Meet Casey Franchini, a Memphis-based real estate investor and rental property coach. With a background in California real estate, Casey achieved financial freedom through strategic property investments. Originally obtaining her California Real Estate Broker license in 2007, she later relocated to Memphis, turning a crafting hobby into an Etsy business to fund her initial rental property. Managing eight properties with an annual income of $140,000, Casey offers valuable insights into the world of real estate.
Here’s some of the topics we covered:
- Graduating College And Starting Single Family
- Don’t Take No For An Answer
- How Casey & Her Husband Found Their First Deals
- What Markets Casey Likes To Target
- Evictions & The Struggle That Can Happen
- Casey’s Biggest Single Family Horror Story
- Rod’s Biggest Horror Stories
- Property Management
To find out more about partnering or investing in a multifamily deal: Text Partner to 72345 or email Partner@RodKhleif.com
Full Transcript Below
00:00:00:03 – 00:00:23:11
Rod
Welcome to another edition of Lifetime Cash Flow through Real Estate Investing. I am Rod, Cliff and I am thrilled that you’re here. We have an absolute dynamo today named Casey Frank Keeney and Casey’s from Memphis. So we’re gonna have a lot of fun with that if you’ve ever heard me talk about Memphis. But she kicks absolute but with her husband in the single family and residential multifamily space And so we’re gonna have some fun.
00:00:23:11 – 00:00:24:04
Rod
Welcome to the show.
00:00:24:05 – 00:00:26:15
Casey
Thank you so much Rod. I am really excited to be here tonight.
00:00:26:16 – 00:00:36:15
Rod
Oh, thank you. So why don’t you tell us a little bit about your story and, you know, give us some background on who you are and why you ended up in real estate.
00:00:36:17 – 00:01:01:14
Casey
Well, it all kind of goes back to 2007 and even I’m just a quite a bit before that. I graduated college on a five year plan and I knew I wanted to I knew I wanted a job. I knew I wanted to make money, but I also knew I wanted to be a mother. And there was such a stigma around women working, putting their kids in daycare versus staying at home and not and not contributing financially.
00:01:01:14 – 00:01:20:26
Casey
My dad grew me. My dad brought me up to be an entrepreneur. I had that sort of internal spirit to forge my own path and make money for myself. Yeah, I wanted to be a mother, so I thought, Well, how can I have my cake and eat it too? What can I do? I wasn’t quite sure. And so I went, you know, I was in Southern California at the time.
00:01:20:28 – 00:01:35:11
Casey
I got a job right out of college at a public relations firm in Newport Beach. And I was driving an hour and a half every single day to work. I would leave in the dark. I would come home in the dark and I would be crying in my car like, this is not what life is supposed to be.
00:01:35:11 – 00:01:56:00
Casey
This cannot be what I was promised. Why would I go to school my whole life? To drive, to work in the dark. Come home in the dark For what? How am I going to raise a family? So whatever happened in, you know, the universe, the company shut down due to that owner’s personal, weird things going on. So I was out of a job.
00:01:56:03 – 00:02:14:12
Casey
I thought this. This is. This is my time. I’m going to do something that I love. Why do I love Well, I love real estate. I know I’m young, but I love looking at houses. I lived in California right before the market crash. I would go to every single open house, every single new build. I would drive for hours.
00:02:14:15 – 00:02:32:21
Casey
So I got my real estate broker license and I started finding flips for investors. So I looked really young then until I was young in California. Yes, I looked really young. And so it’s very hard for me to it was very hard for me to sell million dollar homes. Right. To be a listing agent and sell. No wonder when I looked like I was probably 15.
00:02:32:23 – 00:02:57:14
Casey
But I did find my niche with real estate investors and I would drive all around to the desert, to the beach, to Los Angeles and try and find flips for them. I didn’t understand at the time how they were funding million dollar properties and flipping them. I thought, Well, they must have a lot of cash. I didn’t understand then, but I knew I wanted to get into real estate and somehow and my husband and I said, Well, maybe a rental properties, this is it.
00:02:57:15 – 00:03:16:14
Casey
Maybe we can buy a just a one little home and we can rent it out. So in the Inland Empire, we made probably about 40 offers on properties, never quite pulled the trigger on any of them. Something was holding us back. I don’t know what it was. I think it was just the sheer fact that we didn’t have anyone validating our decisions.
00:03:16:14 – 00:03:32:10
Casey
No one to tell us. Yes, it’s a good idea. No, it’s not a good idea. Or say yes, your numbers are right or yes, you’re right on how much or you’re wrong on how much it’s going to cost to fix up. So we didn’t buy anything that was popular on 2010. Fast forward to 2013, we moved to Memphis.
00:03:32:10 – 00:03:46:24
Casey
My husband got a job. We moved out there and I said, okay, Blake, we’re going to do it. We are not going to chicken out. We are going to buy investment properties, we’re going to buy a rental, we’re going to do it. And he’s like, Well, Casey, we just bought a fixer upper. You’re not working. You’re a stay at home mom.
00:03:46:24 – 00:04:05:19
Casey
Now we have a two year old and a baby, brand new baby. How are we going to afford to buy a rental property? I’m like, I don’t know. It’s like, well, you need to figure it out. Mike Great. Okay. I said, We’ll figure it out. So after thinking I’m calling it over and making list upon list of what can I do to make money, what can I do to make money?
00:04:05:19 – 00:04:24:10
Casey
But I still want to be a stay at home mom. I, I don’t want a full time job. I thought, well, what girl doesn’t like, you know, to do crafts? So I started an online Etsy shop and in about a year and a half I had saved up $20,000 for our first rental property by selling a 5 to $50 handmade, you know, personalized items.
00:04:24:10 – 00:04:36:07
Casey
I would buy. I would go to the dollar tree. Okay, I kid you not Rod. I would go to the Dollar tree and I’d buy these little stuffed bunny rabbits about six inches. And I would get my cricket and I would put the little kids names and dates on them, selling for five bucks for Easter gifts.
00:04:36:09 – 00:04:37:07
Rod
Nice.
00:04:37:10 – 00:04:38:27
Casey
So that’s my job.
00:04:38:27 – 00:04:40:29
Rod
Doing whatever the frick it takes. You know.
00:04:41:01 – 00:04:48:05
Casey
My dad taught me that you can. There’s no such thing as no. Okay. You say yes, You figure it out. You can’t wimp out.
00:04:48:09 – 00:04:48:22
Rod
Yeah.
00:04:48:24 – 00:04:50:14
Casey
And you just got to figure it out.
00:04:50:16 – 00:04:52:20
Rod
Was your dad an entrepreneur?
00:04:52:23 – 00:04:59:14
Casey
He was a I would say a he was an entrepreneur off and on throughout his life, but never quite made it.
00:04:59:17 – 00:05:01:22
Rod
Mm. He was, he was, he wanted it though.
00:05:01:23 – 00:05:02:19
Casey
Yes. Very badly.
00:05:02:19 – 00:05:03:15
Rod
He pushed that on you.
00:05:03:16 – 00:05:04:26
Casey
Yes. My sister as well.
00:05:05:03 – 00:05:25:27
Rod
Love it. Love it. You know, you talked about these hurdles that you went through, you know, with with dealing with, you know, being perceived as being too young. And I call those limiting beliefs, by the way, you know, I’m too young. I’m too old. I don’t have enough time. I don’t have enough money. My another one with mine was I’m not good enough.
00:05:25:28 – 00:05:47:08
Rod
Ah, I’m not analytical enough for whatever. And there’s a reason the acronym for Belief Systems is B.S. because 99% of them are. But but you still you overcame that perception by dealing with investors. But then you saw these guys making big money and you’re and you thought it was out of reach. By the way, how did you become a broker so fast?
00:05:47:08 – 00:05:48:28
Rod
Typically, you got to have some experience first.
00:05:49:01 – 00:06:03:07
Casey
Now you do. But back then you needed to have I think it was like a four year degree. Okay. Yeah, I took extra classes. Oh, so now you have to have the experience to get your broker’s license. So I’ve kept it. I still have my California broker’s license. At the time, I wasn’t a chef. I want to start my own brokerage.
00:06:03:07 – 00:06:07:13
Casey
So I’m like, Well, I might as well go for that broker degree. The broker license instead of the salesperson.
00:06:07:13 – 00:06:24:03
Rod
Got it? Yeah. I was a broker when I turned 18. Same thing you could do back then with education. I just was surprised that it still was that case in California. So. So you knew you loved real estate. You got your broker’s license. By the way, she mentioned the Inland Empire. Can you describe what that is real quick is a lot of people aren’t going to know what that means.
00:06:24:05 – 00:06:36:09
Casey
The Inland Empire is it’s, well, sambhaji, you know, COUNTY Yeah, it’s it’s it’s not in Los Angeles and it’s not beachside. It’s more going towards the mountains in the desert area.
00:06:36:09 – 00:06:38:13
Rod
So you got deals that you can actually afford.
00:06:38:16 – 00:06:43:23
Casey
Correct? Yes. Properties at the time were anywhere between 145000 to $180000.
00:06:43:23 – 00:07:10:26
Rod
Gotcha. Yeah. Which is reasonable. So you’re in Memphis now. Now you’re up to you know, you’ve got quite a few properties to talk about, you know, and you focus on buying residential, Correct. Residential meaning single family all the way to four plex. Right. Right. Anything five units or higher is consider commercial real estate. So talk about some of the things you learned about buying residential.
00:07:10:26 – 00:07:16:28
Rod
So let’s talk first about how you find them. Okay. So start there and then then let’s talk about how to finance them.
00:07:17:00 – 00:07:38:29
Casey
Okay. So when when you’re looking for residential rental properties and for me, the key is finding properties in good areas, you need cash flow and you need depreciation. And people in my opinion, don’t really get rich on cash flow, especially when you don’t own hundreds of units. You’re going to get rich on appreciation. But cash flow will pay for the property.
00:07:38:29 – 00:07:54:08
Casey
You’ll get some money in your pocket, but that’s not where you’re going to get your $3 million beach house. It’s going to come from appreciation and time. So you need a really fine balance of buying properties that cash flow, but also have good potential for appreciation. Yeah.
00:07:54:10 – 00:08:00:02
Rod
They’re not in the hood. They’re not in areas that are declining. Right. But what I do want to make clear is they have to cash flow.
00:08:00:05 – 00:08:01:00
Casey
They have to cash flow.
00:08:01:00 – 00:08:20:08
Rod
Don’t don’t don’t be buying stuff that’s tight on the cash flow or, you know, doesn’t cash flow thinking, well, we’ll just bank on the appreciation because that’s a recipe for disaster, especially in this current economic environment. Cash flow. I mean, that’s a reason my podcast, it’s called Lifetime Cash Flow, and I wrote a book called How to Create Lifetime Cash Flow Through Multifamily Properties.
00:08:20:08 – 00:08:26:22
Rod
But the subtitle is The New Rules of Real Estate Investing, i.e. the new rules are focused on the freaking cash flow because you got to make it over the.
00:08:26:22 – 00:08:29:05
Casey
Humps, you have to cash flow. Otherwise it’s a bad deal.
00:08:29:05 – 00:08:41:27
Rod
That’s it. But I like the fact that you’re drawing attention to the fact that it has to appreciate as well. And I didn’t get that memo. I bought a lot of properties without that memo and, you know, I’ll tell you, I’ll trash Memphis for a second.
00:08:41:29 – 00:08:42:16
Casey
It’s okay.
00:08:42:18 – 00:09:11:28
Rod
We’re going to really bring it home here in a minute. But but, you know, I bought houses in Memphis for 1500 dollars, three bedroom, two bath, 1500 square foot houses that I regret buying, 30 $500, $5,000 tons of them under 20,000. And I regret every single one of them, because they’re a frickin nightmare to manage. And one other aside on that, back when I owned them, they evictions were were extremely difficult because they had what they had Chapter 13 bankruptcies.
00:09:11:28 – 00:09:31:05
Rod
And so if you filed an eviction, you would the person, the tenant would get about 13 letters from attorneys saying, I can stop your eviction by filing what they called a wage earner. And that was a Chapter 13 bankruptcy. And I thank God they fixed that since then. But but yeah, it was an absolute nightmare. So. So how do you find them?
00:09:31:07 – 00:09:50:05
Casey
So we look for areas that have appreciation, potential. Right? Okay. Okay. So you’re targeting the right. So we’re targeting B class properties where young college graduates with high incomes would live because people there are going to fix their homes up, They will appreciate and.
00:09:50:05 – 00:09:50:18
Rod
They’ll pay their.
00:09:50:18 – 00:10:15:03
Casey
Free and they’ll pay their rent. So we try and find areas where we have six figure income earners, you know, the tenants, you know, just graduated college or they’re newlyweds, about to get married, maybe have professionally trained dogs and buy furniture at Pottery Barn. We want those types of tenants because we want no problems. We want low turnover costs and we want the rents to rise.
00:10:15:05 – 00:10:16:12
Rod
And the values to rise.
00:10:16:19 – 00:10:30:19
Casey
And the values. Exactly. One of the first properties we bought was in 2016. It was $92,500. The rent at that time for that first property was about 1050 1075 I think. Emma now rents for 1600.
00:10:30:20 – 00:10:39:24
Rod
Nice. Nice. So you have do you I know you help people buy multifamily. Do you have any multi yourself or is just single right now.
00:10:39:25 – 00:10:42:05
Casey
It’s just single right now because we’re in Memphis.
00:10:42:05 – 00:11:07:26
Rod
Okay well guys and you know I’m I’ve owned 2000 single family houses that are rented long term, 200 of which were in Memphis. And you know, I, I, I’m anti single family now personally I just because of what I went through in 2008 nine. But you know if you’ve got them in there closely close together geographically I do believe in them I was too spread out.
00:11:07:26 – 00:11:17:27
Rod
I had houses 2 hours north of me, 2 hours south of me and everywhere in between here. It was a logistical nightmare. But so So you’ve got these residential properties. Did any of them require a fix up?
00:11:17:29 – 00:11:18:06
Casey
Yeah.
00:11:18:08 – 00:11:21:04
Rod
First of all, how did you find them? Through brokers or through?
00:11:21:06 – 00:11:32:26
Casey
So a lot of them were on the MLS and some of them were off market. We would always talk to all the neighbors and let them know who we were. These tenants have any problems because my card is my phone number and then they would call me and say, Hey, we want to sell our house.
00:11:32:26 – 00:11:48:03
Rod
Okay, got it. So you did a little, little direct to seller stuff as well. Okay. Have you done anything like the what some of these big flippers do with the big mail campaigns, outbound calling, none of that stuff. Okay. You just took it easy, by the way, you’ve got three kids. Yes. Yes. And you’re doing this with three kids.
00:11:48:03 – 00:11:57:22
Rod
Yes. Okay. Well, that’s frickin impressive. Okay. So. So did you have to do any repairs on any of these properties? All of that. Oh, so you had to hire contractors?
00:11:57:23 – 00:12:06:18
Casey
Well, we have started hiring contractors recently. However, Blake and I, we own pretty much every tool that Home Depot and Lowes sells. I see all of our own.
00:12:06:21 – 00:12:08:08
Rod
So you were swinging a hammer?
00:12:08:10 – 00:12:19:24
Casey
Yes. And I was you know, I remember I was eight months pregnant, prying up wooden floors with a crowbar at one point and then nursing my newborn in the room next door. So he was born.
00:12:19:25 – 00:12:37:27
Rod
Tell me what your excuse is. You listening? Okay. Tell me what your friggin excuses. I love it. So. So now you’ve started hiring contractors. So you actually have a life. All right, Well, that’s okay. That’s how you start. I mean, I know you. I think you told me your gross on your on your properties right now is almost 150 grand a year.
00:12:37:27 – 00:12:42:23
Rod
Yeah. Which is fantastic. So I believe you’re also managing them yourself. Yes.
00:12:42:23 – 00:12:43:08
Casey
I’ve talked to.
00:12:43:08 – 00:12:55:08
Rod
Them about what that talk about, what that’s like. I mean, in my world we, you know, we hired third party property management companies and, you know, we’re asset managing those companies, but we’re not dealing with tenants and toilets.
00:12:55:14 – 00:13:13:04
Casey
Yeah, you know, it is our ride, you know, and, and that was the one thing that I had to learn all by myself. And if you said, Casey, what’s your biggest mistake you’ve made in real estate? It wasn’t the deal. It wasn’t not running the numbers correctly. It wasn’t knowing how much it cost the rehab. It was not putting in the right tenants.
00:13:13:10 – 00:13:21:20
Casey
MM That was my my biggest problem. Not not doing proper tenant screening, using my heart over, you know.
00:13:21:21 – 00:13:22:19
Rod
Oh, using your heart.
00:13:22:20 – 00:13:30:21
Casey
Using my mark. No, no, no. I don’t do that anymore. Now I pull my heart out right. And I put it in a box and I lock it up.
00:13:30:24 – 00:13:55:27
Rod
And that’s what I did. And you have the conversation. Listen, here’s what I can expect from you. Pay the rent on time. Don’t bother your neighbors. Don’t trash the property or around the property. And here’s what you can expect for me. If you have a legitimate maintenance request, it’ll get fixed very quickly. Operative word, legitimate if you screw up the blind cause your cat crawled up it, then you’re going to be paying for it and it’s not going to be priority.
00:13:55:27 – 00:14:00:02
Rod
But and yeah, but anyway, yeah, got it.
00:14:00:02 – 00:14:28:06
Casey
So I have the savings built every, every tenant. I say I am an amazing landlord. You’re going to love me. I fix your properties on time. I communicate very clearly. Here’s my email, my cell phone number, text me whatever I Our life will be great. However, I only require just a couple of things from you in return. I require you to pay rent on time and if you can’t, I need you to communicate with communicate that with me and not ghost me.
00:14:28:07 – 00:14:46:16
Casey
Don’t ignore me. Don’t pretend I don’t exist. You have to communicate. And to when things are broken, please tell me if there is a leak under you know, under that coming out of the living room ceiling. Please don’t put a bowl under it and just let it go. Let me know. So I’ll pay rent on time or communicate and tell me when things are broken.
00:14:46:19 – 00:14:52:29
Rod
Hmm. I’m not sure I’d even say communicate. Just pay the frickin rent on time, period. But I said, because they will.
00:14:53:00 – 00:15:01:08
Casey
Go. They will go. And then we end up in eviction court. And I’m like, You could have just we could have done a payment plan. We could have worked this out. But you just wanted to ignore me.
00:15:01:10 – 00:15:18:11
Rod
Yeah. Okay. Okay. Well, I yeah, I could argue with you about payment plans because very often they don’t work. Yeah, I mean, this is my freaking 40 years experience and single of 2000 single family houses. But, you know, I mean, sometimes they work, but a lot of times they just snowball and you’re.
00:15:18:12 – 00:15:21:03
Casey
They do. And that’s one of the things that happened with my nightmare tenant.
00:15:21:03 – 00:15:29:06
Rod
Yeah. Yeah. We’re going to talk about nightmares here in a minute. So. So how do you finance these places that you’re buying?
00:15:29:09 – 00:15:30:26
Casey
We save up our pennies.
00:15:30:28 – 00:15:37:22
Rod
Okay. All right. But what that’s that’s the. That’s the cash out of pocket. What about the debt?
00:15:37:24 – 00:15:55:09
Casey
We do a regular, traditional conforming loans, so we’ll put 20 to 25% down. And, you know, Fannie Mae. So we get ten loans in each of our name. And most of those are close to being paid off. So we could pay off if we wanted to open up more slots.
00:15:55:11 – 00:16:07:13
Rod
I see. Okay. Okay. So so you’re just saving up your own money. Have you ever gone out and you’ve never brought in partners or raised money or anything like that? You haven’t done any of.
00:16:07:13 – 00:16:10:09
Casey
That now because we haven’t needed to. Okay. I’m not opposed to it.
00:16:10:10 – 00:16:31:04
Rod
Yeah, because I’ll tell you, that’s the only way you’re actually really going to get some scale is to use. Right. OPM other people’s money and possibly even consider some creative financing. I think things you know, I think the proverbial shit’s about to hit the fan, frankly. And I think there’s going to be incredible opportunity. Now, Memphis is fairly stable through these economic headwinds that that that’s what I’ve seen.
00:16:31:06 – 00:16:55:20
Rod
And the the the real stuff is going to be happening in the commercial environment anyway. But so let’s talk about some nightmares, some headaches, some problems that you’ve had. I mean, we know I mean, listen, you’re making great money. You know, you’re buying in the right areas. You’re focused on cash flow and the potential appreciation, but it’s not all rosy.
00:16:55:20 – 00:17:03:23
Rod
So let’s talk about some I call them seminars. You know, I was a $50 million seminar for me in oh eight and nine when I lost everything. So talk about some seminars.
00:17:03:25 – 00:17:18:25
Casey
So my biggest horror story was, like I said, from not properly screening tenants, we had this, this couple and I thought they were great and at the time I did not run credit and background checks because I thought, well, everyone who lives in this neighborhood.
00:17:18:29 – 00:17:20:18
Rod
Run credit or background either, Oh.
00:17:20:23 – 00:17:21:28
Casey
No, this is the beginning.
00:17:21:29 – 00:17:22:18
Rod
Okay. Okay.
00:17:22:19 – 00:17:30:15
Casey
And I thought, hey, everyone who lives here is going to have bad credit. I just don’t want to know. Right? That was that was that was my thought at the time.
00:17:30:15 – 00:17:31:13
Rod
Learning lesson.
00:17:31:15 – 00:17:49:24
Casey
Very big learning lesson. So everything was great until they broke up and he moved out and she begged me. Casey, Casey, please, please, can I stay? My kids are getting straight A’s in schools, you know, sob story. They’re doing really well. I said, but you don’t make enough money to cover the rent. And she said, But I’ll get another job.
00:17:49:27 – 00:18:16:01
Casey
I was like, okay, fine. Oh, I should have just said no, because here it goes. So she does get a job. Things are going fine until they aren’t. The first clue was when they bought Pit bull and I owned the house across the street from her house. I was driving by doing something at that house. I noticed a little doggie in the window and knock on the door and she goes, Oh, I just bought this little baby pit bull Super cute.
00:18:16:09 – 00:18:39:17
Casey
I was going to tell you about it. Make sure you were there is a red flag right there. And I didn’t take it when I opened the door. Smells like smoke, not just cigaret smoke, but also the house is hotbox. And I’m like, Oh, AMG All right, I let it go. I just tried to register 50 bucks a month for pet rent and said you need to get insurance and I mean additional insured.
00:18:39:19 – 00:18:54:26
Casey
This is a dangerous breed, blah, blah blah. So she does that. I’m happy I’m get extra 50 bucks a month and I go, well, the house is already kind of messed up, you know, since the guy moved out, the house is already messed up so I can kick the can down the road or, I mean, she’s paying I can kick the can down the road.
00:18:54:26 – 00:19:12:08
Casey
And eventually when she moves out, I’ll fix the house up. But, I mean, they’re going to fix it up. Then I’m going to fix it up now. And she’s paying now, so fine. Let her stay. Right. It’s getting worse. Okay. Her son hits the brand new glass security door. Don’t put in glass security doors with a basketball and that’s broken.
00:19:12:10 – 00:19:29:12
Casey
She backs into the garage drunk with her car. So now my garage door is beyond repair, needs to be replaced. Finally, she’s passed on rent a couple of times in a row, gave her chances, gave her chances at one point. You’re going to hate me for this. At one point, she owed me $4,000.
00:19:29:15 – 00:19:32:08
Rod
I’ve been there. Yeah, much more than I even.
00:19:32:11 – 00:19:54:07
Casey
She got back up and I said, If you’re ever late again, you’re. I’m not giving you 30 days now. I’m Memphis in Shelby County. There’s a waiver that they can sign, and I have it in my list duration. So it says I don’t need to give you your waiving your right to a notice and Brian’s due on the first and you have until the fifth to pay with that late fees on the sixth you’re like you’re done.
00:19:54:14 – 00:20:16:04
Casey
So on the six, I could take her to court and this is a couple of years ago and I was on my way to California for vacation to visit my family. I mean, she was late on rent. I said, if you do not pay rent by this day, I. That’s it. We’re done. And she didn’t. So on my way to the airport, I stopped by the court and I filed eviction on her.
00:20:16:07 – 00:20:23:12
Casey
She moved out. Once she realized that I filed on her, she was very mad at me. I can’t leave filed on me. I said, Well, you didn’t pay. And I told you I’m done.
00:20:23:18 – 00:20:26:24
Rod
So she moved out when the house looked like so.
00:20:26:26 – 00:20:47:26
Casey
Yeah. So she only owed the one month, right. Of rent. All right, so we get back from our wonderful beach vacation. I’m visiting family and California, and Blake and I go to the house on Saturday morning, and we walk in, and all of a sudden, there’s, like, a thousand bugs jump on us. Please, Please. For me, you had seven.
00:20:47:28 – 00:20:49:05
Casey
She had seven dogs.
00:20:49:08 – 00:20:49:21
Rod
Oh, my.
00:20:49:21 – 00:21:05:06
Casey
God. And the neighbor told me that the pitbulls had babies. And during that past winter freeze, she had them outside in a crate. They all died and she put them in a trash bag. I’m like, Oh, my God.
00:21:05:07 – 00:21:06:11
Rod
Yeah, well.
00:21:06:14 – 00:21:21:02
Casey
Cockroach infested, Flea infested. She stole all my appliances. She painted all the kitchen cabinets. She had incense like, stuck in the walls. I don’t even know. I don’t even understand. It was just terrible. She left a bunch of furniture in there. I had to have some guys go in and clean it out.
00:21:21:02 – 00:21:22:25
Rod
What it cost to turn it.
00:21:22:27 – 00:21:23:29
Casey
Over 15,000.
00:21:23:29 – 00:21:24:18
Rod
15,000?
00:21:24:18 – 00:21:30:22
Casey
There’s a little garage door. I think that was about the garage yanked through the garage door. It was a single car. Garage.
00:21:30:22 – 00:21:33:09
Rod
What was your cash flow on that property?
00:21:33:11 – 00:21:35:16
Casey
I think 450 a month was my time low.
00:21:35:16 – 00:21:43:14
Rod
So 450 a month times 12 is what? But 6000. And so you lost two over two years cash flow.
00:21:43:14 – 00:21:45:04
Casey
Yeah. And she was there for about five.
00:21:45:04 – 00:21:51:20
Rod
Years and that doesn’t even include the lost rent because you had to you probably lost probably at least three months.
00:21:51:20 – 00:21:52:26
Casey
Plus. Yeah. Yeah.
00:21:52:26 – 00:21:54:02
Rod
Well, three months fixing it.
00:21:54:03 – 00:21:58:00
Casey
That’s right. It was even more than that. I had only a vacant for 30 days for the police.
00:21:58:02 – 00:22:21:24
Rod
Yeah, Yeah. So, listen, you know, I don’t want to trash single family because it’s a great place to start, and that’s what most people do. I mean, I’ve had people on the show with thousands and thousands of doors, and they almost all started with a house duplex, triplex, whatever. But here’s the problem. You know, that example that didn’t just cost you the cash flow in that house, that probably cost you the cash flow on three or four of your houses.
00:22:21:24 – 00:22:38:15
Rod
And, you know, that’s the problem with single family, in my opinion, is is, you know, if you’ve got a vacancy, you’re going to pay to turn it over at least a couple grant, typically a minimum couple grand. So you going to lose two or three months rent plus a couple grand, and that can wipe out your cash flow for the year.
00:22:38:18 – 00:23:00:08
Rod
And you know, when you’ve got a house, if you’re vacant, your 100% vacant versus a plex, you know, or something a little larger even is better. But but again, I don’t want to discourage you from doing single-family because it’s a great place to start, but just realize that that’s really what it should be. It should be the stepping stone to be getting into, you know, some larger stuff.
00:23:00:08 – 00:23:22:08
Rod
So you’ve got safety. So you’ve got, you know, it’s more secure, It’s it’s safer. Bottom line, I mean, when I lost everything in 2008 nine, it was the houses that pulled me down. My multifamily did just fine. It pulled back about ten, 11%. I had several apartment complexes. I still own them. If I hadn’t cross, collateralized them with packages of houses to save a few basis points and interest.
00:23:22:08 – 00:23:42:24
Rod
Like I thought I was brilliant, but but so. So you know, we’ve all got these horror stories I could tell you horror stories about some of the landlord tenant stuff I had. I’ll tell you a funny one. I got two funny ones. So I had I had a five bedroom house in Denver, 3008 Columbine. I shouldn’t have probably said that publicly.
00:23:43:00 – 00:24:00:15
Rod
Anyway, I and I had a partner lived in Chicago. L help our pick. And and one day I’m reading in the newspaper and there’s a picture of my house and the headline said, Making money the old fashioned way. The guy turned it into a whorehouse. True story. I call my partner in Chicago. I’m like, Al, you own a whorehouse in Denver.
00:24:00:17 – 00:24:03:02
Rod
The guy said he was in the maid service and.
00:24:03:04 – 00:24:04:22
Casey
And the maid, sir.
00:24:04:22 – 00:24:22:02
Rod
Oh, yeah, that’s what he said. Yeah. And. Oh, God, it was funny, but it wasn’t funny at the time. But it’s funny now to talk about. And then one other one. I had a house here in in Florida on a canal. I mean, I was able to buy this place for like 150 grand on a direct access canal out to the ocean, which just amazed me about five of them in this.
00:24:22:05 – 00:24:41:02
Rod
But every one under 150 grand. But anyway, I’m sleeping one day and this is down. I’m not gonna say the address, but I’m I get woken up at 6:00 in the morning by the news and it’s like, this is so-and-so with Wink TV. Have you seen the news? I’m like, No. And say, Hey, this is Rod Cleave. Yes.
00:24:41:05 – 00:25:00:26
Rod
Do you own the house at so-and-so Boyle Terrace? Yes. Well, they had a DEA raid. The guy brought in like in the tonnage of cocaine. I mean, night vision goggles, submachine guns, the whole thing. Yeah. And they they arrested this guy, and he had he had an 800 plus credit score. You know, when they have that kind of a credit score, you really typically don’t worry about anything but all brand new furniture.
00:25:00:26 – 00:25:03:12
Rod
Anyway, I’ve got a lot more, but we’ll leave it at that.
00:25:03:15 – 00:25:05:05
Casey
So we learned our lesson.
00:25:05:05 – 00:25:32:09
Rod
We learned our lessons, Yes. Now, now I know you’re an advocate for buying out of area as well. Talk about the advantages of that are and the hurdles. I mean, I can think of hurdles, especially in the smaller stuff like this, because you’re going to really be reliant on other management companies. You know, I’m I’m kind of a proponent to turnkey sales.
00:25:32:11 – 00:25:47:12
Rod
I don’t like them and I don’t like them because I believe that the person that sells them is the one that makes all the money in your life. But how you know, I know you talk about this sometimes in your stuff. Talk about how you mitigate some of the challenges.
00:25:47:15 – 00:26:11:23
Casey
So and that’s a really good question. And I would say for a lot of people that live in high cost areas like California or New Jersey, New York, they can’t invest near them. So does that mean you just can’t be a real estate investor? And that sucks for, you know, there are other options, and especially with today’s technology, especially since the pandemic, more and more people in the industry have had to use technology to communicate virtually.
00:26:11:23 – 00:26:15:25
Casey
And that’s really helped out real estate investors to invest out of emotions.
00:26:15:25 – 00:26:17:07
Rod
That makes a lot of sense. Okay.
00:26:17:09 – 00:26:36:07
Casey
So one reason why you’d want to invest out of areas because that’s your choice. Of course, it’s better to invest near you, if possible. 100%. I believe that, and that’s why I do. But I also don’t. I also believe in not investing in too many properties in one geographical area. And there’s a risk as well. There’s a risk there as well.
00:26:36:09 – 00:27:04:04
Casey
So when you do go out of area, you reach a lot of there’s a lot of problems that you could encounter. The biggest one is you’re not there and nobody cares about your properties and your deals more than you. So you have to really do your due diligence and vetting everyone on your team. You need to have property management companies, real estate agents, contractors, even local lenders would be very helpful, especially in bigger deals because they are more flexible.
00:27:04:06 – 00:27:09:09
Casey
But vetting those people properly and making sure they actually know what they’re talking about.
00:27:09:11 – 00:27:11:20
Rod
How do you how do you do that so well?
00:27:11:27 – 00:27:35:11
Casey
Let’s talk about real estate agents, I guess, for example. Right. Ask you one of the first first team members you’ll need besides a lender as people get excited and let’s go find properties, let’s go house hunting, let’s go look. As a real estate agent myself, Pastoral is an agent. If people were to ask me, Casey, are you investor friendly, I would have said yes, even if I was a brand new day.
00:27:35:11 – 00:27:54:02
Casey
One real estate agent. Yes, I’m investor friendly. Yes, I will work with investors. Have I before? No. But will I? Yes. So you got to be careful in how you vet real estate agents and they need to have personal hands on experience. I have my broker’s license and I will tell you, you know this. You mean.
00:27:54:02 – 00:27:56:03
Rod
Personal hands on experience, actually owning a property.
00:27:56:03 – 00:27:57:08
Casey
Owning real estate.
00:27:57:10 – 00:27:58:04
Rod
On an investment, really.
00:27:58:04 – 00:28:15:19
Casey
Owning investment properties. And let’s say they they don’t own investment properties yet. That’s their main focus. Their clientele are investors and they understand the rental properties like the back of their hands. I want my real estate agents to know just as much as a property management companies. Now I don’t want them to have to say, Oh, I don’t know what it would rent for.
00:28:15:21 – 00:28:32:09
Casey
Let me go ask. I’m not sure what you know, the market rents out in this area or what the amenities are that tenants want in this area. Let me go ask. No, no, no. Your real estate agent needs to be investor friendly. Meaning they understand and day in, day out work with investors.
00:28:32:12 – 00:28:59:22
Rod
You know, that’s. That’s really solid. Yeah, that’s solid. Now, obviously, if it’s out of state, you need property management as well. And I’ve had lots of horror stories in Memphis as well. But in other areas where, you know, the property manager is a broker that’s doing it on the side. Not that that’s bad, that can sometimes be good, but how do you vet property managers to minimize and you’re not going to eliminate, to minimize problems?
00:28:59:24 – 00:29:22:05
Casey
So there’s quite a few things I feel like property management companies should have, or at least have a knowledge of. One telltale thing that kind of irks me is when you ask them how much your property would rent for and they go pull a rental meter report or they go pull some report from somewhere else, say, okay, thanks for the report, but what about your personal knowledge with your portfolio of homes that you manage?
00:29:22:05 – 00:29:35:03
Casey
You tell me from your own mind what this house will rent for the minimum at the high end and what I can do to fix it up. Don’t just print me some report off line, right? That’s one thing that I can’t stand.
00:29:35:03 – 00:29:41:01
Rod
Well, not only can’t stand that just shows that they’re not either not experienced, they don’t have much of a portfolio or they really don’t care about what they’re doing.
00:29:41:06 – 00:29:56:14
Casey
Exactly. Yeah. And another thing I ask for and I’ll set the conversation off when I interview them with, you know, how much you know, what do you charge every month? And it’s going to be between 8 to 10%. Like, okay, great, thanks. Can you send me over your client agreement, the one between me and you, and also a list of all your fees.
00:29:56:16 – 00:30:10:17
Casey
And I have found that some markets, property management companies charge way, way more than other markets. And it’s not all about how much they charge, but when they’re going to take most of your cash flow. That’s also part of running the numbers.
00:30:10:17 – 00:30:27:02
Rod
Let’s talk about that for a second, because I teach this as well. You know, especially I mean, if you own a multifamily property that’s 80 units or more, the all the staff will be right there. You’ll have your own maintenance guy, you’ll have your property manager, you won’t have any of that. And you pay, you know, three or 4% management fee.
00:30:27:04 – 00:30:48:07
Rod
But on on residential multifamily or residential, single family even, you’re going to pay a much higher management fee, right? Okay. Depending on the asset class, if it’s a C class property, it could be 12 to 15%, you know, A and B, maybe 8%. But you’re also going to rely on their maintenance infrastructure. And maintenance can be a huge profit center for a management company.
00:30:48:07 – 00:31:05:20
Rod
There are some kid at 15 bucks an hour and bill them out 100. So you really got to I’ve been screwed by that ad nauseum. And so you’ve really got to check out the maintenance piece as well. And then I’ll tell you, in my opinion, you’ve got to look at their technological infrastructure as well. Have they embraced technology?
00:31:05:20 – 00:31:13:27
Rod
What’s their website look like? If they’re a digital dinosaur, that’s a freakin problem because everybody rents places on their phones now. So you agree with me?
00:31:13:27 – 00:31:44:17
Casey
Yes. The mom and pop shops. I love them. Right. But I also don’t love them at the same time. I’m a mom and pop, right? I manage my own properties, but I would not have the infrastructure or the platform to manage for other people. And when you have some managing so many units and you don’t know the tenants personally, you need to have some sort of platform and your clients, you know, the owners of the properties, their success is dependent upon the property management company’s ability to do a good job and keep the tenants happy.
00:31:44:20 – 00:32:12:23
Rod
It’s a whole enchilada. That’s everything. Yeah. If they if they if they do a bad job, you can lose your asset. That’s right. You know something you just said about knowing the tenants personally. Did you get the memo with that horror story that you shared about the dangers in that? Oh, yeah. Yeah. Okay. Because. Because I will tell you, you know, I’ll go to apartment complexes and I’ll do everything I can not to let people know I’m one of the owners, because then you hear about every freaking problem they’ve ever had.
00:32:12:25 – 00:32:47:29
Rod
But, you know, people will take advantage of those personal relationships. And I’ve had them where I’ve slipped up and I’ve had them come in the next day and see, Yeah, well, I met the owner and he said, you know, he’s he said, he said, you’re full of crap. I didn’t say that, but okay. So, so, uh, we talked about out-of-state buying with brokers and property management companies and, you know, and I tell people also, you know, talk to some local banks there and in the market that you’re going to buy and and see if they’ll loaned out estate investors number one, and get to know them because they can be an incredible resource as well.
00:32:47:29 – 00:33:03:27
Rod
And I’ll tell you, I think a lot of I think a lot of property well, in definitely in my world, in the commercial world is going back to lenders. We’re seeing it now. Got a phenomenal deal under contract right now in San Antonio. We’re seeing deals coming already, but I’m not sure about single family. I think single families got enough pent up demand.
00:33:03:27 – 00:33:15:04
Rod
I don’t think it’s going to get hammered. But so So you are now receptive to potentially partnering and or raising money?
00:33:15:04 – 00:33:15:20
Casey
Oh, 100.
00:33:15:20 – 00:33:24:03
Rod
Percent, yeah. Yes. I don’t know about you, but I’ll take 20, 30, 40, 50% of something. Over 100% of nothing in day, right? Yeah, that’s how I feel about it.
00:33:24:03 – 00:33:35:28
Casey
But after my horror stories in Memphis, it has to be in the right area. Yeah. You know, and personally, my my feelings are Memphis is just not a great place for multifamily. And it all comes down to how much each unit rents for.
00:33:36:05 – 00:33:38:08
Rod
There are some nice people that live in Memphis.
00:33:38:08 – 00:33:39:06
Casey
Yeah, See, I’m.
00:33:39:06 – 00:33:58:05
Rod
One I trashy. Exactly. But I, I am I bootcamps of a thousand people in the room. And I’ll say, is anybody here from Memphis and nobody’s got the guts to raise their hand. I know, I know, I know it. But, you know, I. Listen, I, I just tell you, I think it’s a it’s a there’s I don’t want to say this publicly.
00:33:58:07 – 00:34:16:22
Rod
I, I will say this. Let me just say this and let you make your own conclusion. So I lived in Denver, 2 million population in the morning. They they’d list the traffic accidents, so there might be 2 to 3 in Memphis. What’s it now? A half a million, three, three or 400,000 in Memphis proper? Yeah, it’s it’s a fourth of Denver.
00:34:16:22 – 00:34:38:22
Rod
It’s a fraction. Yeah. 18 accidents every frickin morning. Okay. And that’s with no rain. Okay. That’s just accidents. And I’m not talking to smack. Here I am. I know you’re on par. Right, right, right. I was looking over at Blake because it’s like, you know, Blake’s here in the in the video studio. But anyway, yeah, and, I mean, that’s what we call a clue.
00:34:38:24 – 00:34:50:15
Casey
Okay. Yeah, well, I will say my kids and I, our fam, we’ve seen about four dead bodies. No kidding. And we witnessed our we were a witness. Our first family shooting last December.
00:34:50:17 – 00:34:57:20
Rod
Yeah. Now it’s it’s it’s crime is really bad there in any way but, uh, but they do have great barbecue so there is that they.
00:34:57:20 – 00:35:00:26
Casey
Do that making the barbecue ready for ready for a change.
00:35:00:26 – 00:35:09:05
Rod
Yeah. Yeah. So there are some Memphis horror stories. Yeah. I mean, what killed me was the inability to remove tenants. It was just like. I mean, that just almost wipe me out.
00:35:09:07 – 00:35:10:28
Casey
Yeah, it’s much easier now.
00:35:10:28 – 00:35:33:17
Rod
Yeah, No, I’m sure. I’m sure. So talk about, you know, I want to inspire women who are thinking about getting into this business. Okay? I mean, I’ve got warriors, my coaching students called Warriors, and I’ve got some super rock star women in there that have thousands units already. But talk about the hurdles that you may have encountered or maybe even the mindset hurdles, if you had any.
00:35:33:21 – 00:35:38:11
Rod
Maybe you didn’t. You’re a rock star. But I mean, talk about that dynamic a little bit.
00:35:38:13 – 00:35:57:20
Casey
I would say, you know, and everybody knows this, men dominate most business and then men dominate real estate investing. When I go to my Memphis real estate investor meetings, I’m probably one of like four or five women in the whole room, really, you know? And I’m pretty loud, right? And I love yellow. I love being out there. So it doesn’t bother me.
00:35:57:22 – 00:36:17:07
Casey
And I haven’t had a lot of people put me down, but I’m definitely overlooked. You know, it’s definitely something that I’ve been or I have been overlooked many times. And I would say for women, especially mothers, especially stay at home moms, I was a stay at home mom. I haven’t had a real job my entire life. I had a real job for three months.
00:36:17:11 – 00:36:38:20
Casey
Wow. Okay. And then and then I did real estate so you can have your cake and eat it too. You can make money at home investing in real estate and still be a stay at home mom. And that’s what I wanted. I wanted to be able to make money, contribute financially because that’s what our culture is. Women need to go to work, but women are also supposed to take care of the home, right?
00:36:38:22 – 00:37:03:17
Casey
And I wanted to have both. How could I? I mean, I went to school all my life. I went to college when I going to do all of that and not make any money, I mean, that just wasn’t in me to do that. I needed to contribute financially and make something of myself. And so for all the women out there that want to be real estate investors and are being, you know, seemingly held back by the male domination, you just put that out of your mind.
00:37:03:17 – 00:37:11:15
Casey
It is like you say, and limiting belief, it is nothing. It means nothing. You’re making it. You know, everyone who says I’m a woman, I can’t. That’s B.S..
00:37:11:16 – 00:37:36:04
Rod
Yeah. Now you go. No, I agree completely. And I will tell you, I’ve got super successful single moms with kids, you know, And that adds another component. And so let me ask you this. What suggestions would you have for, you know, people that are sitting on the sidelines that know they need to do something? I mean, you know, what suggestions would you have motivate them a little bit.
00:37:36:07 – 00:37:56:16
Casey
I would say and that’s where I was in the very beginning. I sat on the sidelines. I watched the investors get rich. I didn’t know what to do. We made 40 offers on properties and never really closed on one It close, but just didn’t go all the way and. What would have changed it for me if I were to, you know, go back in time would been to get a mentor, to get someone to help me now.
00:37:56:21 – 00:38:19:19
Casey
Back then, Facebook was hardly even a thing. It was, How do you feel putting emoji? So there wasn’t this huge social media and this my online learning. Yes. My head of MySpace. Yeah. So, you know, being in California, I knew nobody that owned real estate. My friend Mickey’s grandma owned ten rental properties. That’s that’s the closest I got to anyone that I knew that owned real estate on purpose.
00:38:19:19 – 00:38:23:27
Casey
Besides the occasional. Oh, I’m moving into a house and I’m just going to rent out my condo. Yeah.
00:38:24:00 – 00:38:24:13
Rod
Yeah.
00:38:24:16 – 00:38:42:10
Casey
So if you’re on the sidelines and you want to get started, the only reason why you’re not getting started is because you have fear of the unknown, because you don’t know what’s going to happen if you push through and you give it a try. So join a mentorship. Join a program like yours, you know, get the help, because that’s going to cut your learning curve in half.
00:38:42:10 – 00:38:50:25
Casey
If you have someone on your side that says this is exactly how you do it, here’s a step by step plan. Here’s all the resources, here’s the tools.
00:38:50:27 – 00:38:52:02
Rod
And here’s a group to help you.
00:38:52:02 – 00:39:00:26
Casey
And here’s a group to help you, Right? You’ll get your questions answered and you’re going to be in a community full of people that are doing the same thing. And they’re just.
00:39:00:27 – 00:39:03:16
Rod
Motivated, not trying to diminish your dreams.
00:39:03:18 – 00:39:05:02
Casey
Like your friends and family.
00:39:05:02 – 00:39:18:15
Rod
Exactly. Exactly. Yeah, right. And and I couldn’t agree more. I, I brag about my warriors, my mentorship students. They own upwards of 190,000 units that we know of. And I’ve only been doing this for six years, something I’m super proud of.
00:39:18:16 – 00:39:34:05
Casey
If I would have had or about a program like yours back then, I would have been way further ahead. I would have bought those properties in California that were $145,000 at a time. I look back, I the addresses there, six out, $600,000. Now, this painful.
00:39:34:05 – 00:39:51:28
Rod
I know, I know. You know, listen, I hate listen to make you feel better. I owned 500 houses in Denver at one time. Okay? If my dumb ass hadn’t sold those, let me tell you, I would be a they’d be free and clear right now, and I would be netting bottom line net $1,000,000 a month right now. Ouch.
00:39:51:28 – 00:40:16:21
Rod
Yeah. Yeah. So, again, you know, there you go. I try not to think about that. It’s tough work and painful. So, you know, in this journey of yours, exploring, learning real estate, doing real estate to any epiphanies, any, any like have you had any recent epiphanies or even past epiphanies? You’re like, okay, now I get it. I think we alluded to some, but anything come to mind with that question?
00:40:16:23 – 00:40:37:07
Casey
I would say epiphanies would be stick with what you know and don’t be stuck with what you know. Be very good at it before you transition to the next category or the next thing. There’s so much shiny object syndrome out there. Yeah, you’re going to see someone killing it in multifamily. You’re going to see someone killing it with short term rentals.
00:40:37:07 – 00:40:46:29
Casey
You’re going to see someone kill arbitrage. And now people are buying hotels and buying campgrounds. You can get lost in learning and never taking anything.
00:40:46:29 – 00:40:49:02
Rod
In the mirror when you’re saying this aren’t true. Yes I know.
00:40:49:06 – 00:41:04:18
Casey
Yes, You get lost in the learning. You get lost in learning. Never take any action. So the epiphany is learn one thing, learn it really well and then when you feel like you’ve mastered that and can do that in your sleep, now you’ve graduated and you can move on to the next big thing.
00:41:04:21 – 00:41:22:13
Rod
Yeah, you’re speaking to me with that as well, because I’ve, I’ve definitely have shiny penny syndrome. I’ve started 27 different businesses and several worth tens of millions of dollars. Most spectacular flaming seminars, you know, what do you love the most about real estate investing? Tell me. I mean, what’s the what’s and the least listed the most and the least.
00:41:22:13 – 00:41:24:01
Rod
Okay. What do you love the most about it?
00:41:24:01 – 00:41:34:25
Casey
Start there. Well, obviously, what I probably love the most about it is making the money, making more money without having to invest a lot of my time in doing it.
00:41:34:26 – 00:41:36:04
Rod
Yeah, yeah, yeah, yeah.
00:41:36:05 – 00:41:44:02
Casey
You know, that’s the key. Because I do self manage and we bring in, you know, close to 150,000 a year and I hardly talk to my tenants.
00:41:44:03 – 00:41:44:20
Rod
Yeah, that’s.
00:41:44:20 – 00:41:46:01
Casey
Nice. You know, and they stay a long time.
00:41:46:06 – 00:41:49:26
Rod
Have you done any tech, have you brought any tech in yet or. It is still.
00:41:49:28 – 00:41:52:13
Casey
No old school. I tell you, I use Google spreadsheets.
00:41:52:14 – 00:41:56:15
Rod
Okay. Okay. All right. So. So what do you like the least?
00:41:56:17 – 00:42:03:01
Casey
What? I like the least. I really hate showing properties. And I know this is so small.
00:42:03:03 – 00:42:04:23
Rod
Safe either, honestly, you know.
00:42:04:24 – 00:42:20:24
Casey
I know. I know. Well, we buy in better areas now, right? I learned my lesson from before. I don’t buy in areas like that anymore. I buy in more be a B neighborhoods, right. With the appreciation and the high rent increase every year. But I’m really getting kind of tired of managing, to be honest, the showing and all that.
00:42:20:24 – 00:42:22:19
Casey
That’s part of my and my least favorite things.
00:42:22:26 – 00:42:25:08
Rod
Well, and it holds you back from further acquisition as well.
00:42:25:14 – 00:42:25:28
Casey
It does.
00:42:25:28 – 00:42:30:11
Rod
It takes whatever time you have that you’re willing to devote to this and you’re doing, you know, you’re dealing.
00:42:30:17 – 00:42:37:05
Casey
So I think, you know, I would be I would want to buy more if I didn’t dread having to do that. I do feel like that’s one thing that I’m like.
00:42:37:08 – 00:42:56:08
Rod
Well, you know, you should probably come to my boot camp and learn about not just play plan, but, you know, it’s it’s, it’s I’m kind of playing, but it’s the natural progression. I could totally see you sitting in that seat with a thousand units in a couple of years. I totally could. And you’ve got the drive. And so let’s talk about drive for a second.
00:42:56:11 – 00:43:12:23
Rod
You know, you’ve you I do these clips every week called Own Your Power, their motivational. They’re inspiring. And I’m certain that’s the reason that my students are so successful because they do focus on mindset psychology to actually take action with what they learn. But where do you get your drive?
00:43:12:25 – 00:43:13:13
Casey
I think it’s.
00:43:13:13 – 00:43:14:18
Rod
Why.
00:43:14:20 – 00:43:33:18
Casey
I have an internal perpetual drive to always be better, make more money, and always just level out myself. I’ve had that since I was little. I mean, I was freshman class president in high school and all of these things. I mean, it’s just like got to strive for the top, the top, the top all the time. And I got that from my dad and my sister’s the same way.
00:43:33:18 – 00:43:40:06
Casey
She doesn’t do real estate. She’s very successful. And it’s just an internal thing always. It’s it’s innate.
00:43:40:07 – 00:43:40:22
Rod
Born with it.
00:43:40:24 – 00:43:42:11
Casey
Yeah, I think so.
00:43:42:14 – 00:44:08:16
Rod
So here’s a little caution for you, because I could totally see you killing it in multifamily. And multifamily is a team sport. You can’t. And it’s very difficult to to to take off that single entrepreneur had you are you in Blake but take off that hat and put on the team hat. Yeah and partner and deal with partners and and and which has its own set of potential headaches and problems.
00:44:08:18 – 00:44:17:10
Rod
I’m actually dealing with one right now and so so you know how do you feel about that dynamic as it relates to taking this to the next level?
00:44:17:13 – 00:44:42:24
Casey
I think initially Blake and I as first goal was we’re going to own ten properties. It’s going to be a salary. And that was as far as we ever really thought. Yeah. Now that I see the power in real estate and since, you know, we’ve gone through the pandemic and there’s more opportunity is open for out of area investing and I’ve become more and more I’m just I live, eat and breathe real estate all day.
00:44:42:26 – 00:45:04:28
Casey
Their power is there. So I never wanted to partner before. I wanted everything to be mine. But I realized that, oh my gosh, I totally could own So I could be Monopoly. I can own the board, no question. You know, I get on the board, but I would need to partner other people. So it’s I’m open to the opportunity in the possibility become mindset shift.
00:45:05:00 – 00:45:07:11
Casey
It is a mindset shift yeah because I’m very control.
00:45:07:14 – 00:45:30:13
Rod
Right that’s the key that’s the that’s the issue you have to overcome as a control freak piece. And that was it for me as well. It took me 2000 freaking houses to get the memo. Yeah, but yeah, and by the way, I’ve got an incredible resource. If you’re going to get into a partnership, it’s at Rods Links dot com and it’s a list of questions you should ask before you get in a partnership, because partnerships are really easy to get into, like a marriage and very hard to get out of.
00:45:30:13 – 00:45:49:09
Rod
Ask me how I know. Yeah I saw I give tee shirts away at my bootcamps hashtag ask me how I know because I made every mistake you can make. I say don’t do that. Ask me how I know anyway. But yeah, it’s it. Rosling sits in the free book section. It’s the list of questions you should ask so you don’t get caught up in the emotion of a deal without asking those tough questions.
00:45:49:11 – 00:46:07:04
Rod
Well, listen, Casey, this has been a real treat. I really. You coming down here for this? I’m honored that you’d fly down here and get on the show. And I know you’ve added value and hopefully inspired some of you listening to go out and buy some freakin property doesn’t have to be 100 units. Start with a house. Start with a duplex, triplex, four plex, whatever.
00:46:07:08 – 00:46:11:20
Rod
Just freakin start. Bottom line. Thanks for coming on.
00:46:11:22 – 00:46:12:05
Casey
Thank you.
