Real Life Planning Podcast Episode 47: Financial Planners Can Truly Help Real Estate Investors
Real Estate CoachingIn Episode 47, Vekevia Tillman-Jones share insights from her own real estate and financial planning journey while working through the Real Estate Financial Coach Course. She explores how financial planners can help real estate investors develop a business owner mindset.
"... if I had known my options and had a chance to really talk that through with someone, perhaps I would have looked for multi-unit property just to begin and think it's awesome." - Vekevia Tillman-Jones
This week on Real Life Planning Podcast:
| 💡 | How can new real estate investors shift their mindset to see property ownership as a business? [00:01:22] |
| 💡 | How might Vekevia’s real estate journey have been different if she had known about house hacking sooner? [00:02:05] |
| 💡 | What key factors should investors consider when selecting a property for long-term success? [00:04:04] |
| 💡 | How can working with a financial planner help investors gain clarity on their goals? [00:05:25] |
| 💡 | What is the Real Estate Financial Coach Course, and how can it benefit financial advisors and real estate investors? [00:06:19] |
Takeaway Quotes:
“ If we open our minds and we have the team in place that can help us, we could see people really maybe not struggle or have as much time between what exactly [they are] trying to do with this piece of property.” - Vekevia Tillman-Jones
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About the Real Life Planning Podcast
Hosts Cynthia Meyer and Vekevia Tillman-Jones explore practical steps for real estate investors to build financial freedom and make working for someone else optional.
Transcript for Episode 47
[00:00:12] Vekevia Tillman-Jones: So I'm sitting here doing some continuing education with the Real Estate Financial Coach Course. Shameless plug. It's awesome, by the way, um, but I'm in the section where it was talking about life stages and the different life stages for, uh, running the time projections and it got me to thinking, like, when I first bought a home, um, you know, at that stage, I was fresh out of college and, uh, I wasn't married, no children, anything like that.
[00:00:41] And when I was buying a house, it seemed like it was bizarre to people when I was saying I wanted to purchase a home, I'm like, are you really sure? You know, maybe you want to get more established. They have all of the reasons and I think some, you know, healthy concerns or just feedback that people gave me.
[00:00:56] And I think what's interesting, though, is, um, you know, just like the course is pointing out is like, it's important that people when they're first starting out and it doesn't really matter the age, right? But when you're initially, starting out in kind of that baby phase or new to investing phase and that you have someone who is open to what you're trying to do. You don't even realize that what you are trying to accomplish isn't just something maybe simple.
[00:01:22] You don't even realize it could be a whole business. You could literally be starting your real estate business but nobody really thinks of it like that or very few people, I think; especially when you're younger and you're first purchasing. Because if I had that mindset then, not just I want to own a property and rent it out and do what I saw other people do where they had other properties and they were renting them. But I thought, honestly- I don't know why it didn't resonate with me at that time that it was a- could be a business. I think if it would have resonated with me back then that, hey, you are fresh out of college and you're literally getting ready to start building a business, I would have definitely looked into house hacking.
[00:02:05] I mean, I ended up in house hacking, right? Because I rented out a room in the house, but if I had known my options and had a chance to really talk that through with someone, perhaps I would have looked for multi unit property just to begin and think it's awesome. I mean, either way that you get started is awesome.
[00:02:23] I think the point is more so that people get to know their options and that perhaps, you know, I think things have changed now, but we don't make it seem like those things are bizarre. And I think that's interesting because even when you speak to people who are earlier in their business as a business owner, and they're earlier in the phase, and maybe they're trying to grow, I feel like when I'm having conversations with them, there's always this sort of timeframe where it takes them a little bit of time to get over the hump and realize, hey, I'm building a business. I'm not wishing. I'm not hoping. I'm not the same person from before that was just getting started who's trying to- wishing to grow a business. No, you actually have been doing and are doing things that you actually have a growing business. And so I just think that's really interesting. I'm going .Through the course and I'm thinking man, that's that would be a game changer. If in particular people earlier in life realize that you know building a real estate business is what you're trying to do. You're not just getting a rental property and hoping to get extra income.
[00:03:26] You could literally begin with the end in mind and someone could sit across from you who's more experienced, perhaps a financial planner. Someone could say, hey, you actually could do a bit more with this than you're thinking. And I feel like if I had, you know, kind of thought of it from a perspective of business and not just, hey, I want to make some extra income, which that's fine, too, if that's all someone wants to do for just a season. But if I had thought about it like that, I feel like it would have helped lead to other important decisions that we help people make. Know location and the size of the property and the potential growth of the neighborhood, you know, what's happening in the county?
[00:04:04] What are their rental rules and regulations? You know, I just bought the house and rented a room. You know, how many people could benefit from the guidance of uh, no, you're not just renting, buying a house and renting a room. What are you exactly trying to do here? And let me help you make an informed decision. Here's some of the criteria that you need to think about. Where do you think the location of this area is going to be like in the future? You know, is this a place that if you, I don't want to say get stuck, but if plans change and life happens and you end up needing to live in that home, are you happy with the way the school system is now in that area?
[00:04:37] Let's say you're going to have children. You know, would you be fine there? Would you be looking to get out immediately because maybe you never thought about the school ratings or anything like that before? Or maybe you don't care because you're going to send your kids to private school, whatever it is.
[00:04:52] But I do think beginning with the end of line helps you start to really strategize and look at things differently and having someone who can present you with options because, you know, in our minds, you know, at that point, you know, graduating, buying a house. All of that's great. You know, and that's to be applauded and that's something that we want to commend, but there's so much more to it. And I think if we open our minds and we have the team in place that can help us, you know, we could see people really maybe not struggle or have as much time between what exactly am I trying to do with this piece of property?
[00:05:25] Oh, I am buying. I am building a business. Maybe in that in between space, we could really give people a lot more direction.
[00:05:33] Did you know that the Real Estate Financial Coach Course is actually something that you could use as a financial advisor to help clients do just that? You can help clients from different stages of life, whether they've already started on a rental business or real estate business, or whether they're just getting started, or maybe they are at the stage where they're far into it, and they are trying to figure out how can they grow and maybe be a little bit more hands off.
[00:05:58] Whatever the scenario, you can use the Real Estate Financial Coach course to do just that. I am going through it right now. I'm doing it with continuing education. It counts! It does count for continuing education. So it's not a waste of time at all. I've learned quite a bit from it myself. Very helpful tips to be able to share with other clients.
[00:06:19] And as financial advisors, you know, um, this is just another way that we can really allow ourselves to stand out and add value to clients. In particular, those who are looking for extra guidance when it comes to their real estate business or realizing that they actually are building real estate business.
[00:06:38] So happy studying.
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