Not one but two multi-million dollar businesses is what today’s guest brings to the table. Some entrepreneurs say never get emotionally connected to a business, but he says otherwise. Listen to hear why he’d never sell his one portfolio for even a 100x multiple.
Please welcome Jack Gibson.
- 1:34 – Gibson first Company
- 10:24 – Time to Real State
- 12:59 -Real State Expert
- 17:32 – Two Multimillion Business
- 32:56 – Advice for the Listener
Learn more about this guest:
Podcast Episode Transcripts:
Disclaimer: Transcripts were generated automatically and may contain inaccuracies and errors.
Today’s guest Jack Gibson began his entrepreneur journey at 19 and founded his first company at 21 operating a successful nutrition consulting and distribution company. He had built a multimillion dollar venture before he was old enough to rent a car. And I’ve got a story for you on that too. Coming up, Jack, not too much later, he bought his first home as an investment and one quickly became five and then the bug hit and soon had over 50 investment properties.
Generating passive income. And today Jack spends his time mentoring other entrepreneurs, building his real estate investment portfolio and helping other investors to build a brighter future through the power of turnkey real estate income. Jack, thanks for jumping on it. Thanks Damon. Excited to be here.
Let’s go. Let’s do it. So you, we talked to your partner in crime earlier, Shecky Jeff Schecter, and that was cool. He talked about a lot of real estate, so I think what I want to do with you, because I know you have a background in real estate is we can talk about that. As well, but I’m also really interested.
Maybe we start with, from what I understand is your older company, you have a nutrition company that you’ve had for something like 20 years. Yeah. 22 years. You got it. So I’ve had my SEO company for 13 years and people are blown away at 13 years. And so 22 is kind of like the next level. So why are you still in it?
Like, are you still passionate? Um, what’s the longterm game? Uh, I’m not I’m I like, yeah. And I do a company as long as it’s something you like, which I’m passionate about mine, but a lot of other people I talk to say, build an exit, build an exit, build an exit. So what’s your take on, on your business? Yeah. I mean, this is a business that all never sell ever.
And you know, they say that everything is for sale. You know, you’ve had a meeting like you’re going to, even if you don’t list something for sale, like a house or a business, right. If somebody came in and offered you enough money, it’s for sale. Right. And, you know, honestly, somebody could come in and for me, uh, you know, a hundred to 200 X multiplier, And I, I would not take it
And here’s why this business that I’m in is a passion in terms of people development. So I get to be, you know, building relationships and helping people develop their own business. It’s a multilevel marketing business in the health and nutrition and fitness field. Right. So you, you get so emotionally connected and.
To the people that you’re working with on your team and you’re you so want them to have success sometimes more so than you don’t want it for yourself. So if I sold the company, yeah, I get, I get the money, but then I think I’d feel I’d have success, but I wouldn’t have fulfillment and I’d be hollow inside.
I’d be missing a piece of myself, not being able to work with my team and help them to develop a growth. So. It’s just, yeah, it’s just not for sale. And, you know, it’s a business where I foresee it being able to will it to my kids and then to their grandkids and it’ll have, you know, uh, longevity from what I can tell.
So, so it sounds like you established the MLM and you weren’t just one of the early partners, is that right? No, we, um, uh, the company’s over 40 years old, we, I came in so I’m in 22 years, so it’s already 18 years and, um, You know, we don’t, uh, publicly like talk about just to, to, to direct sales guidelines.
Like you can’t really talk much about your, your company. It’s kind of weird. Right. But, um, you know, we just, uh, basically as far as promoting it and marketing it, it’s more, much more person to person type base. But yeah, I didn’t, I didn’t found it. I came in as a distributor with an already established model.
So it almost sounds like an incur. You can correct me if I’m wrong. It almost sounds like comparable to an insurance agent. Like you have a portfolio. Is that fair to say fair. A fair comparison. Yeah, exactly. Whereas if I build up an insurance type of business like that, honestly, like that’s something that I could sell in part with.
Right. Like if somebody came in and offered me the right multiplier, You know, cause you’re selling more of a, you’re selling a commodity, whereas this is more, I have a, a, you know, a people development type business. So it’s just totally, totally different type of, you know, marketing plan and just emotional connection to your, your.
Your team and your, and your business, do you have, you know, a lot of people kind of like we were just saying a lot of other people say build and sell, build and sell. Right. Um, another thing that a lot of, a lot of entrepreneurs that get in a lot of exits say is, do not get emotionally attached to your business.
So do you think from, from the start of your involvement with this company, was it something where, you know, years into it, you said. Man, this is something more than just cash flow. Um, or, or did you know from the beginning that this was something that was, that was bigger and better than that? Yeah, I knew, I knew from the beginning.
I mean, there’s the vibe that you get when you’re around the people in the company and the, and just the focus on personal growth and leadership development inside of the company. And everything’s designed to help you to become a better human. So I just always loved the mission of helping other people to develop themselves and get better health results and, and develop their better nutritional habits, changing your nutritional habits of the world.
One person at a time like the mission, you know, the company does get you emotionally attached to it. So yeah, I could definitely hundred percent disagree with. The statement of not to get emotionally attached to your business. I mean, I understand why some people may they say that, but for me, that, that absolutely would not play out.
So I told you I got a story about 21 in your intro. You know, you founded your first company at 21 and you weren’t even old enough to rent a car. So when I was 21, it’s funny, it’s funny. You say 21 and running a car. Um, I worked for this financial institution and they flew me out of state to go train, uh, one of the bank branches and I get, this is the first time I’ve flown and.
And I go to, it was in Denver, Colorado, and I go to pick up a rental car and they’re like, you’re not old enough to drive a car. And I’m by myself, the company booked everything. Like I’m just doing what they told me to. And I get there. And this was before like cell phones were prominent. And so I’m like stuck in an airport with no cell phone and no financial means I’m just like early 20, you know, I think I was exactly 21 and I’m just on a mission for the company.
And, and so I ended up having a. I couldn’t get a rental car. And so they ended up having to pay an astronomical fee to book me another flight on a puddle jumper. So my first flight experience, you know, round two was on this like 12 Cedar plane. And I’m glad I did that then, because, because now I think, uh, I know better and I realized how scary that was.
That’s awesome. Yeah. I didn’t realize like 20, you gotta be 25, right? Yeah. That’s crazy. Yeah. So you’ve taken a lot of your experience across these, these different types of industries and you’ve built up passive streams, streams of income, and is the majority of that income from the real estate side of things.
Well, uh, we do extremely well and then nutrition business. I mean, that’s a very passive income model. We, you know, we did, I think last year closed down probably 12 million plus and you know, sales revenue. So it’s just underneath you. Yeah, yeah. Yeah. That’s just our portfolio. So, you know, that’s a, a very good living and it’s all free cashflow.
I mean, we have no, I have no employees. And, um, you know, work from, from home. I mean, we do have a commercial location, which essentially sell funds itself with, you know, we sell, um, Bailey, like. Shakes, you know, people can come in and we’ll make them on the spot. So yeah, that, that business is extremely, uh, heavy on cash flow and, and, and passivity.
So real estate, you know, it was, uh, I was looking for a place to invest the money that we’re making that, you know, we weren’t spending. Right. So just your excess cashflow real estate was the Robert Kiyosaki model that I read back in 2000, you know, rich dad, poor dad. So we started, uh, you know, investing into real estate real, like much more heavily about five years ago.
Cause we really wanted to, to be able to diversify our income streams so that. If, you know, look, I mean, blockbuster, for example, what, in 2009, eight was like a six, $7 billion company. And then within about five years of that, they cease to exist. So to be so naive in today’s ever changing business climate, to think that yes, because I’ve got an established business that it can’t get disrupted, it can’t drop it.
Can’t like ever, it’ll just always just continue to grow. I dunno. I just felt like that would be really, really naive. So, um, that’s when I, you know, I just said, you know what, I’ve got to build something else that has passive income that will protect our family in the event. Although very unlikely. Uh, but in the event that our business could take, uh, you know, cat has clinic fall that we would be protected and that we wouldn’t have to downsize our life.
You know, it’s really, it’s really fun to grow in as a human, you know, you want to, we all want growth. We want to get the bigger lifestyle, the better car, the bigger house, you know, we want to be able to do more travel and all of that from, for most of us. Right. But we don’t want to drop and we don’t have to, to, to receipt.
So I just didn’t want to be put in a position where we had to, we had to recede. So that’s when you know, real estate made the most sense, just because of the it’s something you can have invest into that has a lot of it stability with it. You know, the real estate fluctuates, um, 25% as much as the stock market does.
So we just knew like the risk variance, you know, as a, for stock markets of 16. So that’s the price fluctuation from year to year. So we wanted something that had stability, but also produce cashflow kicked off cashflow every month. Uh, I it’s funny, you mentioned stock market. I was actually gonna ask you, would you say that timing real estate is that will trying to time real estate is like trying to time the stock market or where you say it’s not as volatile.
Does, does that not really matter and just. The sooner you can start the better. Well there’s there’s there are people that, that are professionals that can time the real estate market. They just, they understand cycles. And they understand when the signs that show that, Hey, the market’s frothy and I need to sell out and I’m just going to wait patiently on cash for the next dip.
Right. There are, there are guys that are that experienced and that’s smart. You know, for me, I’m, I’m not that experienced and I’m not that smart. Yeah. And, um, I have no way of, uh, being able to time it, you know, if we were to look at timing, I mean, Two years ago, you would have thought that real estate was due for a, quite a correction.
Right. And yet it’s just okay. Annually to, uh, you know, gone up since the last two years. So if you were to try to time it and wait it out, you know, you would have missed out on the last two years, which have been, you know, been pretty strong, very, very strong. So yeah, I don’t, I don’t buy into that. The great thing about real estate, if you’re buying into.
Uh, a property that has high cashflow, you don’t necessarily need to time the market quite so much as you do when you’re playing capital gains. You know, for example, I can buy a properties in the Midwest in strong cashflow, stable markets where, you know, I know that when I buy the property that, you know, it’s going to kick off a 10% net income return.
Whereas if I’m buying in California or, you know, a lot of the coastal markets, then I’m buying and just praying that that asset continues to rise in price. And we’ve seen the, um, the, the, you know, the fallout and the ramifications for. Lots of people that were playing that game. Now, it doesn’t mean that, you know, they’re wrong and playing the game.
Right. It’s just, there, there’s a lot more risk playing the game, appreciation, game, them playing the cashflow game. So just depends on like, which, which game do you want to do you want to play? Cause it’s really hard to play both. So, so you’re in, on the rental side, then it sounds like, yes. Yeah. That’s our entire model.
Okay. Now, um, I’ve had, I’ve had some rental income properties and I’ve, I’ve considered more, but, uh, I haven’t, I haven’t done it yet cause I don’t want to, I don’t want to risk, you know, for sure money for maybe money. At this point, I got too many other things going on, but one thing that’s always in the back of my head is, you know, what.
Walk me through, uh, what advice you would give to a listener that I’m not a first time. Rental buyer. So, so maybe go one step below me, the guy that’s looking to put his first chunk of cash down on an investment property. Um, what are the, what are some of the things to look for and what are some of the things to avoid?
Well, you know, if you look at real estate as an asset class, that’s the ideal investment. And he put that as a, um, you know, like, uh, um, a metaphor in terms of ideal stands for something. You know, the, I stands for the income that it produces the Diaz, you know, you can depreciate the asset so you can save, uh, you know, differ, not say, but differ quite a bit in taxes through depreciation.
Right. You’ve got the E, which is the equity build up. So that as you’re as it, uh, You pay down your debt, you’re building more and more equity, right? And then you got the, a, an ideal, which is appreciation. So the asset can go up and well, you normally does, but so certainly not guaranteed. Right? And then the L is for leverage.
So you can, you can actually, unlike the stock market, banks will give you money to buy real estate because of the stability of it. They’ll never give you loan new money to buy stocks. Well, why is because the risk variance is so much higher. I mean, that’s the only reason otherwise they would, they would do it.
Right. So when you have it ideal investment, like real estate, Then none. Now you got to look at, okay, what’s my strategy. You know, what do I, what do I really want to achieve? You know, for, for me, you know, in our family, like I said, you know, we wanted to create a secondary income stream that could protect us and create additional cashflow and passive income.
So that’s why we went to the rental game. So what we do is we go out and we find distressed properties. We, uh, we rehab them to, uh, you know, a nice quality standard appropriate for that class of properties. And then we have great property management that comes in and does another final check. Then they lease up the property and get it to be performing.
So we take a property from, you know, a distressed asset that, uh, you know, needs a lot of work and spend a band. And which is where we get most of our properties. That’s how we get in our deals. Right. We, we buy stuff that most people aren’t willing to touch. So we buy those distressed properties at a great discount.
And then, you know, we, uh, we, we forced the appreciation of the asset through the rehab and the, uh, performance of the property. Right. So when I first started doing this, you know, all I wanted to do was create more passive income. Right? Well, then I realized just by, you know, kind of like, I don’t know if it was luck or what, but just timing.
I started referring friends, family, neighbors, colleagues, you know, all kinds of people in my network. To my original provider that I bought the properties from. Well, then I realized, you know, when I sold referred $5 million in cash, my first year I realized that, wow, like there’s an actual business model.
There’s, there’s a way to really make a serious business out of this. So that’s when I brought in Checchi and we formed how to return real estate to actually. You know, not only keep some properties to build our own portfolio, but then sell some to, for, you know, for creating an additional stream of income.
So you mentioned you focused on distressed houses and your partner, Jeff. That that was a guest earlier. He was telling us the story. He bought something like 130 year old house. Did you, did you think that was, he had gone too far? Well, what did you think when he bought that piece? Oh yeah. I thought he was crazy.
I mean, you know, I’m like why, why that house? I mean, it, it, it, it, it’s going to need far more rehab than you really think, you know, once you get into it and it did. But he loved the architecture and it was on the fringes of gentrification. So fringes, meaning the outside friends. So it hasn’t hit quite yet.
Right. But it’s right there. So, I mean, you know, it’s all worked out is he’s he’s yeah. The plan. And I think now that it’s finally done, I mean, it’s taken a long time for him to get it to, you know, done. Um, you know, he’s gonna, he’s, he’s happy. He’s got a great, he’s got a great home and some real significance to it too.
Cause the struggle that it took. To get it done, you know? Yeah. Yeah. Now, so you got the nutrition portfolio and then your real estate business. So you basically have two successful multimillion dollar businesses. When, when you hit that million dollar Mark, however you want to define it was, was there a difference in your entrepreneurial spirit or celebration between doing it once versus twice?
Yeah, I think that, um, for me, unfortunately, my, um, ego and pride, you know, uh, got in the way and you know, here, here you are, you know, you built one company. Okay, great. You know, that’s, that’s certainly awesome. But then when you do it again in a whole new industry and a totally unrelated high capital intensive industry, right.
I mean, you know, network marketing is there’s there’s no, you don’t need capital. I mean, I signed up for a hundred bucks. That’s great. So it’s a very, yeah. Hi. Um, you know, you need to put in a lot of effort and work and time and, and patients, but, um, it’s not capital intensive, like real estate. So I was able to do it in two completely different, totally different industries build up successful companies.
So yeah, I mean, I think my ego got in the way and. My wife certainly pointed that out. And I think that’s when you know it, that’s when you know it’s real. No, but that’s, that’s also, it’s not something when you want to hear them from right. You want her to be like, Oh man, you’re so great. You build two companies and you’re, you know, you’re just so awesome.
But, but that was never what I got. It was, dude, here you go. And you’re, it’s like, you’re not spending time with the family. Like you. Definitely me like to make some money changes. Right. And it’s not what you want to hear when you’re in the middle of this, you know, um, success. So, you know, like, I don’t know how much I listened to it.
Right. But, um, you know, it’s, it’s, it’s so awesome because like the universe, you know, God, whoever you want to call it energy, it has a great way of humbling you and you’re human, you know, like that has an ego of pride. That’s kinda gotten out of control. Like he’ll figure out. Some way or another to, to cause some things to happen to where you go through some adversity and you go through some trying times and you know, you, you just, you get humbled.
And so, you know, that that was exactly what I needed. Although, you know, I didn’t know it at the time. That’s what I needed. I think that it’s really simple, important as entrepreneurs to really embrace adversity and the difficulty, because it’s there to teach you a lesson. And is there to kind of save you from yourself, so to speak.
So I, um, I never, uh, when you were going through it, you know, you don’t like it. You don’t want it, you want it to be over, you hate it. You could be, you know, stressed, miserable, whatever, but once you get work yourself through it and then have the hindsight of 2020 vision, you know, I think we all can look back and say, man, that man, I hated that, that, that.
Difficulty, but dang it. That was the best thing that happened to me. That’s what I needed. Yeah, it’s always nice to see somebody that can appreciate going through something like that. So when you say that your ego got in your way, was that more obviously pointed out on the personal side of things, but did that hinder further success and on the business side at all, or that it was all a personal well, you know, I think that we got over aggressive and I think that we, um, you know, we just, you, you start to think that you’re not gonna, you know, make mistakes.
You’re not gonna, you know, you’re not gonna lose right. And, uh, our, our biggest mistakes were that we partnered up with the wrong people. And so we, we, we trusted, but we didn’t verify. So we had, you know, we had business partners that we brought in that, you know, they didn’t do the rehabs. Um, sometimes like barely at all, they put lipstick on a pig, but they didn’t address the interior, electrical and plumbing and the bones of the property that really matter.
Right. Like the things that matter in a rehab are the roof, the foundation structural, you know, electrical plumbing, like those are where you’re going to get killed. If those aren’t done right. Paint, carpet, um, you know, vinyl, flooring, all of that. That’s just, that’s just very, very cosmetic stuff. That’s very easily like that.
Doesn’t cost you a lot to, if you make a mistake on that stuff for hate. So, yeah, we partnered with some guys that covered up some, some of their, you know, their structural in there, their major CapEx things. So then once the kind of, we got really got behind the curtain and figured it out. No, I mean, we had to redo a lot properties or go back over and fix their, you know, their, their previous lack of integrity, so to speak.
So it cost our company a lot of money. I’m, you know, when you’re talking about a young company having to go over and. You don’t want a chunk of properties you’re paying for the rehab twice to fulfill your contract to your investor. It hurts real bad. You know, so, you know, we had points of which, you know, our company was on the brink of collapse where we’re like teetering on the edge of, you know, being able to, you know, financially, you know, meet payroll and, and to make it, you know, we’d have to make a sale.
Just to fund the next rehab of which we are losing on that property. So, yeah, we, um, we really got humbled, I mean, in a, in a big way. And, um, you know, I look back at it and it’s, like I said, I mean, Uh, I don’t know quite yet, like that we really needed it to that lesson, to that level, but that’s what we got.
That’s what was handed to us. We made the best of it and just work through each property and situation, the very best that we could. And, and, you know, we have, you know, we’re, we’ve pretty much rectified all of that. We’re, we’re at the very, very tail end of it. But. Yeah, we are, our company is back healthy again.
So, um, you know, my wife pointed out, she was like, look, you know, you’re, you’re probably going to start seeing some pretty big success this year and, you know, I think it’d be really good to just like, watch your pride, you know? And you know, she’s so smart. Right? She’s so smart. She’s right. That’s what you need to, yeah.
I mean, that’s like, you know, The alternative is you don’t get put in check and you find out when it’s too late by other means. That’s right. So I think that’s a good transition to talk about, you know, you talked about some of the rough times you went through, um, so why don’t we use that to transition into talking about, um, getting out of, you know, the bad experiences, what we’ll talk about one more thing.
So maybe a what’s the worst investment you’ve ever made and then let’s transition out of that and be what’s the best investment you’ve ever made. I think. Okay. So my investments that I would refer to that were bad and that were good, were my partnerships. Okay. So find that essentially. Yes. I’ve invested into some stocks that have dropped in half, right.
I’ve invested into some, uh, real estate that, uh, you know, it was just bad, just bad buys, you know, they just didn’t have the, either. The two biggest mistakes that people make in buying real estate, especially rentals is you pay too much for the pop property based on the quality of the rehab. So the quality of the rehab is very important to the longterm cashflow of the property.
And then the second part, the biggest mistake is choosing the wrong property management system. And I look at a property manager as a system, not as a person. So those two things by and large are everything 95% of your purchase of the success of your investment is from those two things. Right? So, but mine were okay.
I partnered with the wrong guys. That’s what costs me more than anything was the partnerships on the flip side of that. You know, giving up, um, you know, 50% of the equity in my company to bring Shecky in. And I, when I brought him in, you know, I, I had already been going in real estate. I already had the company going, but when I brought Shecky in, I offered him 50% because I, I wanted him to be as fully invested as I was, you know, and I wanted him to be able to see the maximum fruits from his labor.
So I bring them in, you know, 50% and that’s the best investment I ever made is getting up 50% of my company because. The way I look at it is look, I was doing well, my by myself, out of selling a lot of properties, but I was, I had a hundred percent, so I got the whole pie, but it was a very small pie. When I brought Shecky in, I only got 50% of the pie, but the pie was 10 times larger because what we’re able to do together in terms of leveraging off of each other, With our partnership and our, you know, our different mindset, skill sets, all of that.
We’re able to scale up and grow a significant company that, you know, we can actually create an automated sales system, you know, so that, whereas I couldn’t have done that myself. So that’s why I say, you know, to me, investing, investing in business is who do you align yourself with? That’s going to be the most important thing.
The team that you put around you. Or don’t put around you, that’s gonna make the biggest difference. How did you know that he was the right partner? Because we’ve had different guests where they say, you know, I’m, um, I I’m more, the, the solo route is my thing, and I’ve had bad experience with his partners.
And then we have people like you that say partnering up was the best thing ever. Um, and obviously everybody’s different, but what makes or breaks it for you? Yeah. You know, the question for that, I like to ask the people that say that. You know, they had bad partnerships that are going solo. It’s like, did you ever have a bad life, like girlfriend or boyfriend before you got to like, you’re like, you know, your wife, your spouse, your significant other.
Like, did you not never go through some bad partnerships to get to the really good one? I mean, of course she did, or if they were great, he would’ve kept with them. Right. So like, I look at all, uh, you know, the girls I dated before some were like, you know, they were great. They just weren’t the right fit for me somewhere, you know, crazy, you know, like, and they were just, they were terrible fits, but all of those led to like me finding the ideal mate, right.
So I’ll look at the same in partnerships, just because you, you know, you chose the wrong one or you got the, you got partnered up with people that you couldn’t see their true colors. And then they, you know, as you get into the partnership, you really, you see what they’re really made of which isn’t much.
And then you’re like, Oh man, partnerships don’t work. You know, I get that. But I think, yeah, that also can teach you like what it is that you are looking for and what kind of qualities you do want. In the next partnership. So I’ve or teammate you could call it or, or the team that you want to work? I think so.
I mean, you can, you can absolutely scale a company so much bigger, faster, stronger when you work with a team of people. And not to say that you can’t do some incredible things as a solo preneur because people do, they can. And certainly it’s a, it’s a very viable way to go. And there’s nothing like it’s not right, or it’s not wrong.
Right. But in terms of being able to really leverage off the assets and the abilities of other people to grow something bigger than you could by yourself, um, I think, you know, I think it’s, it’s so awesome to find the right person. So as far as checky, I mean, I got to know him quite a bit. Quite well, because he was my digital marketing coach for my nutrition business.
I was trying to learn how to market on social media. So I saw an ad for his company and I clicked on it, ended up buying their products, then buying into his, um, you know, educational classes online. And he was the coach. And we had several, you know, one-on-one consultation goals. He led the classes. So I just really got a feel for like what this guy’s really made of.
So when I did ask him to be my partner, I was very confident in who I was asking to do business. Although we had never met face to face. I knew I knew what I was getting into with them. So yeah. How long of a timeframe was that between when you met him and when you partnered up with him over a course of a year, So we’ve been, and then we’ve been partners now for high return.
Real estate is now all I believe, four years. So he was funny. Here’s something you can, you can tease him about later. So when I was chatting with him earlier today, um, you mentioning spouses reminded me of that. He was talking about, um, I asked him how he has such, such a young mindset, you know, and still does the, the, the whole entrepreneurial hustle and grind kind of spirit in his sixties.
And, and he says, well, I think part of it is that I’m young at heart and, you know, I’m. I am not married. I don’t have kids. And that he, like, he like paused and said something and I said, is that like a wink, wink, nudge, nudge, you’re thrown out to the audience. He’s like, yeah, if there’s, if there’s any single women that are available, you can check me out.
And then the show notes. Yeah, no shit. Do you mean he’s a great catch. So he’s, you know, he’s just, he’s very, very highly selective, so he’s just gotta find the right walk, right? Yeah. Yeah. Well, why don’t we use, why don’t we kind of use that transition into kind of wrapping up here. I’ll ask you kind of the same question.
Um, you know, I don’t know your age, I assume it’s somewhat comparable to jets, but how do you approach the whole entrepreneurial spirit? When you know, a lot of people are getting ready to throw in the towel and just don’t want to grind it out as much. Well, I’m 42. So he’s got younger. Yeah. He’s got two decades on me.
And, uh, but checky is definitely like, I don’t like look at him as 62. He’s he, to me, he, he, he feels like he’s more in his forties, you know, when you talk to him and just his energy. Right. And passion to, to continue and work ethic. Right. He’s not slowing down. I mean, I think he’s like speeding up. Yeah. So.
It, you know, for me, um, you know, I’ve been grinding an entrepreneurial life for, you know, over 22 years. Right. I started when I was 19 and I, I don’t have it, the desire to do the 16 hour days really too much anymore. I mean, I was very willing to do that in my twenties and, and in my thirties. So I do feel that kind of like sense of, I want to enjoy the fruits of my labor more.
Yeah. And now I’m trying to like, kind of call them the competitive juices that I need to be working 16 hours a day. So I can be. You know, grow a bigger business than, you know, this other guy or whoever, you know yeah. Feeding in my mind against. So I’ve really tried to work on that and just more so enjoy, like what, we’ve, what we have.
I have built and, and still, I still work hard. I mean, my wife. You know, she’ll definitely attest that I’m a workaholic of course, but, um, you know, I definitely tried to like, calm that down in terms of, you know, that whole like, process. Yeah. Well, Jack. I appreciate your time. Uh, I want to give you a few minutes to, you know, we’ve mostly kind of dabbled around my questions for you.
So I’m going to give you the Florida, uh, do a little humble bragging and tell us more specifically about turnkey real estate and you know how our listeners can learn more. Yeah. So our model is all set up to deliver a. Cash flow producing passive income rental property. You know, if you, if you look at all the different asset classes that are out there, I mean, traditionally we’re always told to, you know, go to school, get a good job and then get into, get a 401k and invest into the stock market.
And that’s the plan that, you know, that most people follow. Right. But when you look at really what creates. Wealth. And what’s created the most millionaires in America. It’s real estate. It’s real estate and owning your own business. That’s those are the, uh, those are the top two. It’s not it it’s definitely stock market is, is, is a very distant, you know, third, fourth, fifth place or at whatever what’s, what you have to understand about real estate is that, you know, like I said, it’s very important to make sure that, you know, the teams that are behind the property, the teams that are standing behind the quality of the rehab.
And the team that’s behind the management of the property. If you’re talking about rental income and passive income through real estate, those two, those two will make or break your investment longterm. So you’re, you’re people think that, and then you kind of get sidetracked into thinking that they’re buying a property and yes, you’re buying the bricks and sticks and location and all of that.
But the most important thing that you’re really buying is the teams that are behind it. And that’s an every investment. Like if you buy a stock, you’re buying the team, that’s behind the company, that’s running the company, that’s what you’re really buying into. So, um, what, what our company can help anybody do, whether entrepreneur higher earn higher earning a professional.
That if you don’t have the time or the energy or the desire to learn how to go out and buy a distressed property and deploy a contractor to that property and get it all fixed up and then, you know, get to, you know, get the right property management team in place. If you don’t want to do all of that, that’s what our company does.
All that heavy lifting. And we just serve up a, you know, a cashflow producing properties. So that’s already all that’s been done and figured out for you. So that eliminates a lot of the risk that goes into, you know, finding the right by making a mistake on the buy in terms of buying and a property that the, uh, you know, you might miss something on, uh, on the quality of the property.
Like we’ve seen investors buy property, not knowing that it needed some major foundation work that they just, they, you know, They just didn’t know, or the sewage pipe is broken, stuff like that, that comes up. So we prevent all of that, that really shield the investors so they can, um, enjoy, uh, uh, much more, um, you know, positive return on investment.
Could you elaborate just a little bit on that now? How does it work? Does the, does somebody come to you and you coach them or they take their funds to you and you take a percentage of the profits? So again, we, um, we, we make our money by just the, through the sale of the property. So whatever, you know, our.
It are, we have our acquisition plus our rehab costs, plus all our other inspections we do and marketing club and all of that stuff. So then we have our cost of our property and then we, you know, we marked it up obviously to sell it at a profit. And then that’s, that’s the only way we make our money. So we don’t charge for it coaching.
We don’t charge any other fees or anything like that. It’s just. You sell the property. So an investor that comes to us there buying the deed to the property, and then they own that property. Once, you know, once the transaction is complete, right? From that point, we always say like, look, you bought the property from us.
It’s not like we. You know, you buy the property and then we’re like, we’re out. You know, we, we have oversight into the property management company so we can see the performance of the property. We know what’s going on in the property. If anything comes up of the property, that’s out of the ordinary. Like if something, you know, we had a, we had the other day, it was a quick story.
We had a property, we just sold to an investor. Um, did all the checks, third-party checks everything. And it turned out, you know, the tenant once they got in and started running the, all the systems, right. That’s when you really find out what’s what’s going on in the property. Well, we had a, there was a leak under the bathroom, um, under, under the sub floor, right?
So we, we, it was a $2,000 quote that our property management team gave that investor. And we said, no, no, no, no, no, no, no. You just bought the property. Like we, we, we missed it. There was no way for us to know that there was a problem. Right. But you know what, going to cover this for you, we’re going to take care of it.
So we sent our contractor back in and he fixed the entire issue on our dime. So that’s the kind of things that we do that, uh, an investor that’s doing this on their own. They’re they’re taking those, those types of substantial risks that they don’t really know that what they’re getting into. Yeah. Yeah.
Very cool. Jack Gibson, everybody highreturnrealestate.com. Do you got any other contact information you wanna put out there? Oh, that’s, that’s it. I mean, I’m on Instagram, my body transformation coach. I use Instagram more for the nutrition side and then, um, I’m on LinkedIn a little bit. Facebook is good.
If people are on Facebook, they can friend request me. It’s just Jack Gibson. And those are the kind of the main ways that we, uh, get in touch. I mean, if they’re interested in, they can book a call on our website, highreturnrealestate.com. If anybody wants to learn more about partnering with us in their investment goals.
Um, Nicole is our investor liaison. So she does that first initial call. But I’m always welcome to do a call to anybody. You know, you book a call with Nicole and you want to talk to me on, I’m always game for a conversation about real estate or entrepreneurial life, so they can feel free to, to get ahold of me.
There you go. Jack Gibson, highreturnrealestate.com. Thanks so much, Jack. Thanks, Damon. Loved the interview. Thanks for having me.