How to Pay Off Rental Properties in 6 Years and Increase Real Estate Cash Flow

Miles Thompson (00:00)
think the one thing that I’ve really jumped onto as a real estate investor and someone who looks at his portfolio all the time and wants to optimize it. And I think this will resonate with a lot of like your, viewers is you’re not really, most of the time you’re not really looking at some ways to optimize and pay off property faster. And there’s several techniques.

Q Edmonds (01:58)
Hello everyone. Welcome to the Real Estate Pros podcast. I am your host, Q Edmonds, and I am excited to be here today. I have a fantastic guest and I just can’t wait for you guys to hear from him. mean, he’s been investing for 15 years. He loved helping investors with mortgages. But one thing that I love about him is that he loves to coach people. And y’all know what I say. I believe at

The foundation of any successful business is servitude. And so this gentleman likes to serve people in coaching, teaching them the things that he’s learned over the years so that they can go and excel and scale their businesses. And so I’m so excited for you all to hear from Mr. Thompson. Mr. Miles, how you doing today,

Miles Thompson (02:49)
Good, good, good. Thanks, Quentin. Thanks for allowing me to come on today. It’s a pleasure.

Q Edmonds (02:54)
Absolutely not. The pleasure is all mine, my friend. And listen, I am a type, I like to dive right in. So I would love for you to tell the people what your main focus is these days. Mr. Miles, if you can give us a little bit of an origin story, kind of how you got to the space where you are. We absolutely love origin stories. And also tell them the part of the world you’re in geographically. know, people love to know,

Miles Thompson (03:02)
Sure.

Q Edmonds (03:21)
No, this guy’s pretty close. Like maybe I can, you know, get in contact with him and we can do some stuff together. again, what’s your main focus, your origin story and where you are. Mr. Miles, sir you have the floor.

Miles Thompson (03:28)
Yeah.

So I’m from Colorado. I’ve lived here the last 30 years. You can’t beat the sun and the mountains and the adventures that you can have here. Hard to leave. So the last 30 years, moved to a small town called Johnstown, bought my first town home and literally was less than a hundred thousand dollars back then, 1999, got married, had some kids.

watched that townhome grow to like 300, $400,000. And I said, there could be money in real estate. ⁓ Ended up moving and renting that place out and really just started delving into how do you make money with this? Because obviously you just hold onto it and it grows over time. ⁓ So that was really where I started. My wife’s family is from the Oklahoma area. Started looking and seeing where I could invest there and you could rent or buy a property for.

$100,000 and rent it out for a thousand bucks a month. said, wow, that’s great. So started doing that over the course of the last 15 years and really just tried, tried to figure out my own system of purchasing more property over time. Cause I think I was a lot like everyone else on this show, which was I need to do some things and put some things into my life to where at the end, I don’t have to worry about money. I mean, it’s stressful.

not knowing where your job’s going to be, where the money’s going to come from. And I had a small family. And so really looking into my early 30s, I said, I need to start really putting these things into place. And it really wasn’t that hard. I almost considered it kind of a part-time job outside of my own job. But that was coming from not really knowing what I was doing and wasting a lot of my time. I wish I had a coach at that time.

⁓ so I’ve done that the last 15 years built a huge portfolio. It’s all managed by someone else, in another state. And so what I find is the leverage part of real estate investing is huge on the, especially on the time side. You could have a couple hundred properties and really only spend an hour with your property manager on the phone, ⁓ a month. So, I mean, the leverage side of real estate is, huge. The money side is also really huge, but we don’t have to get into that today.

⁓ So yeah, so I’ve been doing that the last 15 years and then the last five years as well. I’ve been ⁓ on the mortgage side, so I’ve really delved into helping real estate investors figure out their cash flow because I’m an investor just like you. And so how do I get more money out of each property? And I think a lot of your investors know, you know, you have four different ways to make money. Typically on a real estate investment, I’ve actually figured out a fifth.

area where you can make money on it and it’s the stale equity side of the investment. And really, if you’re not making an extra thousand dollars a month in cash flow on that property, then you really need to talk to me because there is a way for you to make a lot more money on just a single family rental that most people don’t know this strategy and how it works. ⁓

You know, one part of what I do is just basically holistically look at your whole portfolio. And we come up with a game plan on really what your goals are. so I help early investors. help people right in the middle of their portfolio, really try to figure out how to pay it off faster, get more cash flow, and ultimately just be in that position to where they don’t have to worry about money. And so that’s how I’m hired typically is ⁓ a coach in that way.

or mortgage broker with a few of the real estate investment ⁓ strategies. And then, ⁓ yeah, that’s really like where my niche is. So I really love helping people in those two different ways.

Quentin (08:19)
man, thank you for walking us through your journey from Johnstown, got married, had kids, started renting out your place for 100K. You have went through just amazing pivots and just natural maserations of where you are now, how you got into the coaching space. And so I love-

to say this statement and ask the question, right? Cause I want to pick, I want to peek more into you, Mr. Miles. I make a statement every podcast that destiny has no wasted moments, right? Destiny has no wasted moments. Meaning no matter what we go through in life, these moments build up to the moment where we are right now. And we borrow from these different moments on our journey. It, it refines our mindset. It teaches us discipline and different things along the journey. So I would love to know.

journey, years as an investor, you’re in the coaching space. What has this journey taught you about yourself? Has it taught you discipline, humility, innovation? Like what is these moments in the journey taught you about you, Mr. Miles?

Miles Thompson (09:30)
Yeah, no, I love that. ⁓ I think that what it’s taught me is to make sure that I don’t give up. mean, that’s the biggest thing is not giving up and always looking for another solution, because a lot of times in real estate, if you don’t have a resource to help you, you think you’ve run into a brick wall and that there’s just no other way out.

The beautiful part about real estate, especially for someone who’s

creative and like knows that like there’s always another solution is you can find that solution somewhere in that problem and make it a win-win. It might not be exactly what you want, but it’s at least a solution that fixes the problem either temporarily or long-term. I also think I’ve learned just to make sure that I continue to move forward. Like I’m wanting to buy houses.

I want to buy X amount a year or try to, even if I don’t hit those goals, I want to make sure that I’m still walking towards that goal and not stopping. think a lot of people get stuck in analysis paralysis or timing or anything else. Really every house you buy is a small business. And what do you want to do with that business? You want to keep it running for as long as possible.

You don’t ever want to sell it. You want to acquire them. So the sooner you can acquire, the sooner that business starts to work in your favor. So that’s how I guess I’ve learned in this time. And I really wish people were just a little less fearful and take more action because action is where the adventure starts and action is where the learning starts. So the sooner you can learn how to fail or not.

be in the right position, the faster you are to succeed. so the people who want to jump in and start coaching and getting like up to speed with what I know, they can buy a house in the next 30, 60, 90 days and start potentially making 15 to 20 % a year on that real estate investment ⁓ this year, right? So that’s really like the action takers make the most money. Money likes to move fast.

Quentin (12:27)
Yeah, yeah.

Miles Thompson (12:27)
So

that’s where I see it. And so, I don’t know, what I’ve learned is take a lot of action. Like you wanna like not get into total trouble, but you wanna take some educated guesses and educated things to, know, better yourself. So I think that’s what I’ve learned in the 15, 20 years of doing this.

Quentin (12:49)
Yeah, no, I love it. And thank you, man. Thank you for your self-awareness. Thank you for talking just from your experience. And I love how you put up the word failure, right? There’s a thought of failing forward, because we’re all going to fail. We’re all going to have errors. We’re all going to, things never going to go the way we expect it. And so stop being scared of failure, because it’s going to happen. So fail forward. I like to say failure is just fertilizer.

Miles Thompson (13:00)
Huh?

Quentin (13:18)
You know, and when you think about fertilizer, most fertilizer is like it’s dung. Like it’s just it’s nerve. Like it’s messy. It’s smelly. But it has nutrients in it that if you plant the seed down and if you plant yourself in it, you will grow up with certain nutrients. You will grow up with fruit. You will grow up and you will flourish. So sometimes the failure is just fertilizer. And if you just plant yourself in it. Yeah. Yeah. You know, you got it.

Miles Thompson (13:43)
I love that. I’m using that one now, man. I’m using that one. That’s

great. Yeah. I love it.

Quentin (13:48)
Yeah, you got it, man. You got it. Absolutely. So,

Miles, tell me about your business, sir. Like, what is your next real goal? Like, what are you looking to solve a scale next, Mr. Miles?

Miles Thompson (14:00)
Yeah, I mean, so I help two coaching clients a month. That’s what I do. And I am constantly looking for those folks that want to take action and do that. That’s really what I’m after. So I’m looking for ⁓ one in May and then two in June. So I already have one ready already in May. And so really I’m hoping to help those folks start buying this season.

and then also get my past clients. I’ve got a couple of them that are closing their first real estate transaction, which is really cool. They started back in February. And so now seeing them actually buy their first real estate, ⁓ single family in, ⁓ ones in Kansas and ones in Oklahoma is pretty excited. ⁓ that’s just like, they’re really scared and it’s the first one. It’s like riding a bike, right? I mean, there has to be a.

a dad or mom holding the bike to get you to bike for the first time. You remember that. And so that’s what I do is I kind of hold their hand through that process, help them see the things that they’re just not seeing in their transaction. a part of the coaching that I do and hopefully saving them money throughout that process. Cause it’s real easy to lose money on your first transaction. help mitigate that with my coaching.

Quentin (15:01)
Yes, sir.

man, I love it, sir. And you’ve really just walked me right into my next question. Cause I, again, I just love how you’re serving people, calling past clients. I’m really sharing in the journey of them getting their first homes and different things like that. So I want to ask, I’m going to say this word, Mr. Miles, and I want to get your perspective on this word, relationship. When you hear the word relationship, what resonates between Mr. Miles?

Miles Thompson (16:33)
Yeah, I mean, I think trust is the first word that comes to my mind when you hear relationship. That’s big because if it is a relationship, then it’s like a back and forth, right? Like what we’re doing right now is a back and forth. We’re looking at each other in the eyes. We’re saying good things. We’re saying bad things. I mean, really like that’s that’s what it comes down to. So I like building that relationship with folks on the front end on the coaching, really delving into their financial. ⁓

standpoint and seeing even if they’re there, maybe not a good fit. Maybe they’re not saving enough money. Maybe they don’t have 20 grand to put down on their first investment property. Maybe they’re not saving at all. I’m not going to be a good fit because I don’t really want to work with someone that can’t get to that point within a certain amount of time. So I think the relationship thing is huge. And I really like being honest with them on the front end and making sure that, hey, if this isn’t a good relationship, if this isn’t a good trust,

Quentin (17:19)
Yeah.

Miles Thompson (17:31)
You know, if we can’t trust each other, then like we’re not going to get to the goals that we want to get to, you know. So when you say relationship, I think it’s great relationship. I think it’s a long-term thing. And I think the trust side too also is, you know, the, the, the trust comes from the relationship.

Quentin (17:37)
So.

Yeah, yeah. No, I love it. There’s a saying that says trust is gained in drops and loss in buckets, right? It’s gained in oceans and loss in buckets. I think that’s probably the better way to say it. And so it’s just these little drops of trust, but man, once trust is gone, it’s like this, it’s like turning over all those drops and leaving all at one time. And so it’s so important to start the process with trust.

Miles Thompson (18:13)
Yeah.

Quentin (18:17)
And I love that because you are building up residual drops, residual trust, residual conversation. And I love that. You I often say when I talk about relationships and I actually wrote this down, you said something earlier. You said everyone needs support. That’s something you said that I wrote down because when you said it, it just resonated with me. And so when we talk about relationships, I often talk about the word community. And I feel like, you know, building a relationship with people and others is like building your own community.

And community is common unity. It’s people doing things with a common goal in mind. Like you said, look at each other in the eye, talking about, you know, trust, integrity, you know, leading from a place of trust and integrity. And so I absolutely love your philosophy and thoughts on relationship. think relationships are so important. Yeah. Yeah. Yeah. Absolutely. Absolutely. So, Mr. Mouser, I’m going to ask you this. Is there any topic that I have not brought up that maybe you would like to talk about?

Miles Thompson (19:04)
Thank you. Yeah, thank you.

Quentin (19:15)
Or there any other words of like inspiration, education, motivation that you want to leave? Cause you know, maybe you came in with a thought that, I want to make sure that the viewers notice that if there’s anything in your mind like that, I just want to open up the floor so you can deliver it to the viewers.

Miles Thompson (19:32)
Yeah. I I think the one thing that I’ve really jumped onto as a real estate investor and someone who looks at his portfolio all the time and wants to optimize it. And I think this will resonate with a lot of like your, viewers is you’re not really, most of the time you’re not really looking at some ways to optimize and pay off property faster. And there’s several techniques.

You know, there’s one called all in one, which you’ve had a couple of people on here talking about the all in one loan, which is a basically a wealth accelerator or a principal pay down accelerator based on how much you make or not make in the month determines kind of how fast you are paying off a certain property. But there’s a lot of people don’t take advantage of that in their portfolio. And so I’ve.

I’ve realized and figured out that I could take my personal property and then also pay off all my rentals in about six years, as opposed to 30 years, saving, you know, $2 million of potential banker interest. And I did that by just slowing down and figuring out how the money moves. And so when I realized this, I

ran to this product. And now it’s a part of my strategy on how to basically make a lot of cashflow, have a lot of equity. And really it hasn’t changed anything about how I’m currently doing my portfolio. So the where you park your money is super important in the real estate game. And so ⁓

That’s a part of what I teach with the real estate coaching. What I do for my real estate investors who want to optimize that is I do a full study on their current portfolio and then I give them a Mac, almost a custom shoe at at the, you know, marathon. I’m going to help them run faster to the end goal ⁓ than they would just picking up any shoe like at a at a shoe store.

So I teach them basically, let’s forget about that. Let’s talk about an e-bike. I’m gonna help them get, take an e-bike ⁓ faster to the end of the marathon and everyone else is just running. So that’s what I figured out. I’d love to share it to real estate investors out there who are curious about that, wanna know more and put together a plan for them because if they don’t do this, they’re.

they’re going to probably pay for 15 to 30 years where they probably could pay in five or seven years without changing any habits. So that’s what I’m really excited about is really those kind of middle line. Hey, I have my portfolio. I have a lot of real estate. ⁓ How do you help me optimize it? That’s really where I like to jump in with those folks because we’re in the same. We’re in the same place. ⁓ So.

Quentin (22:44)
Yeah.

Miles Thompson (22:49)
That’s really what I wanted to talk about even more. But you can go to my site. It’s mileshomeloan.com not with an S mileshomeloan.com. And I that obviously has my mortgage products, but then there’s a coaching side to fill out just your name, phone number, and click send or just text me and say text.

Financial optimization, whatever you want to put in there and I’ll be happy to follow up with you. That’s 970-308-0993. ⁓

Quentin (23:22)
Absolutely. Well, you beat me to it because I was sure enough about to ask you if someone wanted to get in contact with you, connect with you, collaborate with you, how can they get in contact with you? But it seemed like you was ahead of me. that’s that’s that. Those are the channels I didn’t get in contact with you. Correct? Yeah.

Miles Thompson (23:31)
Yeah.

Yeah, yeah, that’s,

that’s it. And really, you know, building that community. love folks, obviously who take action, who are risk takers, who want to continue learning. I think that’s the real estate side and why I think you guys do so well as you guys are constantly putting out really good value, really good people out there that are helping, you know, the people who really want real estate to help them in their end goal. Right. And so

We all struggled with the same thing. We all struggled with how are we going to make this happen at the end? Do we take a risk now in our thirties so that we can sunshine in our fifties? Yeah. I think like, if you’re willing to do that, then like you’re going to, the end result is it’s going to be really good for you. And I’m glad I started doing what I did 15 years ago in the real estate space. ⁓ so, and I think if you haven’t yet, please come and talk to me.

you’re gonna find that it’s a huge value to get started sooner than later. You’re putting money probably in the wrong places and really you could be in 10 or 15 years in a really much better position.

Quentin (24:48)
Mr. Miles, man, I appreciate you so much. Listen, let me say three things to you, One, thank you for your time. You you could have been doing anything else in the world, but you gave us your time. Thank you. I appreciate it. Time is our most precious commodity. I truly believe that. Secondly, thank you for your story. Thank you for leading with integrity, authenticity, honesty. I really believe that our stories have a way of planting seeds that can literally course correct people.

Miles Thompson (24:50)
Thanks.

Quentin (25:17)
or spark an idea that they never kind of had. And so I appreciate your story. And lastly, thank you for your mindset, the way you think and bringing that mindset to this platform. I greatly appreciate you, Mr. Miles.

Miles Thompson (25:31)
Thank you, Quentin. appreciate you doing this for all the real estate people out there who really just want a bigger voice. So I appreciate that. And please come talk to me if you need some help.

Quentin (25:44)
Absolutely. Well, listen, y’all heard Mr. Miles. You check what he said out in the show notes, the way to get in contact with him, the links that he gave, websites that he gave. Look in the show notes, they’re there, get in contact with him. But definitely make sure you are subscribed here, because I promise you, we’re going to continue to bring up amazing people just like Mr. Miles. So, sir, thank you again. And everyone else, y’all have a fantastic day.