Name: How Real Estate Investor Created 5K/ Month of Passive Income While Working a Full Time Job
Uploaded: 2022-11-03T14:09:35+00:00
Duration: 49 min 22 s
Description: This episode, we have with us Todd Killian of TJK Real Estate LLC. Working as a network engineer as his daytime job, Todd went into real estate to help others gain wealth. One of his tried and tested

1 year ago

This episode, we have with us Todd Killian of TJK Real Estate LLC. Working as a network engineer as his daytime job, Todd went into real estate to help others gain wealth.

One of his tried and tested strategies is renting out properties to tenants who have plans to buy in the future. Starting with only a single house, he now works 10 hours a week with 2 VA’s and an acquisitionist with involvement in wholesaling.

In this episode he talks about the importance of setting practical and attainable goals and expectations as well as using online content and finding new ways to go about your process.

With the help of coaches who are also invested in him, he works on his plan of of leaving his day job to pursue real estate business full-time.

Don’t Forget To Reach Out To Todd Killian:

Linkedin: https://www.linkedin.com/in/todd-killian-7a02405/

Instagram: @todd_columbus_home_buyer

Facebook: https://www.facebook.com/tjkrei

Quotes -

“I don't think I've ever had an accountant kill a deal. Most people don't have accountants, You don't have an accountant unless you have a business. I think at most, if you don't like doing your taxes, you might take it to you know the HR block or something and have them do it real quick.”

"Oftentimes, it's the person struggling to pay the mortgage. So, I'm like, “Okay. If I don't pay the mortgage, who's going to pay it? It's a great question. Kind of changes their mind too.”

“That's such a great strategy. That's what's worked for us a little bit, too. Like, “hey we'll hold it in escrow. We'll even pre-fund a little bit of some and then we can essentially hold like a deed in lieu more or less if we can't perform.” They're never actually at risk. They can actually take the title back before we would default–enough to where the pre-fund doesn't doesn't kick in.”

“I mean it's just a matter of talking to people and and getting out there and trying to provide a service to someone .”

“The better you are at assisting the people that you're looking to buy from, you know the better off your business will be long term.”

“A lot of the problems and things that come up in real estate are self-created. I'm taking on other people's problems and finding solutions for them, or I'm messing something up in a transaction and coming up with [a solution] and learning from it.”

“It's very easy. It's very nice to go out there and and find a lot of things. You know, things that people are doing a different way. What I really, I guess in hindsight, was looking for was what sticks with me–something that makes sense.”

“I would usually spend maybe a couple months into one one channel of marketing and then figure out whether I liked it or not and then move on to something else.”

Concepts -
Having a renter with the option to buy can take a lot off the plate of a landlord, including minor repairs. And since the renters are planning to buy the place, they take care of the property as an owner would.
Assuring your clients/tenants of your plans for the property they’re currently renting is a crucial aspect of your partnership. It builds confidence as trust.
Treat the problems you face in real estate as a learning ground to improve yourself.
Connect with the right gurus, mentors, and coaches who will take the time to help and guide you on your business.
Take advantage of online platforms and content that can help you develop your skills and add to your knowledge.
Find ideas and topics that stick to you. Find ones that you can easily make sense about and apply that in your life and business.
Give yourself time to navigate and figure out new learnings and see if they work for you before moving on to other strategies.

Time Stamps -

0:00 Introduction
0:30 Evicting a tenant
2:15 Did that experience ruin it for you?
5:00 Having 3 tenants in a short time with down payments
7:12 Todd’s property strategies
9:08 Seller and accountant deal killers
12:44 Getting in touch with the right attorney
14:10 Expectations vs reality in real estate
16:10 Drive to leave your regular job to pursue real estate full-time
18:06 Getting involved with the right mentors
21:30 Filling in the blanks for learning
24:00 Process of finding the right strategies
25:30 Working with VAs as a team
28:00 Taking time to implement learnings
32:20 Adjusting to new boundaries and expectations
33:47 Vision for the future
38:10 Todd as a guru
41:00 Getting organized with time
43:00 Net income after 5 years
45:30 Wholesaling and networking
46:00 Your network is your net worth