He Lost Everything in Real Estate… Then Rebuilt Through Multiple Income Streams

Rene Manfre (00:00)
I looked at the TV and the TV was like the bridges with the water. And I was like, what is that? And they told me it said it was New Orleans. And I’m telling you, I still remember this like day, like was yesterday. I was like, oof.

So, okay, babe, let’s go talk, because it was her family there. So we went in the back and I said, listen, I know you don’t really know how I make money, but what I just now saw is I have a feeling that everything that I make money from is underworn.

Quentin Edmonds (02:01)
Hello, everyone. Welcome to the Real Estate Pros podcast. I am your host, Q Edmonds, and I am super excited to be here today. I am super excited about my guests. We’ve been talking and I am so…

just elated with just his vision, the things that he’s putting in place, the systems that he’s putting in place, the way he’s helping people. And if you follow me enough, you know, I believe at the foundation of any sustainable business is servitude and this gentleman serves. And so I’m so excited for us to learn so much from Mr. Rene Manfre Mr. Rene, how you doing today, sir?

Rene Manfre (02:41)
I’m good, I’m good, I’m thankful for another day, but not another day.

Quentin Edmonds (02:45)
Listen, come on, man. That’s, that’s, that, listen, that’s enough right there. Just being grateful for another day. Listen, that sets the tone. Gratitude sets the tone. It’s hard to be gracious. I mean, grateful and anxious or grateful and upset at the same time. when we’re showing gratitude, that’s a great thing. So Mr. Rene, listen, sir, I’m gonna type. I like to dive right in, right? So I would love for you to tell the people what’s your main focus these days.

If you don’t mind, give us a little bit of an origin story, kind of how you got into the space that you’re in. And then tell them what part of the world you’re in. People love to know where you are geographically. So your main focus origin story and where you are, Ms. Rene, sir, you have the floor.

Rene Manfre (03:25)
Bob, again, I appreciate the time and opportunity. So I’m based here in New Orleans, Louisiana. Everybody wants to come to New Orleans, Louisiana, because we got great food and we have a lot of entertainment. So it’s a great city. I’ve been born and raised here. my basically, know, over the course of the years, I’ve been in several different businesses ever since I was young and from the health club industry to staffing to insurance, real estate. So I have a very diverse background.

So it all kind of starts from, where I’m at right now is like, just love serving people. And I think I’ve been like that ever since a child. ⁓ and my father was, ⁓ and in charge of, know, he was an oil refinery, buyer. So he would basically in charge of that refinery and buying things. And at the same time, we served a lot of people in our community and the church and the schools. So just following him around, right? Yeah. I learned this, this ability to where my father, when they walked into a room, they said, man, you, you Paul son.

Boy, that’s a hard boy. That’s a hard man, boy. So it’s kind of like, I just raised up saying, you know what? My dad set an example and it’s all about serving. It’s all about helping. And you know, when you start growing up, you start realizing that my older brother was in a health club business and I’d work with him on a part-time basis. Whenever I was out of school at eight years old and I would basically just walk around the gym and teach people how to do things and answer questions.

Plus I was a janitor, so he used me. He got cheap labor. I cleaned the toilets, I cleaned the shop. So I learned just to do the work. But it’s a variety of things that guess I really am passionate about. In today’s world, a lot of people are just somewhat lost and confused on just how to make money. And we live in a world where we want to do more.

But at the same time, we have to kind of figure out how to make that economic engine stay in place so we can do more, give more, serve more. Does that make sense? So I don’t know if I’m on the right track with you, but that’s pretty much where my life has just been a variety of learning and doing. And as you’re learning and doing the real estate, I was doing really insurance when I was right around 27.

Quentin Edmonds (06:13)
Absolutely.

Rene Manfre (06:33)
And I was doing really well when a friend of mine was flipping properties. And I asked him one day, said, man, how do you, how can I get into the real estate side? I like my insurance, but you know, I’m, I’m always interested in real estate and I just could not get my head wrapped around of what to look for and how to get the financing. many individuals, they come into the real estate space and you’re trying to figure out how much down payment do you need? Who do I go to do?

figure out what I can afford, what do I want to buy? So some people don’t know that. And just like myself, even though I was doing good with real estate, mean, insurance, I was making good money. I was kind of like in that little phase right there. I okay, what’s my next moves? And so you buy, you buy land? Do you build straight up? So he was flipping properties and he would buy ugly properties, clean them up and make money. So we did one together right around nine one one. So 2001 was our first property we did together.

And I was, I remember I was doing a labor side and he was, he was doing a funding and the only things I don’t know is plumbing and electrical. Yeah. I don’t want to do electrical cause it might shock me plumbing. Cause I just can’t stand the smell. Yeah. So, I did that. I did, I was doing a cleanup and actually some people came from, from next door and tell me, Hey, did you hear about the planes hitting the towers? are you talking about? So I remember that, that vividly.

But that little condo we turned and flipped about three months, pretty much about two months, I would say about three months. And we’ve made $15,000 profit. So to me, that was an eye-opener, right? So I was like, wow, okay. So all I have to do is look for ugly properties. Look for properties that nobody else really wants because you can get it for a good discount. And so that’s how my journey started back in 2000, 2001 with the real estate side.

What happened was because we were doing really good, he was a broker and he came to me one day and asked me if I wanted to be a team leader for Keller Williams. At that time, Keller Williams wasn’t really very prominent. We had a small group here. And because I was good at teaching, training and coaching, that’s where the partnership kind of came in for that deal. So people ask me, so how do I get into these things?

I feel that I get into things because I put myself in places where I just, I just find a way to get into conversations. And it’s because it’s a big thing of curiosity. Right. So sometimes the doors open that you don’t expect. Right. So that wasn’t a door I was expecting, but that door actually opened and we took on opening up a Keller Williams real estate office. was 30, 31, 32.

and growing that office to over a hundred agents. And mainly the reason why is what I learned interviewing real estate agents who’ve been in the business for years. I’m talking years and sitting down with them for coffee. They would ask, so Rene, what are you going to teach me that I don’t already know? I’ve been in the real estate business for 30 years. I’m a top producer, et cetera, et cetera. And I started asking the questions. let me ask you a question.

if you would go on a vacation for one month or maybe two, is anything going to happen to your income? And boy, at that time, they looked at me and didn’t hear a headlight, said, what are you talking about? So listen, the only reason I got into real estate is not to sell real estate. I got into real estate to build my income stream to where I don’t have to work because I’m lazy by nature.

They were like, they were like the laugh at their laugh, but then they would start understanding that what your broker is not teaching you is how to be the broker. Yeah. Or how to put yourself in position to where you can have other income coming in, not just from your efforts. Yeah. And that’s where the philosophy of Kelley Williams, the philosophy of my own personal things of that nature. Cause I was already kind of in the real estate insurance space. I was getting residual income. Yeah. So residual income is very,

important to me because I know that I’ve gone through my own challenges physically. I’ve gone through my own challenges financially. I’ve gone through different things in my life. So I learned that you have to create different channels of income coming in, whether it’s real estate, residual income from different things, business, whatever. So at that time, that’s really was my philosophy. My philosophy was just teaching. So people would come to our office and at that time, if I had video, it’s not that I didn’t have video.

We had a packed out meetings, when you look at Grant Cardone, I was a Grant Cardone before he even came to Grant Cardone, but I didn’t do what Grant did. I didn’t put myself on video. I didn’t video everything we did, the nastiness. But I’m telling you, that’s where I tell people today where the power of podcasting, the power of this communication we’re having today is the future. It is today because we want to know Tony Robbins, Grant Cardone, et cetera.

I know I’m getting off on a tangent there for a minute, but I have to help people understand sometimes that real estate and the things that we’re doing on a daily basis, you want to film it. You want to film the story. People want to hear the story, want to see the story because they never did it before. They don’t know how to change a faucet. They don’t know how to look at a wall and say, hmm, I think that wall has got to come out. What do you mean? What do you mean? Right. So it’s like sometimes they can’t see it. by showing. So that’s a little bit of a

But the early 2000s is where I really was growing. We had a really good relationship with bankers, contractors. I had people coming in from different areas bringing me their clients and we would help their clients make money. So we were kind of like known as that office that we weren’t teaching our real estate, it’s just how to sell real estate. We were helping them build their own portfolios.

And at the same time, teaching and attracting clients who wanted to do the same. They wanted to build a portfolio real estate. They wanted to make money in real estate investing. They just didn’t know who to. So we became that hub, that’s where we provided them, the lenders, the contractors, the inspectors, everybody’s where they can be able to go into a property and have the right team. Cause you and I both know you can’t do anything without the team. You ain’t got the team, you ain’t doing it. Come on.

Quentin Edmonds (13:45)
Come on!

Rene Manfre (13:48)
Because your team, I have I had successes and I’ve had failures. That’s another one. I really can say that if you don’t, you have to plan this out sometimes and you got to make sure that you have the right mentors, you have the right coaches, you have the right people who understand what you’re going into so you can be confident that you’re going to come out good on the other end. It’s always in the buy, so it’s always in the buy.

You got to really make sure that you’re buying the property at the right time, right number. And you got to really look at the market because if not, you’re to be sitting on that property. And if you’re sitting on that property longer than six months to a year, you’re going to, you’re going to start eating at your profit. Does that make sense?

Quentin Edmonds (14:32)
Absolutely does. Absolutely, my friend. Absolutely.

Rene Manfre (14:35)
So in a fast story, so by the time I was 35, had right over a little bit over 35 properties, cash flowing somewhere between 30 to sometimes 100,000 a month because the deals at that time, I would be able to call my banker and say, listen, I got a property, picking it up for 60, 70, 80,000, whatever. By the time I’m finished putting in 20, 50,000, whatever, it’s gonna be worth this.

Yeah. And they would always say, we’re not a problem. The numbers make sense. Send me over to contract. We’ll get it done. And my contractor would go out there and start putting together the budget on what we’re going to need to do. We had a good system. had my appraiser go out. back then you were able to communicate with your banker, with your appraiser, with your inspector. So you were able to communicate with a lot of people and we were getting things done fast and move. So all I was doing at that point was just really just

walking into the title company, walking out, signing the paper, bought the property. The bank would give us a little bit of funding upfront to where I can be able to move and function. And we started doing, I had a lot of different individuals coming to me as friends and things of that nature. And when Hurricane Katrina happened, I was in Texas. So I had my boxes of my properties.

had my dog, my fiance at the time. And I just took the basic basics, because I didn’t really know, right? But that’s my security, like, I need to make sure I got all my stuff. So good thing I did that. Yeah. Yeah. So I’m in Texas, I’m playing my dog outside and come walking in.

I looked at the TV and the TV was like the bridges with the water. And I was like, what is that? And they told me it said it was New Orleans. And I’m telling you, I still remember this like day, like was yesterday. I was like, oof.

So, okay, babe, let’s go talk, because it was her family there. So we went in the back and I said, listen, I know you don’t really know how I make money, but what I just now saw is I have a feeling that everything that I make money from is underworn.

I went to the Texas unemployment line. I started realizing that we were able to get back in the city a couple, a little bit.

little bit earlier than most because she was a police officer. So she was able to get me into the city a little bit, but I couldn’t get to certain areas, but it really hit me and it hit me hard because here I am thinking that I finally figured out my vehicle. finally figured out the angle. Everything was going well, had properties, had income. And when that happened, was like, woof, I didn’t plan for this one. So that

took me into another world where I had to start up a little construction company. I had to figure out how to make money. And so we came back and I started a crew doing roofs and different repairs and stuff. And then at the same time doing my properties. And then I started figuring out, I needed some other income. So we invested into a little restaurant and that was just another resource. I had the real estate still doing a restaurant. And again,

I started kind of pushing myself a little bit. I was risking, started investing into some condos in Florida, say, okay, diversification. So now I’m in, let me kind of put myself in another state, just in case. 2008 hit. 2008 hit, call my banker and he said, Rene, we can’t do it like we used to. What do you mean? So when I say you have to learn how to pivot,

you have to learn how to strategically start thinking fast. so I wasn’t as fast as I thought I was. So I thought I was bulletproof. I thought I was able to kind of still do the things that I was doing. And I got a little relaxed. And so life turned because I couldn’t get rid of the properties like I used to. The income that was

The property’s values came down like dramatically. So, I mean, I lost a lot overnight, right? So I think a lot of people went through that 2008 and I think it was a whippin’ for a lot of investors because you’re not expecting these things to happen. so back around 2009, I mean, I had to file for bankruptcy. I just couldn’t do it no more. I was stressed financially. We were going through divorce, everything, just life just changed, right?

And some people are not open enough to share the side of the story. Yeah. I’m going to share with you the side of the story, because this is where you start learning that you have to really be.

proactive in everything you’re doing in today’s world because it keeps on changing. And I’ve been hit four times with changes. So when that 2009 hit, Bankruptcy moved home with my mom and dad and stayed in one of my sister’s rooms. was all pink and it was like I was in that room twice in my lifetime. Yeah, yeah, yeah, yeah. First, when I was 27, when I came back home from Arkansas, we had a health club business and my brother and I decided to come on home. And that’s when I started my insurance industry.

And so I was in that room back then. So I started my life up. And then here I am back in that room at 39. And I’m like, you know, this is ridiculous. So I had to figure out, I figured out. And I started just doing insurance adjusting, figuring out some different little angles. A friend of mine had a little staffing kind of business. He wanted me to run for him. And so the money started coming in again. And I started figuring out my little angles. I made some people some money with insurance adjusting.

car dealerships and things of that nature that they were having challenges fighting the insurance companies that I just had a little bit of an understanding of public adjusting back then. I made a really good connection with a good friend of mine, Duhon, with the Premier dealerships here in New Orleans and helped him out with some buildings, me and him bonded. And they wanted to open up an insurance agency inside the car dealerships. And I’m like, okay, well, we can do that.

So I started researching between me and a friend of mine Sam that I make connection with. And we wind up opening up an all state insurance agency inside the car dealership. And that became pretty much one of the biggest insurance agencies in this area from a production perspective, only because we have a lot of dealerships, we’re able to put these insurance agencies inside the dealership. So from a marketing perspective, I didn’t have to pay for marketing. Yeah. Right. Yeah.

As I’m doing all these all throughout the years, real estate has always been at least part of my portfolio at the same time, because I can’t just put everything in one angle. I’m getting to that. So the insurance industry was going great. Still doing little flips properties, building a little portfolio with certain people and friends throughout the years. And at the same time, here we are again, right around

Quentin Edmonds (22:14)
Yes, sir.

Rene Manfre (22:36)
2016, 17, the insurance industry changed. So here it is again, Allstate’s a big company, but they did something that changed it for insurance agents who’ve been building this Allstate agency for years. And it’s like, here it is again, bam, right? You’re getting blocked again. I’m playing the play. I’m doing what I’m supposed to be doing, but you can’t control the industry. You can’t control the weather, can’t corporate, you can’t control these things. So that’s why I tell everyone,

Real estate has always been my passion and it’s always been part of the equation. At the same time, you have to have different verticals. And I started a lawn care business out of that in 2015. ⁓ So I have a lawn care business and a transportation would do offshore stuff because those are two solid incomes while I’m doing the real estate, while I’m doing certain things.

Quentin Edmonds (23:32)
Well, listen, Mr. Rene, I’m have to cut in here, man, because you have given us a robust story. And I appreciate it, man, the way you have showed us and transitions kind of the road to where you are, what you’re doing now. I really appreciate it. Briefly, I want you to tell me, what’s next for you as a business person, as an entrepreneur within real estate? What’s the next real goal?

Rene Manfre (23:54)
So the real estate right now is the main goal is either sober homes and commercial properties. for me, the residential’s are still there for fast flips and you can easily get a property and get in, flip it 10, 20, 30,000, sometimes even more if you really get a good property in good area. But the main thing is that I’m looking for is long-term, that you can create long-term income through different…

channels. And for me, Sober Homes is an addiction recovery platform that we deal with. So we’re finding that that is a niche that individuals need homes. So that’s one part of the play. And at the same time, we’re looking at repurposing properties. So you have a lot of large properties, and sometimes, take a Walgreens. Yeah. So a Walgreens is sitting on the corners. Nobody really right now, large companies are looking for that much space.

So trying to figure out and helping different individuals in the city, see how we can repurpose that property to be either maybe condos slash retail or storage or whatever it may be. So that’s pretty much where I’m at right now with the real estate is I’m just looking at the game from a different perspective than what I did before. And at the same time, figuring out what areas are the best to look. Some areas are not the best and that’s where it comes in with mentors. That’s where it comes into coaching.

That’s where it comes into your platform that we have this community of people where you can kind of throw some things. So that’s where my little group of people here that we’re always talking. I am part of my sister-in-law is part of Grant Cardone. So we do converse with them on certain things that they’re investing into and really bigger things just out of the box. But they’re in Florida, Tennessee, certain areas. So we’re just we’re looking at those. We’re looking at investments of 60 to 80 plus doors that you’re you’re looking at from a retirement perspective.

Quentin Edmonds (25:44)
Absolutely. Well, listen, I love it, man. You have given us robust amount of experience, robust amount of your journey so people can actually see pivot points. And so I really appreciate you coming on. If someone wanted to reach out to you, connect with you, collaborate with you, learn more about what you’re doing, how can they get in contact with you, Miss Rene?

Rene Manfre (26:07)
I right now though, my LinkedIn, LinkedIn is the part of the best. have renemanfre.com. That’s R-E-N-E Manfre, M-A-N-F-R-E.com. That’s my coaching platform and everything. Information individuals can contact me. I’m doing relationships and partnerships. And I just now started a platform I’ve been on for five years and it’s What’s Your Passion. So it’s W-Y-P-U-S-A.com. What’s Your Passion is a platform that basically just bringing people together that want to be seen and heard just like this. I have a podcast channel to where we have

all different types of podcasters, you’re going to be invited into that platform. And it just gives us all a place where we can go to and collaborate, communicate, and just kind of keep this role going. Just keep this role going of really just how to help each other get better each day. And I appreciate the time you have me on here and information. So congratulations to you for putting on a great, platform.

Quentin Edmonds (26:59)
Yeah. Well, listen, I appreciate that so much. Really do. Let me say three things to you sincerely, Mr. Rene. First, thank you for your time. I believe time is our most precious commodity. So thank you for your time. you for secondly, thank you for your story, for your narrative. I believe stories have a way of planting seeds. We may never see the growth, but the seed is there. So I believe you planted seeds today that’s really going to help people grow. And lastly, thank you for your mindset.

Thank you for the way you think and bringing that mindset to this platform. I greatly appreciate you coming on today, Mr. Rene. Absolutely. Well, listen, y’all heard Mr. Rene, please look into the show notes, get in contact with him, but definitely make sure you’re subscribed here, because I promise you, we’re going to continue to bring up amazing people just like Mr. Rene. So sir, I say thank you again. And to everyone else, y’all have a fantastic day.

Rene Manfre (27:32)
Thank you very much, Quentin