0:00

This. Is the Bigger Pockets podcast show

0:02

Nine to know what's going on. Everyone is

0:04

David Greene your host of the trigger particles.

0:06

That podcast here today with Rob of a

0:09

solo spring is in the air, Love is

0:11

in the air and you know what that

0:13

we drop. I do flowers bloom and bears

0:15

coming out of hibernation Which honestly makes me

0:18

feel like a missed opportunity here because I

0:20

don't wear any of my floral shirts. What

0:22

was I thinking? Yeah you have floral shirts,

0:25

you have raggedy t shirts that actually make

0:27

me look like address nice and then you've

0:29

got. A. H Town sweater that I said

0:31

you were pretty frugally but now we're going

0:34

to be doing some spring cleaning. So after

0:36

today show you could go to spring cleaning

0:38

your house and find some new clothes. But

0:40

in this episode we're going to be talking

0:43

about how Rob and I are spring cleaning

0:45

in our real estate businesses are going to

0:47

hear about how I'm optimizing my team restructuring

0:49

pieces out with the old, in with the

0:52

new and that goes for business and property

0:54

so I can get more deals. Yet today's

0:56

episode is very needed because we currently looking

0:58

at our own portfolios. Today's. I think that's

1:00

going to be mega valuable for anyone who might

1:02

be thinking should I saw this property is the

1:05

juice worth the squeeze should I read Optimizers property

1:07

and try to make more money? And then you

1:09

and I are setting a lot of properties to

1:11

the Chopping Block so I'm excited to get into

1:13

it. That's. Right Algorithms are changing, demand

1:15

is changing, Business laws are changing, Commissions are

1:17

changing. There's a ton of changes. they changing

1:19

with the seasons so we are going to

1:21

be making adjustments and are poor furloughs a

1:23

businesses that reflect that change and share it

1:25

with everyone today. All right, well

1:28

let's make like a spring bunny and hop.

1:30

Into. The episode are I'd start with

1:32

the business operations Rob I'm going yes

1:34

you have to do you evaluate your

1:36

business operations? Well I'll give my answer.

1:38

I'm excited to get my answer because

1:41

every single time I answer before you

1:43

I realize how incorrectly I do things.

1:45

So I'm excited to tiller not what

1:47

not to do. But for me there's

1:49

really two key moments when I when

1:51

I evaluate these things. Number one is

1:53

when I make a new higher. Because.

1:56

not only am i hiring a new person and

1:58

i'm having to train them but i've always looking

2:00

under the hood and seeing exactly what I'm training

2:02

them on and realizing that a lot of the

2:04

systems and processes in my own company aren't

2:06

necessarily as concrete as I would like, right?

2:09

So I feel like, you know, I make

2:11

several hires a year. I would say at

2:13

a minimum, I'm looking at things every quarter.

2:15

And then the other kind of dual aspect

2:17

of this is every single time I'm thinking

2:20

about starting a new business, before

2:22

I start that new business, I always take a

2:24

step back and say, hey, is it fair to

2:26

my other three or four businesses to start a

2:28

new business? And I kind of evaluate from that

2:30

standpoint. What about you? Yeah, that's a fair question

2:33

to be asking. Is this fair to my other

2:35

businesses? Now, sometimes you make a move that takes

2:37

attention away from your businesses. Sometimes you add a

2:39

business that actually creates synergy with the

2:41

other businesses you have. For me, I'm always thinking about a

2:44

client. Okay, so I've got a client that wants to buy

2:46

a house, they come to the David Green team. Well,

2:48

can we do their mortgage for them also so they don't

2:50

have to use a stranger? Yep, now the agent and

2:52

the loan officer are on the same page working

2:54

for the same goal. Well, can we also help

2:56

manage their properties? Like I'm always asking, what can

2:58

I do to make this process more streamlined and

3:00

better for the clients? And then

3:03

I'm also saying one of my employees that

3:05

are working in one company could also help

3:07

in one of the other ones because they

3:09

sort of know what's going on with everything.

3:11

So in my world, the more integrated that

3:14

we make everything, the better the experiences for

3:16

the client. But starting a business that's outside

3:18

of that little circle of trust, you might

3:20

say, that now takes energy away from

3:22

the current businesses which would be the current

3:24

clients. Yeah, we'll talk about this a little

3:26

later too but I have the same thought process

3:29

with buying property as well because a lot

3:31

of really good deals have been served up

3:33

to me. Spoiler alert, there are

3:35

still good deals out there and it's really hard

3:37

to turn them down but I'm looking at my

3:39

own portfolio and I'm like, it

3:41

just doesn't make sense to launch something

3:43

when there's so much disrepair across the

3:46

entire portfolio. So yeah, I'm always just

3:48

like, I have shiny object

3:50

syndrome, I recognize this and so I really

3:52

these days try to be very good about

3:55

taking a step back and just examining what I

3:57

have. So it does reveal a lot

3:59

of issues. and I'm curious in your specific business,

4:01

where do you think you need some help

4:03

to operate a little better these days? Well,

4:05

for me, the challenge is usually the same

4:07

and it's going to be people, specifically leaders.

4:10

So I always have great ideas and if I jumped in

4:12

there, I can do it, but you can't do everything. You

4:14

only have so much energy and so much attention to spread

4:17

over your businesses just like with your kids. If

4:19

you try to have nine kids at one time, I can guarantee

4:21

you one of those kids is going to feel

4:23

like they're not getting enough attention, probably all of

4:25

them. Well when that same phenomena happens with properties, what

4:27

you find is their productivity goes down. Like

4:30

you said, they fall into disrepair. They

4:32

need attention just like children need attention, just like

4:34

your fitness needs attention. Everything always needs attention to

4:36

make it work and when you get too many

4:38

of them, even if you

4:41

have the skills or the knowledge of what to

4:43

do, you don't have the energy or the time

4:45

to go do it. So when it comes to

4:47

my specific situation, the National Association of Realtors was

4:49

just involved in a lawsuit where they settled, where

4:51

they agreed to change commission structures. The

4:54

market in general has shifted dramatically. When interest

4:56

rates went up, what we saw was that

4:58

even though home prices didn't necessarily come down,

5:00

the velocity of which transactions take place went down.

5:02

So less houses were selling. So now I've got

5:04

all these employees that work for me that I

5:07

don't want to have to lay off, but I

5:09

got to find something else for them to do

5:11

to keep them busy. So I'll be

5:13

starting a property management company. We'll be managing properties

5:15

for other people because that is still a need

5:17

that has to happen. When it comes

5:19

to what I need to do that, it's always going

5:21

to be people. How do you hire a person that

5:24

if you're not giving them energy or attention all day

5:26

long, you can still trust the things will get done?

5:28

Is it similar for you? You

5:30

know what? I

5:32

just made a couple of hires that have actually made

5:35

life a lot easier for me. It hasn't always

5:37

been that case. Sometimes you make a

5:39

hire and it doesn't turn out to be – it ends

5:41

up being a lot more training than you're anticipating. I

5:44

actually feel pretty good from the people

5:46

in my organization standpoint. The biggest flaw or the

5:48

biggest fault in the – the biggest crack in

5:50

the foundation, if you will, right now is follow-up.

5:53

I think follow-up is something that

5:55

all businesses probably lack on overall.

5:57

For me, follow-up really – So

6:00

no matter what the business is, whether it's following

6:02

up with the lead or following up with

6:04

really the biggest one is in my portfolio, a

6:07

lot of people get to this point where

6:09

they buy the property, they do the inspections,

6:11

they get the appraisal, they get the funding on

6:13

it, they put the furniture in it, and then

6:15

they're like, whoo, I'm done. And

6:18

the follow-up is actually just not there. I find that most

6:20

people set up their properties at like 90 or 95% and

6:22

they say, okay, well, once

6:25

it starts cash flowing, I'll go back and I'll do the other

6:27

5 to 10% or I'll add this,

6:29

I'll invest this way and I'll make more money

6:31

this way and it never happens. And

6:34

I've just realized this over the past year

6:36

visiting my own properties, I'm just like, wow,

6:38

there's so much that I said I would

6:40

do that I didn't because I focused on

6:42

buying more properties. So I think follow-up overall

6:44

is the death of all businesses. And

6:47

that's really for me the biggest downfall that I

6:49

feel right now, though it is being worked on

6:51

and it's something that I recognize and I'm specifically

6:53

working on right now, but it's just not something

6:55

I ever, you know, I think people getting to

6:57

the finish line is really more

7:00

common than people actually getting across the

7:02

finish line, if that makes sense. I'd

7:05

say here's one of the ways that a lot

7:07

of short-term rental owners, I mean, I'm sure this

7:09

will apply to long-term rentals as well, but we

7:12

get a review from our OTAs, online

7:14

travel agencies where people will leave you

7:16

a review and then there's a little

7:18

private section that's privately emailed out to

7:20

you and it typically has amazing feedback

7:22

like, hey, we really liked it but

7:24

by the way, all of your Teflon

7:26

pots are scratched up and you

7:28

say to yourself, oh yeah, let me, I'll

7:30

fix that eventually and you never do and then you go

7:32

and you visit your property like dang, I forgot about all

7:34

this feedback. So I think there's so

7:36

many ways that you can implement systems but I

7:38

would place more importance on follow-up in the real

7:41

estate journey than the actual setup

7:43

because, you know, the setup is the

7:45

exciting part. The follow-up is the

7:47

annoying part. Yeah, and to be fair, we

7:49

don't talk about it on podcasts very often. We

7:51

typically talk about the acquisition, the getting the property

7:53

and then it's like, oh, happily ever after. Well,

7:55

you're in a marriage, Rob. You know, it's not

7:57

happily ever after. It's work and follow-up. paying

8:00

attention to giving it energy. And then it's happily

8:02

ever after though. As long as you keep paying

8:04

attention to it, that's the idea, right? The story

8:06

doesn't... In a book, the story

8:08

ends when the couple gets together and on

8:10

a podcast, the story ends when you buy

8:12

the property, but in practice, the story doesn't

8:15

end. You are always giving attention to that

8:17

thing. All right. Now that we've taken a

8:19

fresh, honest look at our business fundamentals, we'll

8:21

move on to how we prune our portfolios

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11:48

Welcome back everyone. David and I are here

11:50

opening up the windows and dusting off the

11:53

proverbial cobwebs from our real estate investments in

11:55

order to make sure that they're as profitable

11:57

as possible. So come on in. Let's...

12:00

move this and transition into our

12:02

portfolios. So what do you

12:04

have going on spring cleaning wise with your assets,

12:06

Rob? Oh man, yeah, a

12:08

lot, a lot. Well I'll say one,

12:11

I'll follow up here with one thing that was talked about on

12:13

the show a couple weeks ago. I think it was me, you

12:15

and Dave Meyer or maybe it was me,

12:17

you and Henry Washington. But I was talking about this property

12:20

that was supposed to be a whole tail. I bought

12:22

it for $75,000. I was supposed to

12:24

put in $25K and I was going to make like a $10,000 or

12:26

$15,000 spread. Whole

12:29

tail is like a wholesale meets a retail, you

12:31

know that's the idea there. And it

12:33

didn't happen. A lot of people came in and

12:35

they're like, yeah, we need to offer you less. And

12:37

basically all the offers I got, I

12:40

was going to lose $5,000. And

12:42

I was like, man, you know, I've never lost money

12:44

on a deal like that. So my pride just wouldn't let

12:46

me do it. So I was going

12:48

to invest $65,000 back into that property

12:50

and just finish the renovation. And

12:52

if I did that, I would make between $20,000, $25,000 and you

12:54

and Henry or you and David, whoever

12:57

it was. Yeah, just take the $5,000 loss. And

13:00

I was like, yeah, so I'm moving forward with

13:02

that. The next time an offer like that

13:04

comes in, I will take the $5,000 loss and

13:06

just consider it

13:09

a victory to get $100,000 back, which I

13:11

know first world problems as

13:13

I say that, but I still don't

13:15

like to lose money. You know, who does? Well, that's what

13:17

made you not want to sell it because you felt it's

13:20

a loss, right? I took a $5,000 loss. When

13:22

I'm looking at your problem objectively, I'm saying you have

13:25

$75,000 out into the ether doing

13:28

nothing, you could get $70,000 back to do something with. That

13:32

looks like a much more simple way of

13:34

processing it, right? Yeah, it's – yeah. So

13:36

that's – I'm moving forward with that. Thank

13:39

you for the clarity. I'm still a little

13:41

like – I still want

13:43

to find what the victory is in

13:45

this, but my realtor I told him

13:47

like, hey, just if you get

13:49

the offer, take it. So that's one big

13:51

thing. Sometimes guys,

13:53

our time is just worth a lot more and I

13:55

think ultimately what you're trying to get at with your

13:57

tip here to me was, hey. Don't

14:00

spend six months of your life to make $20,000. You can make $20,000 easier in

14:02

other methods and I was like, okay So

14:07

duly noted there The

14:09

second thing I am selling one

14:11

of my airbnbs that property

14:13

is In West Virginia

14:15

and it's been breaking even sometimes we make a little

14:17

bit of money Sometimes we lose a little bit of

14:20

money But overall I would say it's a break even

14:22

Obviously the ROI is pretty good when you factor

14:24

in cost aggregation reports and all that good stuff,

14:26

but You know I'm

14:29

really into this whole thing where I want all of my

14:31

properties to be like My crown jewel

14:33

and I want them all to be beautiful and

14:36

I want them all to be inspiring and truthfully

14:38

there is nothing Inspiring about that

14:40

property at all. There's nothing I can do

14:42

about it There's I can sure look I

14:44

could add a pickleball court I

14:46

could do something right obviously there are things I

14:49

could do, but it just doesn't bring me joy

14:51

I don't care about it and

14:53

you should never own something you don't care

14:55

about That's kind of my opinion, especially in

14:57

the short-term rental space or medium term rental

14:59

space You should be like it should

15:02

be your babies and at scale. I kind of lost

15:04

sight of that So I'm cutting that

15:06

one out a little bit of a happy story

15:08

there. I'll make a hundred and twenty five thousand dollars on

15:10

that sale So, you know,

15:12

it could be worse. All right, and you've

15:14

got a third one, right? I do have

15:17

a third one Yeah So I just recently

15:19

visited one of my airbnbs in College Station

15:21

In found that it needed a lot of

15:23

TLC When

15:26

we bought that property was a bad flip and

15:29

the contractor made it seem like he fixed

15:31

the foundation But he didn't and so it

15:34

has settled dramatically and all the drywall cracked

15:36

And so we had a

15:38

handyman come and patch it up and when I

15:40

went and visited it I noticed that the patches

15:42

hadn't been sanded or painted and it's been like

15:44

that for many months and I was just really

15:46

mad and This kind of got

15:48

me to this whole like I love this episode

15:51

because it makes me understand Really

15:53

the my biggest problem which I talked about

15:55

with follow-up and I wanted to kind of

15:57

illustrate this in an analogy for you So if you're in

15:59

a show ship, a battleship as you said,

16:01

David, if you're at sea and

16:04

you move one degree, you can

16:07

probably continue on

16:09

and get to that same destination. But

16:12

if you keep moving one degree, eventually

16:15

you're completely turned around. And

16:17

I kind of found this at that property because

16:19

I walked into every single room and every

16:22

single room, the rug under the

16:24

bed had scooted away from the

16:26

bed and started curling up against

16:28

the wall. And all it

16:30

would take every single time that my cleaner

16:32

came in was just to pull the rug one inch

16:35

back to its spot. But what the cleaner did was

16:37

they never did that and they just let it shift

16:39

over an inch over the course of

16:41

a year to where like there's like so much rug just

16:43

up. Oh my gosh, dude, I hate even talking about this.

16:45

And so for me, I'm just like, this

16:48

is the problem with business. When you let your

16:50

business deviate one degree at a time, at a

16:52

certain point, you're going the opposite direction. And that's

16:54

how I felt with this property. So

16:57

we've since we're revitalizing it. I've

16:59

put $26,000 into the backyard. We've

17:02

added a pickleball court. We've added like a game

17:04

day shed with like a big

17:06

screen TV. We've added murals and this

17:08

property will go from being like a

17:10

so-so moneymaker to I think

17:12

a pretty profitable machine. And

17:15

I'm really excited about it. That's one where, you know,

17:17

wasn't excited about it until I went there and I

17:19

was like, you know what, I'm just going to own

17:22

the that we really didn't love this one as much

17:24

as we should have. I'm going to fix it. And

17:26

now I'm excited. And I'm like, all right, we're back. All

17:29

right. I mean, there's some trends that I'm seeing here.

17:31

When you out of these properties, the

17:33

economy was charging along. You wanted to expand

17:35

your portfolio. You needed to invest some money.

17:37

You probably had some depreciation that you wanted

17:39

to take advantage of. Well, now the economy

17:41

is contracted a little bit. It's a little

17:43

bit tougher. It's harder to find people that

17:45

can oversee your cleaners and your handymen and

17:47

stuff, which means you got to do

17:50

it yourself, which means you can't do it all.

17:52

So you have to make some selective choices of

17:54

if I have to be the person to oversee

17:56

this and I can't do all of it. Let's

17:58

trim out the least productive or least fruitful. Yeah,

18:00

let me just say one thing because a lot of people

18:03

might hear this and say, well, how are you going to

18:05

stop the rug from coming up against the wall? We

18:08

do this with some of our properties, not with all,

18:10

and now I see the value of doing it. But

18:12

there are certain apps out there that you can basically

18:15

empower your cleaner to take photos of the

18:17

property of every single room, every single bathroom,

18:19

every single toilet, bathtub to

18:21

basically keep them accountable on every aspect

18:24

of the property. So that whenever

18:26

they send you photos and you see the rug up against the

18:28

wall, you would say, hey, can you go fix

18:30

that rug? And we didn't have that process

18:32

in place for this property. Lesson learned. So

18:34

that is basically how we're going to be

18:37

turning around the accountability and the communication between

18:39

me and my cleaner. I'm curious. When

18:42

you hear people say this and someone DMs you that

18:44

goes, Rob, all you got to do is have somebody

18:46

take a picture of the property and send it to

18:48

you. And you're like, I know, but that means somebody

18:50

on my team has to look at the pictures and

18:52

then they may just be ignoring the one inch rug

18:55

that's moving along. How do you

18:57

typically address that criticism or those concerns from

18:59

people that can see how the problem should

19:01

be solved but they don't understand the complexity

19:03

of why it never gets solved? Yeah,

19:05

I don't know if there's a lot you

19:08

can do other than explaining that most cleaners

19:10

are like, you know, really, they're wonderful people,

19:12

but they really do the thing that you

19:14

hire them to do and that's clean. And

19:16

they're not necessarily proactive about, hey, this side

19:19

table is loose. They're not going to really

19:21

tell you that. And so I don't

19:23

know, like it's one of those things that you

19:25

fix in hiring. It's really difficult to

19:28

fix this retroactively. This is not something you can

19:30

just tell your cleaner, hey, can you now start

19:32

spending 10 to 15 minutes extra at every job?

19:35

It's really hard to do that. And so actually,

19:38

this could be the third fire

19:40

that I make ever. I

19:43

actually have let go of some cleaners. If that counts,

19:45

then I might be letting go of those cleaners as

19:47

well. Sometimes you got to start fresh. Good. And that's

19:49

okay. That's how business goes, right? Like the human body

19:51

is always having new cells form and dead

19:53

cells die and come off. Well, your business will work the

19:55

same way. There will be new hires. There will be new

19:57

properties. There will be new clients. There will be new opportunities.

20:00

And then there will be old ones that have to

20:02

make their way out. Okay, we're going to take a

20:04

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24:36

Welcome back to the show. Let's get right back into

24:38

it. So tell us about your side of the portfolio.

24:40

Are you making any big changes? I know you've, I

24:42

mean, it seems like this whole year has been spring

24:44

cleaning for you, but is there anything of notoriety

24:47

that you wanna talk about? This is the biggest,

24:49

deepest spring clean that I've ever experienced in my

24:51

life. It's a deep clean. That's what it is.

24:53

Yeah, deep clean. Before this, I've sold maybe like

24:55

one or maybe two properties my whole life. I

24:58

hardly ever sell them, but my portfolio grew very

25:00

rapidly a couple of years ago, maybe like a

25:02

year and a half ago when I was forced

25:04

into a 1031 because of

25:07

some title fraud issues where properties were

25:09

stole from me. And I had to go

25:11

buy a whole bunch more. And that happened at the

25:13

same time that the David Green team was crushing it

25:15

and the one brokerage was crushing it. And I was

25:17

just super busy trying to do all this. So now

25:19

that the dust has settled and the economy has contracted

25:21

a little bit, I'm just looking at some of the

25:23

properties and like, yeah, there's some winners, there's some okay

25:25

ones, and then there's some losers. So like you said,

25:27

you're just trimming the fat. So I have two cabins

25:29

in the Smokies that I bought at the very

25:31

beginning of a 1031. I did it

25:33

at the advice of a property manager that was

25:35

less than ethical that I'm trying to get rid

25:38

of now. And they're just not

25:40

performing well. The property manager is managing them themselves.

25:42

And they were like, hey, I got an opportunity

25:44

to get some off market deals. I was just

25:46

learning the Smoky Mountains. So I said, hey, those,

25:48

the numbers sound good. Well, the numbers did not

25:50

perform like they said. And there's

25:53

some challenges with like steep driveways and stuff that make

25:55

it tougher to rent them out. Like

25:57

it's just not something I'm gonna be able to fix. So I'm getting

25:59

those proofs. That, but I'm gonna sell those two

26:01

cabbage and ten thirty one and so like

26:03

one. The cabin instead of having to. that

26:05

will be better and more expensive. but now

26:07

that I know the area better or make

26:09

a better decision, I just got more knowledge

26:12

to be able to reinvest that money. I've

26:14

got a commercial property that I'm going to

26:16

be selling. I have a big burrow that

26:18

I was doing where I took this property

26:20

not amazing community and the top of the

26:22

hill and I added to it. I made

26:24

it nicer and thus city has been given

26:26

me a very difficult time getting short term

26:28

rental permits for the thing. So eyes. Forces

26:30

me to go medium term and it's been

26:32

working okay but I'm not really getting enough

26:34

going to justify this three million dollar property.

26:36

That's probably I'm going to be selling instead

26:38

of keeping is a bear which is a

26:40

wonderful part of the birth method when you

26:42

add equity to property of options in case

26:44

things don't work out like they happened to

26:46

that work out here. And then I've got

26:48

five single family rentals that I've had for

26:50

years. Their find the rents haven't really kept

26:52

pace with how much back what he has

26:54

grown. So I'm get a spreadsheet that I

26:56

used to track all my properties and attracts

26:58

the return on equity and the return. On

27:00

investment of future properties and I can tell. To.

27:03

Return equities really low on these things I could

27:05

get a much better are why if I reinvested

27:07

into better assets that I now have knowledge of

27:09

so I'll probably a some point this year be

27:11

selling five of my single family rentals that are

27:13

just like they're just not as sexy more than

27:15

the wrong with them where they they rarely are.

27:17

Yes, but I think that I can put the

27:19

equity to you somewhere else. Yeah, I'm in. It's

27:21

fine as I think that's that's okay. I did

27:23

a video or this week that was like. you

27:26

know short term rentals was a monumental which is

27:28

cities and I made the case for a long

27:30

term. Rentals are not sexy, they just. Consistently.

27:32

And you'll have like really great wealth

27:34

when you retire at Let me ask

27:36

you this for someone in your position

27:39

we're at today. You've. Seen it

27:41

all. He's really try to little bit of

27:43

everything when you get rid of those five

27:45

single family residences at your level. Are.

27:47

You replacing them with more single family

27:49

residences or you like. Replacing.

27:51

Them with one property that's worth the same

27:53

as as five properties. Yeah, it's the second

27:55

I basic okay I this is a strategy

27:58

at each other people. there's nothing wrong with

28:00

that's actually a healthy by the cycle and

28:02

I just call it houses. The hotels. I'm

28:04

trading for small greenhouses for one big red

28:06

hotel. And. A could be a

28:08

commercial property or it could be a short

28:10

term, or it could be something else. But

28:12

yeah, I'm not going to go by for

28:15

more properties. I'm probably going to buy one

28:17

property that's four times more expensive that will

28:19

bring in more revenue and have more opportunities

28:21

to force equity. Got it? Okay, we'll make

28:23

sense. I mean, that's that's that's the natural

28:25

progression. Right, scale or fail. nothing. scaling is

28:28

scaling accordingly into consolidating and having like one

28:30

thing vs. twenty things that make up the

28:32

same thing. I think that's really that's where

28:34

I'm moving to us and I saw that

28:36

property in in. West Virginia thinking like

28:38

wow, I've never sold property a he

28:40

doing that but you know? What I

28:42

didn't talk about was that I'm actually

28:45

building three new brand new homes and

28:47

Joshua Tree California because that fulfills my

28:49

creative spirit. They're more expensive their five

28:51

hundred thousand plus dollar homes, and I'll

28:53

just get a lot more out of

28:55

those properties And that equity. So yeah,

28:58

I think girl, caviar. I am

29:00

glad you said that. I'm selling these to move

29:02

into bigger properties to Sweet and that is how

29:04

it works and you know what? Hopefully these new

29:06

properties we bites will cash flow will say the

29:09

cash or will then reinvest that money into maybe

29:11

single family rentals in the next up and coming

29:13

area by ourselves. A fixer upper. They need some

29:15

love for some equity by smugly getting in a

29:18

good price when that property appreciate still point that

29:20

there's a bunch of equity than you do the

29:22

same thing see trade houses hotels. you take the

29:24

Castro from hotels, you buy more houses when those

29:27

grow ha those in a hotel and you put

29:29

yourself a. Nice steady consistent method of acquiring real

29:31

state until retirement tape before we close our

29:33

we descend on this Jimmy spring cleaning or anything

29:35

in your own personalized that's not necessarily so

29:37

business. he a real estate related the I see

29:40

going to be moving as he gets. I probably

29:42

going to be leaving California some point here so

29:44

I'm figuring out what it would look like to

29:46

put some of my stuff in storage. rents

29:48

out my primary residence I haven't needed. It's like

29:51

a twenty six hundred square foot house I

29:53

bought as a foreclosure and twenty thirteen and it

29:55

has been me live in in it for

29:57

most of the time. Occasionally I'll have employees

29:59

that com. Or. Rooms for me when they can

30:01

learn the business of. Then I'll fly back to

30:03

wherever they live and I'll probably got a rental

30:05

and then take a room or a unit in

30:07

one of my other California properties that I do

30:10

medium term rentals with. Just like set aside, one

30:12

other miss out Keep all my stuff. That's for

30:14

when I come out to California and I'm going

30:16

to be move in. I'm going to go check

30:18

out the south in the midwest and see what's

30:20

crack in over there. Wow day talk about a

30:22

casual thing to. It's ah that the end of

30:25

the episodes. I can't wait to read his you

30:27

do com it's good studio for yes. Ah Ok

30:29

well that's my. School in when I was gonna

30:31

say as you say, I've got a couple

30:33

of that a vehicle that I'm getting rid

30:35

of and my wife and I are thinking

30:37

about going to a one car household because

30:39

I drive three thousand miles a year and

30:41

it's not. I walk most places so think

30:43

we could be a want our household does.

30:45

The reason that you walk so much because

30:47

of this obsession you have with getting stepson

30:49

would that is part of it. I'm it.

30:51

but it's more so. My dream has always

30:54

been to live in a place where I'm

30:56

is walkable to everything so I can walk

30:58

to the Bodega to get a haircut. Yes

31:00

I do get haircuts for other youtube haters

31:02

out there. so yeah I walked anyway. So

31:04

ever need a car I'm a try it.

31:06

I try for six months and walk and

31:08

over everywhere or I folks are there. You

31:11

have a spring cleaning and our businesses in

31:13

our portfolios and in our personal lives were

31:15

shared it with you. Let us know when

31:17

the comments on you tube are you going

31:19

to be doing in the spring cleaning Has

31:21

this so inspired you to take accents? Were

31:23

you sitting on a property that's losing money

31:25

but your pride of Eagle just won't let

31:27

your let it go And Rob as the

31:29

rail blazer. real see that he is

31:31

has finally given you the confidence

31:33

to let go of that problem

31:35

child and replace it with something

31:37

better is so let us know

31:40

because robs eagle really needs to

31:42

fight the system gleaming hope a

31:44

positive thing islamist terrible deal cities

31:46

these five thousand dollars odds as

31:48

funny if this was recording like

31:50

eighteen hundreds that might sound like

31:52

a terrible thing but less grabbed

31:54

a deficit bankrupt as muslims playing

31:56

harpsichord in the background and if

31:58

you have receded rob pulling back

32:00

the curtain and showing you some of the warts

32:02

in our own portfolios and lives, please do us

32:05

a favor and leave us a good review wherever

32:07

you listen to podcasts. And subscribe to this podcast

32:09

so that the algorithm knows that this is what

32:11

you want to see. I'll let

32:13

you guys get out of here. This is David

32:15

Green for Rob, the Waka-thon episode.