July 28, 2017

JF1060: How to Begin Collecting Rent After Taking Over a Property #FollowAlongFriday


Getting an update on Theo’s deals, he finally closed! Of course we’ll hear about Joe’s latest dealings. A couple of listener questions answered and more. If you enjoyed today’s episode remember to subscribe in iTunes and leave us a review!

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Joe Fairless: Best Ever listeners, how are you doing? Welcome to the best real estate investing advice ever show. I’m Joe Fairless, and this is the world’s longest-running daily real estate investing podcast. We only talk about the best advice ever, we don’t get into any of that fluff. I’m with Theo Hicks for Follow Along Friday. Theo, how are you doing?

Theo Hicks: I’m doing great, how are you doing?

Joe Fairless: I’m doing well. Theo’s got some updates on his deals that he closed last week. We’ll talk through that, we’ll talk through a follow-up that a Best Ever listener had with mobile home stuff, and then lastly we will talk about some miscellaneous updates that I have. It’s not to talk about what we’ve got going on, it’s to talk about what we’re experiencing, so that we can benefit you as you go along in your entrepreneurial ventures.

With that being said, let’s kick it off… How do we wanna approach it?

Theo Hicks: I can start off by giving you some updates on my three deals that I closed on. We successfully closed last Thursday [unintelligible [00:03:36].11] That was fun. Everything at the closing table went smoothly. I guess I’ll start with a couple of negative updates…

Joe Fairless: Before you get into that, high-level, what is the deal?

Theo Hicks: Okay, high-level it’s three four-unit properties, total purchase price 660k, 25% down payment, and the monthly rents, which I’ll get into in a second, because that’s actually changed… Originally they were I think around $2,600/building, and we bought each for 220k, so above the 1% rule. The plan was to go in there and do a couple updates and raise the rents to market rents, because they were extremely below market rents.

So I wake up on Friday with [unintelligible [00:04:18].23] from one of the residents…

Joe Fairless: You closed on…

Theo Hicks: Thursday.

Joe Fairless: You closed on Thursday.

Theo Hicks: [unintelligible [00:04:22].27] a bunch of drywall on top of someone’s car in the garage, so that’s gonna be our first improvement to the property, fixing the drywall in the garage… Which was broken and needed to be repaired anyways, so I guess this incident will [unintelligible [00:04:38].12] so I was over there this morning with a plumber, because we immediately looked at some of the pipes… The reason why it fell down was because there were leaky pipes, and we’re gonna do some repairs there. That was exciting to take advantage of, but…

Joe Fairless: How much is that gonna cost and what do you do in that scenario when you get the text?

Theo Hicks: It’ll cost about $525 for labor, materials, and it’s going to do the drywall in the basement, as well as he’s gonna go into the first-floor unit and seal the tub and the toilet, because when the original issue happened, the previous landlord did not address it completely (he kind of just did it halfway). Fortunately, the plumber that I have is kind of a perfectionist, so he’ll take care of the things that he missed, as well as address the actual issue.

But when I get the text, I just go into resourcefulness mode and I’m like, alright, I’m gonna respond to them, I’m gonna go over there and look at the car, so I can take pictures of it, so that I don’t just send them to the [unintelligible [00:05:30].10] by themselves, because who knows what they’ll come back with… Trying to buy a new car at that point. [laughter]

Then I figure out, “Okay, so here’s the damage done. Who do I need to call to fix this problem?” so I call the plumber, the contractor guy that I have and schedule a time for him; I reach out to the tenants to let them know that I’m on top of it, we’ll be here this day, and…

It all goes down in a matter of 10-15 minutes. But the second you get that message – at least for me – I just try to reply right away; number one, I don’t wanna forget, but especially since it’s the beginning, I wanna kind of get up on the right foot and let them know that I’m gonna be on top of these maintenance issues and they’re not going to wait 48 hours, or whatever. Obviously, from their perspective, this is a pressing issue.

Joe Fairless: How long did it take for the plumber to get out there? You got the text Friday morning…

Theo Hicks: It actually took a week for the plumber to get out there. He didn’t come until today (Thursday), but the positive thing, at least from my perspective, and what the resident appreciated, is that I was over there that day to look at everything and figure out what exactly we needed to do. It’s just that the plumber that I use was doing a job — and it was funny, because I was [unintelligible [00:06:31].06] and she was thanking us for our quick response time, which was… From my opinion, I wish we could have gotten there on Friday to address it, but she was just talking about the previous landlord and saying how whenever something went wrong, he wouldn’t address it for like two months. So I don’t wanna be a month, or whatever, I wanna do it as quickly as possible, but it was interesting to hear from her perspective and what her expectations were, and that we exceeded them, from her perspective and not necessarily from mine.

Joe Fairless: And how did you find the plumber?

Theo Hicks: He worked on our personal residence.

Joe Fairless: Okay, so you’ve worked with him before.

Theo Hicks: Yeah, we’ve worked with him before.

Joe Fairless: Okay, cool.

Theo Hicks: So that’s kind of the negative side, so to speak. But the good news, and we’ve kind of talked about this before, about how the rents were below market value [unintelligible [00:07:14].13] so I’ve already talked about some issues we have with the seller and the selling agent, but I go to put the letter under doors and explain to them I’m the new [unintelligible [00:07:24].21] sorry, I don’t say I’m the landlord, and that “Here’s how we’re gonna collect rents. Please call me or e-mail me to set it up.” I start getting e-mails coming in, and they’re telling me what the rents are, and they’re not what I have on the leases… They’re not even close. The rents that people are actually paying are an average of like $150 more than what the leases say. [laughter]

So number one, I’m glad that they are telling me this, because right now I’m not necessarily sure what we’re going to do. I’ve already reached out to the seller to say “Hey, can you please tell us what the actual rents are?” My strategy from now is whenever I’m reaching out to them I just say “Can you please confirm your rent for me?”

Joe Fairless: Three dollars! [laughter]

Theo Hicks: Yeah, seriously… Every single time, they’re telling me a number that’s like $100 higher than what our lease says, and I’m like “What is going on?”

Joe Fairless: During due diligence did you ask for the bank statements to match up that to the reported income?

Theo Hicks: We had the bank statements and they did match. The bank statements were [unintelligible [00:08:17].12] and I didn’t even think as to why until now. I guess we’ll call it a rookie mistake, but I remember we’re sitting at the closing table and we’re looking at the banks statements, and we’re just like “These numbers don’t match the lease”, because obviously, they gave us the [unintelligible [00:08:29].01] for last month, and they were way higher than what the leases would have said based off of the number of days it was prorated. At the time I was like, “It’s cool, we’ll get more money.” And now it’s coming in, like “Okay, the reason it’s happening is because the guy either didn’t update the leases…” I mean, there’s one that they said the lease was $450, so we’re gonna go in there and raise the rent to $600, and then we assume that everyone is gonna wanna leave because it’s such a huge increase, and when she calls me she tells me she’s paying $600/month.

Joe Fairless: Oh, my gosh… What a huge difference in rents.

Theo Hicks: Yeah… So hopefully that covers the plumbing issue for this month.

Joe Fairless: I think it will, it sounds like… You have 12 units.

Theo Hicks: It’s for all the units. 11 units… One is vacant.

Joe Fairless: That can be $1,100/month.

Theo Hicks: I know, so that’s exciting.

Joe Fairless: That is exciting.

Theo Hicks: And then we rented out the one bedroom that was vacant right away. We got so many responses. I think we did like 10 showings. We posted it on Sunday, and we rented the one-bedroom out for $675, which is — the market is like $625, and we were getting $600 for the other ones. So now we know that we can get $675 for these one-bedroom units.

Joe Fairless: Let’s just do some math real quick… Let’s see. So $1,100 (you’ve probably already done this) times 12 months, that’s $13,200. What’s the market cap rate over there?

Theo Hicks: I think it’s eight.

Joe Fairless: Yeah, alright… So that’s ($1,100 x 12) / 8 = $165,000.

Theo Hicks: Yeah, for all three properties.

Joe Fairless: $165,000. How much did you buy it for?

Theo Hicks: 220k.

Joe Fairless: All-in?

Theo Hicks: 660k.

Joe Fairless: 660k… 25% increase in value – did I do that right?

Theo Hicks: Yeah.

Joe Fairless: Wow…

Theo Hicks: That’s fun!

Joe Fairless: Happy holidays to you! [laughter]

Theo Hicks: I know. Very unexpected.

Joe Fairless: Santa came early. Well, congratulations, that’s great.

Theo Hicks: It’s interesting, because this past week has really felt like it was a month, because there was so much action. I’d be going to the property every single day, I went there and [unintelligible [00:10:40].14] landscaping stuff… I was talking to our seller about it this morning, and I was like “The added responsibility for some people might be stressful or annoying or fearful, but for me it’s like exciting!” It’s novel, it’s new, it’s like a challenge. It feels maybe kind of like a sport or a game, or like — I don’t wanna say gambling, because gambling is kind of out of your control, but it feels good.

Joe Fairless: Yeah, you’re in it. You’re in the action.

Theo Hicks: Yeah.

Joe Fairless: So what percent down did you do?

Theo Hicks: We did 25% down.

Joe Fairless: And you just increased value 25%? You could do a cash-out refinance right now. [laughter]

Theo Hicks: That was our down payment, the increase.

Joe Fairless: Yeah, you could do a cash-out refinance right now.

Theo Hicks: I know.

Joe Fairless: Obviously, you wouldn’t; it depends on the loan terms, but in theory, if this holds up, you just got all the money that you put down in increased value, and you haven’t lifted a finger. So you could, in theory, take that cash out and then put it towards something else and have zero dollars in these three properties.

Theo Hicks: We plan on doing a cash-out refinancing — I think the calculator was like in 1.6 years… So a year and a half, but that might change now based off of this…

Joe Fairless: So you bought these three properties based on the old numbers, and the seller never said “Oh, by the way, they’ve increased substantially, so I want more money?”

Theo Hicks: So the rents actually are per month I think about $2,700, and that’s not including the new tenant; we’ll take that one out for now… And we underwrote the deal around $2,400, so I think it’s an increase of $300/building, so that’s $900 more per month is what we got now versus what we underwrote the deals at.

I’ve talked to a couple of residents and it seems like the previous landlord might have been absentee. I know they lived in the area, but I don’t think they were there a lot and I don’t think they addressed a lot of maintenance, so I know and I planned on this going into it that the first year we’re gonna have a lot of these small little things, like $500 here, $100 here, just to get the properties in working condition.

There were five total properties for sale, and the one that we didn’t wanna get is the one that was available, but based on the other two being in very good condition, we figured that there would be no issues there, so we could take the maintenance costs from there to address the maintenance issues that we know will occur at this property. But these increases in the rent just kind of changed all of that. We’re gonna be using those increases to pay for essentially everything now.

Joe Fairless: Yeah, good stuff. Congrats!

Theo Hicks: A lot of stuff going on in the beginning – especially in the beginning – assuming the takeover period is gonna be the majority of the work, because at the same time we’ve got all these maintenance issues, trying to [unintelligible [00:13:08].03] we’ve got a vacant unit we needed to fill… So when things calm down, hopefully [unintelligible [00:13:13].18] mow the lawn once a week, and trim bushes, and whenever they reach out with issues I’ll be right on top of it.

Joe Fairless: Cool. Nice work.

Theo Hicks: So what about from your perspective? Anything new going on?

Joe Fairless: We’re in due diligence of our 244-unit property in Dallas. That is going well, just doing walkthroughs and getting the right inspectors on site. Frank, my business partner is actually in Dallas right now, looking at our portfolio. One of us is in Dallas, on average, every 40 days or something. I was there two, three weeks ago, and he’s there now… Just to look at our stuff, and in this case, it coincides with the inspections. And then also looking at new opportunities.

The Best Ever Conference is coming. We are doing it again. This will be in Denver, Colorado. The website is not up yet, and things aren’t updated for the website, obviously, but it will be in Denver in February or late January. More details to come…

That’s a conference where we had five-star feedback from everyone who attended. You were there…

Theo Hicks: It was an amazing conference.

Joe Fairless: A high-quality group of attendees, and we’re gonna do it even better this year. Once that is up, then I will let everyone know, and then you can go get an early-bird ticket so that you get the best value.

I spoke to Neil Patel – he is an incredibly successful online marketer. Forbes names him one of the most influential online marketers, and he’s got a whole lot of other accolades. His interview will air in a week or two on a Sunday, because we talked about the skillset of increasing your traffic to your website. I won’t give too many spoiler alerts, but one insight that I got from that conversation is if you have less than 10,000 unique visitors a month, then you should not be focused on optimizing conversion, you should be focused on driving traffic. And if you have more than 10,000 unique visitors a month, then you should be focused on optimizing the conversions.

With any Best Ever listener, when you look at your website, just look at how many unique visitors you have. If it’s more than 10,000, then focus on conversion. If it’s less than 10,000, then focus on traffic.

Theo Hicks: And does conversion mean those visitors that are visiting your website, or subscribing to your newsletter, or leaving a review – whatever your goal or your outcome is for actually having the website?

Joe Fairless: Exactly… Whatever the outcome is of having the website. And one thing that he mentioned that I e-mailed you about and that we’re implementing on our blog is the benefit of cross-linking. When we have a blog, we have to have a lot of cross-links – a link in your blog post linking to other relevant blog posts that you’ve done, so that it keeps people around, and ultimately adds more value to their experience, versus a one-and-done article.

The cross-links don’t even have to be links to other articles you write, it could be links to a Bigger Pockets article, or an article on Tim Ferriss’ blog, whatever it is. The goal is to add the most value within that article, and I would suspect most of the links would be to previous blog posts you’ve written. That’s one way that he said that you can increase your traffic and just the overall engagement on your website, and it helps with SEO.

Theo Hicks: Yeah, I think it’s very helpful with the readers, because when you’re writing blog posts, you wanna keep them succinct, but then there’s certain concepts that are very complicated and will take maybe three or four paragraphs to explain. But if you talked about appreciation, or a specific type of appreciation in a different blog post, or cost segregation (which we’ll talk about today), then instead of having to explain what cost segregation is, you link that to either your blog post or to Wikipedia or to something that explains it, so that the person that knows what cost segregation means is not wasting their time reading about it, and the person that doesn’t know what it is can just click on the link and actually learn about it. I think that’s why it’s – from the reader’s perspective – very valuable.

Joe Fairless: Yeah, agreed. Let’s see… Speaking of blogs, we got published in Forbes.

Theo Hicks: We did, yeah.

Joe Fairless: Forbes Magazine — I’m not sure if it’s making the magazine, because it didn’t come out yet, but it’s on Forbes.com, and the title of the article is “Three Ways To Thrive In Real Estate During A Trump Presidency.” It talks about the three fundamentals, which if you’re on the e-mail list that we have, then you received the article. If not, then you can go to Forbes and the article will be there; just search “Joe Fairless” in Forbes and I’m sure it’ll come up.

Lastly, the two quick points… One is I mentioned on last week’s show that I do the weekly hospice visits, and I am. I had my visit last Friday, and we’ll do another one this Friday. The other thing is I’ve read another book since the last time we talked; I’m on fire with books now… Camino Island, it’s John Grisham’s book; worst book I’ve ever read of his. I’m a huge John Grisham fan, I’m obsessed with it, but by far the worst book I’ve read of his… But The Whistler, which I’d read previously, that one is really good.

And I’m reading Ninja Selling, which I highly recommend. It was referred to me by a guest, Brendan Nelson; his episode hasn’t aired yet, but he told me – and the Best Ever listeners, once you hear it in a month or so when the episode airs – about Ninja Selling. It reminds me of a condensed version of Unleash The Power Within by Tony Robbins. He talks about neurolinguistic programming, he talks about how you create value, he talks about getting your mind right, doing gratitude, all sorts of stuff. It’s like a [unintelligible [00:19:45].13] of Unleash The Power Within; I’m done with it, I’m about a third of the way through, but I’ve read enough to know it’s a book I highly recommend.

Theo Hicks: Ninja Selling, okay.

Joe Fairless: Ninja Selling.

Theo Hicks: Awesome. So let’s move on… Last week we talked about the pros and cons of mobile park investing, and we were touching on depreciation; we wanted to kind of dig deeper into that, and we reached out to an accountant who has an understanding of depreciation and how accounting works. [unintelligible [00:20:19].19] thank you for responding to us. What he said in regards to mobile home park depreciation – I’m just gonna read his message and we can talk about it…

Joe Fairless: And just for context, during our last show we said pros and cons of apartment investing versus — I call it mobile home, but you call it mobile —

Theo Hicks: You’re probably right… [laughter]

Joe Fairless: …mobile home investing, pros and cons – we listed it out, and we stumbled on the tax benefits if there are any, and had a listener reach out and say “Yes, there are. You should talk to so-and-so.” Theo talked to an accountant and here’s what the accountant said.

Theo Hicks: He says “A mobile home and an apartment building are both depreciated over 27.5 years as residential real estate. The main difference comes from how you allocate your purchase price between land, land improvements and the building. Typically, when you buy an apartment you allocate a percentage to land, and the rest you allocate to the building and depreciate that over 27.5 years. You need to have a cost segregation study performed there, from where [unintelligible [00:21:29].05] will break out the property into all its various depreciable lives, which will allow you to accelerate depreciation.

For mobile home parks sometimes you are acquiring both the land and homes, and sometimes it’s just the land where the residents own the home. In this instance, you would allocate a portion of the purchase price to the raw land that is not depreciable (that’s key) and a portion to the land improvements: sewer, roads, water etc. which have a shorter life, and then the mobile home itself, which have a 27.5 year life.

Both ways it would probably be best to have a cost segregation study done to make sure it is allocated correctly, but it sounds like mobile home investors haven’t had an issue with allocating price to the land improvements.”

For reference, if you’re listening to this or watching this, we’re gonna put a link to a blog post about what cost segregation is. He kind of explained it here a little bit, but just for more details if you wanna know.

Joe Fairless: So high-level, a mobile home – the actual mobile home – is depreciable on the same schedule as an apartment building, but I don’t think you would probably get the same level of depreciation, since the mobile home takes up less of the land in terms of dollar amount, compared to an apartment building… And talk to your accountant, not us, about this. [laughter] That’s the real takeaway – talk to your accountant, not us; I’ve never bought a mobile home, don’t plan on it. Alright, let’s keep rollin’.

Theo Hicks: Okay, so we have a question from a listener… This actually kind of coincides with what I was talking about earlier, about stumbling through collecting rent when you’re taking over a property.

This is Kyle, and he’s trying to do his first deal, which is a 14-unit complex. He says the complex is solid cash-flowing, it’s a mom and pop property, and “…one of the things I haven’t quite figured out with the property manager yet is how we will collect rent. This is a C-class property and I did not see a single computer in our walkthrough, so paying online is out of the question. From talking to the owner, a few of them don’t have bank accounts. The current owner literally drives up there to collect cash payments and hand them a receipt.

One of the great things about this property is that over half the tenants have been there longer than three years, and another 4-5 tenants even have been there for 10+ years, so I don’t want to disrupt this longevity too much. Our plan over time is to slowly change this setup with the new leases. (good idea)

One thing to note is there are not any 7-Elevens around, so they are unable to pay cash at 7-Eleven through AppFolio. There’s QuikTrip in walking distance and a Bank of America not too far from the property either. Do you have any ideas?”

I’m assuming it’s an old demographic; it looks like the current owner was just going door-to-door and collecting cash payments for rent. He’s trying to figure out how to go about collecting rent if he were to take over the property, if you have any ideas…

Joe Fairless: Well, aren’t you living that right now?

Theo Hicks: I’m living it right now.

Joe Fairless: He’s looking at 14, you’ve just bought 12, so what are you doing?

Theo Hicks: So on the [unintelligible [00:24:31].08] I wrote a letter that’s kind of saying I’m the new site manager — I’ve got a template online, and I’ll put a link to that in the show notes for Kyle and for anyone else that wants to use it… But a very basic template that says “I’m Theo, the new site manager. Your lease and everything else will stay the same. The only thing that will change is how we’re going to collect the rents, which we’ll outline below. Here’s my contact information…” and then I say “For rent payments, our preferred method of collecting rent is online through Cozy.co. Can you please send me an e-mail by this date, so that I can set up the account for you? If you do not wanna pay online or are unable to pay online, please call me so that we can set up another form of payment”, and then went into how you do maintenance requests and a couple other miscellaneous items.

I think I heard back from 4 of the 11 by Tuesday, which was the day that I wanted them to respond by; so I gave them Saturday, Sunday, Monday, Tuesday. Then Marcella thought this was stupid of me to do, but I did it anyway… I was doing it for the residents’ benefit, because I didn’t want them to have any late fees or anything, and I wanted to have everything set up a week before it was actually due. So with people that didn’t respond I put another note down there, a lot shorter, that just said “I put a note on your door on this day to have you send me information by Tuesday. I haven’t heard back from you yet. Could you please e-mail me or call me immediately so we can set rent so you don’t have to pay any late fees.” [unintelligible [00:25:42].25] I wrote “Immediate action required” down there.

And I didn’t really think about it, because I’m not like a very blunt, straight to the point person, so my intentions weren’t to say “If you don’t pay me up, I’m gonna give you a late fee”, but one resident — so this is a mistake… One resident called me up last night and left like a really long voice mail claiming that I had threatened her. Mostly it was her just talking about the way it worked till our days, and “This is my life”, and things like that, which is fair enough, it’s fine… But my recommendation for others is to make sure you word your letters from the perspective of the tenant, not from your perspective, and think how they are going to perceive what you’re actually writing to them… As an overall idea.

I’ve got about half the people in line, because they said that they would do it, whereas before, obviously, they were all paying through check, through money order. The other half are gonna pay through check, and I went to the post office and set up a P.O. box, because I don’t want them mailing it to my house. So I gave them the P.O. box address, and one half will pay online, the other half will pay through the P.O. box, and then as we bring in new tenants, it’s gonna be a requirement to do it through Cozy.co.

In the lease (their leases) it doesn’t say that, so… Again, succinctly, Cozy.co will allow you to do automated rent payments where they can use their credit card or debit card or bank account, and then for people that don’t have e-mails or don’t have the internet, I’d create a P.O. box at your local post office and then have them send the rent checks there.

Joe Fairless: And in addition to that mailing process, have them have a receipt at the post office that it was mailed, and have them send that to you every month via text or e-mail — well, I don’t know if they have e-mail… Who knows, but they have a phone, I would think, so via text… If you wanna get in the weeds like this, which, if I had 12 units, I probably would, just to make sure things are set up, and then maybe later don’t have them text you… But have them do a receipt that shows they mailed it to the P.O. box, which literally, if it’s the post office near them, they literally just hand it to them and that person’s just walking around the corner, inserting it in the post.

Theo Hicks: I should have done that. I should have set the P.O. box up right next to the building [unintelligible [00:27:52].22]

Something else that I was thinking of too that’s smart, because I was trying to figure out what we were going to do, because online we’ll know when they submitted it, but in the lease it says that it needs to be dated by the third, because in the lease [unintelligible [00:28:06].27] and I was wondering, if someone could just go in on the fifth and just write the 3rd and then submit the check, we’d have no idea… But if we do what you’ve just said, if we have them to a receipt, then it’ll say the date on the receipt.

I think if we start having issues with late rent this month, that’s exactly what we’re going to do… We’re going to do the receipts.

Joe Fairless: Yeah… Or not receiving it at all. “It got lost in the mail.”

Theo Hicks: It got lost in the mail, yeah…

Joe Fairless: That’s another… Okay, cool.

Theo Hicks: So that should wrap up your question… Some miscellaneous things – do we have any upcoming interviews that we wanna talk about?

Joe Fairless: I’m interviewing and entrepreneur who’s also a WNBA star today, and that will go live I’m not sure when. Her name is Tamika; I forget her last name, but I’m looking forward to talking to her about what she’s doing — I mean, she’s clearly a high-achiever within sports, but also as an entrepreneur, so I’m looking forward to talking to her about that.

Theo Hicks: I was at the gym the other day [unintelligible [00:29:07].20] I was thinking about “Oh man, I wonder if I was as strong as I was when I was in my peaked shape, I could have walked with the basketball team or the football team in Ohio State”, and I was thinking “But how would I have done all that working out for sports, and then also take classes at the same time and also do my extracurricular activities?” and I have no clue how student athletes do it, like, at all.

So that’d be a question I’d ask, “How do you balance the almost full-time job of being an athlete, plus the full-time job of being a student, plus wanting to be a young person, having fun and enjoying school?”

Joe Fairless: I will ask that, thank you for that question.

Theo Hicks: I’ve always been curious about that. I know in my school some of the people just didn’t really go to class, but I’m sure she did, if she’s so successful.

Finally, as usual, please subscribe to the podcast on iTunes and leave a review to have your chance of being the Review Of The Week. This week the review we selected is from Olah The Apartments Indicator. He says:
“As an investor, I can’t get enough of real estate, so Joe is perfect for me to remain abreast with the investing community. I still get to learn something every day. Keep doing what you’re doing. Love it!” and I can say the same thing… I obviously read the transcripts or listen to the podcast every single day too, and every single time, there’s something new that you learn, and you’re like “Oh, okay, I didn’t even think about that whatsoever…” [unintelligible[00:30:23].19]

Joe Fairless: Well, I learned the receipt thing from Linda Liberatore, Secure Pay One, the sponsor of this episode, when I interviewed her about this. It’s just knowledge sharing, and information is out there… It’s so easy to get information, but it’s not as easy to get the right information; that’s the whole point behind this podcast – it’s a no-fluff, best real estate investing advice ever, and then try and narrow in on the best insights, and that’s what we attempt to do with the show. On these episodes we kind of share that and share them with you, so…

And that episode hasn’t aired yet, that’s why you hadn’t heard about that… The one with Linda.

Alright, I enjoyed this episode, and I hope you did too, Best Ever listeners. I hope you have a best ever weekend, and we’ll talk to you tomorrow.


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