No time to do real estate yourself? – Here’s how Darren and Lisa, husband and wife, parents, and partners in crime that have been in business for 6 years, use our turnkey operations Cash Flow Savvy in acquiring their assets. They understand the importance of creating additional streams of income, but their days are busy, and they simply can’t do it all by themselves. To hear this incredibly inspiring story of a husband and wife building 7 streams of income – tune in!
What you will learn about Husband and Wife Building 7 Streams of Income:
- How does one husband and wife team manage their time with family and business
- What bumps along the road they experienced when they first started investing
- How can a husband and wife team maximize and build wealth
- When did they discover the importance of having additional streams of income
- How did they discover Epic Real Estate and Cash Flow Savvy
- The biggest challenges and the most important lessons with acquiring their first asset
- The importance of having a clear plan and intention to go one step at the time
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- Grab my book, Epic Freedom ($1)
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Speaker 1: This is Theriault Media.
You wanna be a real estate investor, but you don’t wanna do the work; if there were only a way where someone else could do it for you. Now, there is. Tune in here each and every Tuesday on The Epic Real Estate Investing Show for Turnkey Tuesdays, with your host Mercedes Torres.
Mercedes Torres: Hello, and welcome. Welcome to Turnkey Tuesdays, brought to you by Epic Real Estate Investing. My name is Mercedes Torres and I am privileged enough to be partners in crime with Mr. Matt Theriault, the guy who created Epic Real Estate Investing. For our repeat listeners, welcome back, good to see you, again. For those of you who are just now turning into Turnkey Tuesdays, I created this show to really help that busy professionals who understand the importance of real estate investing, but just don’t have the time or desire to learn everything there is to learn about real estate.
On today’s show, I have a real treat for you. I have two very busy professionals sharing their journey in acquiring their first real estate investment property. Now, this husband and wife team, Darren and Lisa, they have two kids, a three-year-old and a six-year-old. She is a full-time real estate agent, in Southern California, and he is the CEO of his own company. They’ve been in business for about six years, so his business is growing and it demands a lot of his time. While they both understand the importance of creating additional streams of income, like seven streams of income, they have no time to do real estate themselves. They decided to use our turnkey operations, Cash Flow Savvy, so we can help them in acquiring their assets.
Now, I will let them dive into their story. They’re gonna share bumps along the way and, really, their journey to now picking up their second turnkey property. Without further ado, help me welcome Darren and Lisa Virassammy to our show. Guys, are you with me?
Darren Virassammy: We are with you.
Lisa Virassammy: We are here.
Darren: We’re looking forward to it, Mercedes.
Mercedes: Awesome. Thank you so much for joining us and Happy New Year to you both.
Darren: Happy New Year.
Lisa: Happy New Year to you, as well.
Mercedes: Awesome. Let’s start off. I was sharing with our listeners that we have an epic husband and wife team, so I’m gonna let each of you introduce yourselves, and, as the saying goes, lady’s first. Lisa, share with me a little bit about Lisa.
Lisa: Well, my name is Lisa Virassammy. I am a Sacramento area realtor with Keller Williams Realty. I actually come from a clinical psychology background, so I am very often dealing with crisis situations, which is helpful in the real estate industry.
Mercedes: You’re not kidding. I always say real estate agents should have a degree in psychology, so, Lisa, you did it right.
Mercedes: Awesome, and how long have you been doing that?
Lisa: I got my license in 2012. I was pregnant with our first daughter, and I was still in the corporate world, so I actually was doing real estate part-time, while doing crisis counseling for the corporate world. Then, I moved out of that. I moved into real estate full-time about a year and a half ago.
Lisa: I love it.
Mercedes: Oh, I love to hear that. Awesome.
Darren, what do you do? I’m assuming you’re not in the real estate world, so to speak.
Darren: I am not in the real estate world. I leave that to the expertise of my lovely wife, Lisa. My name’s Darren Virassammy. I’m the co-founder of a company, based here in Sacramento, called 34 Strong. We work all across the United States. What we do, at the core, is we believe that everyone deserves a great place to work and that every workplace can be great. What we do is we really help organizations become great places to work. That does not happen overnight, in a single ferule swoop, but it takes some time, some focus, really taking a strengths-based approach to human development, really focus on upgrading, on driving strengths-based approach to human development and really focus on the employee engagement component. It’s measurable, so teams can actually see the impact that that has to their organization, to their people, to their profitability and productivity over the long-term. That’s what we do.
Together, between Lisa and I, we have two kids, we live in the Sacramento area, in a suburb called Elk Grove. We love to travel, exposing our young kids to the world. We believe that’s a great pathway to learning, growth, and development, for them. [crosstalk 00:05:15].
Mercedes: Awesome. You say, “Young kids.” How young are our kids?
Darren: We have-
Lisa: We have a three-year-old son and a six-year-old daughter.
Mercedes: Holy cow, Lisa. When do you have time to breathe?
Lisa: Usually, at about 10:00 at night.
Darren: 5:00, 4:30 in the morning. [crosstalk 00:05:38] time-
Lisa: That’s exactly.
Darren: … that both of us have our little routines, kind of protect that early morning time, some breathing time, literally, for me.
Mercedes: I absolutely understand you and I think over 200,000 of our clients and of our listeners understand you, so kudos to you. Awesome, so thank you for sharing a lot of each of you. I appreciate your openness.
Tell me this, guys. I know that Lisa has a background in real estate, but how did you guys discover Epic Real Estate and Cash Flow Savvy?
Darren: Mercedes, that was actually through a really, really trusted colleague of mine, that I met through 34 Strong, the founder of a company based, here, in Sacramento, called Unleashing Leaders. Their founder’s name is Lee Scott. He and I talk at least once a month and we just kind of catch up on a lot of things that are going on, business, markets, and just in our lives, and become really good friends over the years. This has been something Lisa and I have been exploring for quite some time. He shared his experience overtime with what it’s been like in working with you, with the Epic team, made the introduction, talked to us about his experiences, so that kind of got the ball rolling for us.
Mercedes: I love me some Lee Scott. He is a wonderful, not only, an individual, he is just a wonderful human being, but became a really good client of ours. I think he has done 12 properties with us. I have built his portfolio. One thing, I should actually invite Lee on the show. I haven’t had him on the show, yet. Thank you for sharing that.
Lisa, let me … this is quite interesting because Matt and I often talk about one of the hardest things that Matt and I experienced, when we first jumped into passive income, was making the shift, the mental shift, from making piles of cash, commissions, if you will, to creating streams of income, cash flow, rents, a 10% cash on cash return. How did you make that shift and what made you decide passive income is the way to go?
Lisa: Well, it’s actually something that we have talked about for a long time, between Darren and I. We kind of spent the last few years paying down our student debt. That’s been a big focus of ours, to be in a position where we could jump into passive income streams. Darren is definitely the strategic mind. He’ll break it down ’cause I see the big figures. “$250 a month, is there another way that we can generate a little bit more,” but over time … he’s good at breaking it down, breaking out the spreadsheets. It just made sense. It was kind of perfect timing, for us. We always talk about millionaires, there’s a statistic that they have an average of seven streams of income. This is kind of just ourselves building our foundation for creating the life that we wanna live.
Mercedes: I love it. I love it. You did tap on something. You’re more the girl that focuses on the piles. How difficult was it to make that change, that mental change? It’s amazing that you said your partner, your spouse in this case, your partner in crime, he’s the analytical one, he’s the spreadsheet guy. Often, it takes that team, but what kind of help do you see that?
Lisa: I think once it’s broken down into … I can see the picture. I have a hard time … Darren always makes fun of me because I’m very focused on one thing and I sometimes have trouble seeing things over the long-term. The spreadsheets are helpful because I can see, “Well, this is the short-term, but then look at what it looks like five years, ten years from now.” It’s just kinda opening my eyes to that, to being more comfortable with, “Let’s jump in and let’s get some more,” ’cause it just makes sense, once you lay it out there.
Mercedes: Lisa, you’re not alone, girl. You’re not alone, so thank you for sharing.
Darren, tell me. Tell me what you’re thinking. Why, specifically, now?
Darren: I was just gonna add onto that. We’ve had … I think Lisa did a great job of answering that, but one of the things that hangs above my desk, at my home office here, is a quote that says, “Live the life that you’ve imagined.” Now, you can’t just wake up one day and do that. That happens one day, one habit, one step at a time.
It’s the beginning of the yeah, right now, as we’re conducting this interview. Wouldn’t it be fantastic, Mercedes, if, at the beginning of the year, we could go to the gym and just spend eight hours at the gym, on the 2nd of January? Then, just check that box and, “Hey, I’ve got health and wellness covered for the year. I’m not going to the gym, not gonna exercise, not gonna walk, I’m just gonna eat whatever I want and do whatever I want.”
What do we know? You can’t get those results over time. The journey is the destination. We could take a walk, maybe a few times a week. We can do these steps, but the passive income process and living the life that we’ve imagined, to get there. The real question is why not passive income. It’s not why passive income, it’s, really, why not passive income. Those little steady streams, over time, will build. As Lisa was talking about, 250 bucks a month can turn into 500, can turn into 700, turn into 1,000, as you actually put some of the techniques and the tactics that we’re still learning about. We’re still pretty early in our process of getting started on this path.
I know many of your show guests, like you were talking about Lee, he’s much deeper in. He’s got 12 properties. You’re gonna have some that have many, many more than that. We’re on our first one, right now, in contract on second one and looking to grow. The whole process of why not now, that’s the real, real question. One of the hardest things for us to do, as humans, is to start.
Mercedes: Making that shift to the starting process, my guest share it all the time, it’s scary. It’s something new, it’s something that’s completely, most of the time, outside your comfort zone, and, of course, it’s not only scary. I mean, you’re putting hard-worked dollars on the line, but many don’t realize that their putting those hard-worked dollars into something that’s going to produce a result. Most of the time, and I can’t give it a figure, but more than 90% of the time the result is a good result. There are some bumps along the road, but you did say something Darren, “The journey is the destination.” What a great world would we live in, if everyone just kind of adapted to that thought process. You’re right, the journey is the destination, especially when you’re learning something new, like jumping into passive income. Great answer, guys.
Darren, you tapped on, you’ve acquired your first property with us, you’re working on property number two. I know you’re currently under contract. In fact, we just completed the rehab. I saw rehab pictures in your inbox, a couple of days ago. Tell me what the process was like, the first time, from beginning to end, with us.
Darren: I gotta say, I’ve been really, personally, very, very impressed with the process. For all of your listeners, I wanna throw this out there, not because everything was perfect. To your point, there are bumps along the way. My true definition of a real professional is not eliminating all of the bumps, it’s when they come up, how do jump in, how do we take accountability, in the process. That has happened when there has been bumps. There haven’t been lots of bumps, but, when they’ve been there, that is exactly what’s happened. The team has rallied, people have taken accountability
…accountability, and have made sure that the process was ironed back out. It’s real estate, as Lisa started off talking about, you know, having a background in clinical psychology and crisis counseling is very helpful because there’s all these little mini crises that seemed to just show themselves when you least expect it, and it hasn’t been a process that’s been unmanageable, or we feel like we’re on an island on our own. That in and of itself has been a really, really great part of the experience. From my Lens, you know I sit more as an outsider in the real estate world, but I’ve gotten to see this process take place within Epic. I’ve also had the privilege of watching Lisa go through transactions and seeing those crises take place and having to be a team player and going through, but I’ve also seen other sides where people don’t seem like they have their real estate agent, their lending team, everybody on the same page, and a property manager, so it’s been just mind-blowing just seeing how all of those dots connect.
Again, you’re going to have bumps along the way, but you have a team that’s an email, a phone call, a text message away that’s committed to seeing this through right alongside of you, and that in and of itself; you were talking about fear earlier that a lot of people have in getting started, that in and of itself was very comforting in the first deal that didn’t leave us in a place of like, “Oh Whoa, wait a minute, we are not jumping back into this any time soon.” It left us with a lot of faith and hope to be able to continue moving forward and continuing to learn as we go through the process.
Mercedes: What a compliment. Thank you so much for saying that. We work really, really hard, and I think Lisa can attest to this. Your team is everything, and I spend a lot of time not only training my team but talking to them on a daily basis so that we can provide that service but more so so that I can teach clients what to do and how to do it. You know, I often say I’m going to hold your hand through the first three, four properties, but my goal is to teach you so well that you’re not going to need me in a couple of years. Now you might need my properties because I have amazing properties, but I don’t want you to need me. I want you to know this so well that in a few years you’re going to say, “I can do this on my own.” And that’s my goal, Darren, so thank you for saying that. Lisa, walk me through the process. What was it like when you first reached out to us, you share your experience?
Lisa: I feel like everything has been so streamlined. When I’m dealing with my clients at our very first consultation, I always say, “It’s not going to be perfect. There are going to be some bumps,” and I remember our initial phone call with you, and we had talked to other turnkey organizations and I just remember feeling like this was the right fit. From the beginning we’re like, “Okay, this is it. We’re going with Mercedes and their team.” From the get go and just everything it just kind of snowballed from there. It’s been just easy. Of course, you run into bumps. This has been easy and the communication is fantastic. You have such a great team of people, so if we ever have a question or we need something … We’ve gotten in touch with great lenders, inspectors. Everything is so laid out that it kind of takes the guesswork out of everything.
Mercedes: Awesome. So, tell me about the lending process. I remember you guys had to prequalify, and there’s something that I often share with our husband and wife teams, that I say, “If you want to maximize and build wealth, you want to leverage as much as possible other people’s money without over leveraging yourself.” I know that when you guys went to prequalify, I suggested it may be a good idea if Lisa qualifies individually and Darren qualifies individually, only because in today’s lending world each of you can qualify, that’s if you can qualify, for 10 properties with a Freddie and Fannie product. So, that would be a government product backed by our government. So, was that scary for you, because I know you guys discussed that and you actually spoke to our lender? How did you guys decide to do that, if you don’t mind sharing? Darren, do you want to talk?
Darren: Yeah, it wasn’t scary at all, Mercedes. In fact, when we bought our primary residence years ago we were aware of that, and that was actually one of the things with our long plan in place. We actually intentionally had the home purchase of Lisa was the only one that was on title. I told her, “I’m not going anywhere, you can’t kick me out, and I’m not going to kick her out,” so we had a lot of confidence [inaudible 00:19:00] … That can be, you know, an issue for different husband and wife teams, but for us that was something at the outset, and that was actually the year that we got married that we purchased our primary residence. But the long view is that when we were going through that we actually set that up very, very intentionally with the known focus that at some point, as we really attacked my master’s degree, my MBA, really wanted to get that paid down because the interest rates were higher on that; get that knocked down. That was a good chunk of debt, and then get ourselves really set up with the kids.
But as that got really into place, this was not a scary conversation for us. We were ready to do it and move through. So, on this first round that we’re going through I’ve been the one that’s kind of being going through these properties.
Mercedes: I love that, and I love that you’re sharing that, Darren, because, believe it or not, it is a point of tension for some marriages where only one person goes on the loan. But the reality is, if that’s an issue there are ways around that, you know, you can have one spouse on the lawn but both on title, or you can create trust where no matter what if something is to happen there is a property in a trust, and that’s a form of asset protection.
Darren: That’s what we’ve done. We do have the trust, and everything, and it was … Again, it was getting a lot of those ducks in a row. We had kids and different things that were going on in our life to get that together. But, exactly, I think that’s a critical point.
Lisa: I was just gonna say I think, too, with our initial meeting, once you kind of laid that out then we were like, “Oh, she thinks like us, too. This is a perfect fit.” [inaudible 00:20:43] real thing.
Mercedes: Yeah, you know, I try to think outside the box. One of you just mentioned that each millionaire has an average of seven streams of income. So just by doing that, that’s creating two additional streams. That’s my mindset. So yeah, awesome. Now, guys, you mentioned that you had interviewed other turnkey operations, but I was lucky enough that you guys chose us. Can you share with me why, specifically, you chose us without … I mean, now the second time around it was easy for you to make the choice, I’m assuming, because you had a great first experience, but what made you decide initially to come with us?
Darren: You know, I’ll take that one. We really liked the model of what we saw. There were a lot of dots to connect. I think there’s other organizations out there that are good, that are solid, but what we really, really liked about Epic was the markets. You’re in many, many markets. So, number one, we felt like you had more diversity in markets, so we’d be able to be across more markets, or have access to those markets, that gave us access to properties that we could start at that were more in the range of where we wanted to be, that were in that under $100,000 range to start off with. We definitely want to, and are comfortable moving that up as time goes along, but for the first couple of deals we wanted to get in in that under 100, maybe up to 110, somewhere in that range. You seemed to be in markets where there was a lot more stability across that, where those access points could be.
Number two was, as we got to know the process of selecting properties, so the property selection process, the way that it seemed to be structured in some of the other ones, it almost felt like it was a feeding frenzy, like you’re chumming the waters and then just seeing who comes out and who grabs at it first, The way that your system is set up where, “Hey, you’re put in the queue, you’re put in line. You do have, once the properties hit your radar, you’ve got to make a decision within 24 hours. That still gives you time to be intentional and thoughtful on analyzing the property, not just pulling the trigger because you see a dollar amount and you’re trying to beat somebody else out, and then finding out, “Oh, geez, maybe that wasn’t the best idea to go through with.” So we really, really liked that.
We were also able to get started with Epic, as well, by purchasing a single property with the intention of moving into more and more properties. There are some others that are out there where you have to start right up front committing to multiple properties before they’ll even work with you. You know, as market conditions change, you might not find those multiple properties that are out there. You might find that one gold mine, but feeling like you’d potentially be held hostage as market conditions change, and in the feeding frenzy component, that didn’t work as well for us. Maybe that works for others; that just wasn’t the right fit for us with where we’re at, and Epic seemed to be a far better fit with the way that our goals were aligned and where we were at. So, [inaudible 00:24:08] about it.
Mercedes: Darren and Lisa, you guys when I spoke to you, I found it refreshing connecting with you because you both had a lot of conversation, call it pillow talk, call it breakfast/coffee talk, but you were very clear as to what you guys were looking to do. Now, you didn’t know how you were going to do it, that you were referred to us, so that was an advantage. But, you didn’t know how you were going to do it, you just said, “This is what I’m looking to do,” and I remember thinking, “Oh great, I’m going to be working with a real estate agent and those are my hardest clients, because they think they know all of the answers already.” I have to say that being a real estate agent, and I know Lisa can attest to this, is not the same thing as being a real estate investor. So one thing…
Mercedes: …that really has helped you guys excel is the fact that you were super crystal clear about why you were getting into this. You didn’t know how you were going to do it, but you were going to figure it out, and you’ve been extremely open to it. Kudos to both of you for being crystal clear on that vision, and having a realistic vision. You know, Darren, you did say something about our markets. One of the reasons we’re in so many markets, and I can’t even say so many, we’re in a total of 10, but we’re active, really active, in five, and that’s because markets change.
So, originally I was in markets where I was easily getting a 12% cash-on-cash return any day. Now those markets are producing a 7% cash-on-cash return. So, one of the reasons we have different markets is because markets change, people change; corporations move into areas where they bring jobs, or corporations leave areas where they take tenants from us. So, it’s important that I have that wheel of markets, and the fact that you understood that just is a really big deal. So, Kudos to you guys for that. So, Lisa, I’m going to change a little bit to the challenges. What would you say, Lisa, has been the biggest challenge in acquiring your first asset with us?
Lisa: I think you just shed light on … For me the biggest challenge was being in the industry you need to know your market. You need to be the local expert, and just coming to terms with, “Hey, I don’t know these markets that we are potentially purchasing in,” and just kind of adjusting to that. So, we can do our own research and we’ve researched different areas but it’s not the nitty-gritty ins and outs of the markets that I’m used to. It was kind of adjusting to that and relying on your expertise. You know, we’ve always come to you with questions and, “Hey, we saw this in our queue, what do you think about this property?” You’ve always just been so upfront and, “Maybe this isn’t a good idea; maybe this is.” just being able to bounce ideas. But, initially, the biggest challenge for me was, I’m a perfectionist; I like to know; I like to do my research, and you can only go so far.
Mercedes: This is true. This is true. Darren, for you what would say has been the biggest challenge in acquiring your first asset?
Darren: I think one of the biggest challenges, I think for us, and even with others that I’ve talked to that have gotten into this process, it’s actually not the process itself, it’s the getting started. The perfectionist piece that Lisa talked about, both of us had to really travel a
…significant distance to get comfortable with, hey we’re gonna buy a property in another state we’ve never set foot in, and we’re okay with that. Like, that’s kind of a big deal to track off and to kind of get comfortable with on your own. And once we got that clarity, like you talked about the crystal clear process that we had, we were crystal clear on yes we do want passive income streams, but our original thought process was that we would be doing that in our own backyard here in California, until we started digging in and realizing that’s a terrible idea. You live in California, you know why.
Mercedes: Yeah, I do.
Darren: It’s not a good idea-
Mercedes: That’s why I laugh.
Darren: …to invest in California. That process, though, Mercedes, it opened up our mind, ’cause Lisa is … she has worked with her share of investors, and working with investors as a real estate agent versus actually being a real estate investor. Just snapping your finger and turning that switch for us, that was challenging. And you had to just kind of keep going through the process when you’re like, okay, wait, I have a question on that. I can see a photo of that. Can I see a better picture? But it’s almost your own internal dialogue that you have to manage through and have faith in the process and kind of rolling through that.
I can’t say we’ve had anything that’s been just completely disastrous in the process because we’ve had, from a challenging standpoint, anything that we’ve had, there was always a phone call or an email that we could get and kind of smooth the process out, and kind of get it going. Always people were willing to refer, to help, to give us those answers. So, a lot of it was internal.
Mercedes: Yeah, I kind of always have our entire team is … I’d rather over deliver in communication. I’d rather it be too much communication than not enough. So, thank you for saying that, ’cause sometimes I think, you know, you guys … the client is copied on every single email that pertains to that acquisition and that property. And sometimes it may be too much because so much happens behind the scenes, so I do sometimes think are we delivering too much communication, not necessarily too much information. So when it’s well received, I love it. But I actually do it because I understand the mindset shift that has to happen. I was there. I was there many years ago, and I was a fix and flipper.
So I went from huge piles of income, from profits to as Lisa was saying, $250 a month in passive income. And what I had to really learn, and this is where Matt came into my picture, very much like Darren came into yours, Lisa, where Matt is the analytical dude. And he would say, “Mercedes, it’s not just $250 in cash flow. It’s the tax deduction, it’s the appreciation, it’s the depreciation. Cash flow is just gravy. And look, what if we hold this property for 10 years? Look what it’s gonna do.”
So, it’s interesting that you share that, and I went full circle on that because that mind shift is absolutely such a challenge for so many of us to have to just tackle. So, thank you for sharing that.
Lisa, what would you say has been the biggest lesson for you in this process?
Lisa: Just going off of switching from a real estate agent working with investors to now being a real estate investor, I think that it’s been so much fun, because the thing that I love about working with investors is they’re very cut and dry. There’s no emotional connection to a property, and it’s just the investor world is just easy. It’s this or that. And it’s been fun to kind of experience that, where you’ve never even seen the property. You’ve seen photos. Oh, it looks good.
And it’s funny ’cause our friends and family will find out that we have a property in another state. They’ll ask us all the questions. Well how’s the neighborhood? What does the house look like? And we say, “Uh, good.” But I think that’s been the best part for me is just experiencing the other side of it, and being able to provide other options to my investor clients. You know, I have a lot of investors that are purchasing in California, obviously, and just giving them another option. I always like to come from contributions, so just putting that in their ear. Hey, have you thought about this? We have a great connection for you. And it’s being able to provide that value and something outside of the box for the investors that they might not have thought about yet.
Mercedes: Yeah. I think it’s kind of you’re eliminating or you’re omitting the fact that hey it’s really fun to receive $250 a month out of a property that I’ve never even seen. It just comes into my bank account every month and I don’t know, the property is there and I get reports. So yeah, I would have to say when I made the mind shift, it was really fun to when you start acquiring the properties, to say, “Oh, this one was $250, this one was $195, and this one was $300 and this one was only $150.” But when they start to add up and it happens automatically, that’s when it gets really fun, for me at least.
Mercedes: So, what about you, Darren? What would you say has been the biggest lesson for you?
Darren: One of the biggest lessons is one that we’re going to be in the process of implementing ahead of us. And what was really profound was the understanding that you don’t just acquire all these properties and keep paying them off equally. It’s actually taking the income that you’re stacking on the properties and starting to just tackle one property. Pay that one down, get it fully eliminated to allow that one to be a free cash flow. And then after that one’s fully paid off, take the income from that, attack property number two. And so on and so forth.
So the rate at which you actually own each property outright to where they’re just … it really is a free cash, well obviously outside of your expenses, property management, taxes, repairs, different things like that, that might come up. But being able to get to that place, that’s where the real massive income streams are, and that’s what allows you to accelerate that process and even accelerate your passive income streams within the space.
So, that is a direction … We did acquire our first property, I think it was in July of ’18, and we’ve been working to make sure that we maintain our reserve for that for anything that we need, and get the second property in. But once we have that second property, that’s exactly … which I think it’s due to close the end of this month. Once we have that together, we’re planning on starting that process once that’s rented out and cash flowing.
Mercedes: You guys are on the right track. I love it. So Darren, what would you say, what would you do different, if anything, acquiring another property or a third property? Would you do anything different?
Darren: You know, I think Lisa actually has the best answer for that, because she has just the perspective like she was talking about, the living in the real estate agent space and the investor … and I think she’s had some clear epiphanies on that. So, I’m gonna actually [cross-talk 00:36:00]
Darren: … to her for that answer.
Lisa: Honestly, I don’t know that I would do anything differently. I feel like it’s been pretty simple, pretty smooth. I’m enjoying the process. I don’t know. I think what we’ve really enjoyed is just the clear vision, the shared vision really, of one of us purchasing the majority of the properties up front, switching it over, just so we can build our empire basically. But I can’t say I would do anything different.
Mercedes: Okay, so how about this
Lisa: I don’t have any big epiphanies.
Mercedes: I love it, I love it. That means just we’ve made it simple. So, I’ve done my job, ma’am. Thank you. But what advice would you give someone that’s considering a turnkey property to buy and hold? What advice would you give them?
Lisa: I would say just do it. Jump off the fence. You know, once you have the means to do it, just jump, jump all in. I wish … I mean, things have worked out the way they were supposed to for us, timing wise, but I’m like, man we could have started this so much earlier and had so many more going. But just do it, without the hesitation.
Mercedes: Yeah. What about you, Darren? From a crazy busy entrepreneur that I know you work insane hours, you’re a daddy of two, I’m sure you do the after-school activities. What advice would you give someone that’s considering their first buy and hold property with a turnkey provider?
Darren: If you’re looking for a get rich overnight scheme, which many people are chasing, this is not the way to go. And that oftentimes doesn’t end the way that you want it. If you’re looking for a get wealthy intentionally with a plan, this is definitely the way to go. It’s one step at a time. If you’re trying to create the life that you’ve imagined, if you’re trying to create freedom in your life, both financially and the freedom to have the controls over the things that you talked about, yes, I am busy as an entrepreneur, a lot going on in that space, and a lot of commitment as well to family and to kids’ activities. But that takes intentionality. This is a path that’s very intentional and a calculated plan, and you have a team across the board of really, really wise folks on all your real estate needs that cover a lot of these different bases.
You’re still gonna need to ask your right questions, to kind of dig in and go through that, but you have the right supports in place through this process. The real question is not how can you afford to do it, it’s how can you afford not to do it.
Mercedes: Wow. I couldn’t have said it better myself. Lisa and Darren, thank you so much for sharing so openly about who you are, your journey, the process, and what you’re about. You have inspired me. I know that you have touched many of our listeners, and I want to thank you from the bottom of my heart for your time and your candidness.
Darren: Thank you, Mercedes. Truly a pleasure. Looking forward to doing a lot more with you in the short-term and in the long-term for years to come.
Mercedes: I love it.
Lisa: Us too.
Mercedes: Well thank you guys. Have a great rest of the day.
Lisa: Thank you.
Mercedes: Have an epic day, how about that?
Lisa: Same to you.
Darren: You too. Thanks a lot.
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