uh the saying that I always use on that is are you when you’re looking at any deal are you stepping off a cliff or are you stepping off a curb and and I remember um I got married at a very young age and I wanted a sports car I wanted an ACA NSX and my wife at the time was very much opposed to that and it was a $45,000 used car which seemed like a lot of money back then and I’m like hey if we’re just dead wrong and this is the worst decision I ever made in my life I could probably sell it for 40 so instead of looking at a $45,000 decision it really was a $5,000 Delta is really what it is and so I think that’s um I really hate it when young people or old people are are afraid to get into real estate because they’re like oh my God it’s 500 Grand or 300 Grand or whatever the number is what you really need to think about is if you just really screwed up and bought the worst property ever by accident what can you get out of it so when you start looking at that and go hey might be a $220,000 mistake or $30,000 mistake it’s not as daunting um and you know the old saying how do you eat a cow one steak at a time but if you’re looking at this $500,000 investment if we screw it up
it’s 500 Grand it really isn’t it’s probably about 460 it’s probably a $40,000 mistake so when you look at that
it allows you to just kind of take a deep breath you’re not going to lose a 100% hopefully on on any deal and so you
some my background my background um I got really lucky that uh I wanted to buy bu house before I was 20 years old and I
did it at 19 and 10 months that was a major achievement for me and uh and then I got really lucky I got broken into not
once but twice which got me in the security industry which uh I sell wholesale equipment to alarm companies
so I’d never sell you and your wife an alarm system but I would sell to ADT and every smaller company like that and what
that’s done for me is it’s been a a Recession Proof business and good times people are building and buying cameras
and security and bad times unfortunately people are robbing and and the need for security goes up but with that cash flow
and with that stream of business it allowed me to invest in real estate and like you and I talked before offline
I’ve bought some really good stuff and some really horrible stuff and I’ve learned lessons from both love it no
okay another one I want to ask you before we get into some of the some of like the real estate stuff but I remember I remember you told I think you
shared this maybe on the podcast and I I’ve told this to my wife when she when I was like in my W2 job and we were
trying to and I was hustling doing all this stuff on the side she’s like why are you doing this I mean it’s a whole Rich Dad Poor Dad concept but I love how
you said it with the legs of the chair so you said you were talking to a pilot right on the plane tell that story about the pilot in the the legs of the chair
you know it’s so funny I got an opportunity to guest speak at TCU yesterday uh for about 39 kids and you
know I’m 57 years old and what was funny is they just had parent weekend and I’m like y’all just survived parent weekend
now I got some old dude uh coming to talk to you but we made it really really fun I handed out a lot of lottery
tickets for r so it got real interactive it was an 8 a.m. class and uh you know
about 12 of them stuck around afterwards until we literally got kicked out so I felt like the class went well but I did
that exact analogy of uh legs under underneath the table and I picked on a
kid in the class and I basically said all right you’re a you’re a pilot for American Airlines you’ve been there 28 years in fact you’re a captain for
American Airlines and then I don’t know if you remember the movie Flight with Denzel Washington where he basically got
hammered and drove a plane and landed upside down and so I was teasing them like you know you had too good of a Time
the night before now you’re trying to land a plane upside down mortgage companies would love a pilot 28 years
with American but that pilot has one source of income a guy like me that has
you know royalties and patents and uh you know revenue streams and rent houses
and and I mean I probably get over a maybe 120 different checks every single
month from different sources so they look at a guy like me and they go geez this guy’s out of control you know so
they’d rather do a mortgage for the pilot than me but if the pilot screws up
and tries to land a plane upside down 100% of his income is gone uh whereas a guy like me I’ve got 120 streams coming
in and if I take a big whack to my table my table’s still standing he’s a one-legged table boom it’s on the ground
it’s over and that’s it and to replace that Captain salary let’s say it’s 220 240 250 whatever it is it’s going to be
difficult in anything else you know and and whereas uh there’s a really good chance one of our really really good
product lines that makes uh like junction box uh all kinds of plastic stuff for construction of of a home and
Business we might lose that line there’s a bunch of rumbling going around and that’s going to be a really really bad
thing it’s it’s well over $100,000 a year worth of Revenue um and it might go
away uh there’s all kinds of texts and emails from panicking reps like myself
and that would be bad but it’s not going to knock me on the ground and and the other thing is I look at I’ve had that
line for 11 years and I’m sure that line end up being a down payment on a property I just don’t know which one so
the key is when you have money coming in try to figure out I try to figure out
how to use that money as down payments for something you get to keep forever and I also look at my real estate
holding as my retirement I also look at it as a way to get free money and what I mean by that is if you add debt back to
your your bundle um you know you know let’s say you took out 500 Grand you
added 500 Grand worth of debt to your bundle that $500,000 is taxfree because you’re adding debt to it just like if
you had a paid for car you go put a note on it and you get you know 25,000 bucks from the bank you don’t pay taxes on
$25,000 so I look at we at our real estate holdings as a potential to put
debt to free up money um when you sell it’s a taxable event so I never want to
sell uh I’d rather add debt to that bundle and that’s kind of maybe a little bit more complex and maybe we’re getting
too far too far along too quick today no I love it I love it but to add kind of
add back to the the table and taking out a leg it came in perspective for me when
uh I was working for shell and we were going off this huge layoff they’re laying off 40% of our organization and I
was talking to like my BOS like my guys that were like three or four levels with me and been at Shell way longer had way
better careers been way more like done way more for the company but I was just talking to this guy and actually I took
him over to my rent one of our rent houses and we were having a meeting and I was telling him about real estate and then I realized at that time he’s like
Casey like I could get laid off just like you could and then but what am I going to do because he hadn’t been doing
anything he doesn’t have a he doesn’t have a neck I mean he’s got one leg exactly it’s funny I’ll do a Shameless
plug so uh that’s the book my wife and I uh uh wrote about rent houses and the
reason why we wrote it and a lot of stories about this but reason why we wrote it is I read every single
Robert kosaki book and then I read Kim kak’s book and because I was out of you
know Robert’s books and it’s kind of like pinkish purplish so I was traveling a lot so I kind of felt weird I had this
kind of like girl book with me but I’m really glad I read it because it made me understand the P perspective that that
women have about investing typically it’s very different than guys and um I always joke that that wives are like
third base coaches in baseball they’re only waving you home and if the ball is banging around in the Outfield if it’s a
close play they’re going to put up the braks and sometimes sometimes wives tend to be more cautious than us which is
good and bad because we’ll do some idiot guy moves but U but but the but we we
wrote this book so that you can have the guy and girl perspective on on I think it’s roughly 13 subjects and I’ve met
many people where the girl wants to invest and the guy doesn’t or the guy wants to invest bring them in babe the
guy wants to invest and and uh and and and vice versa so this book we wrote
this book to just basically help both both perspectives on that um and uh I
just I I I can’t imagine life without real estate it would just like like losing this potential product line that
would be fairly devastating if I didn’t have a lot of other things going and I feel I feel like if until you get a lot
of legs underneath your table you’re pretty vulnerable just like that gentleman shell roughly how old was that gentleman that as shell that you met
yeah he was probably mid 40s yeah mid 40s yeah and doing well but not other
than his 401k that was about all he had to lean on how I look at it it’s like scuba diving with one oxygen tank and
that oxygen tank gets pinched now you’re down under the ocean what are you going to do so um you know I fortunately I
learned that lesson a long long time ago about multiple streams of income or legs underneath the table is super important
awesome we go back we’ll come back to that but I I got it too and I wanted to bring it up with the book so cuz this is
this is a big part of my life right and you you hit it on the head right I I tend to be more aggressive and then my wife is the third base coach being like
what’s going on but what do you think what would yeah other without and I’m sure a lot of this I know a lot of this is in the book but what would you kind
of say as kind of the biggest advice what’s help you with your wife and kind of get her on board and really create
that team you guys have you you know I think you got to have a long Vision um
like think about any investing any any anything like I I bought my I put money in the first Ira at 19 years old well if
I would have waited till 29 39 49 whatever um you lose all that compound interest uh what what I also heard the
other day is if Warren buffin didn’t start investing when he was a teenager and didn’t live to into his 90s he’s
still alive um if he would have started at 30 and retired at 65 you wouldn’t even know his name and the reason being
is all those extra years all that compounding um so I when a toilet is
broken when you’re having to spend 800 bucks on a hot water heater and you’re plan on taking your kids to Disney it
it’s really easy to say forget the Red House forget it you know um but now that
I’ve done it as long as I’ve done it and like I’m literally sitting in my office
in in a house that’s paid for in Westlake Texas that was the founder of
CC’s Pizza chain and it’s arguably the best view um in the neighborhood
overlooking Pond overlooking the golf course Jason whitten’s my neighbor Patrick Mahomes is my neighbor the CEO
of Denny’s CEO 7-Eleven CEO Michael Stores um who else leaman Thomasson
right through the woods Hall of Fame football player and and for that to happen with a guy that dropped out of
college um and you know really came from I mean I didn’t come from anything I
mean like we were just a normal you know working family um there’s no way that
would happen without real estate so if I would have got frustrated with the first leaky toilet or the first person that
skip rent or the first whatever um so you you got to look at this in my opinion as a husband and wife really
really really really long term and how I end up paying for this very very very
nice house was I just added debt to my bundle you know and that paid off the
the final piece of this thing and and then I got fortunate that I bought it right before everything went crazy so I
feel like every day I’m getting paid to live in this wonderful place so you got to be longterm do not I mean think about
you play college football you you’re a quarterback if if you would have got sacked a few times in peeee football and
said this isn’t for me you would have never had the chance to play college football so you got to look at it long
term nothing’s easy it’s not supposed to be easy there’s no speed past again wealthy in real estate it’s a very very
long process like everything but if you commit to the process I I’m here to tell you I’m I’m living proof and and I look
at it as there’s a zillion people Rich there’s a zillion people poor if I was worth a darn I’d have a private jet so I
got plenty of room for improvement but I’m telling you from a guy that came from nothing it it works got it it was
your wife bought in early on or did that come over time or how that would that look you know I’m gonna be real candid
this worked out pretty good so um I had a lot of this before I met my wife and
it was probably good and I I will explain this as a relay race the first leg of the race was me buying you know
apartments in Kentucky the meth capital of Kentucky people literally blowing up apartments with meth clabs I’ve had
people kill themselves in apartments it’s just I had the drgs of society but I got enamored with the fact I could buy
a 2 24 unit apartment complex for 500 Grand and whereas back then in Texas I
could probably buy you know one and a half houses for 500 Grand at the time now you’d be lucky to get one but um so
I got enamored with it where I was short-sided was that’s 24 refrigerators that’s 24
stoves it’s 24 air conditioners 24 hot water heaters and I’m in a smaller rural
town and I’m anti-drug and anti- Thug so I ran through the population pretty
quick and it was like 762 miles from my house so I’m relying on other people to give me information and they have their
own level of what’s good and what’s successful and what’s acceptable and that’s entirely different from where I
view things and so it just so then I compounded about four you know about three more I had four apartment complex
up there and a trailer park uh in a storage facility and a commercial building had a lot of stuff up there because it looked cheap well it looked
cheap but you couldn’t get much rent so it it you know it doesn’t really matter
perfect example my son bought an uh an Instagram page that has three million you uh users in India well it sounds
great you got 3 million users unfortunately it’s extremely poor country so you couldn’t monetize it so
you got to really look at Everything’s Relative you know I mean you got to make sure the numbers work you and I are
talking off camera about Wyoming so I took my and I really want to get into that I took my kids to Wyoming to
Jackson Hall and because my kids think like little entrepreneurs they’re 21 and 23 now but they’re uh you know probably
late high school then but we looked at the demographics Wyoming is this big beautiful state um I’m GNA say it’s a
red State you know and and which which which is great in my opinion um
hopefully half the viewers just didn’t turn off but but um but but the has the
least population of any state so then you’ve got this whole thing where you can’t have workers because they got no
place to live rent’s expensive because scarcity so the fact you were telling me
you’re doing deals in Wyoming there’s nothing but upside I A friend of mine builds uh modular homes homes built in
factories and I thought my first thought was my Wyoming because you don’t have the labor to build Sticks and Bricks yes
on the ground because where hey I’m going to build you house in Wyoming where am I living to build that house I don’t have a house you know so so
modular homes in Wyoming makes really good sense I think Wyoming uh because it’s a red State because there’s a ton
of land um I think Wyoming has nothing but upside but you got to figure out financially I don’t see you how you
could lose in W uh because the scarcity is just going to make things go crazy
tell me what your experience up there well first off love that objective um yeah just your perspect
your perspective from the outside right because I talked a lot of people in around Texas or other across the US that
don’t really understand the value or maybe just understand why it’s an opportunity right so it’s really cool seeing it somebody from an outside
perspective so from an Insider perspective um the other things you didn’t hit on is the property taxes
right so Wyoming has some of the lowest property taxes in the country um and and the reason and there’s no state income
tax so it get both whammies right that’s so that’s basically that’s incredible I mean
because the reason why where I live West Lake Texas and where I buy South Lake
Texas which is the number one school district in the state of Texas that’s one of the reasons why I I buy there and
there’s no multifamilies the negative of of south lake I’m sorry Texas is we’re the 46th or 47th worst uh property tax
and uh Governor abet just helped lower it a little bit but we have no state income tax which is fantastic but we
have horrible property tax but then you look at some place like Illinois and we’ll pick on them a little blue State
50th in property tax and state income tax I mean I would I I would buy I would
never buy there I mean the there the taxation I would never buy there so then
you look at Wyoming it’s a polar exact opposite I mean it’s so rare that you
don’t have property tax uh there’s think about it I don’t know how many states in the union but I can think of Nevada
Florida um on Texas on on income tax there a few that don’t but that’s a
double whammy that’s a golden ticket right there yeah you bet and it’s driven by it’s just very less population as you
talked about and then it’s so mineral Rich right there’s so many different minerals across the state which has really funded the state and created that
so that’s that’s one big driver um the other thing is is you talked about the supply and demand right there’s just not
enough housing up there and not enough Workforce to even build a house we had that conversation in one of our main
markets is larmy Wyoming so that’s where the University of Wyoming’s at and that was where I first started investing
because I bought my dad helped me coign and buy my first house when I went to school there and I kept it and then I
just kept investing over the years but they haven’t been able to develop it because of a big reason is and even like
growth from other companies like there’s so much growth from Northern Colorado that wants it’s like 45 minutes from
Fort Collins which is just blown up been a great crazy very similar demographics the same like
the same outdoor stuff you can do in Fort Collins it’s all there but it’s just like there these companies want to
come but where are they going to live where are they gonna put their workers so we end up we end up doing a deal um I
accidentally got on the uh Town Council of my town because I’m not I don’t have the temperament for that and and I’m not
you know so anyway I accidentally did it so here’s here’s how I got into look at this modular thing and and now I’m
really excited about it so our choice for the school was to replace these
20-year-old Portable Buildings that were just falling apart raccoons and possums were living underneath it I mean I mean
it was just a nightmare our our choice was to replace it with more Portables which my real estate mentality that
feels like we’re a renter again or build a permanent structure well the Portables
were going to be I don’t know like two million and and to do a permanent structure it’s going to be 7 and a half
million was going to be two and a half years very disrup disruptive to the campus on and on and on so by being on
Town Council we’re also on the school board which is rare we’re the only town in Texas that does that so we kind of have these dual hats so then a a citizen
here that uh exited a publicly traded U insurance company that he
founded bought into this modular building and basically what he said you’re wearing a cap I’m wearing a shirt
here’s an iPad um everything that we have in life is built in a factory pretty much except for really real
estate it’s built on premise with weather labor you know all these
variables that could really kind of screw it up so they end up building us Modular Buildings uh permanent permanent
structure they’re bolted down to a cement pad so the only thing that we had to do on on site was dirt work and a
cement pad and this same group has built 5 million houses um they they’ve done
these these modular for our school it has Bulletproof glass I mean this structure is gorgeous and it was only
maybe 25% more expensive than the Portables we put them on ground two two
really good siiz buildings with multiple classrooms and restrooms we put put them on ground within 90 days of the PO so
now one of the things they’re doing is is teacher housing because it’s hard to
attract teachers so you think about laramy and the draw could be if the
university basically said all right teacher you have free housing you know in these portable not portable
yeah portable structures uh but they’re permanent structures but but that can
solve a lot of problems I mean what if you could put 10 20 100 housing units on
site and literally I think you could do it in 120 days I mean so I TR I I truly
think this is going to be in places like Wyoming where and and here’s the other thing you got one throat to choke I mean
they quoted as surprise for those two two two big big big structures um and
that was the price there wasn’t any overages there wasn’t any Lumber went up
there wasn’t any anything that was the price and that’s what we paid uh think about all the variables you have when
you’re building a structure electrician cement dirt work uh roofers I mean you
just got a zillion different there’s there’s one thing that could go right it could come in on time on budget which
never happen happens and about a hundred things that can go wrong so I really think if you’re if you’re an investor
you got to start looking at at uh at stuff I’m going to plug them it’s off off-site modular they’re out of Austin
Texas but they’re going to be moving up here and I’m just fat I’m a broker for them now um because I was so impressed
of what they did uh that I’m like this is a no-brain to me it’s a no-brainer for schools it’s no-brainer for for for
uh teacher or student housing and I think it’s a no-brainer for a planned
Community uh and then you also think about what if you could tap into uh some government money there’s got to be some
some housing money that would be available in somewhere like Wyoming or or or or there’s got to be some types of
money available for a school or a college is just desperate for housing so I think I think this is you know you
know you think about Teslas being made in factories and how Robotics and how cool it is I truly think a lot of
structures that the next gener generation will be living it will be built in factories wow I agree and it’s
such I mean that’s the other thing we have in Wyoming so we don’t we don’t have enough construction is just yeah
there’s just not enough people to keep up with it right so that helps that I guess that’s the question we’ve been trying to answer is like hey there’s
this opportunity to develop so actually just had a conversation last week with a guy who who’s got the land in larmy to
develop on and they’re just looking for to like somebody like myself to come in and kind of aggregate it put it together
and then I’ll connect you yeah yeah I I’ll connect I’m just fascinated and in
you know it’s just one of these deals where I put my real estate hat onto my town counil hat and it just made sense I
mean and I couldn’t believe how well it went I mean it was just I’ve I’ve never seen anything like that I’ve never seen
in 90 days two permanent structures that literally are more tornado resistance
than the existing buildings and and safer for the kids because of a bulletproof glass than the buildings I
mean it’s just it’s nuts but you just got to change your mindset and and the thing that was said to me that stuck with me every single thing that you not
every single thing but pretty much everything that you your shirt your hat your car you know you know this
waterburger cup because we’re in Texas was built in a factory so why would a structure not be built in a factory it
almost seems counterintuitive to build a house out in the wild you know there’s
just too many crazy things that could happen yeah and we just across the country there’s this huge shortage I mean that’s what makes me bullish on the
real estate market despite Maybe hitting into a some sort of recession is we just they can’t keep up with Demand right and
then to me it’s like I think we’re in this little window where like I’m seeing it in Wyoming where we have got people a
lot more Mo all the seller all the buyers have really dropped out of the market the market the retail buyers I mean there’s some but not very many
right so it’s allowing us when we’re negotiating trying to get something under contract we’re the only ones talking to them we’re the only option so
but I also see this thing where hey this interest rates will eventually come back down and if we can acquire some stuff
now and then refinance I just feel like it’s a narrow window because the the in
it’s just the inventory is so constrained right is that what you’re seeing 100% And I’m older and I’ve been
through some stuff I mean you know I’m old enough to remember gas lines in 1973 uh if your license plate started
with an odd or even number it was the day that you could get gas so if you’re an odd number then maybe you gas on
Wednesday but you couldn’t get on Thursday just all kinds of crazy stuff but but you know the old saying is you
you marry the property you date the r so you marry the property you date the rate so if you love the property buy it
because you’re dating the rate it’s currently whatever it is and and when it goes down which I think it will towards
the election next year because you had kind of do some wind addressing on on the on the economy after yeah all this
time so uh but but it’s going to go down and then you know I saw you know I saw 18% interest rates in 1982 my my parents
bought basically bought a house at 18% in Arlington Texas and uh that’s like buying the house on a credit card my
first house is 12% what that I bought right before I was 20 years old um but
it’s if you don’t have the asset you don’t have the appreciation um if interest rates were low you wouldn’t be
able to buy anything you know I was offering cash and you know 25 to 50,000 over asking on properties and I I I was
striking out left and right I mean so so if interest rates when they go down all
the buyers are going to come back in you’re probably not going to be able to get a property so just bite the bullet buy what you want
be thankful and grateful that you have options to buy what you want because you didn’t have those two and a half years
ago I I I don’t care who you are you couldn’t get anything so so be happy that you can buy something young people
go hey you know what should I do I said the second interest rates really go down
all the buyers are G to come off the sidelines and jump in and you’re not gonna be able to buy anything so um you
either you either going to wait a year or two and probably get something significantly less than your dream
property or you bite the bullet now and buy what you really want and realize you’re going to refinance in a few years
yeah love it yeah good I mean I’ve been thinking about this a lot and it’s like it just seems like a no-brainer you get
some of this you get some silver hair you’ve seen some stuff and and uh if you made as many mistakes as I’ve made in
real estate you’ve seen some stuff and hopefully uh I won’t step in it too much
too many other times but uh you know moving forward but that’s just how you’re going to learn you know got it
well curious too Tim tell us more so I know you’ve you’ve uh as you mentioned you kind of had all these stream you
created a lot of streams of incomes you did it from your W2 jobs you did it from commission based stuffs then you started
out in the rent houses uh which I know you’ve done really well and also your wife is as an agent so you guys have
income coming in there but I’m curious over the last couple years I know you’ve been looking at other business ventures like what’s what’s that look like and
what are you kind of most excited about you know what’s what’s kind of cool is candidly
living where I live you you know every Business book you read you’re like Man
start at the top go to the CEO the challenge is if you don’t have much to offer which I didn’t as a younger man uh
you get to that guy and you’re just not going to bring him any value so what’s kind of fun is is like uh a friend of
mine represents the wealthiest man in India and he’s the 13th richest man in
in uh in the world he has1 billion doll personal residence uh the rich richest
guy in India name is mesh M KES K look them up but he owns
owns something called Reliance industry over in uh India uh India is is planned
to be uh the largest economy by like I think 2060 I mean they’re they’re they’re they’re screaming ahead this guy
owns a monopoly of a phone company there uh cell phone company um he uh they love
American brands so 7-Eleven just went over there the Gap just went over there
both of those kind of bumed me out because CEO of 7-Eleven is down the street and I would have loved to broker that deal and then the Gap a friend of
mine represents the fiser family that’s the biggest uh shareholder in the Gap um
so but what I’m currently working on is is trying to broker deal to bring Denny’s to India that was a call earlier
this week um I’m having a call I’m a meeting tomorrow uh friend of mine’s the CEO of Michaels Michaels craft and so
Michaels uh has zero road map to go to India so they’re looking to do a life liing deal so I want to broker that so
they don’t uh so hopefully maresh will have exclusive rights to Michael’s home
craft over in India if that doesn’t work I’m getting an opportunity to meet with the CEO of Hobby Lobby on a separate
he’s a very much uh Christian kind of like uh like the Chick-fil-A folks and
so there’s a a small intimate uh Gathering up in Oklahoma City with David Green um so I kind of got Coke or Pepsi
to try to get crafts in India and then um another neighbor friend is the president Schwab and Schwab was looking
to go to China but then with the unrest of China they basically didn’t have another foreign foreign strategy so I
put Schwab in touch with uh my buddy that’s brokering stuff into India because wouldn’t it be neat uh since
they basically not be on cell phones to be able to you know look on your phone and go hey we’d like to transfer five
bucks into your swap account or 50 bucks or whatever so that seems like a natural fit so so stuff like that I I look at
revenue streams is drilling oil you know I’m going to spend time trying to get Denny in India and that’s like drilling
an oil well and maybe I will come up dry which I do a lot I fail a whole lot and
uh maybe I will you know create a revenue stream on it but that’s how you got to look at it I I you know I stopped
at waterburger you saw the cup earlier today and these two young guys were so excited about their first day at waterburger and I’m happy for them I’m
glad there’s people working jobs but I’m like oh my God they’re trading hours for dollars and how I always look at is I
don’t want to trade hours for dollars I’ll trade I’ll trade hours to try to create a revenue stream and I’m fine if
it doesn’t pay out um that’s just part of it just like strikeouts are part of hidden home runs or you being a
quarterback every quarterback in the Hall of Fame has sown a ton of interceptions but they still got to the
Hall of Fame because they thre more touchdowns so you just got to look at that you got to be not afraid to fail
but I I love investing time into revenue streams it’s it’s it’s just something I
love to do I’ll tell you a quick quick little story so so so uh uh so Garrett
my son he was very very young I met Crystal when the kids were for and6 he’s a little guy and and he had a little
speech impediment and he’s walking around my garage he’s like what’s that Mr Tim he calls Mr Tim I go something I
tried and didn’t work out he goes what’s that something I tried anyway he it’s something I tried and didn’t work out and he goes Mr Tim you sure try a lot of
things that don’t work out and I said yeah but when they do work out and at the time I had a Lamborghini and a
Ferrari convertible I turned you them in the garage ago but when they do work out you get to have these and so that’s kind
of a microcosm of my world I have no problem striking out or throwing
incompletions or throwing picks um because it’s just part of the deal and
if you get too obsessed about trying to be perfect I always joke like you know most people they don’t want to go to
Real Estate success unless they can see all the green lights along the way it doesn’t work that way you know you maybe
get hit you might might get sideswipe you might have to stop at a red light whatever there might be a traffic delay
just get going get that first green light then get that second Green Light Just get going there’s no clear path
there’s no perfect path and if you’re waiting for a clear beautiful perfect path it’s just not going to happen you’re never going to do it so you just
got to go you just got to do yeah that’s such good advice because that’s you kind of stole one of my last questions is
like how how do people kind of get it going right and how do you get them started I think that’s a really good the
green light analogy is great my ADD thing you asked me a question question before and it looks like I’m sidest
stepping it but but I’m not so my wife and I it’s basically was a relay race
where I bought a lot of good and bad real estate that was the first Le it’s a three-legged re relay race and then she
came in and she’s like holy cow because I’m a typical sales guy I can outs solve the problem I can you know keep adding
Revenue while it’s just leaking out the back you know so so Crystal end up plugging all the holes in my boat and
that’s when we really started stacking ships so first me buy good and bad stuff leaking money left and right don’t even
know where it’s going just terrible um we called it a spaghetti bowl like everything was all my businesses were
jammed together you couldn’t tell who was a dependent and who was supplying stuff who was subsidizing the others um
and and so then Crystal cleaned up everything that was the second leg of our race and then the Third Leg of our race was that that she that her and I
will not make a decision on anything unless we’re unanimous so I got to make sure that the third base coach is like
okay you know we’re not crazy here and the aggressive dreamer schemer guy me um
um isn’t dreaming the scheming too too much so um that was really good and and
candidly I’ll say I wouldn’t have probably bought as much as I did with
her um I for sure wouldn’t have bought the bad stuff because she’s just smarter than me on this stuff um but I don’t
think her risk tolerant tolerance would have been she would have hurt us with
her her rist tolerance so it kind of was good that it worked out the way it did u
in the beginning and then we cleaned it up and we started stacking chips together I’m making a transition from
the first leg I’m still in the first leg transitioning into double sword man yeah no but I love
how you’ve brought and I guess yeah any feedback to anyone else who might be in that transition like myself I’ll take it
like how you transition from like you kind of running the way you you run
versus how your wife runs and again this could be the complete opposite the wife’s the aggressive one husband’s the ones like hey I’m I don’t want to take a
risk on a house but like how you merge those two together early on you know I
always go hey if it’s not gonna be real estate then what is your plan you know
like when the stock market takes it you know I got money in the stock market everyone does right um it’s my least
favorite thing and the reason why it’s my least favorite thing is I have the least amount of control and then a lot
of people won’t learn the stock market they rely on a financial person well I look at
everything as the sales they’re taking a rake off of every every every deal so
it’s a lot like playing poker and the house is pulling off money so I you know
I I invested a very young age like I said I did an IRA bought insurance with Northwestern Mutual my thing was in my
early 20s I’m like all right I’ll Be A Millionaire through my insurance but that’s hopefully that won’t be the way
um but what I always say is if it’s not this then what is it and when something
bad happens in the stock market I you know not not physically but I literally
mentally drive through my houses and go oh wow you know they’re great they’re still kicking butt they’re still in the number one school district they’re still
10 minutes away from from a a major metropolitan area I still have like an army of south lake mobs that are opposed
to anything bad there’s never I mean I mean their oppose their favorite thing is to vote no to anything they love they
live in perfect Bill and they and they want to keep it that way so I got this free army of moms that are protecting my investment which is fantastic um so all
I’m saying is is you know oh it’s funny I got the mug here I’m a huge Rush fan
but there’s a there’s a line in Free Will that says if you choose not if you choose not Cheo to side you still have
made a choice so if you’re choosing not to invest in real estate realize you made a choice you know made a choice not
to do that that’s cool you know we’ve got less people trying to buy the same stuff we’re trying to buy um but what
are you gonna do you know I mean I love people ah I don’t I don’t be changing you know leaky toilets and hot water he
I’m like all right well then what what happens when the stock market corrects 15% you you know that’s a hit too so um
I you know I can’t imagine my life without real estate you know my my daughter is looking to buy a house right
now and she really wants to Bigg house and what she wants is a million bucks and she’s like this same house used to
be $650,000 this isn’t fair she’s young so she thinks life’s fair and uh and I hate
that for all these young people but when you have 20 highend rentals and a really
nice personal residence I hate that that it’s harder for young people to buy but I’ve got I
just won 21 times because everything went up and then the other thing is is
it’s hard hard to get wealthy quick without leverage and what real estate
allows you to do when I buy a dollar worth of stock I got to put a dollar in to get that dollar I had to make a140
get tax down to a dollar to invest a dollar and then when I and when I make profit off that dollar if the stock goes
up I get to pay taxes on that whereas on real estate you could potentially put 5%
down own 95% of that bank has 95 but you have 100% control for 5% that is
leverage and and and and the other thing you need to think about is once your house goes up 5% you made a 100% on your
money you made 100% on your money the second it goes up 5 per. you know how hard it is to make 100% on on a stock in
a timely manner and then you get to pay taxes and then you and then you get to
pay your broker a fee because he’s managing your money I mean you’re just getting ding left and right man
everyone’s picking a piece of you Tim let me ask you this one too uh I think your perspective be good so because we
always try to talk with somebody we’re trying to help buy a private property right whether they’re buying turn key or whether they want to go fix it up
themselves and do some DYI or kind of weekend warrior right um or I have a lot
of people that are like hey they’re not ready to make that step but they want to get exposure to real estate so we say hey why don’t you become like a private
money lender and do debt on Be Be A lender on our deals or be equity on our deals but still a lot of those people
still have that same reservation of like oh I haven’t done this I’m not it’s not my normal way to invest in the stock
market I’m just curious what if you’ve had interactions and how you’ve been able to get people to to make that first
step and actually even if again they’re completely passively investing in real estate but at least they’re getting that
exposure to real estate well I look at it like this you have 100% your eggs and one thing the stock market you might
feel like it’s diverse because you own 10 20 100 different stocks but the reality is some macro event there’s some
macro event that could 100% affect a 100% a whereare you have your money so
again it’s kind of like what we said earlier you’re an American Airline Pilot with one thing the stock market somebody
wax your table or your one thing your table could come down or really get significantly damaged let’s say you put
some money invest some money in Wyoming with you since you understand Wyoming all right that’s a leg maybe own some
own personal res residence rentals that’s a leg that’s a leg that’s a leg I mean it’s you know it it’s it’s
diversifying it’s putting more legs under underneath your deal but I here’s how I look at people are like wow you
know things went crazy pricewise people are are you selling I’m like no they’re like well why I’m like uh I’ve seen
things go crazy before and then it goes crazier what I love is like the someone that’s like I’m not going to pay a 100 grand for a house in California okay
well now it’s three now it’s four now it’s five now it’s a million bucks you know um the key what I would say is buy
quality real estate um Chanel purses Louis Vuitton they never go on sale Rolexes they never
never go on sale quality never goes goes on sale so where I have made my mistakes
is buying crap and people and there’s zillion people come on your podcast and say I bought some really low-end stuff
and I made a lot of money good for them it’s just not who I want to deal with I don’t want to be chasing 400 bucks a
month rent I I I mean I I would give a stranger $400 like it’s not I I don’t I
I hate the word problem I always use the word challenge this kind of this a redundant consonant so I’ll do it when
you pick the property you pick the potential problem and so when I pick high in resi I’m picking less problems
when I when I bought meth lab apartments in Kentucky I bought really really
really bad problems and a lot of them and it was just constant it was terrible
and then the other thing you got to think about in life is unfortunately when you have something bad going on in
your life it has about a 10 on a scale one to 10 value in your brain when you
have a million blessings like your wife and your children and your home and your friends you put it like a one value so
what ends up happening when you have a 10 problem in your life you’re just staring down that that’s the only thing you can think about and then you become
un under appreciative under thankful for all the great things so I would say by
the best properties you can buy um and and and watch out and just realize that
property comes with challenges and they could be really bad ones or they could be kind of middle of the road ones or
they could be kind of low maintenance ones so you know some people have a tolerance that like I’ll I’ll deal with
the Slumber properties I can make more money and I’m willing to take as much garbage and good for them you know it
takes all all kinds I mean um and and here’s the other thingy hey Tim I don’t have your money I don’t have I don’t
have enough I can only start out with that that’s where I was going next I was about to ask that so what would you do
what would you tell those people that aren’t they want to get started but can’t get into that or feel like they can’t here’s a perfect example so u a
good friend of mine passed away my old roommate passed away uh he D our sales for Hard Rock and golden nugget and so
people have been coming out of the woodwork reaching out to me so there’s a guy named Adam out of Vegas and and I
don’t even you know I remember having breakfast with him but I don’t remember exactly what a specific conversation it was seven or eight years ago so he
called me he like hey man do you remember me I’m like of course I remember you Adam he goes man it’s you know sad what happened with Michael D
this this guy retired and started riding a bicycle like a maniac and then basically just kind of overloaded his
heart so uh and the guy was the most healthy guy you’d never see it coming so but Adam goes Timmy goes you remember
telling me this I said well just tell me the story and it sounded like something I’d say he goes I kind of was like Adam
was like hey I got a Tom Siver rookie baseball card his passions baseball card but it’s in really kind of ragged
condition and and he goes Timmy you said me you go that’s fantastic I go at least you got in the game same with real
estate least you got in the game and when you upgrade from that raggedy Tom
CER rookie card and you sell it to some young person just getting in the game
that young person is going to really appreciate because that’s going to be maybe his first rookie card and he’s going to really appreciate it and you’re
going to move up to a nicer card nicer card nicer card so now he owns the very best one in the world but it all starts
started by him with that first one love it right just got to start and trade up
and and that’s a really good point that you’ve got you’re always going to have a market and always have somebody that you
can sell where you’re start you don’t you’re not locked in there right but but what he did instead of just buying Joe
Blow card he bought a rookie card which rookie cards hold the highest value but he could only afford a poor quality
rookie card so buy the very best quality rental that you can afford at this time
yeah I mean at whatever level my first house was 45,000 bucks on a $122,000
note um and now you know in the pizza house but
y it took a while to get there you know awesome man Tim this has been really
good stuff I love it from how to get your spouse on board to how to actually
create other streams of income and how to how to start when to start and how to keep the relay race love it good stuff
today anything you want to wrap with go ahead one one more because it’s the most you it’s funny I got to go to Arizona
watch the Cowboys get their butt kicked we got to fly on the Cowboys Charter and and all I what you kept hearing over and
over and I bet Jimmy Johnson wish he trademarked the line because you’ve heard it ever since but Jimmy Johnson
goes how about them Cowboys and it was even in Arizona you know we haven’t we
haven’t won a Super well we won won afterwards but because Barry Switzer was babysit and Jimmy Johnson’s team but
anyway that how about that so so the thing I’m I’m kind of known for is uh buy from me tear up your lease for free
so that’s my how about them Cowboys saying and what that came from is owning higher-end real estate people did not
rent for very long because they they’re not renters they they moved down to get in the school district get the lay of
the land before they bought a million-dollar house or they they went through a divorce had to keep the kids in the district I I I I don’t have
Perpetual renters I don’t have the guy that never owned and rented his whole life I don’t have that so what so what I
realized it took me a while to realize that I’m not that quick um was people were constantly leaving and so then I
thought well wait a minute is there a way to make some Revenue while they’re leaving is there a way to encourage them
to leave just look at the other side of the coin and so what we created is we Market to our renters buy from me terpul
for free CU my wife’s an agent if someone rents a house from us we’re not selling them our house we love our house
houses but someone could rent from us at any time during their lease if they buy a house from my wife they can tear up
their lease this does a couple things one it creates a revenue stream for my wife so she’s making 3% on let’s say she
sells him a million dollar house she’s made 30 grand and yeah we might have a little bit of downtime on that house so
maybe we lose three four five 6,000 bucks but that’s $24,000 worst case scenario that she has made by selling
the house that’s the first thing the second thing it does is is the timing we
we all know how tight the market was you could not time what’s odds of your renter finding their dream home dream
home within 30 days their lease coming off zero it’s just not going to happen so now they can they can they can you
know we’ll R we’ll go month to month that they’re buying a house from them we’ll do whatever um but it’s a really
good thing for them it’s a really good thing for my wife and it’s kind of blocks out the competition that renter’s
sister brother mother could be a real estate agent but that sister brother and mother can’t get them out of their lease and can’t do the timing right so it’s
kind of a way I mean I know that you have young children so it’s a way to create a revenue stream for your wife
within your retirement and I always call it launching a Plane off of a plane so
my plane is this real estate holdings of north of I think 22 2323 million and off
of that holding we’re launching buy from me terap for free um which is a today
Revenue stream that we can we can spend while we’re letting our jet go to
retirement and that was my question is you’re selling your but you’re not selling your assets you’re helping them find another house and keeping them keep
your asset going yeah I’m using my asset and my retirement to to create a revenue stream for my wife but then the other
great thing is my wife doesn’t have to be that Realtor she’s not doing open houses you’re not going to see her picture in the grocery cart you know you
everyone I mean yeah I I just threw away a bunch of real smiling face stuff so she do have to be that girl but the
other thing my wife doesn’t do she didn’t spend a bunch of money on Advertising you know what I mean we’re we’re just using that funnel of renters
to create a revenue stream they’re GNA leave us why not make some money oh man I love it yeah that’s I think a lot of
people I think a lot of investors could do that I think everyone could do it I hear it over and over again I first set it on Bigger Pockets and and uh that’s
my how about them Cowboys so U buy from me tules for free uh I suggest people do that it’s a good way of creating a
revenue stream off of your off of your retirement or launching a Plane off of a
plane got it I do have one more we’ll keep it going selfish one man I don’t know if I could top that I was I was ready that g be my mic drop yeah well
we’ll probably wrap it there but well yeah so we’ll wrap it there but I’m ask this next one offline um but anyway
thanks Tim for coming on today this has been awesome I I know I’ve got a lot out I know our viewers are going to love it
and uh yeah they can go you guys definitely go find his books he’s also got this one we even talk about
today we got 50 things I just turned that into I just turned that into an audio book on August 16th and then funny
thing on this my wife set a planner my birthday is right before Christmas and so I wrote on September 1st on a card
and sealed it I said it’s September 1st you’re probably going to ask me what I want for my birthday any day now sure
enough on September 4th she goes what do you want for my birthday I’m like well hold on and I bring I bring the envelope
she opens it up and so my wife and I are going to record this on Audible for my my birthday gift cuz she’s she’s she’s
wonderful but she doesn’t want a spotlight on her so what what’s going to be fun is this will be an audio book uh
pretty soon too because some people don’t want to read people rather work out listen walk around the neighborhood listen so so uh 50 things is print and
audable my wife loves R love rent houses is print but will be audable and and
you’re reading it the both books it’s your voice read that’s awesome I subbed out the 50 things and then the guy just
wasn’t passionate enough and I’m like you know what I’m just I bit the nine hours in a studio with literally about
20 minutes worth of PE breaks it was grueling so if you listen to an audiobook and anyone read it that isn’t
a pro reader my hats goes off to him I mean it was it was brutal wow but I can
imagine I mean if I’m reading it I’m if I’m I mean I would I’m gonna I’m an audible guy anyway but anytime you get
the the author doing it especially with your voice doing it I’m sure it adds a little even it’s just going to send even
better message that’s cool yeah well I appreciate it Casey thanks for having me on today yeah thank you Tim as you may
have learned by tuning in to this episode of Gregor sense the easiest way to make real estate investing hard is by
going at it alone so as you continue learning and seeking knowledge of the industry I want to encourage you to
build relationships with other professionals who are passionate about real estate whether that’s an agent a
business owner or a managing investor like myself there are Pros that want to see you succeed and are willing to help
you by sharing their experience you can always reach me by visiting Casey greers.com and scheduling a call I look
forward to connecting with you and continuing to share my experience with you here on Gregor sense mobile until next time I’m Casey Gregerson thanks for tuning in
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