Business and BBQ: Recent Episodes
Tim Herriage
I am focused on helping entrepreneurs and small BUSINESS owners have and achieve what they dream of while maintaining a focus on what is important. I’ve seen too many entrepreneurs (myself included) put far too much ahead of the reasons they started their business in the first place. Losing sight of your “WHY” is a dangerous misstep on the road to financial freedom. That is where BBQ comes in! In my journey through starting and selling four businesses by the time I was 40, discovering my love for BBQ was the beginning of my departure from being a workaholic that wanted to make everything bigger!
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In this episode of Real Investing with Ryan and Tim, we sit down with Marcus Robbins, a seasoned expert in mobile home and RV asset classes, to explore how these often-overlooked investments can yield big returns.
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In this episode of Real Investing with Ryan and Tim, we’re joined by Justin Colby, founder of The Science of Flipping Podcast and The Science of Flipping Coaching Program. With over 1,500 home flips across multiple markets and years of experience coaching thousands of aspiring investors, Justin brings a wealth of knowledge to the table.
Learn More About Justin & The Science Of Flipping 👉https://thescienceofflipping.com/
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This week on Real Investing with Ryan and Tim, we're joined by Megan Harris, Founder and CEO of Empora Title and a visionary leader who earned a spot on the Forbes 30 Under 30 list in 2022! 🏆
Megan is on a mission to transform the archaic title process, a vital part of every real estate transaction. With her background in product management and a sharp focus on real estate investors, Megan has designed a digital-first title solution that saves time, reduces costs, and eliminates inefficiencies in the closing process.
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In this episode of Real Investing with Ryan and Tim, we sit down with William Denis, founder of Willy Numbers, who has closed over 600 transactions and generated more than $15 million in profits from assignments and flips.
William shares the key strategies and systems he uses to build scalable and profitable wholesale real estate businesses in any market. His approach goes beyond outdated theories—it's a proven model that he applies in his own ventures today.
Tune in to discover what sets successful real estate investors apart, and how you can become the next success story in the industry.
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On this episode of Real Investing with Ryan and Tim, we sit down with Gary Harper to explore the power of data in shaping smart entrepreneurial decisions.
Gary is a business coach and the visionary leader of Sharper Business Solutions, sharing how business owners can leverage data to better understand their market, improve efficiency, and drive sustained growth.
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In this episode of Real Investing with Ryan and Tim, we dive into the evolving landscape of real estate lending with Robert Greenberg, an industry leader known for his expertise in financing strategies and market trends.
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Welcome back to another episode of Real Investing. This week, Tim and Ryan sat wit Ryan Stewman; the founder of multiple corporations, generating eight-figure revenues across industries like real estate and software.
He is currently involved in 63 companies, actively managing five daily. His portfolio includes over $5 million in Rolexes, $4 million in exotic cars, and $150 million in real estate. Since 2018, more than 81,000 individuals have invested in his products and services.
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In this week's episode, Jon Nolen joins Ryan and Tim to discuss his innovative software, Pete, which is transforming the real estate investing landscape.
Jon dives into how Pete simplifies the house-flipping process, helping investors maximize profits and avoid costly mistakes.
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Welcome to Real Investing With Ryan and Tim! In this episode, we're joined by Frances Cruz, an experienced real estate expert, to dive into the key signs that you're working with the right realtor. Whether you're buying or selling a home, having the right agent can make all the difference.
Tune in to learn how to confidently choose the best agent for your real estate journey!
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This week on the Real Investing Podcast, we’re joined by Ben Allgeyer, Owner/Operator of Crown City Homes, Unique Painting KC, and Stonemont Security Solutions. Ben shares his insights on the real estate market in Kansas City, discussing key strategies for success, the challenges of operating in multiple industries, and the unique opportunities the Kansas City market offers for investors.
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Today's guest, Mike Hambright, is a successful real estate investor, mentor, and coach that has purchased hundreds of houses. Mike's students have purchased thousands of houses nationwide, and many have been able to achieve 'financial freedom' through Mike's guidance.
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Welcome back to another episode of Real Investing, this week's guest: Tarry Summers!
Tarry is a real estate developer, investor, and entrepreneur based out of Columbus, Ohio. He has experience in a multitude of sales environments including real estate investing, real estate sales, fitness/personal training, bar/restaurant, and network marketing to name a few. He has a mission for success and assisting other high performing individuals and businesses to do the same.
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Welcome back to Real Investing! This week's guest; David Olds.
David Olds is a full time real estate investor based out of Chattanooga, TN. He started investing back in 2002 when he and his wife bought their first home that was unknowingly a foreclosure. After flipping that property for 50k they discovered the world of real estate investing and went on to do numerous flips.
Now David is a sought after speaker and coach who has a thriving nationwide wholesale company and continues to grow his rental portfolio while teaching the next generation of investors the tips and secrets that they need to rapidly grow their business and get to their desired income level & lifestyle.
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Welcome to another episode of the Real Investing Podcast with your hosts Tim and Ryan! Today, we’re joined by Fouad Bazzi, a successful entrepreneur who shares his proven strategies for transforming your Airbnb into a high-performing asset.
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Welcome to another episode of the Real Investing Podcast! In this episode, we’re joined by Maria Acosta, the House Flip Queen!
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Welcome to another episode of the Real Investing Podcast! In this episode, we’re joined by Courtney Hemsley, the Owner of Empire Development Solutions, a leading expert in the construction and development industry.
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In this episode of the Real Investing Podcast, we dive deep into the complex and often controversial topics of rent control, voter influence on housing policies, and the long-term implications of asset ownership.
Our special guest, Zack Fuhriman, Senior Vice President at Capital Fund 1, shares his expert insights on how these factors are shaping the real estate landscape today.
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Welcome back to this episode of Real Investing with Tim and Ryan as we welcome a special guest, Yasmin Cuevas, the founder of HomeForce.
As a Latina-owned FinTech Mortgage company, HomeForce is dedicated to championing diversity and inclusivity in the pursuit of homeownership. We are proud to be a first-generation enterprise, committed to providing equal opportunities for all individuals, regardless of their cultural or socioeconomic background.
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Welcome to this week’s episode of "Real Investing for the Everyday Investor!" Join host Tim Herriage and co-host Ryan Harper as they explore the world of business growth and transformation with Casey Smith, owner and founder of Atlas TC Services.
Atlas TC Services is dedicated to providing top-tier transaction coordinator services that drive operational excellence and strategic growth. Founded by Casey Smith, Atlas TC Services has been instrumental in helping real estate businesses achieve their full potential.
Learn More About Atlas TC Services: https://www.atlastcservices.com/
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Join us in this episode of Real Investing with Tim and Ryan as we welcome a special guest, R Dyson Colley, also known as The Gentleman Builder.
With an impressive track record in the realm of real estate and construction, R Dyson Colley stands out with his aura of elegance and expertise. Over the years, Colley has established himself as a true master in his craft, building an astounding portfolio of over 50 houses that bear the mark of excellence and meticulous attention to detail.
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In this week's episode, we have a special guest, Josh Stramellio, a seasoned Texas lawyer and Co-Host of The Barely Legal Show. Join our hosts Ryan Harper and Tim Herriage as they dive into the challenges and pitfalls of dealing with nightmare HOAs, exploring what you can and can't do as a real estate investor.
But that's not all! Josh also opens up about a personal story where, despite his legal expertise, he fell victim to a real estate scam. This cautionary tale is a must-hear for every investor looking to safeguard their investments.
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Welcome to this week’s episode of "Real Investing for the Everyday Investor!" Join host Tim Herriage and co-host Ryan Harper as they dive into the dynamic world of multifamily real estate with Breakchain Capital Investments' Joe Pizzurro.
Breakchain Capital Investments was founded in 2020 by Joe Pizzurro, with the intention of providing solid investment offerings through the acquisition of revenue generating assets in the Dallas Fort Worth metropolitan area.
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Welcome back to Real Investing, where we dive deep into the world of real estate investing for everyday investors. In this episode, Tim Herriage and co-host Ryan Harper are joined by James Jenkins from RiskWell Insurance.
Insurance—it's the bane of every investor's existence until disaster strikes.
Join us as we discuss the pitfalls of underinsurance and how to navigate the complex world of property coverage. From understanding the difference between replacement cost and market value to navigating policy exclusions like wind coverage in storm-prone areas, we cover it all
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Welcome back to Real Investing with your hosts Tim Herriage and Ryan Harper! Today, we are looking into the intricacies of real estate lending and the importance of making deals that not only work for you but also make your lenders happy. Joining us for this insightful conversation is this week's guest; Jack Hodge, President of Jack D. H. & Company LLC, M.A.I.S..
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Welcome to the Real Investing Podcast with Tim Herriage and Ryan Harper! In this episode, we dive into essential tips for everyday investors. Learn why avoiding seminars promising easy money, understanding the realities of investing, and building genuine relationships are crucial for your success. We also discuss the importance of choosing the right investment strategy and staying committed to your goals. Whether you're new to real estate or looking to refine your approach, this episode is packed with valuable insights to help you navigate the real estate market effectively.
Mike writes: How Can You Take Advantage of Your Next Opportunity with a Private Money Lender?
I am finishing up a trip to the Boardroom Mastermind by Kent Clothier. I wanted to share my thoughts after hanging around with hundreds of entrepreneurs for the last 3 days.
Eddie writes: Do you think the mortgage demand dropping to a 22 year low is significant to the market that is still considered a high demand housing market?
Kenneth Writes: How might a possible economic collapse (real estate and banking) in China affect the real estate market in the United States?
I almost forgot this today. It's embarrassing. I've just had a lot going on. I wanted to make sure I lived up to my example, and ultimately, that is my message to you!
Glenn writes: Do you think with recession, interest rates rising, etc. one should off load/assign instead of fix and flip? Ideally if I were to fix and flip, I would want this one to hit the market in March of next year. Thanks in advance
Jennifer writes: How do I decide what I should list my house for, if I want it to sell fast?
Kevin writes: Why are interest rates on mortgages going down when the Fed rates are going up?
Ken writes: I've bought 3 homes over the last 5 years and refinanced one. Every time, I get surprised by a higher interest rate than what I expect, when it's time to lock the rate. Can you share any thoughts about how to ensure you get the best interest rate or how to better understand what interest rate to expect?
Nathan writes: Is what you are seeing taking place like buyers backing out of contracts, less buyers overall and tons of price reductions a sign that I should back off?
Huy writes: What is your thought about the RE market from now to year end. YOUR OWN THOUGHT based on the date you have researched?
This is a great topic, and I really enjoyed covering FACTS about the real estate market!
I hope you like the new show format! Please share it, submit questions, and give me a review!
22 Emma writes: How do you make money in real estate investing?
I hope you like the new show format! Please share it, submit questions, and give me a review!
Sam writes: 2 of my investment properties have 30 year fixed rates in the mid 2's and low 3's. At what LTV does it make sense to cash out refi with these higher interest rates?
I hope you like the new show format! Please share it, submit questions, and give me a review!
This week, I attended a mastermind in Nashville. It was a really good event with hundreds of attendees. My good friend Mike Hambright is the host. It was a great time in the market cycle to get to hang out with hundreds of active single family and multifamily investors from across the nation.
To sum it up, everyone is cautiously optimistic.
Have a listen.
I hope you like the new show format! Please share it, submit questions, and give me a review!
19 Erin writes: What is the difference between wholesaling and flipping?
I hope you like the new show format! Please share it, submit questions, and give me a review!
Quinton writes: What is owner finance? Would you recommend doing that as an investment strategy?
I hope you like the new show format! Please share it, submit questions, and give me a review!
Roberto writes: I am going to buy a home with the intention of fixing up and then re-selling it. How would you go about finding the right contractors? I’ve heard so many horror stories about contractors not doing a good job or running off with people’s money.
I hope you like the new show format! Please share it, submit questions, and give me a review!
Mary writes: I purchased a home a few months ago with solid comps showing $350 ARV. Yesterday my realtor told me the ARV is looking more like $315. I’m really freaking out – what should I do?
I hope you like the new show format! Please share it, submit questions, and give me a review!
Jordan writes: What do you think about master mind or real estate clubs? Do they offer any value?
I hope you like the new show format! Please share it, submit questions, and give me a review!
Adam writes: My question is two-fold. I have an innate ability to find and negotiate deals with my team however, I do not have the capital or the experience to come in as an equity partner. Being that I can find deals that are lucrative for investors and their strategies, how can I come into the deals as an equity partner and how can I most effectively pitch that to investors when I do not have an established relationship or track record?
I hope you like the new show format! Please share it, submit questions, and give me a review!
Fouad write: If the plan is to buy sell and cash flow real estate while holding, but you appreciate 500k in less than a year…do you sell?
Jeff writes: How would you finance unconventional residential rentals (commercial) in this market?
Stephen writes: What is your view of investing in short term vacation home rentals (and using VRBO) versus longer term dwelling rentals? Assume 5 -10 year investment horizon and assume short term rental would be purchased in mountain area with both winter and summer attractions. Long term rental would be closer to home.
Michael writes: As you hold a rental property you can deprecate it. Based on the accumulated depreciation over time would use that as an indicator of when to sell?
Adam Writes: To compensate for longer transaction times and declining ARVs. Are investors offering less on their percentage when making offers and how much less is it?
This was a great question from Adam.
Ryan writes: Do you think it’s a good idea for me to go living with my parents and make my home an Air BnB with the intent to save money and get into real estate investing?
Jason finds himself in a spot where I think many of us have been. Jason writes: I don’t have a lot of cash in the bank – is there any strategy for me to purchase an investment property?
Derek wrote in, and had a great question:
Derek writes: Being a complete newbie to real estate investing I started with listening to podcast, reading blogs and forums and looking to network with others. My question is, would wholesaling being a good avenue to build capital so that I can venture into flipping and/or buy and hold opportunities?
Sara had a great question, that many investors struggle with when they get started. She wrote: I hear a lot of investors spend thousands of dollars in advertising. What are some ways I can find a home if I don’t feel comfortable spending so much in advertising?
Jeremy asked: Why would you do a loan on a rental VS pay for it in full? Is one plan better than another?
Jennifer asked, is it still a good time to buy real estate? Here is my answer, YES! But, there are some things to consider.
On this episode of the podcast, Tim talks with his good friend Rick Sharga, Executive Vice President of RealtyTrac. They discuss the current market conditions that have resulted from the pandemic and the recession that followed, particularly how this recession is atypical and can’t necessarily be treated like previous ones. Rick talks about his outlook on the foreclosure environment and why data shows that there are not really as many people in serious delinquency as is being reported. They also talk about housing prices and walk through the presumptive President-Elect and Vice President-Elect’s proposed policies regarding the housing industry. This is a very informative session that you will want to be sure to tune in for! To view the slides from this presentation, please visit Tim's YouTube Channel or Facebook Page.
· Foreclosures
o Delinquency rates
§ They are the highest they have been since 2009-2010
§ However, all of the homeowners who are taking advantage of the governmental forbearance program are included in this number
§ As soon as they set up a payment plan with their lender, they are removed from this list
§ 70% of homeowners have more than 20% equity in their homes
§ So they have a much higher likelihood of selling their homes than foreclosing
§ This depends on demographics, demand, and interest rates
o Sub-$250k homes are in higher demand now than ever before
o There is a dichotomy in the workforce but both white-collar and blue-collar workers are looking to buy in this price range
o The lower-middle class has essentially been neutralized in the homebuying process
§ Entry and 2nd tier move-up properties are not available
o The housing industry crisis is really and affordability crisis
· Biden Policies
o $15,000 tax credit for first-time homebuyers
§ A solution in search of a problem
§ This will increase demand and drive home prices even higher
§ More fees will be tacked on to Fannie Mae and Freddie Mac
o Homeowners Bill of Rights
§ Modeled after California’s
§ Manifests as punitive
§ Few people need this
§ Missing a key component: protecting landlords
· 85% of landlords own 2 units or fewer
§ Doesn’t really affect hard money loans
§ Could be helpful in low-income neighborhoods
§ Key: in persistently underserved communities
§ Provides loans to fix up the properties
o Public credit reporting agency
o Constructing affordable housing
§ Will likely only help big developers
o Industrial – finding holes in markets, cloud computing
o Commercial – short-term pain for long-term progress
o Hotels – currently at about 39% occupancy, will take a while to get them back on their feet
o Retail – was already struggling, more bankruptcies, spaces could be repurposed
o Office space – more people are working from home, but they also need more space per worker in-office
· Predictions/Outlook for 2021
o Depends on how soon we can get the virus under control and how the economy responds
Connect with Rick:
https://www.linkedin.com/in/ricksharga
https://twitter.com/ricksharga
December 9th webinar: https://t.co/NXqDJ82Epf?amp=1
On this episode of Business BBQ podcast, Tim Herriage talks about the the real estate market, and reviews data provided by the National Association Realtors. Taking a look at the month’s supply, it can be seen the supply stayed flat from July to August which is still lower than what’s been on the last twelve months. Available inventory is lower in 2020 than in 2019. The low supply on the market is really fueling price increases and appreciation.
If you'd like to watch the video presentation, click here to find it on YouTube.
Tim announced a new lending venture called InvestorWell where real estate funding has been made easier. He said the lending company is doing Fix and Flip Loans and Refinance Loans for investors. The lending company also offers short term bridge financing for those people who like to buy rental properties The bridge has a 24-month term so properties can be purchased, renovated, rented, seasoned and then you can get a portfolio refinance or pick them off one at a time. This is on almost every collateral type, not just single family. Thirty year rental loans are coming back fast, and are available on single family, condos, and town homes. You can lock in 30-year debt in your company name at a 75% LTV loan with an interest rate below 5%.
Now, in the case of insurance, Tim said insurance rates are going up regardless of what coverage it may be and he’s been told that there will be annual increase most likely. It is highly recommended to evaluate your coverage amounts. Replacement costs have gone up, so you could be underinsured. It takes Tim less than 3 minutes to buy the insurance. Just simply log-in to the portal, hit get a quote, type in the address, type in how much you want to insure it for, quote will pop up and hit buy the policy, download PDF and email it to your lender and you’re good to go.
Links:
You can apply for your financing needs on https://investorwell.com/
For the home insurance, check out https://www.reichoice.com/
Follow my blog: TimHerriage.com
Review NAR Data: NAR.realtor
Sell or buy discounted investment property: InstantEquity.com
List your homebuying business in our online directory for free: BestHomeBuyers.com
Online real estate investor loans: InvestorWell.com
Insurance for real estate investors: REIChoice.com
Connect with Tim:
https://www.youtube.com/c/timherriage
https://www.facebook.com/timherriage/
https://www.facebook.com/groups/timherriage/
On May 20th, I put together a panel of experts for a three hour webinar. The focus of the webinar was to discuss the impacts of COVID-19 on residential real estate investors. The event was centered around a keynote address by Dr. Mark Dotzour. Dr. Mark G. Dotzour is a real estate economist who served for 18 years as Chief Economist of the Real Estate Center at Texas A&M University in College Station. He has given more than 1,600 presentations to more than 295,000 people and has written over 90 articles for magazines and journals. His research findings have appeared in the Wall Street Journal, USA Today, Money Magazine and Business Week.
First 30 Minutes: Introduction of speakers
One hour: Keynote Presentation: “The Economic Outlook for the Residential Real Estate Market” Mark Dotzour
Thirty Minutes: Q&A with Mark Dotzour
One Hour: Structured Panel discussing the presentation with all of the speakers and Q&A
Our Keynote Speaker:
Dr. Mark G. Dotzour is a real estate economist who served for 18 years as Chief Economist of the Real Estate Center at Texas A&M University in College Station. He has given more than 1,600 presentations to more than 295,000 people and has written over 90 articles for magazines and journals. His research findings have appeared in the Wall Street Journal, USA Today, Money Magazine and Business Week.
Our Panelists:
Kathy Fettke received her BA in Broadcast Communications from San Francisco State University and worked in the newsrooms of CNN, FOX, CTV and ABC-7. She’s past-president of American Women in Radio & Television.
Rick Sharga is an accomplished Marketing executive with over 30 years of experience in consumer and business-to-business practice.
Kevin Ortner is the president and CEO of Minneapolis-based Renters Warehouse, the nation’s largest and fastest-growing residential property management company.
Ken Channell has focused his career on organizational development and helping franchisees and their teams focus on using their strength to develop profitable businesses.
Daren Blomquist is Vice President of Market Economics for Auction.com.
Tim Herriage is your host for this exciting, informative, and results oriented presentation.
This week I interviewed my friend Kevin Ortner. Kevin is the president and CEO of Renters Warehouse. During this 30 minute conversation Kevin and I discussed everything from the actual single family rental market, marketing and showing activity, and where he sees it going from here. It was nice to have a discussion with Kevin that was positive.
Renters warehouse felt an obvious dip in late March, but Kevin's opinion is that they already see April rebounding. Both Kevin and I think that we are going to have a good summer, but we also know some of the things we've experienced will have lasting implications.
This interview is one of our weekly webinars that REI masterminds has for its members. In response to the Coronavirus outbreak, I've made REI masterminds free until the end of May. All you have to do is visit TimHerriage.com and click on mastermind.
Renters Warehouse manages my rental property, and I highly recommend them. If you would ever want a personal introduction to them, please reach out to me. I am always happy to refer you to the people that I work with directly in my business.
I hope everyone staying safe, and finding positive lights during this strange time. As for me, I've been focused on spending more time with my family, of course cooking a lot of barbecue, and I've even been working on some of my flip projects myself. I have found it refreshing to get involved in the projects again, catch up on what material costs have done, and build things with my hands.
Keep Cookin!
Tim Herriage
On today’s episode of Business and BBQ, Tim talks to Rick Sharga, President and CEO of the CJ Patrick Consulting Company, about what he sees going on at the national level regarding the housing market. Rick brings his experience to the table to make predictions about the financial state of the country.
Rick is generally hopeful for the future because the housing market is historically pretty good at bouncing back. Until bond-holders are more certain, mortgage interest rates are likely not going to continue to drop. He also believes that the treasury will not go into the negative, but that many banks are putting forth deferment programs to help alleviate pressure on loans. Rick speaks to the fact that when the capital market starts to seize up, it has a ripple effect on everything else.
In addition, the two talk about the impact on markets across the globe. The takeaway is that whenever the lockdowns let up, the housing market tends to bounce back. There will be some displacement in retail space, Rick proposes, as a result of the move to digital and a loss of business for three months or so. Fundamentally, we will probably see some shifts in how business is conducted in the coming months. We will also probably see an uptick in manufacturing.
Finally, Tim asks Rick about his opinion on the effects of the shutdowns on a variety of industries, from lodging and retail real estate, to healthcare and manufacturing. And as the economy restarts, small businesses are going to do extremely well, assuming they will be able to weather the downturn.
A few things Rick points out at the end about the housing market:
- We should not freak out at the housing numbers when we come out of this.
- It will probably be June before we see the market rebound.
- There will probably be unusually high sales in September.
Key quotes:
- “If you go back to every recession the market has had since WWII (except the Great Recession), the housing market is what brought the economy back.”
- “The yields on treasuries are at historic lows.”
- “There is some adjustment that happens when you start talking about negative interest rates.”
- “The buyer profile is going to be a little bit fuzzier than it was going into the pandemic.”
- “It’s much easier to work with a borrower before they’re in default than it is to try to fix things once they’re in default.”
- “People underestimate the disruption to lending that would happen if forbearance programs are engaged by borrowers large-scale.”
- “Candidly, if it seems like the government is making it up as they go, they are.”
- “The exception throws the whole system [of the loan servicers] out of whack.”
- “When you have that kind of short-term disruption, I think everybody hurts.”
- “AirBnB is very vulnerable right now.”
- “Some people are just hoarding cash right now.”
- “Schools are struggling mightily to convert to teaching online.”
- “We will have some fallout from this, but it’s going to be a while before we see foreclosures.”
Contact and Partners:Tim Herriage can be found at www.timherriage.com
Rick Sharga on linkedin.
Follow him on Twitter @ricksharga.
Follow his company at www.cjpatrick.com
On this episode of the Business and BBQ Podcast Tim answers four questions recently asked by one of his sons for his English class. Instead of writing out the answers, Tim decided to turn the assignment into this episode of the podcast!
1: Talk about times you’ve had to persevere through a conflict. The first thing that comes to Tim’s mind is the financial crisis of 2008. In 2007 Tim and his wife were running one of the top five home investors offices in the nation, and overnight, nearly 130 mortgage companies shut their doors. Tim quickly found out that “the market was dead” because of the mortgage backed security crisis. Tim persevered, but was consistently selling houses at a loss. The good news was he was able to liquidate his balance sheet, but the bad news is over the fourth quarter of 2007 and the first quarter of 2008 he lost a little over a half a million dollars in cash. Thankfully, they were able to keep their head above water, by Jennifer’s work as a real estate agent. Tim knew they needed to turn their attention away from buying new houses, and focus on what they already had.
More adversity hit in 2015 when Tim was the Managing Director for B2R Finance. The company was growing, and lucrative, and then a new CEO enters the picture. This corporate restructuring brought about a lot of changes for Tim, and it didn’t work for him. This culminated in Tim submitting his resignation, and returning to his roots as an entrepreneur. During this time, his son incurred an injury, and it further made him rethink his priorities.
2: How did the Marines shape you? Tim shares that joining the Marines was the single best personal decision that he ever made. It taught him to improvise, adapt, and overcome, and the core values, of honor, courage, and commitment. These core values are what helped him get through the hard times of 2007 and 2008. It also helped him have the courage to retire from a lucrative job that wasn’t working for him anymore.
The Marine Corps made him a morning person, brought about deep friendships, a sense of team, and has made him much more of a successful person than he would have been, had he not been a Marine. Tim feels eternally grateful and loyal to the Marine Corps.
3: How do you define success? Tim has gone through many iterations of how he defines success. Early in his career, he defined success by money, and at times, it still defines his success. He is working on reducing the impact of money on his perception of his success. Tim now describes success as having the things he truly cares about, and taking care of his wife and children. Success is being happy, being grateful, and content. Success is also doing everyday what is important to you, not what is important to other people. Furthermore, success is having the ability and flexibility to live the life you want when you want to. Success to Tim, in regards to his kids, when they are grown, would be to have them come and watch the Cowboys play every Sunday, and have them come and stay with him for long weekends at the ranch.
4: What traits have led you to being so successful? There’s an element of stubbornness to Tim’s success. The most common criticism he received throughout his time in the Marine Corps "Good Initiative, Bad Judgement". If Tim sees something that needs to be done, he can’t help but do it. He wants to make things better.
Tim believes in the 14 greatest traits of a Marine: justice, judgement, dependability, initiative, decisiveness, tact, integrity, enthusiasm, bearing, unselfishness, courage, knowledge, loyalty and endurance.
Connect with Tim:
Website
LinkedIn
Twitter
Facebook
Instagram
Our guest on the first episode of the second season of the Business and BBQ Podcast is Ken Channell, a good friend of Tim’s and a 40+ year veteran of the real estate franchising industry. About 15 years ago, Ken was introduced to the idea of the four personality types (red, yellow, blue, and green) and the three ways these types manifest themselves (advantage, think, and feel). Once he began to grasp the depth of the knowledge to be gained through this assessment about yourself and those around you, the world suddenly became filtered through this four-colored lens.
There is no simple way to describe the four types since they are best understood by reviewing the assessment results of yourself and those closest to you, but in general:
- Red people are doers and they are primarily concerned with achieving results (mainly earning money)
- Yellow people are talkers who love to connect with others and they tend to be optimistic
- Blue people are primarily concerned with freedom and they research how to make tomorrow better than today
- Green people hate making the same mistake twice, so they are primarily concerned with control and regulations and they tend to be pessimistic
Your primary and secondary color can be different for the way you act, think, and feel, and recognizing these dynamics about yourself and those around you can have drastic impacts on your communication and overall relationships with those people. This can make your marriage as well as business partnerships more productive and amicable, making it easier to fit people into the roles they will thrive in and keeping them out of roles that will stifle them or make them miserable.
Ken and Tim have both integrated this assessment into their hiring procedures in the past, and they believe that their organizations have been more effective and productive because of the higher level of person-job fit they have achieved by putting people in positions of strength. It is important not to force people to be someone they are not or as Ken says “If you work on a weakness, you end up with a strong weakness” rather than shifting around the work so that everyone can work in their area of strength and achieve greater overall results.
If you are interested in taking this assessment personally or integrating it into your team or organization, visit the Your Living Talent website for more information and to purchase the codes you need.
Links:
http://yourlivingtalent.com/
Audible trial promotional link: http://www.audibletrial.com/th
HubSpot promotional link: http://www.hubspot.com/th
Connect with Tim:
https://timherriage.com/
https://www.linkedin.com/in/herriage
https://twitter.com/timherriage
https://www.facebook.com/timherriage/
https://www.facebook.com/groups/timherriage/
https://www.instagram.com/timherriage/
With business questions: ask@timherriage.com
With BBQ questions: bbq@timherriage.com
The topic of this episode of the Business and BBQ Podcast is leading with value. Many people go through life just looking for what they want and need, expecting everyone else to help them on their timetable while never helping others. Tim provides tips for not being this way, but instead viewing every interaction as an opportunity to provide value to someone else.
- Don’t be a sponge – Sponges only take and never give, like someone who tells you upfront that they are only working for you so they can learn everything they need to know to start their own business. Instead, you should work as hard as you can to help and provide value for others, building their business as you work for them and then focusing on learning.
- Don’t be selfish – Show care and concern about others’ needs. Don’t be a steamroller – rolling along the path that you want for yourself without regard for anyone else along the way. If you need help with something or want to pick someone’s brain about a topic they know well, think about what the best way would be to approach them about it that would be helpful to them as well. Think about what you can do for them before asking them for something.
- Share the wealth – Once you have received value from someone, you have the obligation to share what you have learned with others. Be willing to talk with others who are trying to walk the path you are on and give them ideas or pointers as they find their way. People will treat you the way you treat them, so be kind, giving, and sharing.
Be sure to tune in next week for a conversation with Tim’s mentor, Ken, about personalities, team building, and learning from mistakes. And if you are in the Dallas area and you’re interested in taking your real estate investing to the next level, go to the REI Masterminds website for more information about the upcoming event in Rockwall!
Links:
ZZQ in Richmond, Virginia: https://www.zzqrva.com/
REI Masterminds: https://www.reimasterminds.com/
Audible trial promotional link: http://www.audibletrial.com/th
HubSpot promotional link: https://www.hubspot.com/th
Connect with Tim:
https://timherriage.com/
https://www.linkedin.com/in/herriage
https://twitter.com/timherriage
https://www.facebook.com/timherriage/
https://www.facebook.com/groups/timherriage/
https://www.instagram.com/timherriage/
With business questions: ask@timherriage.com
With BBQ questions: bbq@timherriage.com
Our guest on this episode of the Business and BBQ Podcast is a podcasting all-star, John Lee Dumas. After being a very successful businessman, John realized that while he was making good money, he was having to pay so much of it back in taxes and expend more time and energy into his work than he wanted to. In an effort to find his passion, John decided to learn from people who have passion, through their books and podcasts, and in the midst of this exploration, he found that he loved the podcast medium. In the past 4 years, John moved his life to Puerto Rico, where is has found the financial and lifestyle freedom that he had always been looking for.
His podcast, Entrepreneurs on Fire, is a daily show in which John interviews some of the biggest and brightest entrepreneurs and thought leaders. He is able to record these episodes from wherever he is, which allows him the opportunity to travel extensively and still keep his revenue pouring in. In fact, for the past 71 months, he has made at least $100,000 per month, and he is very open about sharing his tips for other entrepreneurs who are looking for financial freedom. Too many people are married to their business, he says, and they should follow his example of divorcing the business but still remaining friends. John decided that self-care is more important to him than “success”, and he has found a way to strike the balance between working enough to fulfill his needs while still being able to dictate his own schedule.
The main thing that helps him keep this perspective is being aware of the fact that he is going to die someday. He recommends that everyone accept this as an absolute fact and consider how they should live their lives in a way that they will not regret on their deathbed. He created the passion and talent rating system that Tim described a few weeks ago on the podcast, which establishes that while your passion for a topic might be capped, your talent can always be developed to support that passion.
Links:
REI Masterminds: https://www.reimasterminds.com/
Audible trial promotional link: http://www.audibletrial.com/th
HubSpot promotional link: http://www.hubspot.com/th
Connect with John:
https://www.eofire.com/
https://www.instagram.com/johnleedumas
Connect with Tim:
https://timherriage.com/
https://www.linkedin.com/in/herriage
https://twitter.com/timherriage
https://www.facebook.com/timherriage/
https://www.facebook.com/groups/timherriage/
https://www.instagram.com/timherriage/
With business questions: ask@timherriage.com
With BBQ questions: bbq@timherriage.com
On this episode of the Business and BBQ podcast, Tim talks with Brad Sumrok, “The Apartment King”. Brad was in the “rat race” of corporate America for 17 years and he just never found fulfillment in his work, even when he started changing companies as a way of moving up the corporate ladder. Even when he was making $10,000 per month as an engineer with an MBA, he wasn’t satisfied and he couldn’t escape the thought that there had to be more out there worth doing.
All along, he had been saving 10% of his income for retirement and living below his means, just like he had been taught to, and when he finally reached the point in his career when he realized he didn’t want to be in the rat race anymore, he decided to use all of his savings for something other than retirement. He used it as a down payment on his first apartment building. For the next 3 years, he kept working on this side hustle and growing his wealth to the point where he had replaced his full-time income with his investment income. At this point, he was able to quit his full-time job and jump feet-first into real estate investing.
Now, Brad owns many apartment buildings, but since he doesn’t enjoy the daily ins and outs of being a landlord, all of his properties are managed by a third party. This leaves him with the time and energy he needs to commit to teaching others how to escape the rat race and work on their passion project full time. His company offers a free 40-minute training course online, weekend training sessions 3 times a year, and an annual conference featuring industry experts. This year’s annual conference is August 10th in downtown Dallas, and attendees will get to hear from speakers such as Robert Kiyosaki and Harry Dent.
Business over the past few years has been very good for Brad, which has freed him and his wife up to make sizable contributions to charities such as Chair the Love. He has also found significant personal and spiritual growth through the process of focusing on what he loves doing and delegating what he doesn’t enjoy so much. He encourages listeners to be open to the opportunities in front of them and to believe in what is possible.
Links:
“Rich Dad, Poor Dad” book: https://amzn.to/2XW2DFb
Sumrok Event Link
Audible trial promotional link: http://audibletrial.com/th
HubSpot promotional link: https://www.hubspot.com/th
Connect with Brad:
https://bradsumrok.com
support@bradsumrok.com
Connect with Tim:
https://timherriage.com/
https://www.linkedin.com/in/herriage
https://twitter.com/timherriage
https://www.facebook.com/timherriage/
https://www.facebook.com/groups/timherriage/
https://www.instagram.com/timherriage/
With business questions: ask@timherriage.com
With BBQ questions: bbq@timherriage.com
Our guest on this episode of the Business and BBQ Podcast is Charlie Calise, CEO of Imaginuity marketing agency, real estate investor, and marketing guru. He provided listeners with so much relevant marketing knowledge that it might merit a second listen.
When it comes to the customer journey, Charlie points out that while many people would like to think that they can conduct their entire customer interaction either online or offline, it will almost always be a combination of both. Through ad science, the Imaginuity team uses machine learning to understand where each customer journey begins, observe customer behavior, and then create lookalike audiences that can be marketed to in the future. This takes into account customer demographics as well as personal interests and browsing or purchasing behaviors. If you want a first-hand look at how this works, just scroll through your own Facebook feed and notice the sponsored posts that are being served to you.
From the small business perspective, the simplest way to do marketing is to look around at who your customers are and then figure out how to get more people like them. Collecting data like their physical or email addresses and using old forms of marketing such as direct mail is the most straightforward way, but you can also run some targeted Facebook ads. It is imperative that you pop up on Google Maps and that the information there is enough because being there when consumers are looking for you is crucial.
If Charlie were to give advice to an entrepreneur looking to start a new business, it would be: establish your target audience, choose the best location, send out direct mail coupons, convert customers when they look for you online, and have an effective website. As you get more sophisticated, you can get into SEO, but the algorithms are changing so frequently that you really need to be able to invest in this to get it right. A good rule of thumb when planning a budget and marketing plan is: Do what you are comfortable doing for an extended time. You need to be consistent and reliable, not falling off the radar when your customers are looking for you.
In terms of real estate investing, Charlie is a huge fan of the way he and his wife operate their portfolio, which has allowed them to accumulate wealth in a short time. His wife does their rehabbing work and Charlie likes to focus on owner financing and other creative financing models in Dallas, TX, and Jacksonville, FL.
Connect with Charlie:
Charlie Calise
https://www.imaginuity.com/
Links:
Tim’s Real Estate Investor Mastermind https://www.reimasterminds.com/
Audible trial promotional link: audibletrial.com/th
HubSpot promotional link: hubspot.com/th
Connect with Tim:
Blog and More https://timherriage.com/
LinkedIn https://www.linkedin.com/in/herriage
Twitter https://twitter.com/timherriage
Facebook https://www.facebook.com/timherriage/
Business and BBQ Facebook Group https://www.facebook.com/groups/timherriage/
Instagram https://www.instagram.com/timherriage/
With business questions: ask@timherriage.com
With BBQ questions: bbq@timherriage.com
On this episode of the Business and BBQ podcast, Tim is joined by Kevin Ortner, CEO of Renter’s Warehouse, the nation’s largest property management company. Renter’s Warehouse is unique in that they provide their clients and potential clients with a vast network of educational resources and individualized support as they consider getting into real estate through rental properties.
Kevin purchased his first rental property as a freshman in college, where he essentially got to live rent-free in one side of a duplex by renting out the other side. He caught the bug at that point, seeing the potential in rental investing, and he has been encouraging others to do the same ever since. It is interesting to note that most rental real estate investors own 1-5 properties and are able to make considerable enough profits long-term to make it all worth it. What makes their investment even better is not having to mess with property management.
By working with Renter’s Warehouse, investors get all of the benefits of owning rental properties without any of the drawbacks such as maintenance issues, tenant problems, and rent collection. Many people are hesitant to get into rental investing because of their perceptions that they need to put up a lot of money out of pocket or have had previous real estate investing experience, but investing in rental properties and partnering with a property management company like Renter’s Warehouse is simple enough for the average American to be profitable doing it. A property management company even takes the guess work out of choosing the right tenants who will not destroy your home.
Kevin goes on to talk about the leadership philosophies and culture that he tries to create at Renter’s Warehouse. Primarily, he tries to surround himself with good people who are emotionally intelligent and skilled and then make everyone feel like they can be transparent, authentic, and willing to learn from mistakes.
His new podcast, Rent Estate, is geared specifically towards rental real estate investing, and future episodes will feature interviews with Renter’s Warehouse employees from different areas of business who will provide their own perspectives on the benefits of this type of investment. This educational platform is intended to be another way to provide value in the form of free education to people who are involved in real estate investing or those who are considering buying rental properties for this purpose.
Links:
Audible trial promotional link: http://www.audibletrial.com/th
HubSpot promotional link: https://www.hubspot.com/th
Connect with Kevin:
kevin@renterswarehouse.com
952-224-9597
https://RentersWarehouse.com
Rent Estate Revolution: https://amzn.to/3282sK6
https://podcasts.apple.com/us/podcast/rent-estate-podcast/id1467392453
Connect with Tim:
https://timherriage.com/
https://www.linkedin.com/in/herriage
https://twitter.com/timherriage
https://www.facebook.com/timherriage/
https://www.facebook.com/groups/timherriage/?source_id=734272966682056
https://www.instagram.com/timherriage/
This episode of the Business and BBQ Podcast is inspired by one of the exercises in the Mastermind course that Tim has been taking. In an effort to increase self-reflection and prioritize the things that are really “moving the needle” in your business or personal endeavors, you could follow along with Tim’s process outlined in this episode. Tim focused on his rental portfolio while walking through the Needle Movers exercise, and he found it very effective and impactful on his future wellbeing. Any real estate investor knows that a rental portfolio is a long-term investment that will continue to gain in value the longer you hold on to the properties, but since Tim’s rental properties are meant to provide his retirement down the road, he often didn’t put much thought into them before now.
What has changed in the last 180 days?
- He made his rental portfolio a focus
- He and his wife made the decision to buy some of their wholesale or flip houses to add to their rental properties
- He spent the time to break down the financing and bump up his initial investment
How has focusing on these needle movers changed Tim’s daily life?
- By creating more time for himself
- By providing more certainty in his investments
- By making him more excited about his rental portfolio and making him want to be more strategic with it
How is he adding fuel to make it better?
- By planning to buy more wholesale houses for his rental portfolio
- By looking into flipping houses faster
- By making it more of a consistent focus through weekly meetings with his wife
What could this do for Tim and his business in the next 12 months?
- Creating a path forward of stopping wholesaling in the next 12-18 months and beginning to purchase 8-10 rental properties per year
What can Tim pass on to others?
- At the first ever REI Masterminds event in Rockwall, Texas, on August 17th, Tim will be sharing his relevant financials and property checklists
- Focus on what make a positive impact and do more of it
Links:
Tim’s Real Estate Investor Mastermind https://www.reimasterminds.com/
Audible trial promotional link: audibletrial.com/th
HubSpot promotional link: hubspot.com/th
Connect with Tim:
Blog and More https://timherriage.com/
LinkedIn https://www.linkedin.com/in/herriage
Twitter https://twitter.com/timherriage
Facebook https://www.facebook.com/timherriage/
Business and BBQ Facebook Group https://www.facebook.com/groups/timherriage/
Instagram https://www.instagram.com/timherriage/
With business questions: ask@timherriage.com
With BBQ questions: bbq@timherriage.com
Listeners are in for a treat on this episode of the Business and Barbecue podcast as Tim talks with his friend Michael Plaks, the “black belt” in real estate taxation. Michael is an accountant who has been working exclusively with real estate investors for 20+ years, so he has seen it all and can talk with investors in their own vernacular. Michael and his team offer their clients an annual advisory program which includes annual tax preparation, bookkeeping, quarterly advisory meetings, and strategies in addition to assistance in fighting Uncle Sam if the need arises.
Over the years, Michael has developed several prevailing opinions in the real estate investing realm:
-
People confuse income and wealth. An investor owns property long-term, while everyone else involved in real estate is simply working a job. The key question to ask to find out which boat you are in is: “What happens if I stop what I am doing in 3 months?” If your income stream will continue, you are investor gaining wealth. If your income stream would cease, you have a job.
-
People shouldn’t buy real estate for the tax benefits. You should be primarily concerned with cash flow and appreciation, followed by tax benefits, not the other way around. There are really only 3 ways to reap tax benefits from real estate, but even those are not guaranteed. Your ultimate strategy should be to purchase a property, do a 1031 exchange for a bigger property, and so on and so forth until you have drastically increased your wealth.
-
People should focus first on starting something, and then how to structure it. Michael says that the best idea is to consult with an attorney about what you should do, but from the tax perspective it is best to start earning money before worrying about the structure. He provides listeners with his 3-step process for getting started:
a. Set up a separate personal checking account for your business and use it for all business transactions
b. Stop using cash – pay electronically or with a check
c. Use apps to track your expenses and mileage
Michael and Tim talk through when it is best for a sole proprietor to make his business official and conclude by talking about accurate bookkeeping leading to having a better handle on your business’ financial position.
Links:
Audible trial promotional link: https://audibletrial.com/th
HubSpot promotional link: https://www.hubspot.com/th
Connect with Michael:
http://reitaxfirm.com/
(713) 721-3321
Connect with Tim:
https://timherriage.com/
https://www.linkedin.com/in/herriage
https://twitter.com/timherriage
https://www.facebook.com/timherriage/
https://www.facebook.com/groups/timherriage/?source_id=734272966682056
https://www.instagram.com/timherriage/
https://www.youtube.com/c/TimHerriage
With business questions: ask@timherriage.com
With BBQ questions: bbq@timherriage.com
Welcome back to another episode of the Business and BBQ Podcast with Tim Herriage. On this episode, Tim interviews his friend Jeff Tennyson about entrepreneurship, work-life balance, organizational culture, and intentional leadership.
Jeff has held basically every position in the book at organizations big and small, and the thing he has found that makes or breaks a company is its culture. Having a good culture where employees are respected, and the focus is on profit, growth, and fun is more impactful on the bottom line of the company than strategy every single time. Because of his diverse work experiences, Jeff has been able to observe great cultures as well as toxic ones, and he makes it his mission now, as the CEO of Lima One Capital to always foster an intentional and healthy culture. If you were to show up at their Greenville, SC, you might walk right into Bagel Mondays or Beer Cart Thursdays, which is not something that can be said of most companies.
Lima One Capital is a nationwide lender to real estate investors who can apply for funding for (1) fix and flips, (2) rental properties, or (3) multifamily properties. Lima One currently has 130 employees, provides about 400 loans per month in 43 states, and is on track to loan over $1 billion this year. One of the other interesting and innovative aspects of their culture is the Leadership Lab meetings that occur once per month for Directors and above, where the focus is “fighting for the highest good of those we serve.” Out of this, Jeff created the customer service vision for Lima One where employees are to own every moment and invest in every opportunity.
As he has gained more life experience, Jeff has been more intentional about adhering to a better work-life balance, prioritizing what is important to him during each season. He also talks about the pressure that many people feel to “have it all together”, but he brings up the point that no one knows what is going on in your back of stage even when your front of stage is picture perfect.
To young entrepreneurs, Jeff emphasizes the importance of knowing what you want to measure and considering your capital base and the way that each decision might affect your risk profile. Having a handle on these two aspects of business and properly implementing your plan will help reduce a lot of the stress you might be carrying, and don’t forget that mistakes are only bad if you don’t learn from them.
Links:
Audible trial promotional link: https://www.audibletrial.com/th
HubSpot promotional link: https://www.hubspot.com/th
“Measure What Matters” book: https://amzn.to/2LH9txn
Connect with Jeff:
https://limaone.com/
https://twitter.com/jgtennyson
Connect with Tim:
https://timherriage.com/
https://www.linkedin.com/in/herriage
https://twitter.com/timherriage
https://www.facebook.com/timherriage/
https://www.facebook.com/groups/timherriage/
https://www.instagram.com/timherriage/
With business questions: ask@timherriage.com
With BBQ questions: bbq@timherriage.com
On this episode of the Business and BBQ Podcast, Tim discusses the power of positive thinking and simple mindset shifts that can change the direction of your personal and professional ventures. In the past, Tim has struggled with motivation and being easily swayed or discouraged by others, so when an ad for a Dean Graziozi and Tony Robbins Mastermind course crossed his path at just the right time, he decided to give it a shot.
Going through this course in recent weeks has made Tim realize some of the negativity that he has been letting into his mind and the necessity of diving more deeply into this idea of positive thinking. Once he is finished with this course, he plans to create a Mastermind about creating wealth through real estate investing focused on rental properties. The main ideas that Tim wants to share in this Mastermind are making beneficial changes to your environment, business relationships, and personal relationships, adding a filter to your decision-making process that helps you determine if this thing adds to your ROI, and choosing to not let problems dictate your life. By focusing on the task at hand and giving your full attention to being there, you are already well on your way.
Tim’s 3 main takeaways from the course have been:
- Have a positive attitude – If you are struggling to keep things in perspective, take a trip to a foreign country and see the poverty and difficulties facing families there.
- Surround yourself with people who are where you want to be – Take inventory of your current associates and see if they are strengthening you or bringing you down.
- Commit some time to being unplugged every week – Everyone needs to be “rebooted” every once in a while, taking the time needed to get back to a simpler life and kill negativity.
As a practical application of these takeaways, Tim organized a Meet and Eat on Thursday, May 9th, at Heim Barbecue which was intended to help people have a positive attitude, surround themselves with like-minded and aspirational people, and unplug. If you want to join a community like this and be made aware of future Meet and Eat opportunities, join the Business and BBQ Facebook group!
Links:
Audible trial promotional link: https://www.audibletrial.com/th
HubSpot promotional link: https://www.hubspot.com/th
Mastermind: https://www.eofire.com/bonus
Entrepreneurs on Fire Podcast: https://www.eofire.com/podcast/
Connect with Tim:
https://timherriage.com/
https://www.linkedin.com/in/herriage
https://twitter.com/timherriage
https://www.facebook.com/timherriage/
https://www.facebook.com/groups/timherriage/
https://www.instagram.com/timherriage/
With business questions: ask@timherriage.com
With BBQ questions: bbq@timherriage.com
Our guest on this episode of the Business and BBQ Podcast is Robert Greenberg, CMO of Patch of Land, a crowdfunded real estate investment mortgage lending organization. Robert has spent more than 30 years in the marketing industry and he and Tim worked together at B2R several years ago. Robert’s marketing philosophy regarding lead generation, lead conversion, and client fulfillment is top notch, and if you listen to what he says, you will come away from this podcast with business-altering information.
Early in his career, Robert worked on marketing for Harrah’s casinos, and he learned and applied some timeless lead generation strategies through database marketing. After determining the target market, the key is to get as many of those people as possible into your database and track their behavior patterns as they interact with you. This data can be used to follow up or call people to action based on their typical behaviors. Next, you should think about what your target customers have in common and consider each step of the customer journey, from initial contact to follow up after the service.
Tim gives an example of a company cold calling him to see if he needed any Bobcat work done. They found him by Googling “real estate investors”, and then consistently followed up and checked in with him throughout the process to make sure he was satisfied. Tim typically would have given them a review on Google or Facebook, but the company didn’t have an online presence. Instead, he posted a video on his own Facebook page of their work and posted their phone number as his recommendation.
When it comes to prospecting, you must understand the who, what, when, where, why, and how of the customer. Take a step back and adopt their mindset to recognize what they really need in this moment. Even if they do not buy anything from you, if you have created value that the customer needed, you have fulfilled the purpose of client relations. This is where knowing your KPIs (key performance indicators) is so important – you know that in order to close 5 deals, you need to talk to 50 people, which means you need to make 100 calls. Working backwards often takes out a lot of the guess work and helps you focus on productivity.
Finally, Robert outlines his 4 things to do this week to get more leads:
- Answer your phone and be accessible
- Keep track of leads and follow up with them through a CRM or Excel document
- Use your leads data to start doing email marketing through Mailchimp
Also, try to build a webpage with a contact form and work on your SEO (search engine optimization).
Work within your budget and be resourceful as you first get started. Just start somewhere and be consistent. Provide your customers with a unique perspective that brings them value.
Connect with Robert:
https://patchofland.com/
https://www.linkedin.com/in/robtgreenberg
Links:
Audible trial promotional link: https://www.audibletrial.com/th
HubSpot promotional link: https://www.hubspot.com/th
“The E Myth” by Michael Gerber: https://amzn.to/2H0VC0z
Connect with Tim:
https://timherriage.com/
https://www.linkedin.com/in/herriage
https://twitter.com/timherriage
https://www.facebook.com/timherriage/
https://www.instagram.com/timherriage/
With business questions: ask@timherriage.co
If you struggle with procrastination – and who doesn’t at some point? – this is the episode for you! Tim discusses one of his favorite books “Eat That Frog” and tells listeners his top 3 takeaways from author Brian Tracy’s insights on avoiding procrastination. If you have never heard it, the concept of eating a frog comes from Mark Twain who said that you should eat a frog at the beginning of your day because anything you do after that cannot possibly be as bad as eating a frog.
First, it is important to know the 6 P’s: proper prior planning prevents poor performance. Understanding and implementing this idea into your daily life is easiest when you follow the 7 Steps:
- Decide exactly what you want.
- Write it down on. (Think on paper).
- Set a deadline.
- Make a list of everything required to meet your goal.
- Organize your list into a plan.
- Take action immediately and avoid analysis paralysis. REMEMBER: “An average plan vigorously executed is far better than a brilliant plan on which nothing is done.”
- Resolve to do something every day, even if you have to ask for help.
The second important tidbit Tim gleaned from “Eat That Frog” is the ability to say “no.” If you say “yes” to too many things just to make other people happy or because you feel like you should, you will get to the point where you have to say “no” to something that you really want to do because of your time limitations.
Finally, Brian Tracy outlines a helpful system for setting priorities that can keep you on track and able to pursue your goals. Tracy describes this as the ABCDE system, but Tim lists it backwards to help the categorization.
- E – Eliminate. There are probably 3-4 things right now that you can take off of your plate.
- D – Delegate or outsource. Let go of some of your control and come to peace with the fact that “good enough is good enough.”
- C – Nice to do. These could be things such as networking, or having lunch outside of the office.
- B – Should do. In contrast to things in the previous or next categories, these are almost imperative items such as proper reporting.
- A – Must do. These things are very important because of their serious consequences. You may want to number these as A1, A2, A3, A4, etc. based on their exact priority.
Links:
Audible trial promotional link: http://www.audibletrial.com/th
HubSpot promotional link: https://www.hubspot.com/th
“Eat That Frog” book: https://amzn.to/2XFICD6
Brian Tracy website: https://www.briantracy.com/
Connect with Tim:
https://timherriage.com/
https://www.linkedin.com/in/herriage
https://twitter.com/timherriage
https://www.facebook.com/timherriage/
https://www.instagram.com/timherriage/
With business questions: ask@timherriage.com
With BBQ questions: bbq@timherriage.com
Watching Tiger Woods this weekend was impressive. As a “Sports Guy”, this type of accomplishment really impacted me. So, I took some time this week to look at Tiger’s career, his mistakes, and his accomplishments on and off the course. I believe as entrepreneurs we can learn a lot from high level performers like Tiger. In this episode, we look at the three areas Tiger claims help him achieve greatness.
Career Highlights:
- Won first Masters at the age of 21
- Was ranked #1 golfer in the world from age 23 – age 28 (August 1999 to September 2004 - 264 weeks)
- After nine months was again ranked #1 golfer in the world from age 29 – age 34 June 2005 to October 2010 (281 weeks)
- Self-imposed hiatus at Age 34 (December 2009 to early April 2010) to work on his personal life
- Back Surgery at 38, 39, and 40
- Age 42 Tour Championship in September 2018
- Age 43 2019 Masters.
According to Tiger, being a world-class athlete and a visionary entrepreneur requires the same fundamental building blocks: a focused mindset, a precise method, and an endless pursuit of mastery.
Tiger has now taken his winning philosophy from the links into the boardroom with his TGR Ventures. "TGR is my chapter two—my way of building a legacy that’s about more than birdies and bogies" - Tiger Woods
Key Quotes from Tiger:
“As I reflected on the past few years, I realized that this was the time to push myself and those I trust to give even more, in new and different ways.” – Tiger Woods
“Tiger’s vision has always been focused beyond — beyond expectations, beyond comparisons, and beyond limits.” – TGR website
“No matter how good you get, you can always get better. And that’s the exciting part.” – Tiger Woods
This episode is rather short, but I found it interesting and wanted to share with you all. We can learn a lot from the successes and failures of professional athletes that will help in our businesses.
One important lesson from Tiger is when our businesses are not producing what we want, we can fall back on our method. Just like Tiger had to deconstruct his swing, we should analyze our business. If you listen to last week's episode about getting back in the saddle, that's kind of the process I've been going through recently.
The overall message I got from researching Tiger is that he has concluded that you should become a better version of yourself every day, in all areas.
Sponsored Links:
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Connect with Tim:
https://timherriage.com/
https://www.linkedin.com/in/herriage
https://twitter.com/timherriage
https://www.facebook.com/timherriage/
https://www.instagram.com/timherriage/
With business questions: ask@timherriage.com
With BBQ questions: bbq@timherriage.com
On this special episode of the Business and BBQ podcast, Tim talks listeners through his Top 10 BBQ restaurants in the Dallas-Fort Worth area. Keep in mind that Tim is a barbecue enthusiast, not an objective critic, so you might have different opinions of where these restaurants should rank, and if you have any recommendations that didn’t make Tim’s list, feel free to pass them along to bbq@timherriage.com! Tim also recommends that you follow some or all of these restaurants on social media to stay updated on their daily specials and other updates.
#10: Railhead• Location: 2900 Montgomery St., Fort Worth, TX 76107 (Near TCU’s campus)
• Hours: Monday-Saturday 11:00am-9:00pm; Closed Sunday
• Website: https://www.railheadsmokehouse.com/
• Features: Drive-thru; Great bar atmosphere
• Tips: May be a shorter line on cold, hot, or rainy days
#9: Ten50• Location: 1050 N. Central Expressway, Richardson, Texas 75080
• Hours: Sunday-Thursday 10:50am to 9:00pm; Friday-Saturday 10:50am to 10:00pm
• Website: http://ten50bbq.com/
• Features: Live music; 20+ beers on tap
• Recommendations: Baked potato, Brisket, Turkey salad
#8: Top Five• Location: 917 N. Hampton Rd Suite #101, Desoto, TX 75115
• Hours: Currently closed
• Website: https://www.top5barbecue.com/
• Special Note: If you are in the Dallas-Fort Worth area, please consider supporting them at a fundraiser on Saturday, April 13th to help them reopen
• Recognitions: On the Top 50 list by Texas Monthly
• Fundraiser Information: https://www.eventbrite.com/e/help-bring-back-one-of-texas-top-50-bbq-spots-savetop5-tickets-59726900768
#7: The Slow Bone Barbecue• Location: 2234 Irving Blvd, Dallas, TX 75207
• Hours: Daily from 11:00am-3:00pm
• Website: http://slowbone.com/
• Recommendations: Go at 11:00am on a Monday and order their fried chicken or pork chop
#6: Lockhart (Bishop Arts)• Location: 400 West Davis, Dallas, TX 75208
• Hours: Monday-Thursday 11:00am-9:00pm; Friday-Sunday 11:00am-11:00pm
• Website: https://www.lockhartsmokehouse.com/
• Recommendations: Brisket, Prime rib; Spend an afternoon in the Bishop Arts District; There are other locations of Lockhart, but this one is the best because their pit is more seasoned
• Recognitions: On the Top50 List by Texas Monthly
#5: Smoke Sessions• Location: 7126 FM 548, Royse City, TX 75189
• Hours: Daily 11:00am-8:00pm; Closed Monday
• Website: http://smokesessionsbarbecue.com/
• Recommendations: “The best brisket sandwich of my life.”; Follow them on social media for daily specials
#4: Heim• Location: 1109 W. Magnolia Ave. Fort Worth, TX 76104
• Hours: Daily 11:00am-10:00pm; Closed Tuesday
• Website: http://heimbbq.com/
• Recommendations: Lines will be shorter in cold, rainy, or hot weather
• Recognitions: On the Top50 List by Texas Monthly
#3: Hutchins• Location: 1301 N Tennessee St, McKinney, Texas 75069
• Hours: Sunday-Thursday 11:00am-9:00pm; Friday-Saturday 11:00am-9:30pm
• Website: https://hutchinsbbq.com/
• Features: Drive-thru
• Recommendations: Brisket, Ribs; “All around perfect experience.”
• Recognitions: On the Top50 List by Texas Monthly
#2: Cattleack• Location: 13628 Gamma Road, Dallas, TX 75244 (Near Addison Airport)
• Ho
The topic of this episode of the Business and BBQ Podcast is “getting back in the saddle.” This could mean different things to different people based on their business situation, but for Tim it means getting reacquainted with your business processes and making necessary adjustments.
It is easy as the entrepreneur or leader of a business to focus on getting work done, reaching out to clients, closing deals, and building relationships without putting much thought into the systems and processes that are supporting your efforts. In Tim’s business, he had delegated most of the administration of these systems to his colleague Adam, and when Adam left the company, Tim was thrust back into the driver’s seat of the big picture business operations as well as these much smaller but foundational processes.
He learned 2 things during the initial shock of getting back into the inner mechanics of the business: (1) your systems have to evolve and (2) changing your systems can lead to company improvement. Tim describes for listeners the many different methods and programs his company has gone through for CRM and call tracking which has ended up in the use of CallRail and HubSpot for all of their needs. But it was not until Tim got back into using these tools from the administration side that he took a hard look at what the various programs offered and how those offerings could fit into his business model. By not providing Adam and his other employees with enough information about what the programs should do for the business, Tim had left them to guess what he wanted, which led to chaos for a while.
Second, he found that there were better ways to use technology and business strategies that would make the business more efficient in the long run. For instance, they transitioned from using Dropbox to using OneDrive because of the integrations available with systems that were already in place. This also led Tim to create a brand-new website which is simpler, cleaner, and overall more representative of his company and its mission. To maintain consistency in the website realm, Tim tries to dedicate Mondays to marketing, reviewing the website and website copy as well as writing his weekly blog post. Overall, the theme of this phase of his business has been “keep it simple.”
By becoming more involved in his business operations, he has learned so much about every step of their home buying process, and he recommends that every entrepreneur take this same deep dive into their own business every 30, 60, or 90 days.
When it comes to BBQ this week, Tim wants to make sure everyone knows that he is posting reviews on his website that you should be sure to check out if you are in Texas. Feel free to reach out at the email address below with recommendations of your own!
Key Quotes:
· “I was able to focus on working, not making something work.”
· “When you’re working well and you’re enjoying what you’re doing, you’re more productive, more creative, and more successful.”
· “If you don’t communicate your expectations about who is going to do what, then no one will do it.”
Topics Covered in this Episode:
· Real estate investing
· Understanding the nuts and bolts of your business
· Adapting to the market
· Taking advantage of technology
· Leadership by walking around
Links:
https://www.callrail.com/
https://www.hubspot.com/
Connect with Tim:
https://timherriage.com/
https://www.linkedin.com/in/herriage
Tim started his adult life in the Marines as an intelligence analyst. During those 5 years, he learned some valuable lessons and also realized that he did not want someone to dictate how much money he would make. He then got into insurance sales, which was foundational to his understanding of the market and real estate before he made the career shift to real estate investing.
Initially, Tim was a project manager for a real estate investing company, prepping homes and keeping things moving along so the company could be productive and successful. From there, he and a business partner started Sprint Partners LP and got into the area of owner financing notes within real estate investing. A few years later, he met the woman who would eventually become his wife and his true entrepreneurial journey began in 2006.
The first 2 years of their endeavor were great, filled with growth and profits, but when the harsh realities of the Great Recession set in, they had to cut their losses and basically eat up any gains they had made in ’06-’07. Tim reinvented himself in 2010 and focused on wholesaling, but he soon realized that he missed the networking opportunities that he had had through HomeVestors. He formed the REI Expo in Dallas in January of 2011, which continued for several years and expanded into regional events across the country.
Through this experience, he got connected to Five Star Expo and was asked to be a speaker on single family real estate investing. One thing led to another and he co-founded B2R Finance and served as the Managing Director for some time before he realized that his heart really wasn’t in it and he needed to get back into entrepreneurship. This led to the creation of the 2020 REI Group, which had good intentions but ultimately missed the mark as well because it kept him away from his true passion: his family.
Tim truly speaks from experience when he tells listeners to find their “why” and pursue it. Do not lose sight of what is really important to you and what makes you want to get out of bed in the morning. Make an effort to prioritize those things and make your business fit around those commitments. For Tim, in addition to just being there for his family, it is finding happiness in looking for that idyllic barbecue joint wherever he is and just enjoying it.
Key Quotes:
· “No one else will tell me what my time is worth.”
· “Ideas are only as good as your execution.”
· “If you’re not happy, the people you love will not be happy.”
Topics Covered in this Episode:
· Real estate investing
· Entrepreneurship journey
· One-of-a-kind barbecue joints
· Making time for what is important
Connect with Tim:
https://timherriage.com/
https://www.linkedin.com/in/herriage
https://twitter.com/timherriage
https://www.facebook.com/timherriage/
https://www.instagram.com/timherriage/