Cash Flow Guys Podcast

As entrepreneurs, we face many challenges on a daily basis, challenges that are very different from those who have a “real job”. Fear can be crippling for anyone, however this episode should provide a different outlook overcoming fear and taking action after hearing Eva and Elia’s story. Eva is from Hungary, Elia is from Italy, they came to this country just a few years ago...hand in hand with nothing but each other...their clothes and a few dollars. It began with focus…..they did not think about what they didn’t know…..instead they focused on what they planned to achieve. Traveling to the US to begin a new life did not include a set of First Class seats on the Concorde, nor were they carrying suitcases of cash. They did however share a dream….to move to America and build a real estate investing business from scratch. Eva and Elia spent many hours involved in self improvement by reading real estate investment books….book that were written in English, even though they did not speak English fluently. They continued to expand their horizons by attending local REIA Meetings. (Real Estate Investment Associations) By attending networking events and simply being genuine, they attracted the attention of local real estate investment experts. These experts approached them and offered their assistance in educating Elia and Eva on creative acquisition techniques. As part of creative acquisition practice they began striking deals with local investors to remove unwanted items from houses that were being renovated or “trashed out”. The term “trashed out” is used when someone is hired to remove the garbage, furniture and other personal belongings from a home once its occupant has vacated. Mentors such as the late Jim Rohn, Larry Harbolt, John Schaub, Pete Fortunato, “Uncle Jack” and many more have been a great help to Eva and Elia. If they had not first put themselves out there to be willing to learn, they would not have been in a position to “receive the information” Eva and Elia believe in helping others first…. that mindset usually results in others feeling compelled to help you in return. This very basic principle is what initially resulted in the launch of the CashFlowGuys brand and has helped launch Eva and Elia’s business. Elia says to overcome fear quickly, begin with the steps that you fear the most….that way everything else becomes easy. AWESOME Advice! During the show Tyler Sheff asked Eva and Elia “What can our audience do to help you?” Eva and Elia responded with the following: “We are thankful for people that believed in us and gave us a chance. Whoever has given us a chance we've never let them down. If you want to help us, all we ask is that you give us a chance. Our goal at this stage of our lives is to build credibility and gain visibility. If you want to refer us a deal (we'd reward you for it), interview us or have us sponsor your event, we'd appreciate it.” Eva and Elia As promised Eva and Elia’s favorite books are as follows: Building Wealth One House at a Time by John Schaub 7 Strategies for Wealth & Happiness: Power Ideas from America's Foremost Business Philosopher by Jim Rohn The Richest Man in Babylon by George S. Clason The Art of War by Sun Tzu The Millionaire Next Door: The Surprising Secrets of America's Wealthy by Thomas J. Stanley and William D. Danko The Science of Getting Rich by Wallace D. Wattles The Little Prince by Antoine de Saint-Exupéry Tao Te Ching by Lao Tzu The Power of Your Subconscious Mind by Joseph Murphy Breaking The Habit of Being Yourself: How to Lose Your Mind and Create a New One by Dr Joe Dispenza Here are a few books Eva and Elia would love to read (perhaps you could pay it forward and send them a copy): Anything You Want: 40 Lessons for a New Kind of Entrepreneur How to Negotiate Real Estate Contracts by Mark Warda How I Turned $1,000 Into $1,000,000 in My Spare Time by William Nickerson (suggested by John Schaub in his book Building Wealth One House at a Time)   Contact Info for Eva and Elia: Real Estate Helpful Solutions - LMRT Inc. Phone: 727-366 6916 E-mail: realhelpfulsolutions@gmail.com Website: http://www.realestatehelpfulsolutions.com Facebook: https://www.facebook.com/REALtreasuresfound/ Twitter: https://twitter.com/REALfound  

This episode is dedicated to Tyler’s favorite thing. Taking Action! Tyler Sheff and Jill Sheff talk about how to take action to get started investing in real estate now. Tyler has a favorite phrase that his mentor only had to mention once and it stuck; “Now o’clock”. Tyler and Jill discuss the different elements necessary to begin the journey. They believe you should start with the following: I =  Investor Identity is a necessary step to establish what it is you want to invest in whether it be buy and hold, or another type of investing. M = Marketplace is a necessary step to establish where you want to invest or where it makes sense to invest based on the strategy of your investor identity.   T = Team is a critical step to establish in order for it all to work. Tyler mentions that having a team gives him confidence and security because he can reach out to his team with any issues, questions, or concerns that may come up. D = Deal. It is the most interchangeable part. Deal are not found, they are made. Once you have all of the elements in place start attending networking events and “Guru” seminars.  Tyler warns that you don’t need to buy anything at these seminars, but if you learn just one thing then it is worth going to the free Guru seminar.  Free seminars are also great places to network with like minded people. Jill mentions if an accountability partner is something you are looking for, you may be able to find someone there. Tyler invites any of the CashFlow Guys listeners to come to one of Tyler’s and Jill’s CashFlow game workshops. If you can’t make to their workshops or games, go on to Meetup.com and search for a CashFlow game in your area. Jill also mentions that you could buy a game and begin hosting your own games. Tyler reminds CashFlow listeners they should have already established their “why” and what type of returns they want from investing. Jill and Tyler discuss that going to see properties is a much better way to determine if an offer should be made. Once the decision is made you must take immediate action to write an offer. Tyler gives some great resources to be able to find an absentee owner of the property and different types of offers that can be written. Tyler offers to share examples of offers and templates he uses. Requests can be sent to info@cashflowguys.com with “LOI” in the subject line.   Tyler mentions to add Insured Title to your team, when you call them ask for Kevin Overstreet. Insured Title Agency is able to answer any title or deed related question and can handle your closings almost  anywhere in the country. Another skill is discussed. Be a P.I.G. A Professional Information Gatherer. Ask as many questions as you can or need to ask. It is critical to find out why someone is selling or the problem or pain that someone might be having, that makes them feel it is necessary to sell. This is how you can create an offer that solves the problem, and is a win win. Next, submit the offer. The worst that can happen is someone might say, “No”. If you get a “No”, ask more questions until you can make an offer that makes sense. Once the offer is accepted, now it is time (if necessary) to find the money. Finding money is the easy part if you have a deal that makes sense. Jill and Tyler talk about that many people get caught up in analysis paralysis. A quick way to know if a rental property is priced to make the cashflow Tyler and Jill are looking for in a property, is divide the total rent by 1.5%. This saves them time and does not allow them to get caught up in analyzing a property that does not meet their criteria. The last bits of advice from Tyler and Jill in this episode are to take action, massive action! Get an accountability partner, change your mind set, position yourself for change. Jill speaks to two books that inspired and still inspire her everyday. They are Who Moved My Cheese, written by Spencer Johnson and The One Thing written by Gary Keller. If you have ever considered getting involved in real estate investing, book a free consultation with Tyler to learn more about how to escape the rat race. You may also contact us via email at: info@cashflowguys.com    

017 Fear | What is Holding You Back and How To Get Over the Fear  Fear can be a crippling, all consuming emotion.  Tyler Sheff and Jill Sheff talk about how to find a support system, someone to talk to, about your fears and discuss with them that you need someone for emotional support in your journey.  They discuss several types of fear in this podcast and how to overcome the fear and start investing now. There are many fears that new investors have, or people who want to become investors and never do because of fear. One fear is the fear of not being able to retire Jill mentions to begin with the end in mind.  If you want to be able to retire, begin by determining what retirement means to you.  Questions new investors should ask themselves are; What do you want to invest in to build wealth?  Will your portfolio outpace inflation?  How much will you need for retirement?  Do you need a monthly income?  When do you want to retire?   One way to achieve this is by mitigating your taxes.  The government wrote the tax code to teach you how to avoid or reduce taxation by investing in what the government wants you to invest in.  For example, oil, gas, and real estate.  Additionally, if you provide housing and/or jobs, the government will reduce your tax liability.  Tax Free Wealth and What Your CPA Isn’t Telling You, are books to help learn these concepts. You could invest for cash flow or capital gains.  If you invest for cash flow now, by purchasing a single family home, your tenants will pay the mortgage and also produce cash flow of hundreds if not thousands of dollars, every month.  When you are ready to retire the home will be paid off and your cash flow will increase by the amount that was being paid for the mortgage. I.e., If the mortgage payment is $500.00 a month, at retirement you will receive $600.00 to $800.00 every month in passive income.  This only takes a couple of houses or one house a year.  Equity Happens and Building One House at a Time are great books covering this principle. Fear of not being able to provide or help provide for aging parent(s) Tyler and Jill have friends and family that fear not being able to help their parent(s) pay for their medical bills, medications, house payments, grocery bills, as well as, not being able to afford a caregiver if the need arises. Fear of job loss Jill was recently laid-off and although we have enough cash flow or passive income that neither Tyler or Jill need a J.O.B. they like the income and the medical benefits that come from having J.O.B.  Once Tyler and Jill sat down and determined they could actually save on taxes by Jill not having a W-2 job, they decided to concentrate on investing in real estate full time. Investing in real estate is not a get rich quick scheme.  Tyler mentions, he thinks it is a recipe for disaster to plan to fix and flip to have enough money to then buy and hold.  Jill and Tyler both mention a couple of ways that fixing and flipping investing can be risky.  Tyler also mentions that fixing and flipping is taxed as one of the highest allowable tax brackets.  Jill mentions the tax savings associated with the buy and hold strategy. Emotional Fears Some of these fears are public speaking, introversion, looking stupid, fear of being told, no or objection.  Overcoming objection is critical.  Practice overcoming objections, speaking in public, and being told no, are a few ways to overcome the fear.  There is no perfect response for every objection.  Fail forward, fail fast, and fail frequently.  The more you do the easier it will become. Tyler also mentions the person you are dealing with, may have just as much fear as you.  They usually do not want to negotiate.  They commonly fear negotiating just like you might. Be ok with hearing, no.  Don’t take it personally.  Eventually there will be a yes.  Remember, all deals should be win win or no deal.  If you are not comfortable with negotiating or how to do the math for the purpose of negotiating then maybe a real estate syndicator is someone to seek out.  A real estate syndicator’s purpose is to negotiate.  Or call Tyler, and he will walk you through a deal, help you to be able to overcome objections, or answer any questions you have. Jill mentions the fear of telling the world your plan for entrepreneurship.  Her advice is to do just that.  Telling the world helps to overcome that fear and don’t worry about the naysayers. Toastmasters is a good way to overcome the fear of public speaking.  Tyler and Jill discuss beginning now, do it now and do not delay.  They give several ways to find a mentor and/or someone else like minded to talk to about fear.  Role playing can also help with the fear of objections. Lastly, the fear of getting started investing in real estate will stop people from ever getting started.  Tyler’s advice is to get educated and to constantly seek more education. Tyler and Jill  have three educators that are priced fairly and whose methods really work!! If you have ever considered getting involved in real estate investing, book a free consultation with Tyler to learn more about how to escape the rat race. You may also contact us via email at: info@cashflowguys.com   / 

As with many investors, our journey began with the reading of Rich Dad Poor Dad.  When we learned that the rich don’t work for money, instead money works for them…. every day forward of that point changed for us. We had a very busy schedule, Tyler was at sea in the middle of the ocean working as a merchant mariner, and Jill was home holding down the fort while working a full time job.  Due to our hectic schedules attending “boot camps” for real estate investing was simply not possible.  Tyler discovered audio books and Kindle Books which was a game changer for both of us.   Kindle devices and Kindle Apps allowed us to keep an entire library with us wherever we were.  We felt it made sense to read several books before we began our journey as a means of “testing the waters” so to speak. Audible Audio Books also allowed us to listen to the books instead of having to focus on reading with our eyes.  This was very helpful in order to listen while working or driving. We recommend the following books (in order, click to purchase on Amazon.com): Rich Dad Poor Dad Cashflow Quadrant Tax Free Wealth Cashflow Diary 10 Steps to Creating Wealth in Any Economy The ABC’s of Real Estate Investing Equity Happens The eMyth Once we had read the books above, we discovered PodCasts and determined our all time favorites were: The Real Estate Guys Radio Rich Dad Radio Show Cashflow Diary These shows really helped us solidify our investor identity and helped us decide which of the types of investing made sense to us. We learned negotiation tactics, team building, syndication principals and many, many other topics. Next, it was time to invest in formalized education. We felt we needed more skills to better prepare ourselves to survive the real estate investing jungle. We attended several free workshops and seminars in our area. By attending these “guru seminars” we quickly discovered that many of the speakers or self proclaimed “experts” don’t own any investment property nor have they ever done anything more than deal or two...if any. These “snake oil salesmen” are really good at marketing and sales...they will promise you the moon and the stars, right up until the obtain your credit card. Buyer Beware!! After “kissing a few frogs” so to speak, we discovered J Massey whose teachings became a game changer for us. His company “CashFlowDiary” provided a wealth of information that actually made sense, was clearly presented and able to be applied immediately as it was learned. This method of this training is all about the “mindset” of both you and the other party in the transaction which has been the secret to our success. J’s materials clearly show how much he cares about the success of his students. We think his materials are simply priced TOO LOW as compared to the value they provide. Larry Harbolt is an educator and now a friend who has provided us with game changing information through his books and courses. Larry is all about giving to his students and even makes himself available to all of his students for questions at any time after registering for any of his courses. Larry also allows students to return to the live workshops free of charge as many times as they like to be sure they fully understand the materials being taught. What the beginning investor must come to understand is there is no secret sauce. There are no shortcuts, the student must make an investment in time and money to improve their skills as an investor.

Fannie Mae and Freddie Mac requirements are discussed in detail during this episode as they pertain to the “Buy, Occupy, Rent” strategy that we teach to our listeners and workshop attendees. Some of the benefits of these programs include a low down payment requirement and forgiving credit requirements.  Frank discusses the fact that interest rates on owner occupant programs are generally lower than the interest rates offered to investors. VA home loans provide US Veteran investors (who wish to live in the future investment property for at least one year) a true ZERO Down Payment opportunity.  This is a powerful strategy that when executed properly can launch an investor right out of the rat race in short order.   Both FHA and VA owner occupant programs allow for financing up to 4 units at one time.  These programs provide the investor with free rent and positive cashflow assuming they are working with an experienced agent negotiating for them.  Frank discusses common misconceptions regarding institutional lending solutions and provides tips on how to best position yourself to get approved for a home loan. For those who wish to invest in the State of Florida, Lincoln Lending offers a NO FEE lending experience which helps investors retain more cash that can be use to make a property rent ready. When purchasing multi family property, Frank discusses how the banks allow the income generated from an investment property to be credited at a rate of 75% of the income the property generates.  Any income over the mortgage payment can be applied to offset other expenses that would normally count against your qualifying debt to income ratios. The owner occupancy requirements for VA and FHA loans are meant to be followed, Tyler and Frank discuss issues that have arisen by borrowers failing to abide by these requirements. Private money lending is also an option available from many companies that have far fewer requirements that traditional “bank loans”  Private money a/k/a “hard money” is available for both short and long term investment opportunities and is focused more on the asset than the borrower.  This fact makes it easier to meet the qualification standards provided you have negotiated a good deal that makes sense. For more info on lending options available to homeowners or investors you may reach Frank Coto from Lincoln Lending at (813) 765-1249 via text message, or frank@lincolnlend.com

Larry Harbolt is a nationally recognized speaker on real estate investing with over 35 years in the business and made famous for his niche topics of Land Trusts and Seller Financing.  Larry hosts the largest and longest running Real Estate Investors Association meetings in the Southeast US. A land trust is a critically needed tool to maintain privacy in your real estate transactions.  Larry Harbolt has an upcoming course on the subject of land trusts that teaches investors to properly utilize the land trust as a tool in your investor’s toolbox .  This is a three day course that includes a full day with Lee Phillips, nationally known real estate attorney that specializes in trusts and asset protection.  More details on the event can be found at CashFlowGuys.com/LandTrust During the second portion of the show Tyler and Larry discuss seller financing strategies and the “kitchen table” conversations that Larry is famous for.  Larry discusses The Dodd-Frank Law and its impact on the industry regarding this recent legislation.  The new law applies to specific limitations as to how many owner occupied transactions a seller can finance.  The law provides for certain allowance for “damages” to a buyer who disputes the transactions up to and including a refund of monies paid.  Larry has published an e-book on the subject to help investors stay compliant with the Dodd-Frank Law.  This book can be obtained at CashFlowGuys.com/DoddFrank Tyler Sheff discusses on the importance of taking your time in doing one deal at a time, and being focused on quality not quantity.  When a property is purchased “correctly” the tenants pay for 100% of the investor’s ownership expenses.  What’s critical is to realize that Real Estate Investing is NOT a get rich quick scenario.  Wealth is built over time, by buying and holding smart. Larry also discusses Seller Financing strategies and the philosophy behind many of his strategies.  He teaches a 4 day seller financing bootcamp to help investors master the art of working with seller financing techniques to create win / win solutions for homeowners and investors.  More info on his program can be found at CashFlowGuys.com/SellerCarry We look forward to having Larry Harbolt as a regular guest on our show, Larry even extends an invitation for any student of his to give him a call directly and will help you through difficult questions and deal structure.  Larry can be reached at 727-420-4810 from noon to 5pm Monday through Friday.  Larry may also be reached at LarryHarbolt@gmail.com or via his facebook group which can be found at http://on.fb.me/1RUClve

Wholesaling real estate is a popular strategy in today’s marketplace which deserves further explanation.  In this episode Tyler interviews Jimmy Culler about what is involved with wholesaling.     Wholesaling or assigning are functions that involve negotiating the price of a home down and selling it at a higher price without doing any repairs or modifications.  In many instances, these methods require little to no money in the deal from the wholesaler.   Wholesalers search for “problems” involving real estate or their owners and take the time to determine what the problem may be with the seller or the situation and then take steps to correct the problem.  In many cases, a good wholesaler can sell a home within a matter of days, if not hours.   Being a wholesaler involves being a very good listener and an exceptional problem solver.  In addition to solving problems and listening, negotiation skills are a critical component to the wholesaler’s tool bag.   This method of buying and selling real estate is often confused with the functions of  real estate agent which is simply false.  Wholesalers actually negotiate the purchase price of the home (as compared to the “asking price” when dealing with a Realtor) and then enter into a contract to purchase the home.  The purchase contract usually contains a clause which allows the buyer to assign his or her rights to the contract to another person or entity.   When an assignment is done, the wholesaler will agree on a price of say…..$50,000 for a house that in repaired condition would sell for $100,000.  The wholesaler and homeowner enter into written purchase agreement.  The wholesaler will then find a buy to purchase that contract for an assignment fee of say….$10,000, which makes the sale price of the home for the end user $60,000.  The end user would complete the repairs and then sell the home for $100,000 allowing everyone to make a profit.   The benefit of the above scenario is the end buyer obtains a significant discount on the purchase which allows them to complete the repairs and sell the home for a profit.   Many wholesalers begin as “bird dogs” who find opportunities for wholesalers in their local communities.  Once they find a home in poor condition or a seller having financial difficulty or other problem that requires a quick sale of the home they relay that info to the wholesaler.   If the wholesaler is able to get the home under contract and assign that contract the birddog would earn a fee for the referral.   Wholesalers use many methods to find properties with problems.  Some of these methods include sending letters to owners via direct mail or the use of “bandit” signs.  Opinions vary from person to person on which method is more effective.  Everyone agrees that “everything works, nothing doesn’t” Jimmy Culler’s website is wholesaledealsinflorida.com and can also be reached at hardmoneyjim@gmail.com

In this episode Tyler Sheff talks with Brad Hubbard from National Flood Experts about how to remove your home from the FEMA flood zone. As many or our listeners are aware, rising flood insurance rates matched with lender requirements to buy flood insurance has crippled many homeowners and investors.   Homeowners to have some subsidies available to lower the premium however investors are forced to pay full value for flood insurance. There is a requirement to maintain flood insurance if the property is subject to an institutional loan.   Brad discusses how FEMA determines flood zones, and provides further insight on the relationships between FEMA, State and local government agencies. Brad also covers how the service his company provides helps these government agencies by providing the consumer a more accurate flood zone map while increasing property values as much as $10,000 for every $500 spent in flood insurance premiums.   National Flood Experts provides a risk free analysis of the current FEMA flood zone determination by contacting them directly at NationalFloodExperts.com or calling them at 800-561-0396   Savvy investors can potential receive windfall profits by leveraging this strategy in their property buying activities. Curious how this would work? Contact Tyler Sheff at www.CashFlowGuys.com to schedule time to learn to earn.

In this episode Tyler expands on the subject matter of episode 10 by introducing a video produced by 60 Minutes about the retirement crisis going on in America.  The 401k Fallout is an episode that all Americans need to hear and digs into the mis-truths we all grew up to understand. Many Americans have fallen prey to the greed of Wall Street and have been duped into believing that our government will take care of them in retirement. This episode delves into the subject of taking back control of your future and taking the steps necessary to retire comfortably.   Although this episode tells of shattered dreams, we also provide solutions to rebuild those dreams by taking the necessary steps to educate yourself on investment and retirement strategies that YOU control.  For more info on this topic, or to discuss investment strategies that makes sense, you may schedule a 30 minute consultation with Tyler by using his online calendar which is found at www.meetme.so/cashflowguys. This is a no obligation, free opportunity to discuss where you are, where you plan to go and how to get there.  Links: https://sdirahandbook.com  

In this episode the CashFlowGuys dig into Self Directed IRA's and how to use them to rapidly build your retirement plan creatively.  A self-directed Individual Retirement Account is an Individual Retirement Account (IRA), provided by some financial institutions in the United States, which allows alternative investments for retirement savings. The Self Directed IRA allows the investor to control what their retirement funds are invested in.  With a traditional retirement account, the account holder has little to no control of what their funds are being invested in.  Most retire plans invest their account holders funds into stocks, mutual /hedge funds, bonds and other "Wall Street type" investments.  By having control over what your investment funds are invested in offers far better diversification. Self Directed IRA's may be used to invest in many things such as Real Estate, Notes, Tax Liens, Businesses, Livestock, Precious Metals, Stocks and many other things just to name a few.  More information regarding self direction of your IRA can be found by picking up a copy of Attorney Mat Sorensen's book "The Self Directed IRA Handbook" on Amazon or by visiting www.SDIRAHANDBOOK.com. If having control of your retirement plan is something that interests you, the next step is to reach out to a SDIRA Third Party Administrator.  Here is a list of a few of them that the CashFlowGuys have worked with in the past: AdvantaIRA.com MountainWestIRA.com NUViewIRA.com All three of these administrators provide a wealth of information on their individual websites, in addition to what will be learned by reading the Self Directed IRA Handbook by the CashFlowGuys Attorney Mat Sorensen. Tyler helps investors who choose to self direct their retirement plans with formulating a plan and selecting opportunities to build their retirement nest egg.  Being licensed Real Estate agents as well of investors, Tyler Sheff has extensive experience in preparing purchase offers and other paperwork that will comply with the IRA administrators policies, to include preparing extensive cash flow analysis of potential opportunities for the investor's consideration.