Jamie Flanagan (00:00):
Welcome to Financial Freedom with the Flipping Flanagans, where we help real estate agents and already successful business professionals create legacy wealth through real estate. We go by the Flipping Flanagans, and we don't actually flip houses very often. When you drop the F-bomb a little too often, add that to a real estate background, you get the Flipping Flanagans. We actually buy property to hold and see long term gains protected from inflation, while seeing amazing benefits from appreciation and depreciation. See you on the other side.
Brad Flanagan (00:28):
All right. We are back and it has been one crazy week or two. I feel like the few times that we've done this now hon, this one, it seemed like there was maybe a little time before we got ourselves in a position where we can at least have a conversation. Do you agree?
Jamie Flanagan (00:49):
Yes. Oh my gosh, yes. So our life has been a little bit of a whirlwind the last couple weeks. I was out at a real estate convention for a couple days, or I should say a workshop more than a convention. But it was a super intimate setting where we really dug into our business numbers. Brad, where are you at?
Brad Flanagan (01:10):
[inaudible 00:01:10] and planes, trains, automobiles of all kinds. And then things are going to happen. And so, happened to find out that somebody who's been close to us for a number of years unfortunately passed. And then you cancel your plans and revise again, just so that you can make time for those things that pop up unexpectedly.
Brad Flanagan (01:36):
So when that happened, to clue everybody in, I had to delay my travel plans. Fortunately have great teams in place to adjust fire as needed. But I was able to jump into the RV instead of getting on a flight and then drove that from Omaha to Grand Junction, which I didn't make it the whole way the first time. Because that's, on a good day, probably a 12 hour trip. And then through the mountains and one of those snowplows like right in front of me and it was still very clear. But I'm like, "Uh oh. I'm going into something crazy." So that trip, made it there, got in Friday morning in time to take a shower and get to the meeting. And then wake up Saturday morning, get back in the RV to drive-
Jamie Flanagan (02:34):
So what was your meeting for? Just curious.
Brad Flanagan (02:36):
Mortgage. Mortgage related stuff. It's top secret, actually, at this time.
Jamie Flanagan (02:42):
Oh, okay. I didn't know that.
Brad Flanagan (02:47):
It's not necessarily top secret, but we are growing on the mortgage side. And so there was combination of year-end conversations. And then met with a great individual who is helping us expand into the Phoenix market. So I'm licensed and help do loans in the Arizona area. It's going to be good to have another person here full-time that will be able to serve the great State of Arizona, as well as some others. But that's good hot topics for quarter one, 2022, I can't believe it's here.
Jamie Flanagan (03:33):
I know. It's been fun doing some business planning, speaking of crazy travel-
Brad Flanagan (03:35):
And then waking up in the camper. We don't have-
Jamie Flanagan (03:38):
Yeah.
Brad Flanagan (03:39):
Well, we don't have the jets, at least not yet. So it was just neat to have, of course, that family time. So you try to figure out the efficiencies and how do you make time for everything? And then being able to just drive across the country with your little ones is definitely an experience and a memory.
Jamie Flanagan (04:03):
The weather says you're not coming home tomorrow.
Brad Flanagan (04:05):
That's not going to be cool, either, by the way. But I'll make the neighbors party.
Jamie Flanagan (04:10):
It's so crazy.
Brad Flanagan (04:13):
Couldn't get decent rest the two times that I stopped, but eventually I guess I finally made it to Arizona. And all I wanted to do was nap, but I know we needed to eat. But then when I got in the driveway and there was the pallet of flooring at 67 pounds per box for, roughly, I don't know, I didn't count them, but I know there was close-
Jamie Flanagan (04:35):
So to catch everyone up here, we have a house in Arizona, house in Colorado, and a house in Omaha. And I might have ordered a ton of flooring for our house in Arizona. And I didn't really know if it was there or not, but Brad found out that it was there as soon as he pulled in the driveway and was super tired.
Brad Flanagan (04:55):
Well, I think I calculated it to be at least 1,400 pounds.
Jamie Flanagan (04:58):
At least I got him to put the bathtub in the Casita.
Brad Flanagan (05:02):
What? Oh yeah, I didn't have to lift that. But I did calculate it and I was proud of myself because I wanted to work out. But I was really tired, so I knew I wasn't going to work out. But then when I did that-
Jamie Flanagan (05:14):
See, I was watching out.
Brad Flanagan (05:16):
Did you get to watch me on the Ring?
Jamie Flanagan (05:19):
No, I watched James. I got the alert that there was motion in the garage. I clicked on it and Mel James was trying to carry some flooring.
Brad Flanagan (05:28):
Oh yeah. Oh, they were as much as he weighed, so that wasn't going to happen. He did pack it all up though. And so yes, getting the kids involved again was fun because he did put everything from the trash standpoint, keep it organized. So nonetheless, I'm here. We feel like I got a little bit recharged amidst the other few things that I've been trying to handle.
Jamie Flanagan (05:53):
Yeah, so our initial goal was to be in Colorado together. And then I was going to fly from Colorado to Salt Lake City, go to my workshop and then go back to Colorado. We were going to ski, do some stuff, but plans all changed-
Brad Flanagan (06:09):
Oh, yeah.
Jamie Flanagan (06:09):
And that's okay. We are happy to be here and healthy. Like Brad said, close friend passed away and that's pretty hard. Which we'll just kind of speaking of that, we talk about like the attorneys and the CPAs and stuff. It's like, as you're growing your company, unfortunately we do have to have some of those things in mind.
Brad Flanagan (06:35):
Oh, yeah. The guy I told you, that owner of the storage place that I was talking to today, or that drove me home after signing up for a storage spot for the RV. All the things that he has and how long he's been doing this and he said he still doesn't have like a trust or even a will to help put those organizational pieces in play. And he does have two kids and I can't believe how much I learned about this guy in just a short period of time. We're all out there being busy. And it doesn't take much to throw a wrench in those plan. So that would be actually a great thing to share for our notes in the future.
Jamie Flanagan (07:21):
Yeah, definitely. We kind of had an outline for today. We obviously, as you know, that we just talked about plans don't go as expected. So we're still going to go with kind of off of our last week's topic and build on that a little bit.
Jamie Flanagan (07:38):
So going back to the basics for us, I really wanted to talk about personal financial statements. I'm going to let Brad most ... as you can probably hear, I have a terrible sinus infection. But we are committed-
Brad Flanagan (07:52):
You sound great.
Jamie Flanagan (07:53):
Oh, thanks honey. But honestly, like we are committed to doing this and we weren't going to let a little sinus infection prevent that. So here we are, I've got my emergency next to me, got my water. And Brad's going to do most of the talking from here.
Jamie Flanagan (08:08):
So Brad, something I think most people think is, I need a whole bunch of cash to start this real ... like investing, not necessarily real estate investing. But just like to get my life to where I want it to be. And that's really what this whole thing is about is like building a life that feeds you and your family and your goals.
Brad Flanagan (08:30):
It's mapping out your path as early as you can, as efficiently as you can, so that you can embark on the journey. So does that sound about right? Like we're going to talk about getting yourself-
Jamie Flanagan (08:43):
Absolutely.
Brad Flanagan (08:43):
Purchase ready.
Jamie Flanagan (08:43):
Yes.
Brad Flanagan (08:48):
Okay. So having the funds is probably the most, or if not, at least top three critical components in getting onto the journey and actually starting to get your investing done. So most of the time, that's going to include a bank or at least in our model, our strategies that's going to include borrowing funds. And as I mentioned, like first intro call, we prefer to secure funding from a bank solely in our own names, as opposed to going in and partnering and getting private equity, that kind of stuff. So there are plenty of different strategies and we can share tidbits here and there on those as questions come in. But for the most part-
Jamie Flanagan (09:47):
I'm going to just stop you for one second, I'm so sorry.
Brad Flanagan (09:49):
No, you're good.
Jamie Flanagan (09:50):
As we talk about that, because there are so many different strategies. For some people, hands off and getting an investor pool, that might be for you. We really being active in real estate, finding the deals. And with Brad having such a brain with financials and being able to connect with so many different commercial partners, residential partners. For us, hands on. When I say hands on, we have people who help us. So I don't remember the last time I showed like a rental property or even in one of our rental properties.
Jamie Flanagan (10:24):
But what I mean, hands on is like we're analyzing the deal, we're finding the money, we're purchasing that property. And that works really well for us being in real estate and him being on the mortgage side.
Brad Flanagan (10:35):
Right.
Jamie Flanagan (10:36):
Sorry.
Brad Flanagan (10:37):
No, you're good. I like it when this is what it's supposed to be, is the discussion piece. So we both have very ... I don't want to say defined. But I mean, we try to stay within our boundaries of our strengths and weaknesses. Or avoid our weakness and I allow ... do I allow you to do stuff, honey? I'm so picky about the words. But anyways, like, again, we went through that whole period where we weren't sure who was doing what and curious about how to do what each other were doing. And then we finally figured that rhythm out where it's like certain aspects of the process are just better in one hand or the other. So being able to identify those and then not to be leaving anybody in the dark, but just to know, this is the area that I can focus on, I can't worry about how to-
Jamie Flanagan (11:46):
Yeah. I mean-
Brad Flanagan (11:47):
Negotiate with the seller, you know what I'm saying?
Jamie Flanagan (11:49):
Yeah. And like to kind of fill people in, Brad and I have been together since 2008, but we've had a break. But we've been together and navigated a lot of stuff together and we've always had a working relationship. Like from when we first moved to Omaha together, he got a job at a local mortgage branch here and I worked the front desk. And then I got my real estate license.
Jamie Flanagan (12:17):
So we've always had this like working relationship together and it's always been good. It's kind of funny because we'll joke about like I used to be sitting in the model up when I sold real estate and sat in the model homes. And we'd be like fighting in our personal lives. And I remember being like, "Okay, but I need you to run this preapproval for this client." Okay. Like we are able to put personal aside and focus on our business.
Jamie Flanagan (12:44):
And before that was a lot muddier and like, it was hard like if we were in an argument or something was going on, to navigate that. I mean, we really don't don't fight anymore, which is awesome and a blessing. Like our marriage has completely transformed and they say that happened over time and totally believe that now. But whereas kind of going is like we learned, I don't need to overstep what his strength is. And if I take control over that, it's going to cause problems. It's like real estate agent and lender. I don't tell the lender how to do their job and the lender shouldn't tell me how to do my job. Like now-
Brad Flanagan (13:23):
Right.
Jamie Flanagan (13:24):
Can we work together and have a working relationship, so that we can navigate this? Like the lender's going to give me input on how I can structure an offer, maybe to be ... whatever. However, you're looking at it. To be more organized or depending on the borrower, things like that. But they're not going to tell me how to negotiate the price of the home. Like this home is worth this, like stay in your lane.
Brad Flanagan (13:47):
Right. It's more just been a collaboration as opposed to battling for all the control.
Jamie Flanagan (13:56):
Yeah. We look at all of our businesses because we do have multiple. But we look at it and say, okay, like when we were growing our rental thing, I would find the tenant. I would market the property, I would meet the tenant on site. I would show the property and then I would hand it off to Brad. He would run the credit application, he would screen them. And then make the decision on the approval and I would get the lease signed. So we knew that.
Jamie Flanagan (14:24):
Now it gets messy if I start to try and do credit applications and he's super familiar with it and he has his way of doing it and he understands credit reports way better than I do. That's just one aspect of like, figure out like we have a move in, move out, checklist. Review that ... or not move in, move out checklist. I mean like a full checklist from when you buy a property to getting a tenant in there. Figure out what each of you is good at. Or if you're just individual, then maybe you have to hire some of that out. But for us as a married couple, like here's what I'm going to do and here's what you're going to do. And now if you stay in your lane, you're going to be super efficient.
Brad Flanagan (15:04):
Right. And we both kind of have administrative roles and I'm sure there's plenty and we know some, maybe the wife is in real estate and the husband's a contractor. Well, the wife as the real estate agent, isn't going to want to go in and swing the hammer. And the contractor is not going to go and get DocuSign out and make sure that the contract has all the right spots filled in and make sure that that part of the deal is together. So that's the defining of the roles and identifying your competitive edge is kind of what I've always seen it as. Because if you're in the contracting world, you have a great benefit that we don't have. When you have your real estate license, you have a benefit that the average person doesn't have.
Brad Flanagan (15:57):
So we all have some sort of occupation, generally speaking, that might lead into strengths that are required as a part of the real estate transaction or investing. So we can always try to have a conversation too, in the future or one on one with somebody to help them learn about that job description. Like things that exist that they don't know yet because they haven't done it. I think that'd be fair to say we can help identify who can take on which tasks as they embark on the journey, as they seem to phrased for this call.
Jamie Flanagan (16:43):
Yes. So let's go back to what we initially were going to talk about was building that plan, mapping out your plan early on. And so, what our very ... well we've talked about our first property that was back on an FHA loan, as a primary residence. Lived there and then rented it out. The second home that we purchased for specific investment purposes, my grandpa had passed away. And so his property ended up being available and his kids were all out of the state. And so me and Brad had the opportunity to buy the house out of the estate. We didn't really have any money then. Brad, I'll let you speak to this. Like how did we structure the second investment property?
Brad Flanagan (17:35):
So the hunt for a bank was something that had been ongoing even before that opportunity came up because I think we had our eyes open and we were eager to grow what we started there. And to date, I know we're in excess of our fifth banking relationship at the least. So you'll find that there are banks with certain target markets or certain appetites, if you will, for a particular type of client. And really taking the time or getting the recommendation or a referral from somebody as to which bank might entertain certain circumstance or situation is critical.
Jamie Flanagan (18:32):
If Brad looks at your personal financial statement and gives it the blessing, he can usually get you financing. Not necessarily through him, I mean, from another bank.
Brad Flanagan (18:42):
Yeah. So this is all like relationship banking, some would say commercial banking, some would say portfolio banking. All at the end of the day, it's generally a community style bank, unless you're already in the hands of a Wells Fargo and a private client and something like that. But even then, there's not a lot of negotiation or wiggle room or creativity being exercised. Just the bigger banks, of course, have more structure and less discretion as to the transactions that take place.
Brad Flanagan (19:20):
So there's different lending authorities based on maybe a position or a title or rank within a bank. And so that's how the whole thing started with me, was networking with some of the small business owners that I had already had relationships with and then getting information or feedback from them about banks that they had worked with. I do know that I did actually have a relationship with somebody at the small business administration locally and they have connections. So if you're grassroots and you want to just go and try to hunt by yourself, by all means. If you're ever looking for assistance, that's part of what we try to do is connect people and good people for the greater purpose. So get me back on track, honey, that we're-
Jamie Flanagan (20:13):
Okay, so what assets did we use as our down payment? So you found the bank, so you found a bank for us that would work with us.
Brad Flanagan (20:19):
Yes.
Jamie Flanagan (20:19):
And they, I think, wanted 20% down, maybe 10%, I can't remember. But what did we use-
Brad Flanagan (20:23):
Oh, yeah.
Jamie Flanagan (20:23):
What did we use for the asset?
Brad Flanagan (20:26):
I know where you're going at.
Jamie Flanagan (20:26):
Okay.
Brad Flanagan (20:28):
This feels like a quiz, trick question.
Jamie Flanagan (20:31):
He didn't know where we were going today.
Brad Flanagan (20:32):
No idea. So I've been riding a bike and doing all kinds of stuff today, but this is where I like to be.
Brad Flanagan (20:38):
So it's all about organizing your information. And so in that event, I think we had a paid off or a free and clear truck that we borrowed against to help with the down payment. There's always a way to structure it to the point where maybe you can get a little bit more, but without giving your banker the information they need to help make the decision. It's a little tougher to get the outcome that you might need in order to move forward in a specific transaction. So like you said, I mean, we didn't have the funds, so we needed somebody to make a more risky decision from a bank standpoint.
Brad Flanagan (21:24):
And in that case, we had some renovations that needed to be done. So there was multiple parts of the financing that we had obtained. I would say up to three parts of financing between leveraging personal property, leveraging the acquisition itself. And then borrowing money to fund the renovation piece. Does that help answer the question the way you were looking for it?
Jamie Flanagan (21:50):
Yes. So-
Brad Flanagan (21:51):
Okay.
Jamie Flanagan (21:51):
Basically, Brad's a badass when it comes to reviewing financial statements. He's been doing lending for a really long time, I couldn't even tell you how many years anymore. But basically, what I wanted to get into is so many people go from, I got my first mortgage. I knew that I had to have 3.5% down or 5% down or 10% or 20% down, and you have that solid number. And when you're building out a personal financial statement and you're working maybe with more of a small town bank or a commercial bank, they're not looking at the same thing that you're looking at when you're purchasing a home.
Jamie Flanagan (22:26):
And most people only have experience with a home purchase and going through all the different applications, all of the paperwork that goes along with a loan. Honestly, like when I talk to people on investing, they're like, "Am I going to have to go through this whole process again?" And it's a completely different ... you can go through that process, so I don't want to say you can't because there are ways ... Brad touch on that kind of. But like what I wanted to dig into is really like what is a personal financial statement? What does it consist of?
Brad Flanagan (22:58):
So personal financial statement is a big overview summary of your financial life or a household financial picture. It's supplemented, at least in our case, with other documents as well. So again, assets versus liabilities equals net worth. And that, in the end, is a oversimplification of a personal financial statement. There are many different forms and templates and things out there as you know, I like to create my own stuff, so mine's a two part spreadsheet that prints out as a PDF. And then we have to share that with the banker.
Brad Flanagan (23:44):
So that, at the end of the day, is likely one of the most important documents to have when building your private bank or commercial bank relationship. On top of that, it's going to be supported with a tax return. However, when you're talking like FHA, conventional, the traditional financing and mortgages that you obtain for an individual property, that's called secondary market mortgages. Because those are packaged up into tranches and mortgage back securities and traded on the secondary market, just like a stock or another type of bond. These are private banks that are putting this on their own books, as long as you fall within the bank's own set of guidelines. Then they give the blessing, they approve the loan, and they finance it. And then it's a direct relationship, not a, "Oh, are they going to sell my loan to somebody else?" It's a partnership with your local bank for the purpose of your business and your investment property.
Jamie Flanagan (24:55):
Yeah. So to wrap everything up, the last thing I really wanted to touch on and going back to that bank is like, okay, we're working with a relationship style bank. So now, where are we going to invest? And so when we analyze properties, something like we ... I remember when we first bought properties, we had like our Benson group of properties or like Northwest and like North Omaha. And then we had our Miller properties and then we had our Sarpie County properties. And we had like these three groups. And that's when we talked about like five to seven properties for LLC before I think that's like what we started with. We put about five to seven for LLC before we combined everything. We did that on not on purpose, it was where we were finding the deals.
Jamie Flanagan (25:41):
But then we started organizing them into those areas because it's easier to ... you have vendors. And a bank when they look at you too, is they're going to say, "How are you going to be able to manage this?" And so when you think about that, if you have a handyman or a friend that's going to help you with the work. If you're sending them 40 minutes away to these properties for like little tiny maintenance items, it's not super efficient. So as you start building, you're going to know your market, most likely where you live. So most people do start investing pretty close to where they live. And that might mean you spend a little bit more on the property versus across town or something, just from a convenience standpoint. And like Brad mentioned, I think on the last call, is being able to drive. Like if you can drive by it on the way to pick up your kids from school, that's a huge win. Like it's an easy, efficient way to do business right off the get go.
Jamie Flanagan (26:36):
So when we talk about mapping out your plan early, starting to look in like specific areas. And then when you do the second one, like finding multiple properties in the same area is going to be efficient. And then like the long term benefit and like we said, Brad's in Arizona, I was in Colorado over the weekend for two days. And I just got home Sunday night, I don't even know what day it is anymore. But now, having properties in areas that we want to build businesses in and spend time in with our family is like the benefit of doing all the hard work.
Jamie Flanagan (27:10):
That wasn't something we planned early on. We weren't like, "Hey, we want to build this rental portfolio. And then someday have properties in Colorado." Like that wasn't the goal. But then we started traveling more and like realizing, "Hey, if we fly out there and let's say our home is booked and like Airbnb or VRBO, we stay in a hotel, but we check on the property and we'd go out there and do some maintenance on the property or whatever. Meet the hot tub guy, that was what I was trying to do this whole month. Those things are now tax write offs. And talk to your CPA, I'm not a CPA. That's why we talked about that in the very first call or second call. Actually, Brad, we have a guest next week.
Brad Flanagan (27:53):
I was going to say, aren't we going to have a CPA on the phone?
Jamie Flanagan (27:53):
Yeah, we're going to have our CPA on our call next week. So, that's super exciting.
Brad Flanagan (27:58):
I'm sure he'll have plenty of disclaimers, too. But at least you can get some really good nuts and bolts and not have to hear the disclaimers from people who don't have the license to give the advice. So-
Jamie Flanagan (28:10):
Yes, but going back to-
Brad Flanagan (28:12):
And what I was ... can I steal a moment from you?
Jamie Flanagan (28:14):
Yes, please do.
Brad Flanagan (28:16):
As you were saying that. So, at the end of the day, when you're going to get a job and you're going to sit down at the table with them. You had to prepare your information in a manner that would help them believe that you could be capable of the opportunity at hand. And so it's literally a very similar engagement where you're putting together a resume and that resume needs to demonstrate you are already learned and demonstrated abilities, as well as how prepared you are for what's to come in the future. Because you don't just want that one job, you want to go up the ladder and gain more responsibility. And along with that, the reward of greater income.
Brad Flanagan (29:05):
So literally putting everything you need to put on paper, because contrary to what you might be used to on a lending side, if you've only gotten a secondary market mortgage through a run of the mill loan officer, such as myself. Then we had to package this up, we had a whole guideline that states what can and can't be done pretty clearly. And then you have an underwriter who has to make the determination, if your criteria meets the guidelines and the documentation supports it. Very systematic.
Brad Flanagan (29:45):
On the flip side, the commercial world, they have a board and they meet on a periodic basis they're generally called a loan committee. They say, "We have committee this week." And so you can't get ahold of any anybody, because they are in the meetings all day long. And all they're doing is that particular commercial loan officer or vice president of the bank is usually the title that somebody who does lending in this type of a platform. They are pitching your case to a group of people who are well versed in investing in people who have businesses and goals that require their money. If you can make that person's job easier through the right documentation, then once they believe in you and you've given them all the documents that they need to help tell that same story to the group that actually has to sign off on it or give their blessing. Because it's just going to go to the vote and then the majority will determine whether or not you're approved for that credit or not.
Brad Flanagan (30:57):
So, that has been my goal. And again, my competitive advantage is I've been doing it for so long with different people and seeing different households in the way that they run their financial life. That I was like, "Oh, well I should just make this really easy, be conservative and give as much documentation as I can. Because they're not coming back to you." Like you don't have to give a bank statement majority of the time for a commercial loan. They assume that if you're getting to the closing with the money, that you had the money. So it's not like, "Hey, what's that deposit?" Which is where my life is. I have to document every single little thing on the individual home purchase.
Brad Flanagan (31:43):
But I can go to them with a portfolio of 10 different properties and not have to give a bank statement. But I have to give them all the other information, which is really, what's the most important debt service coverage, ratios and credit is still a factor. Your tax return, if you're self employed and you gotten a hard time in the past, in the secondary market. They understand that and can make their own determination, as long as the story can be told from a standpoint of your revenue and expenses on your tax return. It doesn't matter exactly what the bottom line is like it does for me. Over there, they just need to be able to see the forest through the trees. That's where it gets really fun because when you look at ... everybody has such a different scenario that when you can figure out the numbers-
Jamie Flanagan (32:41):
That all is like over my head. Just kidding, but-
Brad Flanagan (32:49):
Well, it compliments it the-
Jamie Flanagan (32:49):
This is why-
Jamie Flanagan (32:49):
Deal analyzer. That's why like-
Brad Flanagan (32:51):
Absolutely.
Jamie Flanagan (32:52):
There's a bunch of places that talk about how they have a deal analyzer, but that's what I love is the plugin, the investment, which usually you found. Like something somewhere off market, on market, whatever the criteria was. Then you end up sharing-
Brad Flanagan (33:08):
I'm not allowed to find deals anymore. Just kidding.
Jamie Flanagan (33:12):
Shut it.
Brad Flanagan (33:12):
Totally kidding.
Jamie Flanagan (33:13):
Mine just come with more work. And now you show the banker, "Okay, here's my stuff. And then here's the opportunity. And here's what I'm going to do and how I'm going to do it. And then what it's going to look like and become." And all you have to do is study and take the time and organize it. And then once you put it in practice, because somebody gave you the opportunity, even if it was risky or maybe took a little extra work. If you follow through and you prove it to be successful, it becomes easier and easier.
Jamie Flanagan (33:53):
Which is why I end up talking about relationship banking. Of course, I'd love to do everybody's loan. But I know that the loans that I have to offer may not always meet everybody else's criteria or particular situation.
Brad Flanagan (34:08):
Yes. I agree. We like went way over time. So I'm sorry everybody. We try to keep these to 20 minutes.
Jamie Flanagan (34:14):
I know but you get in the numbers and-
Brad Flanagan (34:16):
My brain literally glazes over when we talk about numbers for like over 30 minutes. And that's okay, that's where strengths and weaknesses come into play and why me and Brad compliment each other so well. Like, we don't have conversations like this other than over, like he goes and meets the bankers. And brings it back to me and he is like, "I found the money.' All right, let's do this. So, it's been a pretty good thing that we've got going.
Brad Flanagan (34:42):
And if I tell him about all the updates I want to do to a house, he's like, "I don't care. Just tell me how much it's going to cost and how much value it's going to bring to the property and let's analyze it. And if it makes sense, we'll buy the property."
Jamie Flanagan (34:53):
Mm-hmm (affirmative).
Brad Flanagan (34:57):
So I didn't mean to like sound uninterested because I'm not. I'm was absorbing way more information than even people who are listening. I was probably like, "Wow, that's really crazy, like to think about all of those things. And just bring awareness, in general."
Brad Flanagan (35:13):
So just to recap what we discussed is we're going to have our CPA on next week. So we're super excited about having him touch a little bit about personal financial statements and kind of building that. We'd love you to join our Facebook group, Building Legacy Wealth Through Real Estate. We're going to dig into some of these topics more within that group. And have some group discussions around what people have questions about and what they would like to learn more on.
Brad Flanagan (35:39):
And then like I mentioned, really briefly, is just knowing your market and it's much easier and more comfortable to invest where you know. So being familiar and finding a bank where you're familiar and generating those initial relationships where you're familiar is definitely something that's going to help you grow and prosper quicker. Versus just wherever the deal lies. Because overall, even if you find a really good deal, but you end up spending a ton of money and getting people there, labor or maintenance. It didn't end up being that good deal that you thought. Brad, any final notes?
Jamie Flanagan (36:16):
No, I look forward to making ... what did you say? Your eyes glaze over a little bit more.
Brad Flanagan (36:25):
Yeah.
Jamie Flanagan (36:27):
In future episodes, it's all about-
Brad Flanagan (36:29):
Yes.
Jamie Flanagan (36:29):
Spreadsheets for me.
Brad Flanagan (36:31):
And I love you guys, for everyone who's reached out and sent a text and said, they're listening and have gotten some nuggets out of what we're sharing. That's super, super important, keep it up. It keeps us motivated, obviously we're having a conversation here. We don't know who's listening and we'd love for you to subscribe to our podcast, we'd love for you to share it. And just let us know what you liked about it or what you didn't like and what you'd like to learn more about. So, until next time-
Jamie Flanagan (36:58):
Absolutely.
Brad Flanagan (36:58):
Thank you guys so much.
Jamie Flanagan (37:01):
Have a great one.
Brad Flanagan (37:03):
Thank you so much for listening to today's episode. We hope you'll hit that subscribe button to stay in touch. Also, join our Facebook group at Building Legacy Wealth Through Real Estate to find out more about what we do and what we offer. Thanks so much and we'll see you next time.
