- Website: https://www.warriorsofwealth.com/podcast
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ROBYN:
Do you want something more? More meaningful moments, opportunities, deeper relationships, and memorable experiences? Do you want to make a difference? If you said yes, a career in real estate could be the opportunity you’re looking for. Guiding people through one of the most important decisions they ever made, the purchase or sale of their home can be both rewarding and lucrative. Exit Realty’s revolutionary compensation model, training, and technology provide you with the tools you need to start and build your successful real estate career. Call me today, Robyn Collins, R – O – B – Y – N Collins with Red Robin Homes at 843-557-5003. Again, that’s 843-557-5003 or visit us at redrobinhomes.com/joinexit and make your exit today
CORWYN:
So Jen, and Stacey, tell us about the academy.
JEN:
Okay, so the Academy, we founded it, because based on our journey, Stacy just had a passion, she was like we are going to disrupt the education industry. This is crazy. I had at one point more binders than doors, it was very frustrating. I struggled for 10 years by myself, I’d like to create a community. She had at the time been training people one-on-one on how to buy apartments. And it was like we could reach more people. I’m over here struggling. But if we had a community if we could produce the level of education, and then give it to them for life, we went hard. We took her old busted course which was on tape, we took them off a CD ROM. And we just decided you know what, we’re going to create a whole online learning platform. Let’s start with that. So we put everything together, put an online learning platform, it’s an A to Z, anybody that enrolls with us gets access to that for life, you don’t just get a binder that’s going to fall apart. It’s an electronic asset that you get for life. That’s the first part. And we always have people go through that course one time all the way through and then go back and dig in. In the Academy. We have coaches, these coaches we’ve been working with and investing with for at least 15 years, we’ve got some relationships, they know our system, they do the exact system that we do. And they coach people one on one. So in the academy, when you come in, everybody gets a one-on-one coach, they sit down, they do a whole Hey, what are your resources in terms of time, money, knowledge, where are you? What’s your risk tolerance, what strategy is probably the best strategy for you? Let’s come up with a plan. And we march out to that plan for 12 months. And the whole time they’ve got access to the curriculum online. We also have a weekly call where the entire Academy comes on a Tuesday, we all get on there and everybody’s talking about current deals, you can even pitch a deal online, go through it with the coach with the calculator, that underwriting tool on the call. Everybody chimes in, and then we talk about okay, who’s in the middle of rehabs or who’s in the middle of trying to contest an appraisal or trying to close on their first deal or even their next deal. It’s just a huge sort of mastermind type of environment on this Tuesday call, then we have a Thursday call that is very specific for apartment investing. And our specialist coach Kay Kay. She’s been doing apartments at a big level for a very long time. She’s one of our very best friends, we bought a motel with her. It’ll be in our family for 30 years, she runs it and she does killer at it. She’s awesome at operations. She’s good at teaching people how to get into bigger apartments and really how to build and leverage the team, increase the NOI, and maximize profits for all the investors. She’s got her weekly call on Thursday. And anyone that’s in the apartment program goes to that call, great call. A lot of learning there. Each coach also has their weekly call, which we call our forum calls. So if you’re assigned to Coach Joe, you go to Coach Joe’s forum call each week, if you’re assigned Coach Ryan, you go to Ryan’s if you’re assigned to Coach Kaykay, you go to Kaykay, So you have your weekly call with your tight-knit group of students that are with you and your coach. So now we’re talking you got three calls every week. It’s total support. We also have a chief experience officer, because we believe that the first 90 days that you’re learning anything is the most difficult and it’s also when you’re gonna come up against the biggest opponent and that’s you. You were opponent, we’re throwing you in the Coliseum and you’ve got a sword and a shield and you’re ready to go to conquer that first opponent then you’re like, oh, that’s me. I have this other identity where I’m good at this other role. And now you want me to do this. So the first 90 days we check in every two weeks to make sure that you’re consuming the course, make sure you’re taking action. Make sure you’re going to the calls. What’s your experience? What challenges do you have we have a person on our staff, that’s her only job. She reaches out every two weeks to make sure you’re on track. For the first 90 days, make sure your coach is showing up for you. How’s that going? It’s just a big hub. But that’s not the best part. The best part is that we do an event, every quarter, it’s called the Warriors of Wealth conference, it’s WoWCon, all of our students come, we also have open tickets to the public, everybody gets there. And it’s not just your regular multifamily seminar, it is a heart-pumping, life-changing three-day event. And like day one, we bring in a bunch of speakers that just like pour into your soul with all this awesome information about all the other aspects of the business, you might not realize, because getting your first deal, is just the start, you’ve got to protect that asset and know what to do with that there are so many different strategies that you got to know about asset protection or national lenders, we have a national lender that comes and talks about it, and she’s got different programs. Day one is all about you hearing from all of the people in our network who can help you make sure you are insulating and protecting your assets and scaling with the money that you need. And then on day two, we go into deeper, more advanced topics about apartment investing, or about what’s going on in the economy and how to have the right strategy for you. Then on day three, it’s the craziest because I’m a minor. It’s the thing, but I am a peak performance coach and NLP Master Practitioner hypnotherapist all the things I show you. You might tell me, Jen, this is impossible. I’m like, No, it’s not. I’m going to show you what you’re made of. And we take a 40-pound arrow that could kill a grizzly bear, and you break it with your throat. And when you do that, you realize, oh, wow, that just happened. And it didn’t kill me. We set it up where the arrow represents what you think is impossible, and what’s holding you back. And then it’s against a board. And the board says, do what you fear. And the death of fear is certain. That board represents what you want the one thing you want, but you think it’s impossible, and the arrow is the only thing in the way, then you step forward and it snaps the arrow and a lot of people are like, Whoa, it’s scary. I have never had anybody not snap the arrow, I’ve seen grown men just break down. Because now they know it’s possible. And then the beauty is they go to the form. That’s the best part of the academy, the network and who you have around you to support you.
CORWYN:
You just touched on Jen. Several things that I am always talking about, not only on this show but also around me in our office about our mindset our limitations where we focus, and what we do, what you just talked about with the arrow is very reminiscent of Maxwell with the firewall where they put the coals down and how people walk over because you got to break that hindrance that block. And for our listeners, I want you to go find a gladiator costume, a gladiator suit, get dressed up in this suit, and look in the mirror, because that is your opponent. And that’s who you got to be. We have to defeat ourselves. Because we are our handlers. We stop ourselves from doing things out of fear. That’s why you have to get a different tribe. So if one of you would please tell our listeners where they can get to the academy. What does that process look like?
JEN:
I would suggest going to our YouTube channel first. We have so much free content there. Go binge on that for a minute. And you’ll find the Academy from there. Go to YouTube, and search for Apartment Investing with Jen and Stacy. There are at least probably 140 videos there. But there is a playlist on there that might fascinate you the playlist is called Apartment Acquisition Accelerator. When you click on that playlist, watch the videos in the order that playlist, and on each of those videos. If at any time you decide, I want to know more about this, look around in there for a link about the academy and just book a call and explore the academy and see if it’s something for you. But that is the best place for most listeners to go watch exactly what we’re about. We give our entire blueprint away for free. The information is great, but the network you’re going to see you’re going to be like oh no, but the network is what I want Jen but learn about us first go there then just find me on Facebook. I’m Jen Conkey on Facebook, you can send me a messenger or a friend request. And I will speak to you personally and talk about what your goals are and get you in.
CORWYN:
But you will learn to fly by being with birds more so than being with rodents. You have to spend your time around the people who are doing things that are fitting for what it is that you want to accomplish, not necessarily the other way. So how do you master that switch? from single to multi? What does that look like? What can it look like? What should it look like? What would you advise someone to do?
JEN:
A lot of people come in and we end up working with them. A lot of them have done something with a single family. That’s probably the most common person that comes in they’ve done something and they want to figure out how to go to the next level in the world of multifamily there are a couple of different steps. And it’s personality-wise, what direction you want to go. Some people are like, I don’t need to do a duplex to do a five or a 10 unit just show me how to do the apartments, because ultimately, there’s so much money to be made in apartments, because of the way that they’re valued. When you do a value add, you’re making six and seven figures, they’re big, big money, even small apartment buildings. But sometimes, again, we are the opponent. And sometimes people are like, I’m just not ready to do apartments because that sounds very big. And I’m not there yet, even though there’s a difference between four units and five units in apartments and residential, but they’re there. And so depending on the personality, if someone’s already doing single family, as a rental, or doing fix and flips, either, or even, you already have a pretty good solid foundation, and just going into residential multifamily, if apartments sound too scary, that is a fine next step, what we find is that a lot of the people that we work with, if that’s what they want to start, they want to do two to four units, because we have a whole program for that, too. They’ll do a couple of those, and then they’ll realize, oh, this is almost the same as doing the single-family, except now I get to have two or three or four rents coming in with one mortgage payment, which is a lot less risky. Especially during an economic downturn, you want to have more rents coming in. So if one tenant loses a job or goes rogue on you, you’re not like oh, my gosh, having to cover all those expenses. It’s fairly common for people to do a couple and then realize, oh, okay, what’s the difference between a three-unit and a five-unit, it can very quickly stairstep, it has more to do with the mentality, and what someone’s comfortable with. I’ve been very passionate from the moment I started, and I had so much struggle, I was like, Oh, my God, I just want to help people have a much easier journey. One of the biggest things that happens when you’re a real estate investor at its core is getting that first when is the most important thing. Not from a financial standpoint, of course, that too, but it is because you prove to yourself, that I’m a real estate investor, but you don’t buy it, because you haven’t done it yet. And so you’re trying to be a real estate investor, but you’re questioning whether you can do it on the inside. So whether it’s someone’s booking their first one as a duplex, or a first their 10 unit, just to do something that is actually within reach and doable. That is my little mission on Earth to get people across the finish line for that first deal with all of the tools, and resources, and then okay, we just repeat it because it’s just a system. And then we go a little bit bigger, and you take all the stuff you learned from that first one, you apply it to the second one, which is bigger, I think take all of that from the first couple, apply it to the next one, which is bigger and you grow into a real estate investor with many units depending on what you want. Going from single-family to multifamily is not as much of a transition as people think it’s just mindset unless you’re going from flipping to rentals, that it’s just a different business model. It’s not so far different. If you can flip properties, mentally, you can switch to rentals, and now you’re building passive income. And now you’re building legacy wealth. We’ve done both. We’re a fan of both right now for flipping a little bit riskier than what our risk tolerance will hold for both the long-term rentals, even when the economic downturn multifamily provides different levels of pricing as far as what things cost. So when people have to scale back a little bit financially, and you have something that’s not 3000 a month, because you have two apartments, you’re putting yourself in a position to be as safe as possible. During any economic time.
CORWYN:
More doors, leverages, limit your risk, the more doors you have on one side, I’ve talked about that for years.
JEN:
It’s just a mindset shift. And that’s part of why when we do Alcon, we have such a massive emphasis on mindset. If you can just free your mindset and realize, oh my god, I actually can do this. Now you just need the courage to take whatever the next step is. And then the one next step, if you just keep taking that one next step you’ll get there.
CORWYN:
Very true. So, Jen, and Stacy, as we approach the close of the show, where can people reach you guys? How can they get in contact with you?
JEN:
go to the YouTube channel Apartment Investing with Jen and Stacey. If you want to reach out to us personally best place is to go to probably Facebook or LinkedIn and look for Jen Conkey or Stacy Conkey. Just hit us in the DM and we will reach out to you, and we will respond.
CORWYN:
My mic drop question is that 2020. That’s what they say hindsight is if you could look back over everything that you guys have done. Not that necessarily you do anything differently. But if there was a thing that you quote, unquote, new way back yonder, when that would have allowed you to accelerate and possibly scale much further than where you are now. What would that be?
JEN:
Honestly, if I had figured out how much money there was to be made being a capital raiser for other syndicators if I had figured that out sooner, that would have been nice. There’s a lot of money to be made with acquisition fees and disposition fees and things of that nature. And you still get the different asset classes too and I’m not just talking about apartments, I’m talking about syndicators that are syndicating for RV parks or mobile home parks or oil and gas, self-storage. If I would have realized that sooner. I could have expanded my portfolio and made it a little bit more diverse in terms of not just apartments and multifamily it could have been where I could raise money from my investors to say, hey, here’s a mobile home park, what do you think about that, and then I’m still getting a piece of the cash flow and equity on that part, and I didn’t have to find the deal. And I don’t have to manage the deal. That’s probably what I would pick, even though there are other things I would pump. But that’s the most lucrative revenue-generating option that I would probably have done sooner.
CORWYN:
Okay, so that sweet spot right there, Stacey, add anything else on that?
STACY:
I think I would have started focusing more on value-added apartment deals, not necessarily needing rehab, sometimes they need rehab, and that’s fine. But where they were operationally challenged, where I could go in and just work with the property manager, start raising the income, and it takes a year to year and a half to do that. But the amount of money you make, by doing those activities is crazy. I didn’t make the connection. For many years, I was just working and grinding when adding units doing flips, and doing a lot of different strategies. But I think I would have just shifted to focus on five to 30-unit value-add apartment buildings, just because they’re easier to finance, they’re manageable, and there’s so much money to be made. In doing that, I would just have started doing that way sooner if I had made the connection because I wouldn’t change anything. After all, it brought me where we are now, which allows us to give back in the way that we do. But from a personal investing standpoint, I was like, why did it take me so long to figure that out? So I just want to make sure other people don’t have to wait too long to figure that out. Is it life-changing?
CORWYN:
And that’s the purpose of the question. And not everybody will grasp it. Some people will that’ll go right by them, they’ll miss it. And then 5, 10 or whatever number of years from now, they may Oh, you know what, same thing. But if we reach one, then we have the opportunity to teach one. So and have already quote unquote, had the experience not necessarily saying that we didn’t succumb to it, but we figured it out. And now we’re gonna try to save someone from that same pitfall as they approach it. So thank you guys so much for that. Jen. Stacey, you all have been fabulous. Thank you all so much for being on the show with us today.
JEN AND STACY:
Thank you for having us, Corwyn.
CORWYN:
You’re quite welcome. And most of all, thank you for being a part of the Exit Strategies Radio Show Family. For our listeners, guys. Look, I need you to find Jen and Stacy. And Conkey is spelled C o n k e y, I need you to find them. And I need you to get engaged and involved and track what they’re doing but most importantly, engage with them because they hold a key. That’s interesting. Conkey. We all hold a key to helping people to elevate and accelerate and I appreciate you taking time out to give this information to our listeners here on the show today. Thank you all so much. From the bottom of my heart. So for our listeners, y’all know, look, if y’all don’t, get smarter, better to tell you but you know, how I feel. And y’all know what I say. I always put the two of those things together and say it to you this way, which is I love you. I love you. I love you. And we’re gonna see you guys out there in those streets.
