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Show highlights include:

  • Why checking your email every morning wastes more money than anything else you do (1:22) 
  • How owning a kitchen table business transforms you into a soccer mom that runs errands all day (and the trick to prevent this) (2:06) 
  • Why drowning in opportunities can put your business in the red(and how to become wildly profitable with a few deals per year) (3:41) 
  • Why owning more than two rentals can bankrupt your business (even if the first two are like ATMs for you) (3:53) 

Hey! Want to do a deal? Need my help? No cash to make an offer? Send me a quick text at 440-389-3883 or shoot me an email at REbroker216@gmail.com and we’ll work together to get you the deal.

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Welcome to Cleveland Real Estate Investor. On this podcast, you'll hear about every aspect of the real estate investment business. You will talk to your rockstar investors about their businesses, how they built them, where they came from, and where they're going. Who am I? I'm Joe Lieber and I've made millions of dollars from the real estate investment business over the last 20 years. If you're ready to hear the good and bad from a guy who's learned this business from the school of hard knocks and get educated by some bad ass entrepreneurs, then put your helmet on, strap on your chin strap. Let's ride.

(00:54): What's going on, guys. Gals, thank you for tuning in to another show. So before we get started on that topic at hand, I want to talk to you guys about, and your income kind of increasing your income. And just one little nugget rolling in here is stop doing dumb. That's really what, what it boils down to. And I started thinking about that and it's kinda like my pre-show thing. I want to talk to you about. It's like, if you want to increase your income, you've got to look at what you would be amazed if you probably looked at what you actually do when a day. No, if you're in the real estate business, you price, sit down, open up your email and you start reacting right to everybody else's situation. I got to get an escrow, a lateral to the title company, all there's an inspection issue.

(01:44): I got to call this buyer or seller, like I get those things have to be done, but is that what is moving your business forward? Is that what's going to actually generate and create more revenue for you? Or is that just the minutia? To me, it just, the minutia it's things that have to be done, but they don't drive actual income. And then if you're like me, and if you notice, and I started taking notes, like my wife knows that I have a very flexible job, right. And pretty much do whatever I want to do. She, you know, she'll pull the, can you stop at Costco and get strawberries for the kids? Oh, can you just make this return to gap the kids' clothes? Like. And before you know it, you know, you got a couple hours and that, that had happened a couple of times a week and you start adding that up and account pounds and it's like, well, wait a second.

(02:38): I just wasted eight hours out of a Workday going not to make an, a return at the gap or Costco or whatever, picking this up or that up. And are you really driving? Are you doing things that are going to drive income and to be super careful with that? I try not to come in and react. I say, I don't. I do. I come in and look at email, you know, and start reacting to other people's crap in the morning and it works and you'll make a living, but it's not going to change to where you're making millions of dollars a year. If you're going to sit there and play with your email all day and do stuff like that, you have to work on the one thing that actually will be a game changer for you. For me, privately in boils on a marketing, I guess a hard thing to do is to drive leads in.

(03:29): And I think my time needs to be focused on that. Just a side note. All right. So anyways, so here's what I want to talk to you guys about today is strategy and different strategies. Since this in real estate, there's a hundred ways to make money. If you start trying to do all of them, you say you're confused and frustrated. And then if you have one good experience, you think that that's scalable and it's not always scalable. Like I've talked to landlords that own two properties. And they're like, man, this is great. The rents come in like clockwork. It's a complete ATM machine and you're right. It is. But when you get 12, then it changes, right? You're going to have more probability of hot water tanks going more probability of evictions maintenance. All of a sudden the runs just start coming in with no expenses like the two work.

(04:27): And then I talked to wholesalers, you know, and they're just trying to build up their cash and they're don't have any skin in the game. And they were just spending money on marketing and they're trying to wholesale to people. And that's a strategy. There's a lot of strategy. What I'm trying to get at here is you got to figure out what works for you and what you want to do. I see a lot of guys that call me that are like expecting overnight success. Like you think that you're going to make a million dollars a year in this business and you can't some do, but it's not going to come without working your off completely. It's a ton of work. You're going to have a very dialed in systems and processes and a great staff and core values. You're going to have all that stuff.

(05:14): If you're making money like that, it's going to be hard. It's always tough. You know, we sell turnkey and all the challenges she go through with turnkey, from just buying the asset to the renovation. When you get it done, tenanting the property. And we try to attend it on section eight lately because it just really gives the investor a much better chance of collecting the rents and stuff, you know, without much issue. And the stick rate is longer for tenants. They stay a long time, section eight or two, but getting through that, you know, and then you have to have a home inspection for these guys and they want those things perfect. But it's all a grind. It's all tough. And I think a lot of folks think it's it's easy and they go check, do the business. Because some guy out there is going on Instagram drama, Ferrari talking about how easy real estate is.

(06:11): It's crazy. I hate when people do the owner stand, there's a lot of successful, successful people in every aspect of business. And they don't go on Instagram and show their Ferrari around. And then all of a sudden they're a coach, right? Coaching makes me nuts. But you gotta come up with a good strategy and you have to know what's going up, right? Like look in our Cleveland market right now. It's never been like this, this easy to sell properties. You can turn them on the MLS. And if you priced it right within a couple hours or a couple of days, it's in contract, we had to be, you need to realize that and see what the market's calling for it to be at the wheel to adjust to what the market is calling for. And there was a period of time, not long ago where these houses would send them out MLS night, you couldn't get them all away.

(07:01): And that inventory is so low that, I mean, people are they'll buy anything. It seems like, you know, things have changed. I don't like commercial real estate right now. Are you guys thinking about it? I would hold out and see what happens with that single family homes. That's the game right now. I'm glad to be in that space, but I'm back in the topic at hand. So like Noah strains, you're going after and work on it, focus on that. You want to wholesale get a great buyers list. I used to be the top of your buyers list by the way. Oh my gosh. I wholesale a few houses myself lately, which I don't do much of these buyers. They say they pay cash. They say there was no inspections. Oh my gosh, the fallout they, my head was off of your whole stellar cats. I can deal with this.

(07:53): It's all bull. I swear to you. I don't know if I'm the only idiot in town, but I never give anyone an issue. When a wholesaler calls me if I want that house and the, we agree upon the price it's close. Like you can take that to the bank. It is going to close. I'm sure there's other cats out there that do that. Just not the ones that I've run across on couple of wholesale deals. I did Holy smokes, but get a good buyers list. You know, if you want to wholesale and then just work, it just work it people at the time and you will get the results. If you want to acquire rental properties, focus on that choir. Rental properties stuck together. They had a Jersey. That's all he wants to do is he wants to acquire rentals. He's laser beam focused and he's acquiring.

(08:40): He's doing really good at it. And he's learning as he goes, I won't do that next month. I'll do this on the next one. He's tweaking. It's figuring out how to raise more money, figuring out how to get financing on these things. Now this got so many and I get some type of portfolio loan or blanket mortgage or something. And he's hustling. Strategize these laser beam focused. It's going to work for his new, very well shot. What else I want to talk to you guys about, you know, maybe you're good with joint ventures. If you're a good operating partner, there's a lot of guys out there love to stick money in real estate. Everyone's talking about it right now, sticking money either in real estate, in hard assets, your guys are buying diamonds. It's a hard asset. There are diamonds, cold smokes. So if you have money partnered with someone who is a good operator, protect yourself, of course, you know, get the right documentation, filled out, get the right operating agreements, speak with the attorneys, do the right thing.

(09:38): That's all I really want to tell you yesterday kind of short. I would just sit here at my desk thinking I'm off strategy. I just want to share my thoughts with you. Don't expect overnight success and a final thought, seriously, not going to happen like that. I have some surgeon, friends. I mean, these guys go get their bachelor's degrees and they go on to medical school for a few years. Then they go to the residency for a few more years. Then I think they become doctors before they've even become come. Surgeons heard someone say to me, the average age of an actual surgeons, like 40, 44, the big buck start rolling in. It's not going to happen overnight. Why do you think you're going to go into real estate and within three months of driving a four or five eight Ferrari? Oh, probably not. I know we get jaded by that opening up Instagram. Cause some kids got twenty-five million followers and you know, he's making a ton of money by flashing up Pepsi, but that's probably not the reality for most of us or for me this work at an all right guys. That's it. Thanks for tuning in.

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