Episode 6 of The Ren Men Show. We attend a commercial real estate auction in Columbus, Ohio.
Runtime: 23:23
A quick rundown of the episode:
- Real estate investment deal
- Commercial real estate auction
- Risk management
- Gold miners
- BOOB Update
- New BOOB Challenge – 00-Selfless
- Chalk Talk – Pass it along
- Buck’s sports pick’em – Las Vegas
{ 23 comments… read them below or add one }
Love it. You guys have got passion. I would love your opinions on offering rent to own to buyers. And would you e-mail me or post your email addy on here, I’ve got a private question. But this show is really great, I’ll follow along and now go show a buddy.
Nate,
Thanks for the feedback…let us know if you didn’t receive our facebook video response…thanks for tuning in…
Enjoyed your Ferris vid, which is why I’m here; but would like to see more about your RE biz, and how you built it up. Interested in video game thing as well, since I just converted some IRA to self-directed; how did you figure where to buy, what to buy, etc?
Like the fun loving tone ya got; and would suggest you go on some Personal Development sites to help with traffic. Your competition is the Secret and that stuff; and not everyone is a mystic.
BLD,
Always start near your hometown, (easier to access)…research, research, research…thanks for the tip…we’ll look into the PD sites…
Interesting show guys. This show keeps getting hung-up at the 15 minute mark for me. I have some gumball machines and would like to know your thoughts on that.
How is your gumball business doing?
Another great episode!
This episode was one of the best because you actually talked about some concepts (Systems –> Passive Income –> Freedom —> Lifestyle Design) and then went and showed a part of what you do to generate (or try to generate) Passive Income (purchasing the commercial real estate). That was very exciting to watch. Your ‘post game’ analysis with the digital board was pretty good too and really laid out the decision making process. The logic you use to decide to ‘pull the trigger’ on a deal or not is a great piece to the whole ’system’ … but its just the last piece. While I would love a detailed explanation of how you troll for deals, conduct your research, exactly the systems you use for your due diligence…. I can understand you might not want to give all your secrets away… but maybe you can find an exciting way to give us a glimpse or use more ‘failed’ or ‘no go’ decision to show how not to do something?
Loved the $10 per month per $1,000 financed rule of thumb. Very helpful and not something I’d heard (or at least remembered hearing) before.
How do you identify an absentee owner?
In previous episodes you showed several employees/team members. Tim Ferriss is big on automation and outsourcing and Robert Kiyosaki can’t emphasis enough his dependence on a team. Can you talk to us about who you have on your team in house and who is a part of your greater team? In my readings I hear “get a lawyer” “get a mortgage broker” “get a…” My mind keeps saying “but doesn’t that cost a lot of money” and it keeps me from even making contact to verify my assumptions(fears)… Can you help identify how these people help and how you manage the upfront costs?
Lastly, PLEASE keep up this show. I find it very entertaining and informative. Once I get back to civilization (and out of Iraq) I hope to be able to do some video pieces that you might be able to use in your show.
Thanks again for a great service/product/show.
Mitch,
Everything costs money, but great help is always worth it…great companies, find great experts…if you can’t find a great expert immediately, that is understandable keep looking…if you do find one, still keep looking, never settle…
Great Episode Guys! I found you from Tim’s Blog incase you were curious. Love the concepts and good information. What I would like to hear about is how you two got started. How you were able to get loans (or what ever method) to own 70 something homes….
Will,
Thanks for the feedback…we started about two years with a purchase of a single home…(future episode)…financing will be a future episode as well…thanks again…
I like what you guys are doing… Kyosaki, Ferris, are some of my favorite authors!… I bought “Crush it” this morning and will probably finish it this weekend.
Keep up the good work gentlement
Kev,
How was Crush It? Awesome, we know…Leap with Rick Smith is another solid book…thanks for the feedback…
I am reading “crush it” for the second time now… I’ve been thru 4hww about 6 times now… (audio book and being on the road helps)
I’ll check out “Leap” too.
I accidentally posted on your vimeo page, but the question was, “I’d love to know how you guys got 70+ properties financed.. I have 1 rental and keep running into financing problems with the bank” ..
good credit and all.. maybe you can do an episode?
by the way… heard of Dolf De Roos?
Yes we will be doing an episode on financing very soon…We checked out De Roos at least his website…first time we have heard of him…what is your take?
email me when you get a chance.
Kev,
Shoot us an email…
Renmen@renmenshow.com
thanks…
Hi guys,
Really enjoy the videos and am finding them very instructive!
Like some of your other viewers, I have a couple of questions about your business:
1. How much capital did you start with?
2. Do you use regular channels of finance? If so, do you have any recommendations?
3. Why do you focus on single family rentals? In Texas (where I am looking) the yields appear to be significantly higher on multifamily properties. To get to 70 properties, I know what you are doing is working and am interested in learning how.
4. In the beginning, did you utilise the services of property management companies? If so, do you have any tips for finding good ones?
As a New Zealander (living in Norway) I am slowly but surely building a portfolio of properties. However, the prices in the US are so much lower and yields so much higher – I realise that is where I should be focussing my efforts. Do you have any contacts that I could talk with in a similar situation to myself ie. a foreign investor in the US.
I really look forward to hearing from you.
Best Regards,
Craig Langdon
Craig,
Thanks…our goal is to be as transparent as possible…we hope to cover identifying, evaluating, and purchasing in our next couple of episodes…thanks for watching and the feedback…
Good show guys, nice to see you going to one of your new properties. It would be great to hear some more of the mechanics and details of your automation and also how do you finance all of these properties?
Mark,
Financing will be coming up very soon…we chose to show the automation of rehabbing, due to the fact that many people get hung up on that aspect…we know any aspect of real estate can get sticky…we have a ton of info and want to get it out, if only we could do a 2 hour episode…thanks for watching…
Cool show lads. At the end it says vist instead of visit. Please keep making them.
Thanks for the feedback Charlie, we were all over our studio department about it…thanks…
What is your opinion on government assisted housing? I have a brother-in-law who is doing quite well on this type of housing marketed to seniors.