know, it was great. That's a great motivating factor, I'd have to say. Awesome. I love your mentality. You know, some people, they have to, they don't have a choice. They have to give up time with their kids to do what

they have to do to make a living. And you are given that choice. So I love that even just to organize this interview as we speak, you said, you know, I can't. I only have two hours with my kids until I put them to sleep. I said, great. We'll talk after you put them to sleep because I get it. That's why I'm a real estate investor so that I could have the flexibility to talk to you after you put your kids to sleep. So I commend you for that, Jim, because there's not a lot of people that have the luxury

of saying it's more important for me to play with my kids. So that's what I'm going to do. So that's awesome. Okay, so then you jumped into the queue. You started getting properties. What was that like? Walk me through your property selection. It was, again, it was really easy.

I just checked my email every five minutes. I don't send properties every five minutes. I know. I was eagerly awaiting them every day. So, yeah, I would check my email a couple times a day, waited for the email from you. I would jump in and you get the link. You get some photos of the property or if it's before rehab. You get maybe one or two photos of the outside.

You get a good description. And then you get some comps if they're available, like a walking. analysis, right, of the area. You get your whole property analysis, right? The executive summary of, you know, how basically everything, right? So how much you have to put the down payment, how much is going to cost, your cash on cash return. Some of your, like, you know, cash flow, all broken out by expenses and income and your net operating income and your net cash flow. and then it looks at, you know, many years out, you know, based on some pretty conservative numbers and increases each year.

Yeah. My numbers are very conservative and they're very raw. And when I mean by raw, the figures that we include is the taxes that we are actually paying on the property and what we are actually receiving for rent. So there's no, you know, there's no room for interpretation. The number is the number and it's not going to change. I mean, taxes are going to grow up, they're going to go up, but also then we have, you know, equity. So that kind of starts to build. So yeah, I love that you appreciated the conservative numbers because that's indeed what they are. So you picked up one property or two properties? I picked up one. So I would have loved to pick up two. I was one. And I think it was after a few weeks. I think I was being, you know, even though after I stepped in, I was not skeptical,

but I was like analyzing too much or something, right? I was like digging into each market, even though you guys have already looked at the markets and found the right areas, right, down to the zip code for good neighborhoods and cash flowing areas. I was part of my education as I wanted to do all that market analysis. So I was taking a lot of time on each one that you sent me. and digging into the market and, you know, asking people who have invested there and they like that area and this and that and just doing a lot of extra work because eventually I want to do that myself, right? So, yeah, so I was doing it for more of that for that experience, but then I was, I don't know, I don't know, I was just like, I wanted to see what was available. So I wanted to see, I wanted to like decline a couple before I just jumped in.

Yeah. I might be quicker. It's just, you know, I wanted to see what was out there. there, what was available and all the different markets you had to offer. So I kind of had a market in mind that I really liked, which was where I finally settled, which was Birmingham. Yeah. Or a suburb of Birmingham, Centerpoint.

So that's, yeah, I chose the one in, you know, Centerpoint, Alabama. It's a three-bed, one bath. I think it was built in the 70s. It looked to be in fairly good condition from the pictures. And then, so, yeah, the numbers look good and just jumped in. Awesome. Yeah. You know, a lot of people do a point of comparison. And unfortunately, with our system, there is no rhyme or reason to how many properties you see. Like some days you will see one or two properties. Other days you won't see any. And then one random day, you might see five. So I always get asked, well, what time a day am I going to get them or, you know, how many am I going to get? I don't know because it depends on what comes down the pipeline. And because I don't blast them to the

public, they're sent to you exclusively and nobody else can see them. When I send you the property, you get 24 hours to view the property and nobody can take it from you. And boy, Jim, you used your 24 hours. So I love that you did that. And I really like that you, you know, pass on a couple batches. I have some people that pick on their first batch because the reality is it is a proven system. We've already done all the work for you. You just get to verify it. But I love that you ultra verified what we did, which is perfect because you ended up with an amazing property. So you have a 3-1 in Centerpoint, Alabama, great market, by the way, on the up and up. You have an amazing team on the ground.

And so what was the closing process like? Like, walk me through the inspection and walk me through the appraisal. Was that scary? Did you set it up? How did that work? Sure. So, yeah, for a while. So the rehab was going on for a while.

So the first batch of things I had to do were all with the lender. So that was amazing. Tell me about that. What was so amazing about that? So in the beginning, so the first thing that happened after I got pre-qualified and stepped in, Aaron Chapman reached out to me with an email and he kind of said, here's what you're going to be doing and here's some education on it.

And there was a video and there was a process diagram. So I get to run away. I'm like, so happy because I'm a process guy. I love knowing what's going on and knowing all the stuff that happens in between. and where I'm going to be and when. It was like, it was very well done even before he even started. Yeah. You got an outline of his whole team and who was going to be talking to you for what

and what they'd be asking the whole time. So you knew like up front how it was going to go. So and then it stuck to that. It was like, it was pretty perfect and seamless. I can't remember everybody's name that I was working with off the top of my head. But because they were all just hitting me from different angles for different things. But it was very smooth. You know, I, they asked for.

They said, here's your e-sign documents online. Read them. If you have any questions, let us know. We're always here for you. And then we'll do our part. We'll go on all that paperwork through. And then we'll come back to you. We'll ask you some more stuff.

So it was like a lot of back and forth. It was basically just a lot of emails, right? Yeah. Back and forth. I had to collect some stuff from banks from everywhere. I was collecting things for them for finances and then sending this on them. Got it. So what happened with the inspection?

Did you order your own inspection? How did that work? Yes. So I did a little, again, to further my education, I did that part that I really didn't feel like doing before, right? Reaching out and finding people in the markets to do the work for you. So I found some home inspectors. I also had the list that you gave. But again, I just wanted to talk to people. I wanted to get people on the phone and do those uncomfortable things that I don't like to do. So I found a home inspector. or the inspection. I basically just gave the inspector's name and number to my,

I apologize, what's the, your contact, you're a personal transaction coordinator. Personal transaction coordinator, right, Stephanie. And she scheduled it all. So she said, okay, well, I'll get my contractor to meet them there, let them in, and all that. So, yeah, she scheduled it for me. And then within a day I had, or a day or two,

I had the home inspection report back. Yeah, and that's exactly what we do. we do it all for you. We do make you do some more. So I love the fact that you went and found your own inspector, but we also provide you with the list of inspectors that are going to do a great job. So then you got the inspection report, which aren't always the funnest to receive because you get, I don't know, 50 pages of every little detail about your property, which sometimes can be scary as heck if it's your first time. So tell me about that because you got a big report. Yes. So I'm familiar with home inspection report.

I've had a couple of my own properties and they were always very long. And this one, you know, like, it was the same, right? It was 40 or more pages. Yeah. I went through it. It was nice, though. He had like the punch list of like things that definitely needed to be looked at up at the top, like in a summary. Yeah.

Throughout then he was like, you know, detailed throughout for each thing with pictures and all. So it was really good because, you know, I had, you know, the professional images that Stephanie gave me from after the rehab. And then I had his pictures of like the close-up shots of what he was talking about. So I could, you know, see some different angles, right? So it was me being in Pennsylvania, not in Birmingham and ever going down to see this. It was great to have the pictures to go along with the words of what I was hearing. Yeah. So, yeah, so there's a punch list.

And then I went through all that. And then I went through everything in detail and just basically marked it up with comments and sent it to Stephanie. And she said, okay, I'm going to have the contractor take care of this stuff. and I'm going to have him review this and then I'll get back to you. I'll tell you who's fixed and she came back to me and she was going to fix most of the stuff. And she said, we'll let you know when it's all fixed. And she also said, here, I'm going to also give you the number of the contract that's doing the work so you can talk to him. Because he's better at this stuff than me and you guys can just, instead of me being the middle person, you just talk to him.

Yeah, we do that especially because it makes our buyers feel more comfortable. I mean, the reality is with inspections. I mean, inspections are a whole different world. But the written word sometimes is so much more severe than the reality of whatever the situation may be. You know, they get all technical about one aspect of it. And it makes it sound like that house is falling apart. And the reality is it could be as simple as, okay, they just need to fix a leaky faucet. You know, it's like it's not the end of the world.

So one of the reasons we started connecting our clients with our contractors is because they're the ones that have walked the property. They have fixed everything and we know what's severe and what's not. So besides, you get a warranty on everything that was fixed. So if it starts leaking, for example, again, then we go on and fix it again. But how did that make you feel? Did you actually connect with your contractor? Yes, it was great. I talked to him just to get more of the background in the house.

and I found out more, like, more than I could ever have wanted to know. And he told me, he's like, actually, you know, we had this, I rehabed this house before. I had this four or five years ago when, and he told me this whole story of some investor that came into town and spent millions of dollars and you buy up all these houses. And then he bought one and left. And like, so the house went vacant. So he had already known because he did the rehab before of what he did before. So he had a great working knowledge of the house.

and he, you know, he spoke to some of the things in the report, and it definitely made me feel more confident. But there was a couple things in the report that I still wasn't confident in after talking to him, and it was okay because I had the report, and I just ordered it. So there was a report of some possible mold and termite damage. So I got one of the recommendations from Stephanie, and she said, yeah, this is who we use for both of those,

called them in to do an inspection, and they found active terms. termites and some mold and they said, well, mold's not like, you know, sorry, not active mold. They found some mold and mildew. They said, that's easy to clean up. The termites are active. We can treat that and put a bond on it. I was like, awesome. So the inspection kind of worked. We found something else that was not found or not known about. And it got fixed. And now it's now it's all good to go. Good. I love it. See, that's what it's all about. Cool. So then we got everything good to go. We got the appraisal. Appraisal came in. You got through your clothes.

process. And we sent a notary to you, or did you fly into Birmingham to do the closing? I would have loved to fly into Birmingham. No, but now it was, it was, the closing was the easiest part, to be honest. What happened? So Stephanie, I think, no, the title company. Our title company reaches out to you. Yeah. Doing all this through the email and phone, it's hard to know who you're talking to all the time. This is true. This is true. You know what? We do, connect with you, but we try to make it as easy as possible. And ideally, it would be like just one person reached out to you, but there's so many moving parts. Imagine if you were doing all this

work yourself just to buy this one property, you'd be going crazy. But yes, we do it. It takes a village to make one property happen, you know, yourself. You said you've got your lender and you've got, you know, even Aaron's team. Everybody reached out to you. The lender has about five different components. And then there's me and then there's, you know, my assistant. And you know, then there's my team on the ground and then you've got your inspectors and now there's an appraiser and now you're talking to the contractor. So just imagine if you had to find all those people on your own, but instead we just kind of handed them to you. But for closing, escrow reaches out directly to you because that is very, it's confidential. They come to your home with a stack of documents for you to sign

and they cater to you, to your needs. So some people have notaries come to the office. or you can come late at night after you put the kids to bed. What did you do? I did the latter. So April, I believe, reached out to me and I said, okay, let's schedule it for 7 p.m. on such a night or 8 p.m. on such a night. Yeah.

And she's like, okay, perfect. And then within a couple hours, somebody reached out to me locally. And said, I'm going to confirm this appointment for such and such date. I'm like, great. And he showed up on time and I think he was out of here in 20 minutes. Yeah. We've done this once or twice. We know what we're doing.

Yeah, and our notaries are super high-quality notaries because they know if you would ask them to explain each and every document that they've drawn for you, they could do it. They can tell you why you're signing it, what that document means, you know, you're signing something, so you should absolutely know what you're signing. Cool. Okay, so then that happened. You've got your final estimate and then you go to the bank to wire your funds. Did you actually do it online or did you go into the bank to wire your closing funds? I went to the bank, like, yeah, that day, a couple hours before the closing, the notary came. Awesome. And then you wired your funds and then you officially became the owner. How were you informed?

How was I informed? Oh, okay, got you. I got an email. I got a call. There was balloons that came up. Yeah, we can make a big deal out of it. We do email you, we call you, we congratulate you. And then you're connected to property management.

management, we already, we connected you to property management during the closing process. So that way, we know that you are effective immediately are going to be cash flowing on your property. So we no longer get the money of the property. You now get it. So that's all transferred for you. And that's happening during the closing process. But it's a big deal on our end because we celebrate for you, believe it or not. Yeah, it was great. Actually, you know, it's a good point. I remember even when I was talking to the contractor, I was finishing up the rehab, he was like, oh yeah, I actually had three people here yesterday while I was working on it, checking it out, you know. Again, really neat. They have that system where it's like kind of a code on the door. You put your credit card in and you get into the house and self-serve kind of.

That is correct. Yeah, you put your credit card in there. It captures all the information, and this is for a possible tenant. So not everybody could just randomly go, but when they do access it, we'll know exactly who access the property. And then usually, this is why, although we say it takes us 30 to 60 days to place a tenant, nine times out of 10, we place a tenant in less than 30 days. Doesn't always happen, but that's most of the time the case. So I'm glad that that was the case for. you. So you closed. You're finally a homeowner and how does it feel? Great. It feels great. Again, it was so smooth and seamless. Like I barely even knew what happened. You know what? There was only a little bit of work done by me. Most work was done by you guys. So thank you. But it feels really good. You know, there was a tenant in there already. I think there was a, what day did I close? By the time you closed, your tenant was a. already in, yeah. Yeah, that's true. So, yeah, and then we had to make sure that we had the information so you can get your tenants rent and deposit and all that fun stuff. Yay. Awesome. So, okay,

congratulations, sir. It's so exciting. I love that you're sharing your story. So now that you shared your journey, your process, and when I say journey, I'm talking about like your mental journey, like what had to happen in your mind for you to take your first step? Because a lot happens in our minds. And you're actually an exception to the rule because you actually took a step despite the fact that you didn't know what the heck you were getting into. You kind of took a leap of faith. So what would you say, Jim, has been the biggest challenge in this whole ordeal? Biggest challenge in the whole or deal? Like just dealing with you or getting into everything, whatever, your mindset and then and dealing with the closing.

Okay. So with my mindset, I guess it would be, you know, I'm pretty risk-averse, right? So every time I take one of these surveys, like security, you know, and instability is like the top thing for me and like, oh. But so I guess it's, I had to get over how I was brought up, right? So I was brought up in like a working class, laboring family, you know, work hard, you know, work for somebody and, you know, retire, you know, save your mind. money, invest in 401Ks, all that stuff.

So I had to beat a lot and then verify a lot. So joining these REI meetups and these groups and going to hear other people and get to know other people that are actually doing it, getting to know people at my own full-time job that are doing it on the side-hustles. So just breaking down those old learnings and the way I was programmed my whole life was a big hurdle for me to get over. So I think it just took I like to learn a lot

Like learning is like what I love to do So I just had to learn a lot And understand it all to get over that fear I guess Yeah Yeah that that's And I knew once I Once I learned enough I was like

This is definitely what I want to do So I just have to stop being fearful of it And take that first step And I you know I guess I'm going to refer back to Kiyosaki He's always like Just take action He's like do it on something small

He's like And you know if you lose something small, you'll get an education out of it. Just think of it as you got educated for that money, not that you lost it, right? That was the other thing. I was like, yeah, that's exactly. Even if I lost all this money, I'm sure I'm going to learn a lot more than what I've spent, right? Absolutely.

Wow. That's a huge, huge insight. Awesome. So what was the biggest lesson from this whole experience? I guess the biggest lesson for me was that it's possible. to invest in long-distance real estate while working a full-time job and without neglecting my family. Wow. So true. And what would you say, what would you do different this time? Now that you've experienced it, now that you've gone over, you've gotten over the personal

challenge, and you took a leap of faith and you just did it. What would you do different next time around? Next time around, from a cash flow savvy perspective, I'd probably choose the property quicker so I could take action quicker because now I have more faith in the system because I've experienced it. Yeah. And in that same respect, I'd probably, even though I've only got one property out of my butt, I'd probably diversify geographically. Yeah.

On another market and another team. And maybe diverse, diversify a little bit and get something a little more higher in price, you know, go that next level up of renner. Yeah. Other than that, I do something differently. It'll be after the baby is born and delve out on my own and try to do something on my own outside of turnkey. And at some point, I'm going to do that activity sheet and follow Matt's instructions. It does.

The daily success report is amazing, but it is daily. And even if we say, you know, if your magic number is just get 10 points a day, if you're consistent every day with 10 points, you'll see what it does. So, yes, don't put yourself, don't put so much pressure on that. All right. So what would you, what advice would you give a new investor that is considering a turnkey property, buying and holding, and that's been considering it for a long. time. What would you tell that new investor? Well, if you've just been considering it and you're not educated, get educated. Because I think for me, I have to get educated in anything. And I feel like books is probably the best way to do that because people have taken time to write a book and get

published or probably know what they're talking about more than an article that you Googled, right? Yeah. They get educated, talk to people that have done it before to get over that fear, right? And just get involved and take action. Absolutely love it. Awesome. Awesome. Very good. So your new words of wisdom to the cash flow savvy community would be what?

Get educated, take action, and then keep taking action. Oh, I love it. I love it. So well said. So well said, Jim. And, you know, I will have to say, I know you've done a lot of research. I know you've done a lot of studying and you've been following us for a long time. And I am honored and humbled that after all that research, you took a leap of faith in us.

And I think that with the property I help you choose, I think I'm going to make you proud. So thank you for blessing us with really the trust and just really believing in the system that has been created and proven time and time again. You're going to be on our Wall of Prophets, and I'm thrilled to have you on there. Jim, thank you so much for your time. I know you just put your little ones to sleep. So thank you for your time. And for our listeners, I know Jim's story resonated with you in some way, shape, or form. And just like Jim, he has done tons of research and reached out to me, you are able to do it too.

Feel free to go on to our website, www. www.cashflow savvy. That's savvy with 2Vs.com. Download the frustrated investor guides to passive income. or reach out to me on the contact me page. You can either email me. We can get on the phone, and you can be the next gym and our next success story.

Ladies and gentlemen, thank you for joining us on Turnkey Tuesdays, and I'll see you on the next episode. If waiting for your investments to grow feels like waiting for pink to drive, there's a powerful secret your financial planner doesn't want you to know. You can accelerate your investments growth

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