Get Rich (for sure) in Real Estate Investing

Mike Hambright (00:00.782)
Hey everyone, welcome back to the show. Today I’m here with my buddy, Jimmy Vreeland.

He does a couple hundred turnkey or he likes to call them a burkey. But basically he’s a provider of rental properties for busy professionals and other real estate investors, people that want to be more passive. We’re going to talk about a lot about really how to get rich for sure today, not necessarily fast and not necessarily only from cashflow. There’s a lot of ways to make money in real estate. And so if you want to get rich for sure, you need to listen to today’s show. So Jimmy, good to see you, buddy.

Jimmy (00:30.443)
Hey, what’s up, Mike?

Mike Hambright (00:31.724)
Yeah, we talked about that earlier, right? Like a lot of people want to just buy rentals and they think they’re gonna generate a bunch of cash flow and replace their income like overnight and stuff like that, right? And a lot of people believe they can get rich quick in real estate and not to say that it’s never happened, but it’s not quite that easy, right?

Jimmy (00:53.122)
Well, I don’t

Jimmy (00:57.797)
want to work anymore. And I’m like, OK, cool. You’re the one. You’re the one human who doesn’t want to work. Like, and I don’t know why they feel like it’s a revolutionary idea for them to be the one person to claim that I don’t want to work anymore. It’s like I love working. But yeah, I’m sure you have the same things. I’m sure you love what you do. But I’m sure you have to sit some morning. You’re like, man, I don’t want to do this anymore.

Mike Hambright (01:18.734)
Yeah.

Mike Hambright (01:22.454)
No, well, I mean, it comes with entrepreneurship. There’s always things that you have to, in a job for sure. There’s always the things you love to do. There’s some stuff that you don’t like doing, but you just have to do it. And sometimes you can delegate that off or hire somebody to do it or outsource it or whatever. But there’s some things that are just kind of hard to get rid of. And it just ultimately comes with the territory, I guess.

Jimmy (01:42.681)
Yeah, I mean, I think it comes with the human condition. Like, since we got kicked out of the garden, even we eat in, we have to work like it just is what it is.

Mike Hambright (01:50.958)
Yeah, yeah. And I think a lot of folks want to go, obviously you’ve coached a lot of people, I’ve coached a lot of people. There’s people that kind of jump into real estate and they’re like, I just want to buy rentals. And it’s like, well, unless you’re independently wealthy, you need money, you need today money, you need active income to be able to support accumulating.

rentals or passive income or whatever. see there’s this balance of active income and passive income. if you’re a doctor or somebody, like you have this active income in your business or a busy kind of professional, if you’re a real estate investor, you usually fix and flipping and doing other things to support your rentals, right? Like you have this trade off and over time, hopefully that passive income can offset the active income, but that’s usually over a long period of time, right?

Jimmy (02:39.289)
Yeah, I I think it’s at least 10 years.

Mike Hambright (02:41.89)
Yeah, yeah. I’d say one of my mentors early on, owned a couple thousand rental properties in the Dallas area. And,

He was like, you’re never gonna get any, this is a guy that started buying like in the 70s, right? He’s like, you’re never gonna get much appreciation in Texas, so it’s gotta be all about cashflow. And the reality is, is for the past 15 years, like my rentals have never cashflowed all that well, of course more and more over time, but the appreciation has been insane after, you know, during the 70s, 80s and 90s, there wasn’t a lot of appreciation in a market like Texas, but it’s been crazy over the past, you know, eight to 10 years for sure.

Jimmy (03:19.886)
Yeah, and then there’s some macroeconomic factors where I think what we’re talking about is really true. Like after the Great Recession for like 15 years, people forgot to build houses. They didn’t forget all the builders either got wiped out or got Trigger Shy.

Mike Hambright (03:24.216)
Yeah.

Mike Hambright (03:32.141)
Yeah.

Mike Hambright (03:36.344)
Yeah. Yeah.

Jimmy (03:37.264)
And so, you know, but people kept making babies, which was cool. So I, we just have, I love this stat. We had at the beginning of 2007, we had 4 million units in inventory available, right? And we had around 300 million Americans. And 2025, we have a million houses available and we have 330 million Americans. So it’s just like, um,

Mike Hambright (03:41.698)
Hahaha

Mike Hambright (04:03.455)
wow. Yeah.

Jimmy (04:06.19)
Macroeconomically, do I feel good in the real estate space? I feel great. Like, I don’t care. And then we are the Rodney Dangerfield of the investing world. Like, the media will always be looking for clickbait to say why the next 2008 is coming. And it’s just like, OK, you got to help me get through the inventory disparity. And then I think I’ll get behind your clickbait.

Mike Hambright (04:28.59)
Yeah, and the media, if you listen to the media, if you’re not actively involved in real estate now, the news will always talk about real estate from the perspective of the retail market, not the investor side of the business, right? So yeah, maybe it’s not a great time to go buy a house to live in because rates are up and affordability and stuff like that. But if you’re buying houses at a fraction of their value and solving problems for people and stuff like that, it’s always a good time, right? If you kind of are a principal.

Jimmy (04:38.862)
Yes, there’s that too.

Mike Hambright (04:58.624)
investor, it’s always a good time to get in.

Jimmy (05:01.176)
Yeah, and then I know, you know.

I know the government is trying to curb inflation. Look, their goal is to curb the growth of inflation, not to end inflation. And so I just I look at my own portfolio of what I’m doing. I’m like, we have no inventory or close to none. And then during covid, the government printed a third of the money supply. And that pig getting through that python, it’s just I think it’s going to be a 10 year problem. I think the inventory is going to be a 10 year problem. I think the inflation is going to be a 10 year problem.

Mike Hambright (05:33.998)
Well, let’s talk about, we just talked a little bit about kind of passive versus active income. And I think you and I were talking ahead of time that some people need that active income or most people need that active income, whether it’s fix and flipping and wholesaling to have active income, to be able to apply and support your kind of passive habit, your rental habit, right? And some people are busy professionals and are able to put some of that away, pass away. But talk about that balance of what people should be doing and what they can do, I guess, with active income.

versus passive income.

Jimmy (06:05.646)
Yeah, the way I understand the way it seems to me and the way I teach it, it’s like really simple. Who should buy rentals? People have a cash machine. If you don’t have a cash machine, what should you do? You should flip or wholesale houses. And that would be like my general advice to everybody. What’s cash machine? A cash machine is something that puts 200K a year in your pocket. So let’s say you have a I fix and flip. I wholesale. I do education. And that’s my active income. And since

my fixing, flipping, wholesaling, and property management, and it puts more than 200K a month in my pocket, I basically have to buy rentals for tax mitigation. And so now it’s awesome that they’re also gonna appreciate, I don’t really care about the cashflow right now, because I don’t need it. What I need is, I wanna…

hedge against inflation, need tax relief and I need assets that are going to be and I want to be able to use other people’s money to benefit from inflation and watch the houses appreciate. that’s what you know if people say, hey Jimmy, should I invest in real estate? I’m like well one, what do mean by investing? And then two, it’s well I want to be involved in real estate. was like, well do you make 200k? If the answer is no, cool you need to probably start wholesaling. And if the answer is yes, then cool you should buy some rentals but you should

If you’re successful making that, you know, high six figure income, I think your time would be better spent in leveraging that to a higher level and then buying rentals in a passive manner. But for a doctor to do the to do the shenanigans I got to do to find a rental house and my team does and your team does, they should keep being a doctor.

Mike Hambright (07:48.984)
Yeah.

Yeah, for sure. I think I think the big thing is kind of long longer term planning, right? A lot of people, you know, if you’re we’ve both seen this, I’m sure if you’re a busy executive or professional doctor or lawyer or somebody that has a high income, a lot of times you it’s real easy to spend all that you find a way to like get the bigger house, the bigger car. I think that’s the that that really is the case is like you can’t if you have a job and you can’t put money into your retirement plan like the rentals really are a retirement plan. Right. This is like a long

Jimmy (08:06.959)
Yeah.

Mike Hambright (08:19.696)
term plan to build wealth, just like putting it into an IRA or a 401k or any of those types of retirement plans. You need to be able to defer the gratification on a portion of your income and afford your life and whatever’s left is like rentals are where you put it or where you could put it. You could put it in the stock market. You could put it in your mattress if you want to, but they’re not going to build any wealth in your mattress.

Jimmy (08:42.297)
Right. It’s a day one book, a great starter book, Richest Man in Babylon. Pay yourself first. Ten percent. Ten percent goes to saving and investing. And then as your income grows, that percentage going to save investing gets higher and higher.

Mike Hambright (08:57.164)
Yeah, yeah. So let’s talk about you talked about the kind of the four ways that typically real estate investors, especially long term make money, which is appreciation, taxes, leverage, leveraging other OPM, other people’s money or from banks or whatever. And then the cash flow. And I think properties just generally in most markets around the country don’t cash flow as much as they used to. And they probably never cash flowed as much as you thought they would because it just takes like

a little bit of extra vacancy. I know you’ve had them. All of you get this $20,000, $30,000 make ready out of nowhere and stuff like that that they can kind of eat your lunch, which sucks, right? I used to say like rentals for me are like you have a love hate relationship. Like I don’t love them, but I like what it does for me and my family over a long period of time. And so you just tolerate it. Right.

Jimmy (09:30.106)
Yeah.

Jimmy (09:46.842)
Well, nobody in real estate actually likes real estate. Everybody hates real estate. They just love what it does for them.

Mike Hambright (09:52.206)
That’s right. That’s right. So let’s talk about, let’s kind of break down like appreciation tax leverage and cash flow in today’s market. So appreciation, a lot of folks think there’s not going to be a lot of appreciation anymore. I think you and I both know that it’s a different administration now, but the dollar’s been being destroyed for a long, long time. And so what are your current philosophy or thoughts on appreciation from here?

Jimmy (10:15.994)
Well, when people look, it’s not going to appreciate like they used to like they’re thinking of 2020 and 2021. Like I said, I said earlier, the government injected. you take all the money created from George Washington to Donald J. Trump, first administration. And that’s all the currency created. They created a third of that in two years because of some virus. Right.

That pig is going to have a genera- the pig- that inflation pig is going to be a generational issue. Like that’s- that- that’s an apolitical statement. It is what it is. And so, um, when I say the house is going to appreciate, I think it’s going to keep pace with inflation. And so, and then you want to hear a fun- fun history fact? Guess how- since the Battle of Midway, 1942, guess how many years? Um…

The median home price in United States has gone down.

Jimmy (11:17.392)
six years and four of those were 2008, 9, 10, and 11. Ever since that, like the since the battle of Midway, American home prices have increased by five percent a year. So there’s 70 years of data to say, and look, and then here’s the other thing, know, five percent a year, people don’t get too excited about that. You know, the stock market increases 10 percent a year. Yeah, that’s great. But when you only have 20 percent down into the asset,

Mike Hambright (11:29.784)
Yeah.

Jimmy (11:47.106)
Like, do simple numbers. You have a $100,000 house, you only got $20,000 in the deal, the house appreciates 5%. The house appreciates $5,000, that’s a 25 % return. That’s why real estate creates so many millionaires, is that second pillar, leverage.

Mike Hambright (11:57.688)
Right.

Mike Hambright (12:04.064)
And playing the long game, right?

Things are gonna swing if you look at it over a long time, it always goes up. Same thing with the stock market, generally. And so if you’re investing in things over a long period of time, if things are down a little bit, you just have to ride it out. so if you go into it, especially with rentals, I know you do a lot of, you help people get into a lot of rentals, is you gotta play the long, like don’t jump into this and expect to make a killing in two or three years, but over 10 years or even longer, you’re gonna get rich for sure. It’s just a matter of time.

Jimmy (12:34.385)
Well, and then I think there is where I get frustrated with the real estate education industry. If you’re a wholesaling properties, I would argue you’re not investing. You’re trading. You’re you’re you’re extracting a big bid as spread, which is the economic definition of trading, right?

If you’re flipping, you’re speculating. You’re buying an asset for resale and hoping at the time you own it, it appreciates in value, right? You do the value add, that’s why you do the rehab. So, and when you invest, the expectation is to be departed from the capital for a significant period of time. And so, I think we as real estate educators could serve the industry better by showing that distinction.

Mike Hambright (13:20.258)
Yeah, yeah, for sure. So let’s talk about the tax part. So there’s a lot of stuff going on right now. I just did a show recently. Like we think that probably a lot of the previous tax benefits are gonna get reapplied here, the bonus depreciation, all those things like, what do you see on the horizon here from a tax standpoint? Obviously there’s a lot of tax benefits to depreciating properties. We always like the bonus depreciation if that gets reapplied, which very likely will. But where’s your head at with what’s going on from a tax standpoint?

Jimmy (13:49.432)
I think that big, bold, beautiful tech, well, first of all, let me take a step back. I think the United States is a country created by real estate investors for real estate investors. I think back in 1790 when they wrote the Constitution, it was all a bunch of real estate investors creating a system that would work for them, right? And then…

You and me people like us are just smart enough to see that and get on the train. So, when the big bold beautiful tax bill gets Passed 100 bonus depreciation. It’s going to be silly And it’s just there’s no reason Like the fact that you and me are real estate professionals and we get to take our depreciation off our active income There’s no good reason for that other than

the government always benefits real estate investors.

Mike Hambright (14:45.548)
Yeah, yeah. Well, and the government always benefits too, because they’re like, well, if you’re really good at investing money, they know they’re going to get their taxes eventually. So just keep rolling it forward. Basically, they’re our pimp. They’re like, you’re doing a good job. Keep doing it on our behalf.

Jimmy (14:58.34)
Well yeah, whatever.

Jimmy (15:02.592)
Yeah, I mean I I think the tax code’s a treasure chest. It’s like hey if you want us to leave you alone Do these things and a lot of those things are creating safe clean housing for their population?

Mike Hambright (15:13.036)
Yeah. And in exchange, we’ll give you some benefits for that.

Jimmy (15:18.448)
Yeah, I mean, and your greatest destroyer of wealth, quite frankly, is taxes. so to get it, I mean, to be able to take 100 % depreciation, it’s going to be ridiculous.

Mike Hambright (15:22.764)
Yeah, for sure.

Jimmy (15:31.214)
the benefits are for people who hold assets. Now, I know people who get most of their income from W-2s, they’re not gonna get the instant tax benefit that you and I will. But if you have a spouse that doesn’t work, it’s very easy to get them qualified as a real estate professional. Not easy, but very doable. And then still, if you’re a high earning W-2,

Mike Hambright (15:50.99)
doable, yeah.

Jimmy (15:56.802)
It’s like an IRS tax savings account, these houses. So whenever you do get a passive gain, then you take the tax benefit.

Mike Hambright (16:05.676)
Yeah, yeah. So let’s talk about leverage a little bit. Obviously, rates are up. I know you work with a lot of folks that are buying rental properties, and sometimes they’re like, well, their rentals don’t seem to pencil out as well as they did when rates were, you know, 4 % or whatever. But talk about like your current thoughts on, obviously rates are where they are, but how to navigate those waters as a rental owner.

Jimmy (16:26.382)
I mean, all the only thing high interest rates, think high interest rates have been the greatest thing for the economy. think they’ve been greatest thing for real estate investors because it’s created a pause that they could actually get a decent deal. Here’s the other thing people don’t realize. then most people are like, deals don’t pencil. I’m like, you’re using the wrong pencil. Like you should not buy assets based off its year one return. You should buy an investment off its 10 year prospectus.

And so anybody who’s like deals don’t pencil, I’m just like, you’re not using the right pencil. And then, you know, here’s what tell me about your experience. My experience is that people getting into real estate when interest rates are low don’t get anything. The people who benefit from low interest rate environments are people who already have assets and refi everything out.

Like I, what I saw in 21, 2022 is, you know, friends of ours who had massive portfolios, getting 30 year fixed financing at like 3%. Like that’s a generational wealth move right there.

Mike Hambright (17:33.09)
Yeah, for sure.

Jimmy (17:34.224)
So people who are like sitting on the sideline being like, oh, I can’t wait till interest rates fall. And like, I think they might fall in 2025. The prices are going to go ballistic. And the funds are going to jump back in. It’s like you’re not going to have a chance.

Mike Hambright (17:45.144)
Yeah, you’re right.

Mike Hambright (17:48.994)
Yep, yep. So what are your thoughts on cashflow? know we…

forever, people are buy rentals for cash flow. And we already talked about this a little bit. So my rentals cash flow really well now because I’ve owned them for a lot of them for 10 to 15 years. But early on, my expectations were just off. And I think a lot of people get into it and their expectations are just off. But you shouldn’t get into it, obviously, just for cash flow. But what’s your philosophy on cash flowing rental properties and the expectations that some investors have in the early days?

Jimmy (18:08.367)
Yeah.

Jimmy (18:25.006)
Well, I mean, if you want cashflow, get a job. That’s what get active income. That’s my. That’s my conclusion. And then.

Mike Hambright (18:35.726)
Some people on the passive side are unrealistic. We have a bunch of multifamily deals and some of them are struggling and not doing as well. I think a lot people got into them assuming that nothing could go wrong, there’s no risk in this. It’s like, well, if you really wanted risk-free return, you could have bought a CD, but it turns out there’s some risk. So I feel like coming out of that last market, a lot of people had unrealistic expectations about what a risk-free return looks like.

Jimmy (18:56.112)
Right.

Jimmy (19:03.92)
There’s no such thing. I mean, even, okay, risk free return, throw it in the CD. Okay, well, did you account for your opportunity cost? You know, throw it in an immunity bond. Did you account for your opportunity cost?

Mike Hambright (19:11.756)
Yeah, exactly.

Jimmy (19:16.824)
I mean, I think the whole cash flow thing is a couple of things. I think it’s the whole rich dad poor dad. Once your passive income equals your expenses and you’re rich. I don’t think that’s true. I don’t think it manifests itself in reality. And then it’s, I call it the passive income paradox too. So, you know, back in the day, Mike, how many rentals did you think it was going to take for you to be rich? For your passive income to equal your expenses?

Mike Hambright (19:37.428)
I probably at some point thought it was like 10 or 15 or something like that. But yeah, that’s not the case.

Jimmy (19:42.928)
Well, let’s just call it 20 because the base plan I put people on is buy two rentals a year for 10 years and you’re But here’s the here’s the crutch to get enough active income to be able to afford 20 rentals like you’re pretty productive person, right? And your income grows and your expenses grow. there’s like, oh, wait, I only thought I needed when I first started, I thought it needed seven K a month passive income.

Like right now, Mike, that would even cover my children’s travel baseball budget. And so I got I got three boys, by the way. And so as you become more productive, it’s you know, it’s cool. Your living expenses grow like I’m in.

Mike Hambright (20:12.546)
Hahaha

Jimmy (20:30.993)
I’m 45, I’m in the prime of my life and I have four children. Like, I don’t want to live fire method right now. I don’t want to, sorry kids, can’t do travel baseball tournament because dad’s got a cashflow dream. I got to keep my expenses tight so this rental makes sure I don’t have to work anymore. I prefer to be like, hey, dad’s going to go bust his ass today, so you better be out in the field busting yours. And so once you get productive enough to say have 20 rentals,

Mike Hambright (20:52.622)
That’s right.

Jimmy (20:57.936)
Why would you ever quit doing what you’re doing to get those 20 rentals? Other than you have this like, and so I’ve had points in my life where I’m like, hey, I’m earning enough money. I can just quit and shut it down. And those have not been happy and I’m not proud about those times of my life. But where I am proud is I had a big challenge.

I teamed up with some people and we accomplished the challenge together. Like that’s what gets me up in the morning. That’s what makes me excited. But to stop playing that game, so as soon as I was like, a minute, I’m forward, you know, I probably had this realization when I was 35. I was like, wait a minute, I’m never gonna quit. I love this too much. My rental’s got a whole lot more valuable to me.

But when you’re trying to squeeze blood from a turnip, it’s not fun. when you’re trying to, you’re in the, here’s the other thing I had this thought, tell me what you think about this. We’re in the most productive society, in the most productive and free country in history of humanity. And I’m gonna sit that out, because I’m inconvenienced by a few things at work.

Mike Hambright (22:00.142)
Well, it’s also funny, you’re an entrepreneur, I’m sure you’ve had these where you wake up in the morning, you’re like, I’m going to crush it today, we’re going to 10x everything. And then by lunch, you’re like, I’m going to shut it down. And it’s it’s a natural, it’s all, you just have to go through these moments. Like we get a moment and you just like, you to sit in a corner somewhere or go have a beer or whatever, go to sleep and wake up. We’re like, okay, time to move on, right?

Jimmy (22:02.308)
That seems like it.

Jimmy (22:10.853)
Yeah!

Jimmy (22:22.82)
Yeah, like go to the gym. Like it’s there’s actually an economic term for what we’re discussing. It’s called the disutility of labor. And it’s like no one wants to work. We get it. But if the result, the rewards from your labor outweigh the the pain of doing it, that’s why people work. And I just I don’t think it’s going away. I think I think humans were made to work, produce, create. And so

If you’re looking for cash flow to absolve you from that obligation and responsibility, that’s why I think people get so angry and frustrated because they’re in a not a good mindset.

Mike Hambright (23:03.446)
I think like you said, a lot of busy professionals, just want their, they want to have a clear path of what the end game is. Like people are willing to work hard now if they have a vision for where that’s going to take them. Right. And so if all you’re doing is making money and there’s no end, like you need, you need to be building up something passively, some wealth that at some point, if the proverbial shit hits the fan or God forbid somebody gets sick or whatever, you’ve got this nest egg that’s kind of building up. I think that’s where a lot of people, like they say they want to

Jimmy (23:30.563)
Yeah.

Mike Hambright (23:33.5)
But the reality is is they just want an escape hatch They want to see some light at the end of the tunnel and that is through having you know Working with somebody like you or having a plan for how to build up wealth on the side I mean it could be obviously we favor real estate some people favor the stock market or whatever But you need to have a plan that at some point you can get off the treadmill Right

Jimmy (23:52.708)
Yeah, you gotta have a vision. And then the other thing I think, they need an elevate and delegate tool. Have you ever done that? Yeah.

Mike Hambright (23:59.202)
Yeah, for sure. Well, we do it in our business. It’s hard for some professionals. mean, maybe it’s not, but I have some friends that are surgeons and things like that. And it’s still them and their hands doing the work. And so I think when you have a skill set like that, it’s harder to delegate that. But there are still ways to kind of build out a business.

Jimmy (24:11.738)
Yeah.

Jimmy (24:17.594)
But I used to be in medical sales. used to sell knee and hip replacements and I’m still very good friends with a couple of customers of mine. You I got two smart guys who were good friends of mine, like, they don’t work on Fridays.

They’ve just, but they’ve gotten maximally efficient at what they do and they won’t, they’ve taken everything they got to do during the day and everything that isn’t their, know, Dan Sullivan term, their unique ability, they’ve delegated or hired that out. And I honestly, unless there’s a core value misalignment, I think most people just want 20 % of what they do for a job that’s not part of their unique ability off their plate. And then at that point, they like their job.

But then you got these info marketers like you and me trying to go for that pain sale to get the credit card swipe, which I think also also kind of feeds on it.

Mike Hambright (25:11.118)
Yeah, so Jimmy I know you help a lot of people get into rental properties and obviously people have heard of turnkey where they work with a provider like you that supplies rental properties in your market in the st. Louis market and Little Rock markets and Helps people get into rentals where you know the there’s a bunch of variants of turnkey where the passive investor may not have to do anything or not much they just supply the income and they

Jimmy (25:35.301)
Yeah.

Mike Hambright (25:37.324)
they work with a provider like you. You’ve been kind of calling it Berkey now. Tell us a little bit about what you do and then ultimately how folks can get ahold of you to learn more.

Jimmy (25:45.744)
Yeah, so we did something like, I want to say like 800 turnkeys. And then there was one problem with turnkey is even like my wealthiest clients were running out of starter capital. Because, you know, they were buying a $200,000 house that’s a $50,000 down payment, even if they have half a million dollars when they start. They’re done after 10 houses. I was like, well, wait a minute, how did I get up to 100 rentals? I was like, I did burs. And then like I was like, wait a minute.

Why am I buying the house and then paying the interest and doing all this stuff when these people already have wealthy and have these these cash and the way I did it was doing burs and I was like, wait a minute. Why do they want turnkey? And it was like once I sold it to them, they were like, no, actually, I just want to buy the house for cash, be all in at 85 percent. And I want to refinance out the majority of my of my of my cash. And so I kind of took myself out as the middleman for turnkey. And now I’ll still sell some turnkeys to New

people. I think turnkeys are great as training wheels.

Because you know if you’ve never owned a rental property and then you’re sending 150 grand to a title company and owning a house in cash I can see that’s nerve-racking so a lot of times if somebody’s new we’ll do a turnkey and then we’ll just start doing burkeys, but essentially I’ll sell it to you for cash my team will retain construction management will manage the construction for you and then will remain retain property management, but between my interest cost Title fees because now there’s two transactions instead of one like it basically started to work out

the same. Essentially, I was costing the client more money than they needed to be charged.

Mike Hambright (27:25.87)
Yeah, yeah, I get it.

Jimmy (27:29.518)
And then they like they like being all into the asset for 85 percent because you got to buy turnkey at 100 to 105 percent of the asset to make it work.

Mike Hambright (27:37.048)
Right. Yep, yep. And then they refinance out when there’s a tenant in there. Yep.

Jimmy (27:42.094)
Yep. And you know, so they’re all in, you know, they have instead of a 20 % down payment, it’s like a 10 % down payment. So now that dude with half a million dollars who can only get 10 houses, now he’s getting 20.

Mike Hambright (27:50.124)
Yep, yep, that’s awesome.

Mike Hambright (27:59.426)
That’s awesome. So, Jimmy, folks want to learn more about you or connect, where can they go?

Jimmy (28:04.112)
They can go to YouTube go to Instagram Jimmy Vreeland. It’s a B-R-E-E-L-A-N-D That’s where I like to connect and DM with people and That’d be a great place to start. And also you have my podcast the Main Street Patriot podcast that’s a Good place to kind of learn about burkeys and how to do it passively

Mike Hambright (28:17.08)
Cool, we’ll add some links down below. Yeah, go ahead.

Mike Hambright (28:29.07)
Cool, we’ll add links down below for how to connect with you on social and how to find your podcast. So cool, buddy. Good hanging out with you today. Good to see you. Yeah, everybody, hope you got some good value from this. There’s a lot of ways to make money. If you’re a busy professional, a lot of people have probably, sometimes there’s just a lure that being a real estate investor is sexy and it’s not necessarily fun. It’s not all fun.

Jimmy (28:38.436)
Yeah, it great to see you. Thanks for having me on.

Jimmy (28:55.492)
No, Mike, the other allure is being your own boss. Being your… doesn’t exist. One, at least for me, I’m married, so I have a boss there. And then two, my accountant and now my lawyers are my bosses. you know, and the grass is always greener.

Mike Hambright (28:59.192)
Yeah.

Mike Hambright (29:03.765)
You

Mike Hambright (29:12.994)
Yeah, for sure. But we all still believe real estate’s a great way to build up wealth. It’s just resetting the expectation sometimes that it’s this sexy, get rich quick type thing. What’s sexy is to get rich for sure, and you just have to be willing to play that game over a long period of time, it’ll happen for sure. So anything that is instant is not sustainable, typically. Go ahead, Jimmy.

Jimmy (29:26.03)
Yeah.

Jimmy (29:31.598)
There’s a reason it’s the greatest. Yeah, there’s a reason real estate is the greatest wealth producer on Earth. Like. It’s not fast, fastest, greatest wealth producer on Earth. It’s just the greatest.

Mike Hambright (29:45.762)
Yep, yep, awesome. Thanks for joining us, Jimmy. Good to see you, buddy. Yeah, everybody have a great day. Go out there and get rich for sure. Not necessarily fast. Appreciate you a bunch. We’ll see you on the next show.

Jimmy (29:49.508)
Thanks, Mike, thanks for having me on.