Tyler Sheff is no discount real estate agent…he’s a MARKETER.
So many investors are afraid of paying a 6% real estate agent commission and rightfully so. Me, I’d rather pay 8% to a MARKETER. The difference? $105,400. That’s right, the worthless Zestimate said my rental was worth $250,000 and I was actually going to pay a real estate agent to sell it for that. Instead, Tyler paid for an appraisal, did the correct market research then marketed my property so hard that my friend in Guam (seriously) got hit with his ad. In the end my profit of $235,000 turned into $340,400.
Tyler’s now my professional marketer on my team down in Key West, Florida; a market where investors avoid like the plague. Together, Tyler and I are going to buy properties in Key West and potentially profit more than Jimmy Buffet’s Cheeseburgers!
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WHO’S MIKE AND HOW CAN HE HELP?
Pilots make excellent money and we love what we do. We are used to being in command and control in the flight deck. But it’s our financial future, managing cash flow, wealth, and passive income that can often seem OUT of our control. It can be a risky gamble to put your money into retirement funds and the stock market. No one gets held accountable if there are significant losses. And so it feels like you run out of options.
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Hey guys, this is Tyler. Before I start this episode, I have a message for my accredited investors. You guys tired of the same old, boring syndications.
Have you ever wished you could invest in a virtually recession proof market?
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Welcome to the cashflow guys podcast.
That’s right boys and girls. If that time again, we’re back for another weekend. This time I got a surprise for y’all. I’m bringing on a guest. Yes, that’s actually true. I actually bring in somebody else. We’re going to talk about the stuff that drove realtors in Tampa bay, Florida. Absolutely crazy. Highly. What the hell are you talking about? I’m talking about the most talked about listing in Tampa bay, probably in history and no, it wasn’t owned by a celebrity rockstar. Maybe I’ve got with me, my seller buddy of mine and now partner in our investment fund in key west Florida. Mike Marino, are you on with me, Mike?
Hey Tyler. Thanks for having me. Hey man.
Thanks for joining me in today, guys. I brought Mike on. I want you to hear the seller’s perspective. We did a video about this on YouTube and a couple of other, uh, channels and whatnot. And I thought it would be a good opportunity to bring somebody else onto the show. It’s been a long time since I’ve had a guest. I want to talk about last week. I talked about having the benefit of using an appraisal and it’s actually Mike’s house, which turned out to be a great example of that. So Mike, you bought the house February of 2015, correct?
2015 for $137,000,
$130,7,000 and free. For those of you that like the per square foot method that works out to $139 a square foot. Right? So this guys is a two bedroom, one bath, nice little house in St. Pete, Florida. Great neighborhood, big Oak tree out front, whatnot. Mike came to me, he’s been one of my coaching students listen to the podcast for you, Mike and I used to work together at Noah many, many moons ago. Um, he went off and became an airline pilot. I went off and became a dirt bag realtor, and here we are. Right? So Mike came to me, he’s heard the good news, right? He’s heard that if you want to get stupid money for your house, then you need to pick up the phone and call me and we’ll make it happen. So fast forward, six years later, Mike, what’d you sell your house for now. We can say it cause it just closed last week. Yeah.
Three seventy three hundred and seven.
I believe that’s a new record for, I don’t even know what the price per square foot is on that I didn’t bother to factor in factor it in, but let’s just say it’s all a lot. It’s a ton. So guys, what does that mean? That means that Mike profited, from the time he bought his house to the time he sold his house, his net profit on that deal was $233,000, $233,000 that equates to $38,833 per year in profit. That’s a 28%. Was it 28%? We figured Mike annual appreciation,
8% annual that’s right
Now guys. That’s crazy. I mean, that’s freaking crazy. I had to shake my head. Just, I couldn’t believe it myself, but I thought we’d bring this story to you because I think you guys are going to find value. And if you’re flipping houses, if you’re a landlord, it doesn’t matter how you’re going to buy your own house. I want to tell the story of how this happened so that we can so that you can take this information, use it as a check, take it to the bank and cash it. Um, so with that, let’s go ahead and get cracking. Now, first thing I’ve done guys, and I’ve said it last week, and I’ll say it a little bit again, is I’m a big believer in bringing in people that are smarter than me. And what does that mean? Well, for starters, appraisers recently, I was thinking about Jill and I were talking about her getting her appraiser’s license.
And then we looked at what it’s required. And as we talked about last week, it’s like, I dunno, $2,500 of appraisal experience. You gotta have 200 hours of classroom training and a bachelor’s degree and all this, the crap to be able to appraise houses. And what I find comical about that is appraisals cost 450 bucks, probably less than some markets, but that’s it. So you go to all that schooling and the most you can ever make on an appraisal is probably for a couple of $400. It’s like, good God. So what does that mean to us? Why am I even mentioning it? Well, I’m mentioning it because it’s a very cheap tool that can prove to be extremely powerful. And here Mike is, you can say, as you know, that helped us twice because this train or actually three times, because this deal involved three appraisals that’s right.
So you had a tough call to make. At one point, I want to back up a little bit and explain. So we get, I said to Mike, I said, Hey, look, my deal is, is that if you get an appraisal on your house, I will reimburse you at closing for the cost of the appraisal. Why do I do that guys? Well, number one, it makes my job easier and let’s be honest. I also have lazy realtor tendencies like everybody else in the world. It’s nice. When a licensed somebody that’s done 2,500 hours of focused on an appraisal only goes out and determines what the value of the price of the house is. And frankly, Mike, I knew you, weren’t going to argue with the appraisal, if you would have, you know, if I would come back and said, it’s worth this, then you might want more money.
And we may have to have that conversation and go back and forth and whatnot. But when I bring a third party and that’s an expert in just that just valuation, they’re not a marketing expert, they’re not a negotiating expert, their job, their expertise is in figuring out the value of that property. Okay guys, why is that important? Well, number one, if it doesn’t appraise, in other words, if we get it under contract and the appraisal price comes in lower than what the financing is, that’s problem, you know, we’re not going to do very well. And we’re going to probably have to adjust our sales price or start over again. Right? We don’t want that. So Mike, when the appraisal first came in, what was it? Three 20, right? I just want to keep crazy
Three 20 Tyler. I’m glad you recommended the appraisal because in today’s crazy market, I had no clue what it would go for. I no clue the value of it because as you know, if you get reappraised and month later the value is different, right?
Absolutely. So guys, people talk about Zillow, this and Zillow that, and Zillow’s the devil and it’s gonna, Zillow’s ruining my business. The only thing running your businesses, you, first of all, it’s not Zillow. Here’s a good example. Zillow, on this little bad boy, the Zestimate came in at 360 7, 3 48, okay. 360 7, 3 48. We sold this bad boy for three 70. So I would call Zillow pretty dang accurate today. But when this thing, when we were first listing it, I think Mike, the Zillow was a lot less wasn’t it? It was significantly less.
What was my original idea of what I wanted for the house before we just get into the marketing of it?
So initially when I was considering selling it, the Zillow estimate was around 2 50, 200 $50,000. So, you know, going off the Zillow, I’m like, well, I guess that’s what I’m going to get. But then you recommended an, a professional and appraisal, right? I came in at three 20 initially. Right. But back in April.
So what’s interesting guys. You just heard it right from the seller’s mouth. People go to Zillow. It’s how I go to Zillow because it’s a data point, right? I don’t need it to be expert accurate every time it’s a data point. If I go to Trulia, I get a different data point. If I go to realtor.com, I get a different data point. If I go to the property appraiser’s office, I get a different data point. It’s no one source is ever a hundred percent accurate, but it’s a good idea to leverage the data points that you have in front of you. And here’s a good example. That thing said two 50. So if the appraisal comes in which in this case it did for three 20, well, it would not. Doesn’t take a rocket scientist to figure out that you should probably ignore that data point Zillow and go with the higher one that has more legitimacy, which it would be the appraisal done by a licensed appraiser.
Um, and that’s what we did. So Mike, we listed it. You agreed, you wanted to sell it at three 20 based on the appraisal. Uh, we listed at 3 99 so that we could market it, uh, below appraised value. And yes, that’s a dirty trick that I do because I’m a salesman guys. I sell, it’s what I do. I’m not a real estate consultant. I’m a fricking salesman. Right? My job is the club that buyer like a baby seal in the submission and drag them over the finish line to the closing. That’s what I do. I’m a listing agent, right? I close business. I’m not fiddle fart around, hanging out at the country club. Uh, so we listed it three 20 in that day, Mike, we listened to, I, it was Saturday morning. It was Friday. We listed it Saturday morning. You could tell that part of the story. When I, when I called you like, Hey dude, you got a dog.
Yeah. So as soon as we listed within a few hours, my neighbors called me up complaining that there’s a line of cars in the street. People are all over the lawn. Yeah. And yeah, so they were complaining because the traffic on this usually quiet neighbors.
Exactly. So what does that mean, guys? That means I turn it on the marketing machine. What specifically does that mean? Facebook ads, YouTube ads, Google ads. We blast this thing all over Instagram, everywhere. This, we made the house now real, by the way, the board of realtors, actually not board of realtors. The national association of realtors changed the regulations a little while back that said that as a, as a real estate agent, I’m not allowed to market a property. That’s not yet in the MLS until 24 hours before it goes live. Now I understand why they did it. They did that. They put that into play so that everybody gets a fair shot and it’s all rainbows and puppy dogs and all the agents, it, they all get a fair chance to sell the property. When they make this type of rule. What they don’t allow for is they don’t factor in agents like me, that I purposely do not represent both sides of the party of the transaction.
I represent one side, usually the seller. And I do that for a reason because I don’t think I can represent both sides of the transaction fairly. I’m not good in the middle. I’m much better being one-sided. So I represent the seller. In this case, we couldn’t market it until basically it was Friday morning is when I could start the marketing or Thursday, Thursday evening. I can start the marketing because we were going live on Friday. So I turned on the marketing machine and my plan is I Blitzkrieg it. Um, on day one I spent a thousand dollars on marketing. I mean, I pay Facebook and Instagram. That’s my day one advertising budget thousand bucks. I do that because it just blasts it everywhere. That listing becomes omnipresent. So guys, if you’re flipping a house and nobody knows about it, that’s a problem. And I want to get the buyer.
That’s willing the most qualified buyer, which we’ll talk about here in a minute, but I want to get the buyer that’s most likely going to close that’s what’s important to me. Price is important, but the ability to close is also important. So in this case, it hit everybody, everybody in the market found out about this listing. And I put some language in the con in the listing agreement or in the realtor comments that a few agents got a little butt-hurt about. And basically it said that, you know, you have to bring a qualified buyer and you have to prove it. And they’re like date, not fair. I shouldn’t be able to bring buyers that can’t close. That’s not my fault. Ooh. So we made it a little challenging for the buyer’s agents because they actually had to do their job. Now, the good agents, they’re all about it.
They’re like, hell yeah, they prefer that. So long story short that morning, Saturday morning, I get a phone call. Well, I get an instant message on my Facebook, a buddy of mine. And he says, Hey dude, I sold the, I just got the property across the street that I own under contract last week. And I sold it for 365. It’s right across the street from your listing. And I have the appraisal that came in at 3 75. I’m like, what? Well, that means, I mean, if we’re listed at three 20 and this house is across the street and it’s pretty much the similar, similar size house, couple hundred square foot difference. That’s a big difference. So Mike, I called you. Right. And of course I stupid question that I asked you, Hey Mike, would you like more money for your yes please. Yes, please. So I disclosed the MC that yes, when we raised the price like this, it’s going to cause some pushback who’s going to push back.
Agents are going to have a fit. Why? Because probably already showing the property and the fact that they are, and I got an out raise the price. I’m going to take a beating, but I don’t care if I take a beating because I’m being paid well by my seller. My job is to make sure that I get top dollar for the listing, which I clearly accomplished that. Now I told you guys before I am not a discount broker. I’m not the cheapest realtor in town. In fact commission percentage. I charge as the highest in my market, but I believe it is Mike. Have you heard anybody charges more than me? I want to make sure I don’t leave any money on the table. I
Haven’t, but I just made an extra $50,000 off it. So I don’t mind.
Right, exactly. Right. Yeah. Yeah, exactly. And that was just in that little thing. So what do we do guys? We, I want to raise the price. I raised the price with the seller permission. We raised the price up to 365 from three 20 and lo and behold, we don’t go into contract wider right away. And that’s because we want to make sure we get every, we held the marketing, do its job. Now guys, a lot of agents don’t market, they don’t spend any money to market properties. They’re lazy, they’re complacent. They just stick at the MLS and hope that it sells. And they’ve in this market. It will sell it. Mike, I told you I could have an offer in 15 minutes, but do you recall our conversation about…
Why it was important to wait and let it let the offers come in?
Absolutely. And I’ll be honest. A lot of my friends are like, why aren’t you, why don’t you grab the first offer? My father was calling me up, grabbed the first one you can get. And Tyler’s like, no, no, wait a few days. And your reasoning was interesting because even though the first office might look like a high price, can that person actually close? And if they can’t close, they’re wasting my time. I got to continue paying the bills and the mortgage on this house and then remarket to another buyer. So the important thing is we weren’t looking at the highest price. We’re looking at the highest qualified buyer.
Yeah, exactly, exactly. And unfortunately that upsets some folks in the marketplace, but those are usually the people that aren’t working with qualified buyers. So I’m okay with upsetting them. You know, it is what it is. So in this case we raised the price and yes, we got some, I got pushed back and that’s, you know, whatever it is, what it is. But at the end of the day, I wanted to make sure my seller got top dollar that’s most important. So we raised the price to 365. We negotiated, uh, several different. We looked at several different offers and guys, the way I structure this and I like to talk to my sellers in advance and come up with a strategy that they are okay with. I don’t make decisions on their behalf. I sit down and talk to them and I run by all the different scenarios.
I educate them on the strategy, I think would make sense and why it makes sense. And I think I covered that pretty well with you, Mike, and you agreed that probably the best strategy would not be to hold out for highest and best instead, let all the offers come in and instead of doing a call for highest and best, when the offers come in and make sure that the buyers are well qualified to buy. We’ll talk about that here in a second, but then also to make sure that the offers will close, right? Yep. The buyer qualified, but make sure that the lenders legit they’re going to close in the whole nine yards. So that’s what we did. And what we do is we pick the most qualified buyer and we opted to negotiate that one contract. Well, actually we, I think we picked two, two of the offers.
Uh, we decided to go back and forth with what I don’t want to do guys is I don’t want to play games with the sellers equity. Uh, that’s dangerous. And unfortunately when agents do highest and best, a lot of buyers drop out and that’s why I don’t do the highest and best anymore, because what happens is some buyers just get discouraged or the agents get discouraged thinking, well, then forget it I’m out. I also have this, the seller instructs me not to share with anybody, the, whether or not there are currently offers being negotiated. Number one, it doesn’t matter. It’s not any business. And Mike, we didn’t want to disadvantage you because what happens when with some buyers when they think there’s other offers on the table?
Oh exactly. But some buyers might be skittish and, and run away because they don’t want to be in a, in a competition over who pays the most.
Absolutely. So I don’t want to say no because that would be dishonest. I just simply refuse to answer because my sellers not authorized me to share that information. And I have it in writing. Uh, I put that into the listing agreement so that we’re covered. Right? We do that because we don’t want to disadvantage the seller. And frankly, those of you that are realtors and you work with buyers, if you’re wasting your time asking those questions, you’re wasting your time. And more importantly, you’re wasting your buyer’s time instead, write an offer, prove that your S your buyer’s qualified to buy, right? So, but if you’re a realtor and you’re out there working with somebody, you haven’t got a rock solid pre-approval with a lender that, you know, like, and trust, you’re wasting your time. Only work with buyers that are qualified. I very rarely work with buyers, but when I do work with buyers, they have to get qualified before they show them anything.
And they’ll be pre-approved with a lender. I trust not just some fly by night lender, that’s going to throw a piece of paper. So Mike offers come in, we’ve got three offers, basically at the end to look at that we’re in the ballpark. We knew where we wanted to be price wise. And before you started negotiating, you picked one essentially to wind up negotiating finally, but let’s talk about what the lender did. Now. I use Brian Heckman, Heckman mortgage group, and granted I’m the listing agent. So I normally don’t need a lender. Do I? Well, I do. I absolutely do. So you guys are selling flips. You need to have a lender in your pocket that, uh, and when I say in your pocket and your Rolodex, that is there to help you, that will help you with both getting the buyers, qualify, getting them approved, getting through the transaction. And I’m not saying that you need to strong arm the buyers into using that lender, but you know, a buyer with a brain would use that lender. That would make sense, because in this case, he pretty much helped you make your decision
To me. Pretty incredible. I’ve never sold a property where I got Brian sent me videos about each buyer, Hey, Mike, this buyer has this credit, a credit score. This much of the bank. This is his history. This is what I think. I think he’s, I think he could be a very reliable buyer. And I got the three videos from each one, which was unheard of now, I’m educated in determining which buyer is the best buy from my property rather than the highest and best.
Exactly. So guys, you can see now the benefit of bringing in now, and I’m going to talk about it. Something else. That one reason, I think a lot of agents don’t do this and it’s unfortunate, but, uh, they’re proud agents don’t want to admit that they don’t know something or that they have to rely on somebody else to come up with and with pricing at the end of the day, there’s nothing wrong with that, right? If you’re a house flipper or an investor or a seller or a buyer, you’re not, unless you’re a licensed appraiser, you shouldn’t be an expert in valuations of property because it’s not what you do for a living. So there’s nothing wrong with bringing in an appraiser. It’s not going to make you look incompetent. In fact, it will make you look a hell of a lot smarter. And this case is exactly what happened here.
For those of you that are using price per square foot, the appraisals in this deal, the first appraisal, the second appraisal. And then we wound up, they use the loan to buy the property and they got an appraiser and it appraised at three 70, it met the appraisal price. I don’t know exactly what it appraised that I didn’t ask, but I’ll ask you in a couple of days and the dust settles, but I know it appraised for the offer price. I know that for a fact, I talked to the appraiser myself and I made sure that we built a relationship so that she could see where I was thinking. And frankly, I’ll be honest with you guys. And like I told you, this is that Fraser asked flat out why the price go from three 20 to 365? And I went on, I said, I screwed up, which is the fact I screwed up.
I got an appraisal that appraisal came in at three 20. Then I find out the guy across the street, see, I’m not going to sit there and blow, smoke up. Someone’s skirt. I’m not going to lie. I’m just honest with the appraiser. I said, bottom line is, I got an appraisal. I thought I was doing everything I was supposed to in the house, across the street. The dude sold it for a lot more, 3 75. And then he gave me a copy of the appraisal. Would you like to see it? Ma’am and she’s like, yes, I would. So she looked at the other, the other appraisal and she agreed with it. And I said, now I’d like you to go and look at that house because it’s, they haven’t moved in yet. He can, the windows, you can see that my house, our house, this listing has more far superior in condition and quality than the one that appraised for 365 or 3 75.
And lo and behold, she agreed with me. I didn’t have to fight with her. I didn’t have to arm wrestler or threatened or do anything like that. I didn’t have the blowing smoke. I simply told the truth. I made a mistake and I didn’t think I was making a mistake because I had an appraisal come in, but I didn’t realize that the house across the street had sold and I didn’t run public records because it wouldn’t have shown up anyway, cause it was off the market. But I was able to, so I really, I guess I, maybe I didn’t make a mistake per se. It’s a wrong choice of words. But the bottom line is, is that I immediately got on the phone with my seller and said, Hey, we’re going to take a beating on this one, but I think I can get you another 50, 60 grand for your house if you want it. And he’s like, yeah. So we were able to pull it off. And guys, those of you go by price per square foot. When he bought this thing, he paid $139 a square foot. Six years ago, we just sold it at $376 a square foot. That’s what waterfront houses sell for guys on the ocean. And he got that inland in St. Pete and the little 984 square foot house granted, nice house, but still, that’s just crazy. So with that guys, you know, at the end of the day, Mike, what’s your takeaway from the process?
Wow. I never thought that as a seller, I can educate myself. You know, we talked about getting an appraiser before we even listed. I’m educating myself. Okay. What’s the real value of it, not the Zestimate, because like I mentioned to you before this estimate was at two 50, I would have left $120,000 on the table if I just looked at that. And then of course, now that we bring the lending agency in Brian, like I mentioned with the videos telling me this is a qualified buyer, this guy not so much. Now you can make an educated decision on the seller side, which most that you’d probably agree. Most sellers, they just kind of like sit on the couch and wait for the phone call from you about, okay, this is the best, right? And
Unfortunately, what’s happening in this market guys. I know we’re seeing record prices and the whole nine yards, but a lot of money is being left on the table. If you guys are house flippers and you’re getting ready to put something on the market, you need to make sure you have pay the either a couple hundred dollars to have an appraisal done. Don’t leave that money on the table. It’s your equity. You deserve it unless you’re, you know, maybe you’re done. You’re just like giving everything to everybody. That’s cool. I mean, send some money to uncle Tyler. I’m sure Michael takes some money. He’ll take free money so you can send money to Mike too. But at the end of the day, guys, it comes down to, don’t be afraid to leverage the expertise around you. And it’s not all wrapped into one person. I am not the all being no at all a real estate broker here.
I just have good people. I mean, I have, uh, a transaction coordinator that handles the paperwork. Why? Well, because I suck at it. That’s why I’m not good at it. I’m not a details guy. I’m more of like an ape that slings poo in a cage. But what I do do is I surround myself with people that are smarter than me. I learned that from people like Robert Kiyosaki, right? When we’re doing this fund, Mike and I’ll wrap up with the fun. One of the reasons that it was important for me to, to have Mike in this mix is one I’ve been working with him, helping him grow as an investor over the last couple of years or so. But Mike’s, Mike’s a complete different person than I am different personality. He’s very detail oriented. He’s regimented, he’s a go getter. He doesn’t screw around waiting for stuff to come to him.
He goes after it. And the reason why he’s crushed it in our coaching program, I mean, it’s, you’re, you’re killing it, dude. You don’t even take a minute to pause. You’re like, you just go, you do. I mean, and that’s the key is you get out there and you do. And when you get out there and you take action, I’ve been talking to you guys for 200 and some odd episodes, which is almost five years. It makes me, and over those years I’ve given you guys a lot of nuggets, a lot of information. And the key is it’s all useless unless you apply it. You got to get out there and do it. And now that you’ve seen it live, I mean, you’ve seen what we do. You’ve seen a perfect example of it. Now I ain’t implore you to go out and do it.
Get there’s opportunity everywhere out there. Mike’s house is a perfect example. You know, maybe you find a house, you can buy it off the MLS right now. It’s probably under priced and stick it back on the MLS and resell the thing and make a profit Mike that could have happened here. You know, highlight, maybe I should have bought your house. And I would’ve made that extra, that extra equity. But at the end of the day, there’s opportunity everywhere. And this to some degree is one of the things that we’re going to be focusing on down here in our funding key west. And I just want to leave you guys with that. I not, you would hurt me with the bumpers in the commercials and I’m real good at discovering opportunity. Mike is that second set of eyes. I rely on Mike to be the devil’s advocate with these things.
So I’m going out, stirring it up, see how we can find finding inconsistencies in the market, finding opportunity. And then I put them together. And then Mike and I sit down and put our heads together and figure out what makes sense to be able to do that, to make big profits. You got to take big actions, right? You can’t screw around. There was a time I used to spend time looking at $50,000 houses. I don’t do that anymore. You know, people that make the big money are the ones that jump on the big deals. Now we’re talking about billion dollar houses. Let me tell you something. A million dollar house that appreciates it say 15% per year, which is pretty much conservative. That’s $150,000 a year guys. So imagine what happens when you buy a million dollar house, you let somebody else pay the expenses as an attendant or a vacation tenant for a period of time.
And then you turn around and sell a house down the road in five years. And you might be thinking market crash. Market’s going to crash. Sky is falling. We’re all gonna die. Well, you gotta look at the individual market because if you spend any time learning about real estate and real estate investing, the one thing is, is that there’s no, no, there’s no. Always things are different across the country. What happens in LA doesn’t necessarily happen in Buffalo and, and may or may not happen in Chicago, but possibly could happen in Tampa and maybe not in key west, right? Every market has its own constraint, its own things that go on market shift differently. But the one thing that’s interesting about this market, the key west market is the fact that although things don’t skyrocket like in Tampa, for example, the property values look like a hockey stick, they start low and then they go way up and then they crash and fall way down. Then they go way up again and key west. That’s not the case. It QS the slow and steady wins the race depending on the area between 10 and 15%, uh, property appreciation just by doing absolutely nothing. So what are we going to do? We’re going to get some of our good friends together, credited investors. We’re going to pool our resources and we’re going to put together investment opportunities. That make sense. Anything you want to add to that? Mike
What’s what’s excites me about the fund. The syndication fund is it is not just a fund of like-minded investors pulling their money, but it’s a fund of experience. Now, if you want to utilize toddlers experience our contractor, our attorney or CPA, we have a huge team. And that’s really the benefits of the fund is to utilize an experienced team that we’ve already vetted. Tyler has been using or Kevin Overstreet for, I don’t know how many years. A decade. Yeah. So yeah, by pulling our money together. So now we can overcome the entry price in the key west, which is scares a lot of people. But if we can overcome that with the strongest team, that’s now attached to the fund. Pretty exciting. Yeah.
And do we’re doing things outside of the box, we’re doing things differently. What does that mean? Well, we’re marketing, we’re direct marketing to sellers for properties. We’re using expert level copywriting, video production, video marketing. I just dropped $10,000 on a video marketing campaign, uh, for YouTube ads to attract motivated sellers. We’re stepping up to the plate and we’re getting out there and I’m that. That’s why I’m one of the reasons I moved to key west because I’m literally on the ground. I go sit in code enforcement meetings. I go to the planning board. I’m shaking hands with all the important people that need to be, uh, shook hands with in the city of key west. I’m understanding everybody at the police department code enforcement, the water department, the electric department, the gas department, how the city thinks and ticks and how it makes money guys.
That’s the stuff that I’ve been talking to you guys about for years and we’re here doing it. So if you’re an accredited investor and an accredited investor on this first round, we got to take it accredited investors. Only no disrespect to those that are not accredited. Uh, but right now we have to focus on accredited investors. If you are an accredited investor and you want to couple the opportunity to learn the process as it happens, I know there’s lots of you that want to be completely hands-off and for you, that’s cool. And simply you don’t have to come to our webinars or any of our training or anything like that. But for those that want to learn, here’s an opportunity to put your money to work, but also learn the process X, some of you may decide, you want to do your own syndicate at some point, and you may join us on the front end of this thing, invest with us for a couple of years, five years, whatever it may be 10 years and then decide you want to do this on your own.
And that’s okay. We expect people to want to grow and take that on. And we’re here to teach. We’re here to train. We’re here to help. And you guys will get the experience of watching our individual team members. I’m bringing on Sean. Yesner a real estate attorney from Tampa. He’s going to leverage relationships here on the island with attorneys on the island, Kevin Overstreet, and his team over at insured title. They’re going to be helping me discover opportunity by finding title issues, finding things that other people don’t see, finding these problems, knowing that if with enough time or money that Kevin’s team can fix these issues for us. So we can discover opportunity where we’re the only game in town willing to buy it at the same thing, hiring at the same time, hiring the best contractors do they cost more? Yeah, but here’s the thing.
They get the job done. They actually finished the job and I don’t have to pay to have the same job done twice. That makes sense. Um, having Mike and the team, Mike’s the, the equalizer, he’s the guy that’s taking the role as kind of the lead manager. I’m boots on the ground. Mike is the, uh, overall, uh, management role of this. Although we co-manage the fund, we have very specific strengths and we also identify each other’s weaknesses. And I handle the things that I have an expertise in that Mike May not be as strong in and vice versa. There’s lots of these elements of this fund in the transactions around it that are not Tyler’s strong suit. And fortunately, Mike, I got you in the mix, uh, to equalize that. So together, along with our team, we have a, we have a whole, just a kick set up and I’m, I’m excited. I’m looking forward to it.
Yeah. Tyler, on that, I spoke to the head of our marketing department here and he’s been doing hundreds, hundreds of social media, Facebook, general marketing for other real estate funds syndications. And he asked me, Mike, how much will you be charging people to come to your event down at key west? He was shocked when I said zero. I said, no, we’re not selling anything. We are educating. We’re educating. We’re going to take people around town. You could pick Tyler’s brain. Tyler’s going to tell you why he sees opportunity. We’re going to have our title, team accountant CPA. You could talk to all of us and it’s not going to cost you any money to attend. What we’re interested in is educating you. And after the education, if you feel like he was the opportunity for you, well, that’s fantastic. We have an option for you. So we’re very different from any other. We’re not the typical guru. We’re here to educate now guys,
Full disclosure. We’re not going to put on a green card. Don’t 10 X seminar in key west and shell out hundreds of thousands of dollars to teach people that are not accredited investors and who are not investing in our fund. And so it’s, I want to be clear on that, that if you are an accredited investor and you are interested in investing in the fund or you’re you take part in the fondant, we’re going to be open to the door through a very soon in the next couple of weeks. And you want to really roll up your sleeves and figure out what this is all about. Then join us that we’ll be doing the dates, probably an August MC in down here in key west. Well, I’ll put, I’ll put out a, a special commercial and I’ll send the email out. If you’re on my mailing list, then do so.
And also if you want to get on the phone with Mike and I pick our brain and talk about what’s going on in here in key west and what opportunities specifically we’re seeing and things like that. And you want to dive a little deeper, you can do that. You go to cashflow key west cashflow.com forward slash call. And that’s a great way to get on our calendars and we’ll do a zoom session or, or a phone call or what have you to, to, uh, bring you up to speed on what’s going on. Uh, anything else before we wrap Mike that you want? Nope.
Tyler, thanks so much because Tyler is one of the few realtors I’ve met, who is interested in educating. And like you heard on this interview here, he brought up a lot of things. I never thought of the seller paying for. Well, actually Tyler paid for the appraisal and then also working with a mortgage company lender to further vet the buyers that make sure that I get to close on time. In fact, Tyler, we’re closing early for closing a week early because of this because the buyer was so qualified, motivated by naturally he’s prepared. So in the end that your toddler, you made, you made me a lot more money than I thought a good
Pleasure. And guys, that’s the best thing, right? When you have a client that does that for you, that feels that way. And my fee doesn’t really cost him anything because here’s the deal. Guys. Sellers are cashing checks. They’re not writing them. So my feet, I’m not the cheapest agent around, right. I have three different plans. It’s six, seven or 8%, depending on how much you want for your house. The more you pay me, the more you make. That’s how it works. Mike got top dollar because he compensated me top dollar. So I shut everything off and focused on Mike’s product, getting his product out there, getting it sold. So it creates win-win guys. Here’s the deal. The summary is if you want to really go out there and crush it in real estate, if you’re going to be flipping houses or you’re going to be doing buy and hold or whatever, hire professional marketers to get the word out there.
If you’re a landlord and you’re looking for tenants, quit running ads in Craigslist, alongside all the rental scams, hire a property manager knows what the hell they’re doing. And that has a marketing team working for them. And if they don’t well, then that’s a problem. Those of you that are investing in key west, you’ll be able to take advantage of that because we’re going to turn full paid marketing, to attract tenants. Why I don’t want the bottom of the barrel tenants. We want the best tenants, the ones that are going to pay the rent on time. They’re going to stay a long, long time and create a win-win solution. And guys, you can get out there this year, 2021 is going to be a kick year, but you got to get out of your own way. You gotta get off the couch. You gotta take action.
You gotta make it happen. And most importantly, you gotta surround yourself with the people that matter. You gotta take a step back, ask yourself who is the best in the market. If you don’t know who the best in the market is, go on Facebook and ask your community will provide you the best of the market. Put the best people to work for you guys. That’s how you get top dollar. That’s how you get long-term tenants. That’s how you make it happen. And that’s how you find the cashflow guys. I hope you have a great week. I want to see you back here next week. And if you have questions you want to reach out, make sure you go to the link we gave him that this
Concludes today’s episode. You don’t have to wait until the next episode to learn, to earn head over to cash flow guys.com and contact Tyler and his team for more powerful tips and ideas. So you can start generating multiple streams of income and escape, the rat race.