TRANSCRIPTION 🔗
WEBVTT
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Did you know that 90 % of the world's millionaires
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invest in real estate? Well, I'm Angel with the
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Academy Presents Real Estate Investing Rocks
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and I'm here to help you if you want to go for
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your piece of that pie. Are you new? Are you
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new to this and you just don't know where to
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start? It's okay. Are you someone that has invested
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but you feel stuck? You feel like you've lost
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momentum? You don't know where to really head
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from here? Are you a seasoned real estate investor
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who is doing great but maybe you just want to
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hone a few skills here and there? This is the
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place for you. The Academy Presents Real Estate
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Investing Rocks podcast will connect you with
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industry experts so that you can save time, avoid
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costly mistakes, and begin living the life you've
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dreamed of all through real estate investing.
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You're already taking the first step. just by
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joining us here today. We had a guy that every
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time he sat on his toilet it rocked. I don't
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know if you've ever sat on a toilet that rocked,
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but they do at times. And he basically said,
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I will renew if you will replace my toilet. Well,
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you know what? It's about a hundred dollars to
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buy. They're 98 dollars at Home Depot. And they're
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the the, actually the larger toilets than what
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has been installed in these. And so he got a
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new toilet and guess what? He signed his lease.
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He renewed. Nice. That's, that's awesome. Cause
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it also shows you're listening. And I think that
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that's really important. Um, especially with
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like C class. I think that a lot of times your
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C class residents feel like nobody's listening
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to them. Exactly. And so I feel like when he
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said, I need a new toilet, you got him a new
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toilet. He was like, well, heck yeah, I'm signing.
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These people hear me. They listen to my concern.
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Yes, we do have a 24 hour policy on our maintenance
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that if a call comes in, it has to be completed
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within 24 hours. If not, we need to know why.
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Is it because they're ordering a part or, you
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know, what is the circumstance? So we look at
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those work orders and we make sure that they're
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done within 24 hours. Because the one thing you
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don't want is someone's up for renewal and the
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faucet is dripping in the kitchen and they're
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sitting on the couch watching TV and they hear
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that dripping and they're like, no, I'm not going
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to I'm not going to renew this drives me nuts.
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They have not fixed that faucet and we just we
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don't want that. We don't want any barriers to
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them. We're doing. Yeah. So on the maintenance
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piece of it, cause I won't lie. I was looking
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through our staff. We've, we've got some things
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that have been there for a bit. Um, the property
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is, you know, a bit of distress. So there isn't
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maybe the funding to get everything done right
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on time, but knowing why it hasn't been done
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yet, especially since I know that now we're using
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Elise, um, Which if friends, if you're not implementing
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AI and what you were doing, you're going to be
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left behind. It's not that AI is going to take
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jobs, but it makes us way more productive and
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it makes us able to do a lot more with the time
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that we have. So yes, I'm putting that plug out
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there. Your on sites are much more efficient
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because the lease has already gone through, has
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talked about what the rents are. They've even
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scheduled a tour. We've had people that the first
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time. And I don't know if they know this or not,
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but the first time they've actually talked to
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a human is when they show up and they meet the
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leasing agent for the tour. That is the first
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time they've talked to a human. Wow. So it's
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called a Lease AI. I'll put that there. Yeah,
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it's spelled with an E. One of the things that
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we have implemented as well, I don't know if
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Load full transcript
you have used it, is cosine. Now, cosine, it
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It's not like getting your parents to co -sign
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your lease. Co -sign is a whole separate company.
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And so if you have someone that is, you know,
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five, 20 points below what they need to be able
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to sign the lease, you can send it over to Co
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-sign and then they will take a look at it. And
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then if they want to take it on, then they take
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the lease. And so we have found that CoSign has
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helped with a few people that are just, I mean,
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there has to be a cutoff somewhere. You know,
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you have to say you have to have, you know, this
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point, you know, to be able to rent. And so that
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has helped us quite a bit by having CoSign. And
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so someone fills out an application and they
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turn that into CoSign and then CoSign decides
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whether They turn it into our leasing agent and
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then they run the report and if it's within you
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know a close amount of them having the points
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that they need because it's all based on a point
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system. If they're close then they'll send it
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over to COSIGN and COSIGN will decide whether
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or not they'll back that lease. Now is that a
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fee to you or a fee to that resident? of the
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resident. Okay. All right. I did want to back
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up and look at a couple of other things. I've
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got like four pages of notes here. Holy moly.
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When you said that you want expenses at 50 %
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or less. Is that also the same for all those
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paid properties or do you even have all those
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paid properties? Oh, all bills paid. I'm sorry.
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I'm sorry. I didn't catch the all bills paid.
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I'm thinking all properties. Yes, 50%. That's
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OK. We can back that out if we need to, because
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it's just a matter of utilities. So I wouldn't
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necessarily. The objective with all bills paid
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though is that we are covering the bills with
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the rent. So yes, we would like it and all bills
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paid because that means we're covering it with
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the rent. We haven't had to back it out. We only
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have one property that's all bills paid. And
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yeah, they still run pretty lean. So, but we
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do make sure that we're able to cover that bill.
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Yeah. So it's gotten a little out of hand for
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us recently, just because it's the cost of water
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and the cost of electricity like change. And
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we happen to have our contract renewal on electricity
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during that period of time. And it went up. And
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the thing is when those things go up, if you're
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doing a good job with retention, you don't get
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to push anything until leash renewal. Unless
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you've got another, I've heard of some places
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doing like, it's not a utility fee, but it's
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like another fee that they are able to add in.
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Amenity amenity fee. Yeah, I don't understand
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how that works, but I'm willing to listen and
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learn. We don't have any properties right now
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that we use that on, but I do know that they
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have where you can do an amenity fee. So it's
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like $100, $125. And basically that covers like
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if you have a pool, a gym. So one of the things
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that we do offer is an internet package. So we
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try to get with an exclusive company. And for
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everyone that is on their system, we get commission.
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And so that is one way that we're able to increase
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our income is by doing that. We also found that
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we made a lot more money if we rented the washers
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and dryers ourselves for our laundry. and then
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all the money we make after we pay for the rentals,
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we have 100 % of that. We don't have to split
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that with anyone. Who are you renting the washers
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and dryers from? CSC? No, Coldwell and Gregory.
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Coldwell and Gregory. I do have another property
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that we use, CSC, and for that one, we actually
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They have washer and dryer hookups in the units.
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So we offer a washer and dryer for $50 a month.
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They charge us $35. So we make $15 for everyone.
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The beauty of them is that they deliver them,
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even upstairs. They hook them up. If there's
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any problems, that is not our maintenance problem.
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That is the CSC problem. And so they take care
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of all of that. And we've really not had any
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issues with it at all. We've just made money
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on it, honestly. I've never heard anyone even
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talk about that. So to be able to reach out direct
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and rent the washers and dryers, then those could
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even be in our laundry facility? Yep. We're going
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to have to look into that. You just make more
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money. When you're in a contract with a laundry
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company, what they do is they have a minimum
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that you have to have every month. And then once
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you hit the minimum, then they split it with
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you like 60 -40, and you are 40, you are not
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60. And so we have discovered that we make a
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lot more money if we don't have a contract. except
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for the rental units. We rent the units and then
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we pay the rental fee and then all the money
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above that is 100 % profit for us. Have you ever
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done like a vending machine in the laundry facility
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where you have like little soaps and dryer sheets
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and all that stuff and maybe some snacks too?
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Well, two things. One, you cannot have snopes.
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Snopes. You cannot have soaps and snacks in the
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same machine. Yes. So it has some sort of hazard
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thing because we wanted to do that. We are at
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one property. We do have a soda machine and that
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one we just get commission on, but we do not
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stock it. We don't do anything with it. They
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do everything and we just get a check in the
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mail. Right now, it's funny, we had a GP call
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today because we are getting ready to buy a refurbished
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machine that will do snacks and drinks so it's
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cold. And then we, when I say we, I mean my onsite
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team will be responsible for filling it. But
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that we want to make sure that we have our security
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system and really fine -tuned because we want
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security on that.
And this particular machine
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does all of it. So it will take a card. It'll
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take a tap from your phone. It will take quarters.
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We are going to put a big sign up that says,
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smile, you're on camera, to hopefully deter anyone
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trying to, you know. break the glass. It's probably
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going to happen. The other option would be to
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get a cage that goes around it. But we're going
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to start out with that one. We'll see. Wow. I
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literally like one, two, three, four, five, six,
00:12:31.590 --> 00:12:33.850
and going onto another page of notes. Thank you
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so much. You're very welcome. I could sit here
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and listen all day long for ideas because Like
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I said, everybody has a struggling property right
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now. If you don't praise, whatever you worship
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that, but you don't because it sucks. And like,
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I know that we're looking at other properties
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and to be quite honest, I'm nervous of like,
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who to even talk to. Because if you've been in
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this space for any length of time, you know that
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over the last two, three years, most properties
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are not paying out anything. Um, and if they
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have been paying us, I think they're all restructuring
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and recapitalizing and doing all that fun stuff
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right now and restacking. And so people are still,
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um, potentially not going to get their money
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back. Um, we are LPs and a property like that
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right now. Um, and so this is just, it's one
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of those times where you've really got to have
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the skillset necessary to run the property most
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efficiently and optimally to be able to keep
00:13:38.860 --> 00:13:43.409
things tight. and still keep it an enjoyable
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experience for your residents but also keep your
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investors happy too because it's a really fine
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line to walk. It is but I do find that happy
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residents stay so that does help. Now we meet
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with our property managers every week until they
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have had the property for a year and if we are
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where we want to be in a year then we go to every
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other week. But if we're not where we want to
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be, we stay weekly until we're where we want
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to be. I'm writing that down to you. It makes
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a difference, you know, and then we do have access
00:14:24.700 --> 00:14:27.879
to Elise AI. So we're able to go in, look at
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our own reports, you know, look and see what's
00:14:30.440 --> 00:14:33.580
happening during the week. If I have a property
00:14:33.580 --> 00:14:35.980
that's struggling with leases, they know that
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every Friday I get to call and I will have a
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talk with the onsite and just say, how many leases
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did you get this week? That's the whole question
00:14:45.580 --> 00:14:49.519
and they say whatever they're going to say. I
00:14:49.519 --> 00:14:52.679
just really think communicating with the onsite,
00:14:53.000 --> 00:14:57.019
what your expectations are, definitely help.
00:14:57.620 --> 00:15:01.639
Then they know what you expect them to do. And
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then you give them ownership. You know, it's
00:15:04.860 --> 00:15:07.379
their property. So when we get on the call, we
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say, how is your property doing? I mean, it reinforces
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that it is their property. So I wasn't even,
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I'm going to sound really ignorant here. I was
00:15:18.659 --> 00:15:20.720
not aware that Elise had like reports that went
00:15:20.720 --> 00:15:22.799
with it or that I could look at those. Like,
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yes, ask them for the login. Just ask them for
00:15:25.899 --> 00:15:28.120
the login and then you can get in there and look.
00:15:29.120 --> 00:15:39.269
Okay. So friends, when I say having never been
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anything other than a lead sponsor on a property
00:15:41.129 --> 00:15:43.970
and it being baptism by fire, like we're three
00:15:43.970 --> 00:15:46.110
years in and I'm still learning new stuff every
00:15:46.110 --> 00:15:49.529
day. Um, and not just like new stuff though.
00:15:49.529 --> 00:15:51.409
Oh, that's neat. New stuff that like is game
00:15:51.409 --> 00:15:56.049
changing. Um, and so just, if this is something
00:15:56.049 --> 00:15:58.690
you're looking at getting into, just know that.
00:15:59.219 --> 00:16:00.940
it's, you're going to be learning some pretty
00:16:00.940 --> 00:16:03.340
substantial stuff each and every day, each and
00:16:03.340 --> 00:16:08.279
every week. And, um, don't discount it, um, because
00:16:08.279 --> 00:16:09.580
you never know when you're going to need to pull
00:16:09.580 --> 00:16:12.200
those things out of the bag. And it's really
00:16:12.200 --> 00:16:14.940
awesome to have all these tools. So Cindy, I
00:16:14.940 --> 00:16:18.379
can sit here and talk all day, um, because like,
00:16:18.600 --> 00:16:22.659
thank you. I'm at my wit's end. And so to hear
00:16:22.659 --> 00:16:27.000
ideas that I can implement today, today is too
00:16:27.000 --> 00:16:30.759
huge. Yes. Yep. That's my whole thing is I'm
00:16:30.759 --> 00:16:33.440
not into like, you know, in six months, like
00:16:33.440 --> 00:16:36.740
what can you do today to make a difference? So,
00:16:37.120 --> 00:16:39.600
well, I really appreciate being able to chat
00:16:39.600 --> 00:16:42.720
with you. If anyone ever needs to have a conversation
00:16:42.720 --> 00:16:45.740
and has questions about asset management, please
00:16:45.740 --> 00:16:48.899
contact me. I'm sure you'll have my contact information
00:16:48.899 --> 00:16:52.480
in the show notes and I'm always willing to have
00:16:52.480 --> 00:16:55.779
those conversations. It's my passion. I do this
00:16:55.779 --> 00:17:02.299
every day. So it's what I live and breathe. You've
00:17:02.299 --> 00:17:04.980
also got a webinar coming up. Did you want to
00:17:04.980 --> 00:17:07.480
talk a little bit about that? Yeah, we have a
00:17:07.480 --> 00:17:10.779
webinar that's going to be free. It's going to
00:17:10.779 --> 00:17:13.660
be about 30 minutes of a presentation and about
00:17:13.660 --> 00:17:16.960
15 minutes of questions and answers, basically
00:17:16.960 --> 00:17:21.099
a really like a 10 ,000 foot overview of asset
00:17:21.099 --> 00:17:24.259
management. And we will talk about complex to
00:17:24.259 --> 00:17:29.460
community and how that really drives your referrals
00:17:29.460 --> 00:17:32.440
and your retentions because if you can save money
00:17:32.440 --> 00:17:36.109
on that, all the better. So yeah, that'll be
00:17:36.109 --> 00:17:43.329
in July, July 9th. It starts at eight if you're
00:17:43.329 --> 00:17:46.869
on the Pacific and then just add an hour for
00:17:46.869 --> 00:17:50.690
every time. Yeah, no, all the way across. So
00:17:50.690 --> 00:17:55.430
I wrote them down. That's 10 a .m. Central or
00:17:55.430 --> 00:17:59.210
11 a .m. Eastern. And then other time zones like
00:17:59.210 --> 00:18:01.490
you'll have to guess at those. I don't know.
00:18:01.740 --> 00:18:03.700
8 o 'clock Pacific. I only know that because
00:18:03.700 --> 00:18:06.680
that's not what I meant. But I will send you
00:18:06.680 --> 00:18:10.759
the Zoom link. There we go. I'll send you the
00:18:10.759 --> 00:18:13.240
Zoom link, and you can pass that on to any of
00:18:13.240 --> 00:18:15.039
your listeners that would like to learn a little
00:18:15.039 --> 00:18:17.660
bit more about asset management. Absolutely.
00:18:18.019 --> 00:18:19.660
And just thank you so much for being here today.
00:18:20.220 --> 00:18:22.619
You're welcome. I mean, I learned a lot from
00:18:22.619 --> 00:18:24.500
Sandia, too. Sandia is one of my best friends,
00:18:24.559 --> 00:18:29.519
and I've learned a ton from her. And so she can
00:18:29.519 --> 00:18:32.680
be very helpful, too. everybody's got different
00:18:32.680 --> 00:18:36.019
ideas. And so like just having all of the notes
00:18:36.019 --> 00:18:38.099
together, like, I don't even know how much stuff
00:18:38.099 --> 00:18:40.799
I have on asset management, but I can still be
00:18:40.799 --> 00:18:43.279
a better asset manager, a manager, like we can
00:18:43.279 --> 00:18:46.420
all get better. And so just be open -minded about
00:18:46.420 --> 00:18:48.400
that and realize that what's worked for you in
00:18:48.400 --> 00:18:50.599
the past is probably not working for you right
00:18:50.599 --> 00:18:54.319
now. You can be open to change and redirection
00:18:54.319 --> 00:18:57.500
and pivoting because you have to be open to it
00:18:57.500 --> 00:18:59.740
in order to keep your residents happy, keep your
00:18:59.740 --> 00:19:04.140
retention high. Um, and to keep your, your onsite
00:19:04.140 --> 00:19:07.400
people happy, um, they began to feel neglected
00:19:07.400 --> 00:19:11.859
also. Um, so actually before I say goodbye, do
00:19:11.859 --> 00:19:14.460
you have a way that's easy to figure out? Like
00:19:14.460 --> 00:19:17.180
what's your onsite people like? Cause I've been
00:19:17.180 --> 00:19:18.619
asked, I'm like, what's your favorite song drink?
00:19:18.799 --> 00:19:21.299
And so somebody will tell me, but like, how do
00:19:21.299 --> 00:19:23.180
you, do you have like a sheet you, you have them
00:19:23.180 --> 00:19:25.180
fill out so that you can bring them snacks and
00:19:25.180 --> 00:19:27.599
bring them things that, that let them know that
00:19:27.599 --> 00:19:32.269
they're seeing too. I don't. When I'm there,
00:19:32.269 --> 00:19:35.549
I make notes about, you know, just different
00:19:35.549 --> 00:19:38.890
things that I see. We actually have a big calendar
00:19:38.890 --> 00:19:42.150
on this wall and their birthdays are all listed.
00:19:42.650 --> 00:19:48.970
And so I have Crystal, who's my just she's she's
00:19:48.970 --> 00:19:52.230
amazing. And she actually puts together boxes
00:19:52.230 --> 00:19:55.609
for them. So on their birthday, they get a box
00:19:55.609 --> 00:20:00.890
and it has all the stuff. that we've talked about,
00:20:00.950 --> 00:20:02.789
because I'll let her know, you know, I noticed
00:20:02.789 --> 00:20:07.029
this, this, and this when I was there. And so,
00:20:07.029 --> 00:20:11.769
yeah. But we do, we recognize them on their birthdays.
00:20:12.250 --> 00:20:16.150
Sometimes it's as simple as flowers. But I know
00:20:16.150 --> 00:20:18.750
we kind of switch, like we'll do one year of
00:20:18.750 --> 00:20:20.930
flowers and then one year of boxes. We're on
00:20:20.930 --> 00:20:24.589
our box year this year. What kind of stuff do
00:20:24.589 --> 00:20:28.390
you put in the boxes? So we have one on site
00:20:28.390 --> 00:20:30.470
that just recently had a birthday. Her favorite
00:20:30.470 --> 00:20:34.730
color is purple. And she's a girly girl. And
00:20:34.730 -->
00:20:41.150
so we put in there like a face mask, bubble stuff,
00:20:41.329 --> 00:20:44.910
a scrub. Do you remember what else was in Ashley's
00:20:44.910 --> 00:20:52.470
box? A throw blanket. Oh, no. Yeah, like a mug.
00:20:53.029 --> 00:20:57.440
Yeah. Oh, super sweet. That's awesome. I like
00:20:57.440 --> 00:20:59.640
to know those things too, because just like we
00:20:59.640 --> 00:21:03.500
want our residents to feel seen and heard, your
00:21:03.500 --> 00:21:07.960
onsite people begin to feel super neglected because
00:21:07.960 --> 00:21:09.559
they don't always receive the best treatment
00:21:09.559 --> 00:21:12.259
from residents when things are not going pleasantly.
00:21:13.420 --> 00:21:19.960
Or ownership when occupancy is down. Again, looking
00:21:19.960 --> 00:21:23.059
for any tips. pointers to just keep everybody
00:21:23.059 --> 00:21:28.680
happy. Yeah, I know our time's almost up, but
00:21:28.680 --> 00:21:30.940
one of the things that we do is we do ask them
00:21:30.940 --> 00:21:35.079
to set goals. So like one of our properties,
00:21:35.420 --> 00:21:39.880
the goal was for her to have 85 units rented
00:21:39.880 --> 00:21:45.559
by the end of June. And right now she will have
00:21:45.559 --> 00:21:51.660
88. Now I know that she loves plants and so what
00:21:51.660 --> 00:21:53.599
we're going to do is we're going to get a gift
00:21:53.599 --> 00:21:56.599
card for the nursery in the town that she lives
00:21:56.599 --> 00:21:59.920
in and she will get a hundred dollar gift card
00:21:59.920 --> 00:22:05.319
and we will celebrate her hitting her goal. So
00:22:05.319 --> 00:22:07.619
that's one of the things that you can do is you
00:22:07.619 --> 00:22:10.500
know hit work on the goals that you want if you
00:22:10.500 --> 00:22:12.420
have very specific things that you want done.
00:22:13.150 --> 00:22:15.970
set that goal and when they hit it, you know,
00:22:16.109 --> 00:22:18.210
it could be, you know, but even if it's something
00:22:18.210 --> 00:22:20.549
with maintenance, like we need all of this done,
00:22:21.069 --> 00:22:23.089
you know, when it's all done, order a little
00:22:23.089 --> 00:22:25.769
Caesars and our dominoes and have it delivered
00:22:25.769 --> 00:22:28.230
and you provide lunch for them and it's just,
00:22:28.369 --> 00:22:32.549
hey, you hit your goal. We appreciate you. Wow.
00:22:32.869 --> 00:22:36.230
So are those monthly goals or weekly goals or?
00:22:36.430 --> 00:22:40.309
It just, it depends. You know, if it's a big
00:22:40.309 --> 00:22:42.509
project, you know, then it would be, you may
00:22:42.509 --> 00:22:45.950
be a little bit longer. This particular, like
00:22:45.950 --> 00:22:47.970
I was talking about with the nursery, it was
00:22:47.970 --> 00:22:51.170
a monthly goal, like a particular month, like
00:22:51.170 --> 00:22:56.410
this month, we needed her to hit 88 units. I
00:22:56.410 --> 00:22:59.289
mean, I'm sorry, 85 units. We needed 85 units
00:22:59.289 --> 00:23:03.150
rented. And when I talked with her yesterday,
00:23:03.890 --> 00:23:07.519
she has 88, signed leases that are moving in
00:23:07.519 --> 00:23:12.640
by the end of the month. That's cool. We don't
00:23:12.640 --> 00:23:14.740
do it every month like I wouldn't say okay what's
00:23:14.740 --> 00:23:16.619
your goal next month and then you know reward
00:23:16.619 --> 00:23:18.779
her but when you have something you're really
00:23:18.779 --> 00:23:21.799
pushing and you really something that you need
00:23:21.799 --> 00:23:25.470
to get on top of I would say set those small
00:23:25.470 --> 00:23:28.809
benchmarks and just do simple things. I mean,
00:23:28.829 --> 00:23:32.269
send them a $50 Amazon gift card. Everybody orders
00:23:32.269 --> 00:23:37.309
off at Amazon, or even a $25 Amazon gift card
00:23:37.309 --> 00:23:41.490
if it's something pretty simple. But I think
00:23:41.490 --> 00:23:46.089
that just rewarding those small wins really go
00:23:46.089 --> 00:23:51.430
a long way. Now, that's awesome. Again, I said
00:23:51.430 --> 00:23:54.529
we could talk all day, but I know value your
00:23:54.529 --> 00:23:56.829
time and I don't want to make you sit here with
00:23:56.829 --> 00:23:59.490
me all day. So just thank you so much for being
00:23:59.490 --> 00:24:04.470
here and I think that's going to be really helpful
00:24:04.470 --> 00:24:07.730
to people too. So again, if you are an asset
00:24:07.730 --> 00:24:09.710
manager that still has on some training wheels,
00:24:09.769 --> 00:24:12.089
or even if you think you are like full fledged
00:24:12.089 --> 00:24:14.990
and know what you're doing, go to the webinar.
00:24:16.619 --> 00:24:19.259
And just be open to hearing what there is, like,
00:24:19.619 --> 00:24:21.039
even if it's just something that can enhance
00:24:21.039 --> 00:24:24.220
something you're already doing. Just be open,
00:24:24.420 --> 00:24:27.619
come with open ears and be ready to listen to
00:24:27.619 --> 00:24:29.660
do whatever you can to help your property because
00:24:29.660 --> 00:24:32.589
we're all feeling the same pain right now. Yep
00:24:32.589 --> 00:24:35.329
and even if you're an operator you know if your
00:24:35.329 --> 00:24:38.049
job isn't specifically asset management just
00:24:38.049 --> 00:24:41.670
operators it just gives you more it gives the
00:24:41.670 --> 00:24:44.109
asset manager more resources because you know
00:24:44.109 --> 00:24:46.890
on gp calls i always want to hear like what what
00:24:46.890 --> 00:24:48.750
are they talking about what do they want to do
00:24:48.750 --> 00:24:52.809
so i would say operators and asset managers well
00:24:52.809 --> 00:24:54.609
i'm definitely more of an operator than an asset
00:24:54.609 --> 00:24:58.880
manager but i still hope you'll be there I still
00:24:58.880 --> 00:25:01.160
like to hear everything. So thank you again.
00:25:02.019 --> 00:25:05.000
You're welcome. Thank you. I don't even know,
00:25:05.400 --> 00:25:09.799
this has been awesome. So thank you again. You're
00:25:09.799 --> 00:25:13.440
welcome. It was my pleasure. Oh, awesome. And
00:25:13.440 --> 00:25:16.700
guys out there, until next time. Thank you.