On this episode of the podcast, Tim talks with his good friend Rick Sharga, Executive Vice President of RealtyTrac. They discuss the current market conditions that have resulted from the pandemic and the recession that followed, particularly how this recession is atypical and can’t necessarily be treated like previous ones. Rick talks about his outlook on the foreclosure environment and why data shows that there are not really as many people in serious delinquency as is being reported. They also talk about housing prices and walk through the presumptive President-Elect and Vice President-Elect’s proposed policies regarding the housing industry. This is a very informative session that you will want to be sure to tune in for!  To view the slides from this presentation, please visit Tim's YouTube Channel or Facebook Page.·         Foreclosureso   Delinquency rates§  They are the highest they have been since 2009-2010§  However, all of the homeowners who are taking advantage of the governmental forbearance program are included in this number§  As soon as they set up a payment plan with their lender, they are removed from this list§  70% of homeowners have more than 20% equity in their homes§  So they have a much higher likelihood of selling their homes than foreclosing§  This depends on demographics, demand, and interest rateso   Sub-$250k homes are in higher demand now than ever beforeo   There is a dichotomy in the workforce but both white-collar and blue-collar workers are looking to buy in this price rangeo   The lower-middle class has essentially been neutralized in the homebuying process§  Entry and 2nd tier move-up properties are not availableo   The housing industry crisis is really and affordability crisis·         Biden Policieso   $15,000 tax credit for first-time homebuyers§  A solution in search of a problem§  This will increase demand and drive home prices even higher§  More fees will be tacked on to Fannie Mae and Freddie Maco   Homeowners Bill of Rights§  Modeled after California’s §  Manifests as punitive§  Few people need this§  Missing a key component: protecting landlords·         85% of landlords own 2 units or fewer§  Doesn’t really affect hard money loans§  Could be helpful in low-income neighborhoods§  Key: in persistently underserved communities§  Provides loans to fix up the propertieso   Public credit reporting agencyo   Constructing affordable housing§  Will likely only help big developerso   Industrial – finding holes in markets, cloud computingo   Commercial – short-term pain for long-term progresso   Hotels – currently at about 39% occupancy, will take a while to get them back on their feeto   Retail – was already struggling, more bankruptcies, spaces could be repurposedo   Office space – more people are working from home, but they also need more space per worker in-office·         Predictions/Outlook for 2021o   Depends on how soon we can get the virus under control and how the economy responds Connect with Rick:https://www.linkedin.com/in/rickshargahttps://twitter.com/rickshargaDecember 9th webinar: https://t.co/NXqDJ82Epf?amp=1

Business and BBQ

Foreclosures, Biden/Harris Housing Policy, and Market Overview

On this episode of Business BBQ podcast, Tim Herriage talks about the the real estate market, and reviews data provided by the National Association Realtors. Taking a look at the month’s supply, it can be seen the supply stayed flat from July to August which is still lower than what’s been on the last twelve months. Available inventory is lower in 2020 than in 2019. The low supply on the market is really fueling price increases and appreciation.If you'd like to watch the video presentation, click here to find it on YouTube.Tim announced a new lending venture called InvestorWell where real estate funding has been made easier. He said the lending company is doing Fix and Flip Loans and Refinance Loans for investors. The lending company also offers short term bridge financing for those people who like to buy rental properties  The bridge has a 24-month term so properties can be purchased, renovated, rented, seasoned and then you can get a portfolio refinance or pick them off one at a time. This is on almost every collateral type, not just single family. Thirty year rental loans are coming back fast, and are available on single family, condos, and town homes.  You can lock in 30-year debt in your company name at a 75% LTV loan with an interest rate below 5%.Now, in the case of insurance, Tim said insurance rates are going up regardless of what coverage it may be and he’s been told that there will be annual increase most likely.  It is highly recommended to evaluate your coverage amounts.  Replacement costs have gone up, so you could be underinsured.  It takes Tim less than 3 minutes to buy the insurance. Just simply log-in to the portal, hit get a quote, type in the address, type in how much you want to insure it for, quote will pop up and hit buy the policy, download PDF and email it to your lender and you’re good to go.     Links: You can apply for your financing needs on  https://investorwell.com/For the home insurance, check out https://www.reichoice.com/Follow my blog:  TimHerriage.comReview NAR Data:  NAR.realtorSell or buy discounted investment property:  InstantEquity.comList your homebuying business in our online directory for free:  BestHomeBuyers.comOnline real estate investor loans: InvestorWell.comInsurance for real estate investors:  REIChoice.comConnect with Tim: https://www.youtube.com/c/timherriagehttps://www.facebook.com/timherriage/ https://www.facebook.com/groups/timherriage/

October Real Estate Market Update

On May 20th, I put together a panel of experts for a three hour webinar.  The focus of the webinar was to discuss the impacts of COVID-19 on residential real estate investors.  The event was centered around a keynote address by Dr. Mark Dotzour.  Dr. Mark G. Dotzour is a real estate economist who served for 18 years as Chief Economist of the Real Estate Center at Texas A&M University in College Station. He has given more than 1,600 presentations to more than 295,000 people and has written over 90 articles for magazines and journals. His research findings have appeared in the Wall Street Journal, USA Today, Money Magazine and Business Week.First 30 Minutes: Introduction of speakersOne hour: Keynote Presentation: “The Economic Outlook for the Residential Real Estate Market” Mark DotzourThirty Minutes: Q&A with Mark DotzourOne Hour: Structured Panel discussing the presentation with all of the speakers and Q&AOur Keynote Speaker:Dr. Mark G. Dotzour is a real estate economist who served for 18 years as Chief Economist of the Real Estate Center at Texas A&M University in College Station. He has given more than 1,600 presentations to more than 295,000 people and has written over 90 articles for magazines and journals. His research findings have appeared in the Wall Street Journal, USA Today, Money Magazine and Business Week.Our Panelists:  Kathy Fettke received her BA in Broadcast Communications from San Francisco State University and worked in the newsrooms of CNN, FOX, CTV and ABC-7. She’s past-president of American Women in Radio & Television.  Rick Sharga is an accomplished Marketing executive with over 30 years of experience in consumer and business-to-business practice.  Kevin Ortner is the president and CEO of Minneapolis-based Renters Warehouse, the nation’s largest and fastest-growing residential property management company.  Ken Channell has focused his career on organizational development and helping franchisees and their teams focus on using their strength to develop profitable businesses.Daren Blomquist is Vice President of Market Economics for Auction.com. Tim Herriage is your host for this exciting, informative, and results oriented presentation.

What Is Next For Real Estate?

This week I interviewed my friend Kevin Ortner. Kevin is the president and CEO of Renters Warehouse.  During this 30 minute conversation Kevin and I discussed everything from the actual single family rental market, marketing and showing activity, and where he sees it going from here. It was nice to have a discussion with Kevin that was positive. Renters warehouse felt an obvious dip in late March, but Kevin's opinion is that they already see April rebounding. Both Kevin and I think that we are going to have a good summer, but we also know some of the things we've experienced will have lasting implications. This interview is one of our weekly webinars that REI masterminds has for its members. In response to the Coronavirus outbreak, I've made REI masterminds free until the end of May. All you have to do is visit TimHerriage.com and click on mastermind. Renters Warehouse manages my rental property, and I highly recommend them. If you would ever want a personal introduction to them, please reach out to me. I am always happy to refer you to the people that I work with directly in my business. I hope everyone staying safe, and finding positive lights during this strange time.  As for me, I've been focused on spending more time with my family, of course cooking a lot of barbecue, and I've even been working on some of my flip projects myself. I have found it refreshing to get involved in the projects again, catch up on what material costs have done, and build things with my hands. Keep Cookin!Tim Herriage

Rental Market Update with Kevin Ortner

On today’s episode of Business and BBQ, Tim talks to Rick Sharga, President and CEO of the CJ Patrick Consulting Company, about what he sees going on at the national level regarding the housing market. Rick brings his experience to the table to make predictions about the financial state of the country.Rick is generally hopeful for the future because the housing market is historically pretty good at bouncing back. Until bond-holders are more certain, mortgage interest rates are likely not going to continue to drop. He also believes that the treasury will not go into the negative, but that many banks are putting forth deferment programs to help alleviate pressure on loans. Rick speaks to the fact that when the capital market starts to seize up, it has a ripple effect on everything else.In addition, the two talk about the impact on markets across the globe. The takeaway is that whenever the lockdowns let up, the housing market tends to bounce back. There will be some displacement in retail space, Rick proposes, as a result of the move to digital and a loss of business for three months or so. Fundamentally, we will probably see some shifts in how business is conducted in the coming months. We will also probably see an uptick in manufacturing.Finally, Tim asks Rick about his opinion on the effects of the shutdowns on a variety of industries, from lodging and retail real estate, to healthcare and manufacturing. And as the economy restarts, small businesses are going to do extremely well, assuming they will be able to weather the downturn. A few things Rick points out at the end about the housing market:We should not freak out at the housing numbers when we come out of this.It will probably be June before we see the market rebound.There will probably be unusually high sales in September.Key quotes:“If you go back to every recession the market has had since WWII (except the Great Recession), the housing market is what brought the economy back.”“The yields on treasuries are at historic lows.”“There is some adjustment that happens when you start talking about negative interest rates.”“The buyer profile is going to be a little bit fuzzier than it was going into the pandemic.”“It’s much easier to work with a borrower before they’re in default than it is to try to fix things once they’re in default.”“People underestimate the disruption to lending that would happen if forbearance programs are engaged by borrowers large-scale.”“Candidly, if it seems like the government is making it up as they go, they are.”“The exception throws the whole system [of the loan servicers] out of whack.”“When you have that kind of short-term disruption, I think everybody hurts.”“AirBnB is very vulnerable right now.”“Some people are just hoarding cash right now.”“Schools are struggling mightily to convert to teaching online.”“We will have some fallout from this, but it’s going to be a while before we see foreclosures.”Contact and Partners:Tim Herriage can be found at www.timherriage.comRick Sharga on linkedin. Follow him on Twitter @ricksharga.Follow his company at www.cjpatrick.com

Impact of Economic Downturn on Housing

On this episode of the Business and BBQ Podcast Tim answers four questions recently asked by one of his sons for his English class. Instead of writing out the answers, Tim decided to turn the assignment into this episode of the podcast!1: Talk about times you’ve had to persevere through a conflict. The first thing that comes to Tim’s mind is the financial crisis of 2008. In 2007 Tim and his wife were running one of the top five home investors offices in the nation, and overnight, nearly 130 mortgage companies shut their doors. Tim quickly found out that “the market was dead” because of the mortgage backed security crisis. Tim persevered, but was consistently selling houses at a loss. The good news was he was able to liquidate his balance sheet, but the bad news is over the fourth quarter of 2007 and the first quarter of 2008 he lost a little over a half a million dollars in cash. Thankfully, they were able to keep their head above water, by Jennifer’s work as a real estate agent. Tim knew they needed to turn their attention away from buying new houses, and focus on what they already had.  More adversity hit in 2015 when Tim was the Managing Director for B2R Finance. The company was growing, and lucrative, and then a new CEO enters the picture. This corporate restructuring brought about a lot of changes for Tim, and it didn’t work for him. This culminated in Tim submitting his resignation, and returning to his roots as an entrepreneur. During this time, his son incurred an injury, and it further made him rethink his priorities.2: How did the Marines shape you? Tim shares that joining the Marines was the single best personal decision that he ever made. It taught him to improvise, adapt, and overcome, and the core values, of honor, courage, and commitment. These core values are what helped him get through the hard times of 2007 and 2008. It also helped him have the courage to retire from a lucrative job that wasn’t working for him anymore.  The Marine Corps made him a morning person, brought about deep friendships, a sense of team, and has made him much more of a successful person than he would have been, had he not been a Marine. Tim feels eternally grateful and loyal to the Marine Corps.  3: How do you define success? Tim has gone through many iterations of how he defines success. Early in his career, he defined success by money, and at times, it still defines his success. He is working on reducing the impact of money on his perception of his success. Tim now describes success as having the things he truly cares about, and taking care of his wife and children. Success is being happy, being grateful, and content. Success is also doing everyday what is important to you, not what is important to other people. Furthermore, success is having the ability and flexibility to live the life you want when you want to. Success to Tim, in regards to his kids, when they are grown, would be to have them come and watch the Cowboys play every Sunday, and have them come and stay with him for long weekends at the ranch.4: What traits have led you to being so successful? There’s an element of stubbornness to Tim’s success. The most common criticism he received throughout his time in the Marine Corps "Good Initiative, Bad Judgement". If Tim sees something that needs to be done, he can’t help but do it. He wants to make things better. Tim believes in the 14 greatest traits of a Marine: justice, judgement, dependability, initiative, decisiveness, tact, integrity, enthusiasm, bearing, unselfishness, courage, knowledge, loyalty and endurance.   Connect with Tim:WebsiteLinkedInTwitterFacebookInstagram

Leadership Traits: JJ DID TIE BUCKLE #17

Our guest on the first episode of the second season of the Business and BBQ Podcast is Ken Channell, a good friend of Tim’s and a 40+ year veteran of the real estate franchising industry. About 15 years ago, Ken was introduced to the idea of the four personality types (red, yellow, blue, and green) and the three ways these types manifest themselves (advantage, think, and feel). Once he began to grasp the depth of the knowledge to be gained through this assessment about yourself and those around you, the world suddenly became filtered through this four-colored lens.There is no simple way to describe the four types since they are best understood by reviewing the assessment results of yourself and those closest to you, but in general:Red people are doers and they are primarily concerned with achieving results (mainly earning money)Yellow people are talkers who love to connect with others and they tend to be optimisticBlue people are primarily concerned with freedom and they research how to make tomorrow better than todayGreen people hate making the same mistake twice, so they are primarily concerned with control and regulations and they tend to be pessimisticYour primary and secondary color can be different for the way you act, think, and feel, and recognizing these dynamics about yourself and those around you can have drastic impacts on your communication and overall relationships with those people. This can make your marriage as well as business partnerships more productive and amicable, making it easier to fit people into the roles they will thrive in and keeping them out of roles that will stifle them or make them miserable. Ken and Tim have both integrated this assessment into their hiring procedures in the past, and they believe that their organizations have been more effective and productive because of the higher level of person-job fit they have achieved by putting people in positions of strength. It is important not to force people to be someone they are not or as Ken says “If you work on a weakness, you end up with a strong weakness” rather than shifting around the work so that everyone can work in their area of strength and achieve greater overall results.If you are interested in taking this assessment personally or integrating it into your team or organization, visit the Your Living Talent website for more information and to purchase the codes you need.Links:http://yourlivingtalent.com/Audible trial promotional link: http://www.audibletrial.com/thHubSpot promotional link: http://www.hubspot.com/th Connect with Tim:https://timherriage.com/https://www.linkedin.com/in/herriagehttps://twitter.com/timherriage https://www.facebook.com/timherriage/ https://www.facebook.com/groups/timherriage/https://www.instagram.com/timherriage/ With business questions: ask@timherriage.comWith BBQ questions: bbq@timherriage.com

Your Living Talent With Ken Channell #16

The topic of this episode of the Business and BBQ Podcast is leading with value. Many people go through life just looking for what they want and need, expecting everyone else to help them on their timetable while never helping others. Tim provides tips for not being this way, but instead viewing every interaction as an opportunity to provide value to someone else.Don’t be a sponge – Sponges only take and never give, like someone who tells you upfront that they are only working for you so they can learn everything they need to know to start their own business. Instead, you should work as hard as you can to help and provide value for others, building their business as you work for them and then focusing on learning.Don’t be selfish – Show care and concern about others’ needs. Don’t be a steamroller – rolling along the path that you want for yourself without regard for anyone else along the way. If you need help with something or want to pick someone’s brain about a topic they know well, think about what the best way would be to approach them about it that would be helpful to them as well. Think about what you can do for them before asking them for something.Share the wealth – Once you have received value from someone, you have the obligation to share what you have learned with others. Be willing to talk with others who are trying to walk the path you are on and give them ideas or pointers as they find their way. People will treat you the way you treat them, so be kind, giving, and sharing.Be sure to tune in next week for a conversation with Tim’s mentor, Ken, about personalities, team building, and learning from mistakes. And if you are in the Dallas area and you’re interested in taking your real estate investing to the next level, go to the REI Masterminds website for more information about the upcoming event in Rockwall!Links:ZZQ in Richmond, Virginia: https://www.zzqrva.com/ REI Masterminds: https://www.reimasterminds.com/Audible trial promotional link: http://www.audibletrial.com/thHubSpot promotional link: https://www.hubspot.com/th Connect with Tim:https://timherriage.com/https://www.linkedin.com/in/herriagehttps://twitter.com/timherriage https://www.facebook.com/timherriage/ https://www.facebook.com/groups/timherriage/https://www.instagram.com/timherriage/ With business questions: ask@timherriage.comWith BBQ questions: bbq@timherriage.com

Lead With Value #15

Our guest on this episode of the Business and BBQ Podcast is a podcasting all-star, John Lee Dumas. After being a very successful businessman, John realized that while he was making good money, he was having to pay so much of it back in taxes and expend more time and energy into his work than he wanted to. In an effort to find his passion, John decided to learn from people who have passion, through their books and podcasts, and in the midst of this exploration, he found that he loved the podcast medium. In the past 4 years, John moved his life to Puerto Rico, where is has found the financial and lifestyle freedom that he had always been looking for. His podcast, Entrepreneurs on Fire, is a daily show in which John interviews some of the biggest and brightest entrepreneurs and thought leaders. He is able to record these episodes from wherever he is, which allows him the opportunity to travel extensively and still keep his revenue pouring in. In fact, for the past 71 months, he has made at least $100,000 per month, and he is very open about sharing his tips for other entrepreneurs who are looking for financial freedom. Too many people are married to their business, he says, and they should follow his example of divorcing the business but still remaining friends. John decided that self-care is more important to him than “success”, and he has found a way to strike the balance between working enough to fulfill his needs while still being able to dictate his own schedule.The main thing that helps him keep this perspective is being aware of the fact that he is going to die someday. He recommends that everyone accept this as an absolute fact and consider how they should live their lives in a way that they will not regret on their deathbed. He created the passion and talent rating system that Tim described a few weeks ago on the podcast, which establishes that while your passion for a topic might be capped, your talent can always be developed to support that passion.Links:REI Masterminds: https://www.reimasterminds.com/Audible trial promotional link: http://www.audibletrial.com/thHubSpot promotional link: http://www.hubspot.com/th Connect with John:https://www.eofire.com/https://www.instagram.com/johnleedumas Connect with Tim:https://timherriage.com/https://www.linkedin.com/in/herriagehttps://twitter.com/timherriage https://www.facebook.com/timherriage/ https://www.facebook.com/groups/timherriage/https://www.instagram.com/timherriage/ With business questions: ask@timherriage.comWith BBQ questions: bbq@timherriage.com

You Are Going To Die #14

On this episode of the Business and BBQ podcast, Tim talks with Brad Sumrok, “The Apartment King”. Brad was in the “rat race” of corporate America for 17 years and he just never found fulfillment in his work, even when he started changing companies as a way of moving up the corporate ladder. Even when he was making $10,000 per month as an engineer with an MBA, he wasn’t satisfied and he couldn’t escape the thought that there had to be more out there worth doing. All along, he had been saving 10% of his income for retirement and living below his means, just like he had been taught to, and when he finally reached the point in his career when he realized he didn’t want to be in the rat race anymore, he decided to use all of his savings for something other than retirement. He used it as a down payment on his first apartment building. For the next 3 years, he kept working on this side hustle and growing his wealth to the point where he had replaced his full-time income with his investment income. At this point, he was able to quit his full-time job and jump feet-first into real estate investing. Now, Brad owns many apartment buildings, but since he doesn’t enjoy the daily ins and outs of being a landlord, all of his properties are managed by a third party. This leaves him with the time and energy he needs to commit to teaching others how to escape the rat race and work on their passion project full time. His company offers a free 40-minute training course online, weekend training sessions 3 times a year, and an annual conference featuring industry experts. This year’s annual conference is August 10th in downtown Dallas, and attendees will get to hear from speakers such as Robert Kiyosaki and Harry Dent.Business over the past few years has been very good for Brad, which has freed him and his wife up to make sizable contributions to charities such as Chair the Love. He has also found significant personal and spiritual growth through the process of focusing on what he loves doing and delegating what he doesn’t enjoy so much. He encourages listeners to be open to the opportunities in front of them and to believe in what is possible.Links:“Rich Dad, Poor Dad” book: https://amzn.to/2XW2DFb Sumrok Event LinkAudible trial promotional link: http://audibletrial.com/thHubSpot promotional link: https://www.hubspot.com/th Connect with Brad:https://bradsumrok.comsupport@bradsumrok.com Connect with Tim:https://timherriage.com/https://www.linkedin.com/in/herriagehttps://twitter.com/timherriage https://www.facebook.com/timherriage/ https://www.facebook.com/groups/timherriage/https://www.instagram.com/timherriage/ With business questions: ask@timherriage.comWith BBQ questions: bbq@timherriage.com

Rat Race Or Not, It's Up To You #13

Our guest on this episode of the Business and BBQ Podcast is Charlie Calise, CEO of Imaginuity marketing agency, real estate investor, and marketing guru. He provided listeners with so much relevant marketing knowledge that it might merit a second listen.When it comes to the customer journey, Charlie points out that while many people would like to think that they can conduct their entire customer interaction either online or offline, it will almost always be a combination of both. Through ad science, the Imaginuity team uses machine learning to understand where each customer journey begins, observe customer behavior, and then create lookalike audiences that can be marketed to in the future. This takes into account customer demographics as well as personal interests and browsing or purchasing behaviors. If you want a first-hand look at how this works, just scroll through your own Facebook feed and notice the sponsored posts that are being served to you. From the small business perspective, the simplest way to do marketing is to look around at who your customers are and then figure out how to get more people like them. Collecting data like their physical or email addresses and using old forms of marketing such as direct mail is the most straightforward way, but you can also run some targeted Facebook ads. It is imperative that you pop up on Google Maps and that the information there is enough because being there when consumers are looking for you is crucial. If Charlie were to give advice to an entrepreneur looking to start a new business, it would be: establish your target audience, choose the best location, send out direct mail coupons, convert customers when they look for you online, and have an effective website. As you get more sophisticated, you can get into SEO, but the algorithms are changing so frequently that you really need to be able to invest in this to get it right. A good rule of thumb when planning a budget and marketing plan is: Do what you are comfortable doing for an extended time. You need to be consistent and reliable, not falling off the radar when your customers are looking for you.In terms of real estate investing, Charlie is a huge fan of the way he and his wife operate their portfolio, which has allowed them to accumulate wealth in a short time. His wife does their rehabbing work and Charlie likes to focus on owner financing and other creative financing models in Dallas, TX, and Jacksonville, FL.Connect with Charlie:Charlie Calisehttps://www.imaginuity.com/Links:Tim’s Real Estate Investor Mastermind https://www.reimasterminds.com/Audible trial promotional link: audibletrial.com/thHubSpot promotional link: hubspot.com/thConnect with Tim:Blog and More https://timherriage.com/LinkedIn https://www.linkedin.com/in/herriageTwitter https://twitter.com/timherriage Facebook https://www.facebook.com/timherriage/ Business and BBQ Facebook Group https://www.facebook.com/groups/timherriage/Instagram https://www.instagram.com/timherriage/With business questions: ask@timherriage.comWith BBQ questions: bbq@timherriage.com

The Science of Advertising With Charlie Calise #12

On this episode of the Business and BBQ podcast, Tim is joined by Kevin Ortner, CEO of Renter’s Warehouse, the nation’s largest property management company. Renter’s Warehouse is unique in that they provide their clients and potential clients with a vast network of educational resources and individualized support as they consider getting into real estate through rental properties. Kevin purchased his first rental property as a freshman in college, where he essentially got to live rent-free in one side of a duplex by renting out the other side. He caught the bug at that point, seeing the potential in rental investing, and he has been encouraging others to do the same ever since. It is interesting to note that most rental real estate investors own 1-5 properties and are able to make considerable enough profits long-term to make it all worth it. What makes their investment even better is not having to mess with property management.By working with Renter’s Warehouse, investors get all of the benefits of owning rental properties without any of the drawbacks such as maintenance issues, tenant problems, and rent collection. Many people are hesitant to get into rental investing because of their perceptions that they need to put up a lot of money out of pocket or have had previous real estate investing experience, but investing in rental properties and partnering with a property management company like Renter’s Warehouse is simple enough for the average American to be profitable doing it. A property management company even takes the guess work out of choosing the right tenants who will not destroy your home.Kevin goes on to talk about the leadership philosophies and culture that he tries to create at Renter’s Warehouse. Primarily, he tries to surround himself with good people who are emotionally intelligent and skilled and then make everyone feel like they can be transparent, authentic, and willing to learn from mistakes.His new podcast, Rent Estate, is geared specifically towards rental real estate investing, and future episodes will feature interviews with Renter’s Warehouse employees from different areas of business who will provide their own perspectives on the benefits of this type of investment. This educational platform is intended to be another way to provide value in the form of free education to people who are involved in real estate investing or those who are considering buying rental properties for this purpose.Links:Audible trial promotional link: http://www.audibletrial.com/thHubSpot promotional link: https://www.hubspot.com/th Connect with Kevin:kevin@renterswarehouse.com 952-224-9597https://RentersWarehouse.com Rent Estate Revolution: https://amzn.to/3282sK6https://podcasts.apple.com/us/podcast/rent-estate-podcast/id1467392453 Connect with Tim:https://timherriage.com/https://www.linkedin.com/in/herriagehttps://twitter.com/timherriage https://www.facebook.com/timherriage/ https://www.facebook.com/groups/timherriage/?source_id=734272966682056https://www.instagram.com/timherriage/ 

Managing America's Wealth With Kevin Ortner #11

This episode of the Business and BBQ Podcast is inspired by one of the exercises in the Mastermind course that Tim has been taking. In an effort to increase self-reflection and prioritize the things that are really “moving the needle” in your business or personal endeavors, you could follow along with Tim’s process outlined in this episode. Tim focused on his rental portfolio while walking through the Needle Movers exercise, and he found it very effective and impactful on his future wellbeing. Any real estate investor knows that a rental portfolio is a long-term investment that will continue to gain in value the longer you hold on to the properties, but since Tim’s rental properties are meant to provide his retirement down the road, he often didn’t put much thought into them before now.What has changed in the last 180 days?He made his rental portfolio a focusHe and his wife made the decision to buy some of their wholesale or flip houses to add to their rental propertiesHe spent the time to break down the financing and bump up his initial investmentHow has focusing on these needle movers changed Tim’s daily life?By creating more time for himselfBy providing more certainty in his investmentsBy making him more excited about his rental portfolio and making him want to be more strategic with itHow is he adding fuel to make it better?By planning to buy more wholesale houses for his rental portfolioBy looking into flipping houses fasterBy making it more of a consistent focus through weekly meetings with his wifeWhat could this do for Tim and his business in the next 12 months?Creating a path forward of stopping wholesaling in the next 12-18 months and beginning to purchase 8-10 rental properties per yearWhat can Tim pass on to others?At the first ever REI Masterminds event in Rockwall, Texas, on August 17th, Tim will be sharing his relevant financials and property checklistsFocus on what make a positive impact and do more of itLinks:Tim’s Real Estate Investor Mastermind https://www.reimasterminds.com/Audible trial promotional link: audibletrial.com/thHubSpot promotional link: hubspot.com/thConnect with Tim:Blog and More https://timherriage.com/LinkedIn https://www.linkedin.com/in/herriageTwitter https://twitter.com/timherriage Facebook https://www.facebook.com/timherriage/ Business and BBQ Facebook Group https://www.facebook.com/groups/timherriage/Instagram https://www.instagram.com/timherriage/With business questions: ask@timherriage.comWith BBQ questions: bbq@timherriage.com

Needle Movers In Your Business and Personal Life #10

Listeners are in for a treat on this episode of the Business and Barbecue podcast as Tim talks with his friend Michael Plaks, the “black belt” in real estate taxation. Michael is an accountant who has been working exclusively with real estate investors for 20+ years, so he has seen it all and can talk with investors in their own vernacular. Michael and his team offer their clients an annual advisory program which includes annual tax preparation, bookkeeping, quarterly advisory meetings, and strategies in addition to assistance in fighting Uncle Sam if the need arises.Over the years, Michael has developed several prevailing opinions in the real estate investing realm:1.      People confuse income and wealth. An investor owns property long-term, while everyone else involved in real estate is simply working a job. The key question to ask to find out which boat you are in is: “What happens if I stop what I am doing in 3 months?” If your income stream will continue, you are investor gaining wealth. If your income stream would cease, you have a job.2.      People shouldn’t buy real estate for the tax benefits. You should be primarily concerned with cash flow and appreciation, followed by tax benefits, not the other way around. There are really only 3 ways to reap tax benefits from real estate, but even those are not guaranteed. Your ultimate strategy should be to purchase a property, do a 1031 exchange for a bigger property, and so on and so forth until you have drastically increased your wealth.3.      People should focus first on starting something, and then how to structure it. Michael says that the best idea is to consult with an attorney about what you should do, but from the tax perspective it is best to start earning money before worrying about the structure. He provides listeners with his 3-step process for getting started:a.      Set up a separate personal checking account for your business and use it for all business transactionsb.      Stop using cash – pay electronically or with a checkc.      Use apps to track your expenses and mileageMichael and Tim talk through when it is best for a sole proprietor to make his business official and conclude by talking about accurate bookkeeping leading to having a better handle on your business’ financial position.Links:Audible trial promotional link: https://audibletrial.com/th HubSpot promotional link: https://www.hubspot.com/th Connect with Michael: http://reitaxfirm.com/(713) 721-3321Connect with Tim:https://timherriage.com/https://www.linkedin.com/in/herriagehttps://twitter.com/timherriage https://www.facebook.com/timherriage/ https://www.facebook.com/groups/timherriage/?source_id=734272966682056https://www.instagram.com/timherriage/https://www.youtube.com/c/TimHerriageWith business questions: ask@timherriage.comWith BBQ questions: bbq@timherriage.com

Tax Advice for Real Estate Investors and Entrepreneurs #9

Welcome back to another episode of the Business and BBQ Podcast with Tim Herriage. On this episode, Tim interviews his friend Jeff Tennyson about entrepreneurship, work-life balance, organizational culture, and intentional leadership.Jeff has held basically every position in the book at organizations big and small, and the thing he has found that makes or breaks a company is its culture. Having a good culture where employees are respected, and the focus is on profit, growth, and fun is more impactful on the bottom line of the company than strategy every single time. Because of his diverse work experiences, Jeff has been able to observe great cultures as well as toxic ones, and he makes it his mission now, as the CEO of Lima One Capital to always foster an intentional and healthy culture. If you were to show up at their Greenville, SC, you might walk right into Bagel Mondays or Beer Cart Thursdays, which is not something that can be said of most companies.Lima One Capital is a nationwide lender to real estate investors who can apply for funding for (1) fix and flips, (2) rental properties, or (3) multifamily properties. Lima One currently has 130 employees, provides about 400 loans per month in 43 states, and is on track to loan over $1 billion this year. One of the other interesting and innovative aspects of their culture is the Leadership Lab meetings that occur once per month for Directors and above, where the focus is “fighting for the highest good of those we serve.” Out of this, Jeff created the customer service vision for Lima One where employees are to own every moment and invest in every opportunity.As he has gained more life experience, Jeff has been more intentional about adhering to a better work-life balance, prioritizing what is important to him during each season. He also talks about the pressure that many people feel to “have it all together”, but he brings up the point that no one knows what is going on in your back of stage even when your front of stage is picture perfect. To young entrepreneurs, Jeff emphasizes the importance of knowing what you want to measure and considering your capital base and the way that each decision might affect your risk profile. Having a handle on these two aspects of business and properly implementing your plan will help reduce a lot of the stress you might be carrying, and don’t forget that mistakes are only bad if you don’t learn from them.Links:Audible trial promotional link: https://www.audibletrial.com/thHubSpot promotional link: https://www.hubspot.com/th “Measure What Matters” book: https://amzn.to/2LH9txnConnect with Jeff: https://limaone.com/ https://twitter.com/jgtennysonConnect with Tim:https://timherriage.com/https://www.linkedin.com/in/herriagehttps://twitter.com/timherriagehttps://www.facebook.com/timherriage/https://www.facebook.com/groups/timherriage/https://www.instagram.com/timherriage/ With business questions: ask@timherriage.comWith BBQ questions: bbq@timherriage.com

Intentional Entrepreneurism with Jeff Tennyson #8

I am focused on helping entrepreneurs and small BUSINESS owners have and achieve what they dream of while maintaining a focus on what is important. I’ve seen too many entrepreneurs (myself included) put far too much ahead of the reasons they started their business in the first place. Losing sight of your “WHY” is a dangerous misstep on the road to financial freedom. That is where BBQ comes in! In my journey through starting and selling four businesses by the time I was 40, discovering my love for BBQ was the beginning of my departure from being a workaholic that wanted to make everything bigger!

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