The 2024 Recession-Proof Business
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- čas přidán 4. 06. 2024
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Today we're talking about one of the most recession-proof businesses that has one of the lowest failure rates on the market today.
The real money isn't in crypto schemes, NFTs and Airbnb arbitrage. As I've said before, it's in boring businesses that have recurring revenue. Today you're going to get a 10-minute lesson in a business that's not only high ROI and low on the migraine scale.
I spoke with the co-founder & CEO of RL Property Management, Peter Lohmann, who turned his systems engineering background into software that lets property owners rent their properties to clients while making the process seamless for you.
Ever wonder whether you should go into short-term rentals vs long-term? When does one have an advantage over the other? And what do you do in a down market, like ones we're starting to feel in 2023? We want predictable revenue with passive income and sticky tenants. I explain how and why in this video.
Do you manage a property or are you a client looking to buy? I want to hear from you, comment below!
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All content on the Codie Sanchez CZcams channel reflects my own opinions and should NOT be taken as legal advice, financial advice, or investment advice. Please seek out the guidance of professionally trained and licensed individuals before making any decisions. Some links in the description may be affiliate links.re - Zábava
This recession is most likely the result of an external factor. For the first time in decades, the United States is losing its clout as a federal reserve currency. They don't have any more economies to use to control inflation, and less money is being spent on stock and oil trading than in the past. They all lend support to the idea that a new multilateral world order is in the works.
Let's face it, increasing stock and index fund purchases during downturns and bear markets is unnerving. Which makes it very difficult for most people, like me, to do. It's challenging to incur the risk of investing the $1 million I have in an S&S.
That is correct. For the past 23 months, I've been in daily contact with a financial advisor. The difficult part of investing these days is determining when to sell or hold a company when it is trending. My supervisor can advise me on points of entry and exit in the sectors in which I am now active. I can't say I'm sorry because my profits increased by 63% in the third quarter of 2022.
Can you leave in details about your investment advisor here? I’m in dire need for one.
Her name is “Vivian Carol Gioia can't divulge much. Most likely, the internet should have her basic info, you can research if you like
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
Recessions are part of the economic cycle, all you can do is make sure you're prepared and plan accordingly. I graduated into a recession (2009). My 1st job after college was aerial acrobat on cruise ships. Today I'm a VP at a global company, own 3 rental properties, invest in stocks and biz, built my own business, and have my net worth increase by $500k in the last 4 years.
Let's face it... buying more stocks & index funds during stock market corrections and bear markets is scary. Which makes it really hard to do for most people like me. I have 260k i want to transfer into an s&s isa but its hard to bite the bullet and do it.
You need a Financial Advisor my friend so you don't get ripped off in the market. They provide personalized advice to individuals based on their risk appetite, placing them among the best of the best. There are bad ones, but some with good track records can be very good.
@@georgebarret Can you leave in details about your investment advisor here? I’m in dire need for one.
There are a lot of independent advisors you might look into. But i work with Julie Anne Hoover and I have been working together for nearly four years, and she is excellent. You could proceed with her if she satisfies your discretion. I endorse her.
@@georgebarret Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
The problem we have is because Most people always taught that " you only need a good job to become rich " . These billionaires are operating on a whole other playbook that many don't even know exists.
Money invested is far better than money saved , when you invest it gives you the opportunity to increase your financial worth.
" It is remarkable how much long term advantage people like us have gotten by trying to be consistently not stupid , instead of trying to be very intelligent."
The wisest thing that should be on everyone mind currently should be to invest in different streams of income that doesn't depend on government paycheck, especially with the current economic crisis around the world. This is still a time to invest in Stocks, Forex and Digital currencies.
Trading under the guidance of an expert is the best strategy for beginners.
@@AlbertWillie628Please who is the expert guiding you? I have lost so much as a beginner investing into stock without a proper guidance of an expert.
I saved 5k last year and was on the path to buying a business with and SBA loan. Had set back after set back and fell into a rut. The last three weeks I’ve been back on the right path. I found your channel recently. You have rekindled my motivation to get back on track. Thank you so much. If anybody sees this comment, mention me at this time 1 year for now and hold me accountable to buy a business by the end of next summer. Thanks Codie! :) (edit: I’ll be 24 next month. So by 25 I want to achieve my goal)
Same here! Gonna turn 24 in 3 wks and our goals ARE achieved one year from now! Wish you all the best! PS Maybe you want to connect for support :)
I’ll do you one better. I just subscribed to your channel. So post your progress as you grow. I’ll be following in support and to hold you accountable. Cheers 💯🫡
Do not. Get an SBA Loan
@@rachelbaltodano why not ?
I decided I’m going back to college in a few weeks to finish. It will take me 1 year. That may delay my plans to buy a business. But probably only for an extra year. I can still get there by the time I’m 26. I should double my income after college. I will keep you all updated. Hope all of you are well.
I watch a lot of your stuff and it’s all great, but this video is probably one of my favorites. In my top 5 from you. Thank you Codie! Keep going!! 💯😎🤘🏼
Yes you can print money as a property manager. Most managers never figure out how. As an owner of a p.m. company I also have a general contracting company, a propert maintenance company, and an insurance agency.
CoI
Smart Peter has a few of the same
Def trying to do this for my daughter and i
So you think its a good idea. . to help a system you know is broken. . . to extort your countrymen for permission to have a home. . while all other life on earth lives rent and mortgage free?. . not very smart are you 💩
Is it just me or does Codie look like she is having the time of her life! Thanks for all nuggets Codie!
The Trust Accounting is a HUGE consideration that most interested in Property Management NEED to understand.
I did PM years ago and the key was a stable of on call repair people. Hard in current labor shortage.
I’m a realtor but also own and manage a 4 unit. I’ve often thought about expanding my management services to other investors, but I’ve had some doubts involving time. Because the realtor stuff plus my W2 is rather time consuming.
Codie, I’ve watched this twice now and it still gets me how sad it is that you are so impressed by his 6 week vacation. He should be taking 4-5 months if he has so many properties and making so much money!!
It surprises me why everybody gets really worked up about recession and inflation data. Inflation has always existed, and people have been using investments to beat the inflation. The stock market return, for example, always beats inflation. I heard of someone who invested $121k last October, and has grown the portfolio by more than $400k. I need recommendations that can give me similar return.
I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $21k passively by just investing through an advisor, and I don't have to do much work. Inflation or no inflation, my finances remain secure. So I really don't blame people who panic.
True. I first came across invest_ing in the market in 2019. Already sta shed about 80k in savings then, and the free money from the Government was pouring in, increasing inflation rate. I just got an advisor and kept the money there, just because I didn't want to keep the value of the money depreciating in the bank. Tbh, it's the best investment decision I've made since then.
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same.
Haha. I definitely share your sentiment about these firms. When I was starting out, I checked out a couple of freelance investors online, so you could do the same. I personally work with Deborah Jean Dykstra , and she's really good.
Thanks, I just googled her and I'm really impressed with her credentials. I reached out to her since I need all the assistance I can get.
You have a real talent of making really good quality videos(not just its content) thank you Codie!
Your videos are so helpful and informative. Thanks, Codie
Great vid! Learned a few things about property management businesses. Thanks, Codie.
Loved doing this with you Codie! Video turned out awesome!
Great information! Somehow CZcams read my mind because I was thinking about starting a property management company. Signing up for your newsletter now. Thank you Peter!
Reprimand her for disrespecting you in the intro, unnecessary and childish
@@yomama8833 - You don't think they discussed that in advance?
Do you have a real estate license.
? Most states require it to manage property unless you own it
@@eliot5220 I have a broker's license here in Ohio - you are correct, most states (but not all) require this. Typically it's pretty easy to get a RE license and then work under a RE broker until you can get your own broker's license. That's what I did. There are strategies to set it up as a win-win for the broker.
I am a property manager (one of my jobs) and I use appfolio. It is a great tool. I could learn to use it better but for the most part I do everything from my phone.
400 contracts, and 700 is awesome 😎
Great job brother. ❤ Engineering rocks 💪😎
👍👍👍Another great one Codie. I really enjoyed this. Thank Peter for us. 💡💡💡
All of your videos bring really great information and it is getting just better, this is one of the best real and value videos I've seen, great work!
Codie I like the colour of your hair and your matching eyebrows, really gives you a lift. Thank you so much for your great content and advice. I always enjoy your videos. I would love for you to tell me your thoughts on Equestrian Centres as businesses? Some more Property Management Businesses would be great.
Exactly what we’re looking for! Great info!
Code another get fact filled filled with solid businesses principles. Thanks❤
Codie Love your videos and your energy. Great addictive channel always worth a watch.
Codie, that ring is beautiful. Love your content
Google phone. Set up a Google phone number and forward it to your cell phone. Set them up for lots of different things. If you sell a business, the phone number and email go with it. If you ever have a problem with someone who won't stop calling you, just unforward the number that person has.
Always amazing content, thanks! I've always thought property management was taking the worst of RE and focusing on that, but perhaps not
Yeah, me too. It looks like a lot has changed with technology and new available software
Thanks Cody
Know your State's Landlord/Tenant Laws. Some states give more rights to to tenants. Knowing the law and following your lease/rental contract to the the exact timelines. Any variations in some states will void your agreement giving all rights to the tenant.
To say real state doesn't handle inventory is technically wrong in my opinion. This is the part where one reads between the lines. A former client and owner of close to 270 properties one explained to me why he has close to 90k in inventory on replacements for his units. My former client explained that with the changes in trade you may have to wait even 90 days or over pay for some equipment. So, buying ahead and having inventory is abc on the business. Especially, because you can never wait for a renter without hot water as an example.
I love you Cody. You are a stickler for good posture and I'm a multifamily realtor and investor that's a stickler for pronouncing REAL-TOR correctly. It's not real-a-tor its REAL-TOR!!! I'm so tiled girl :)
If you get a bad tenant it's hell
Definitively
Bad tenants are easy to deal with… treat them with respect and keep in mind what a lawyer would cost. Often times I calculate that up and offer that to them to vacate or whatever. Its been a game changer.
@@Rockwell108 my bad tenants don't want to leave. They cost me over 6k in damages. I was respectful and nice and so on but they took advantage of my kindness
@@beaverfev you need a property manager
@@Rockwell108 I only have 1 property. To expensive. I'm taking them to the landlord ternary board to try and get them out
I've met Eagle Scouts. It's not an easy achievement by any means! Kudos to him!
Awesome info…that is content that actually worth my time
Brilliant insights and real world truths about the path to success in property management. Thanks for sharing this great info!
Hi Codie 😊
You always have the BEST thoughts and information.
Very inspirational.
Thank you and God Bless,Carlos ✝️🙏❤️😊❗️
Interesting video. Already licensed. Honestly, never considered property management, except for REO property - because the houses ultimately do get sold and off my books. Long term rentals is something else in terms of property management. I didn't think it was that lucrative to be honest and considered it a headache but location of property matters as stated in the video.
Love this video! Generational wealth is more appealing!
Thank you codie
Very informative,thank you.
Both of you get into the nitty, gritty of it. Thank you. How much time does it take to manage maintenance of the properties? 700 units, Wow!
Thank you for what you do :)
I saw y’all filming this video. I live in one of the units a couple down. Small world.
Super handy video! Glad it's on my radar now .Unfortunately, in my state in order to own/start a property management company, one has to have been a licensed real estate broker for 3 years in the last 5 years. Already a pretty big barrier to entry imo. I'm planning to get my broker's license in 2024, so will tuck this away as a future business venture to try.
Last time we rented a house over 20 years ago. Everything we did was threw the property management company. Never talked to the owner once, nor a realtor! I’m sure that’s why he hired a property management company in the first place?! So I’m confused by your realtor comment.🤔
Great video. However, trying to build wealth or create passive income shouldn’t be limited to this. I’ve watched several youtube videos on how to make money online, how to trade in the market but haven't made any head start because they are either talking some gibberish or sharing their story of how they made it and I do not want to make mistakes by taking risks in my own hands
The best strategy to use is to invest with a professional who understands the market quite well, that way maximum profit is guaranteed.
I'll highly recommend Brenda Brown. She is a professional and her investment strategies are working.
I'm amazed you mentioned Brenda Brown! She is the best and her strategies work like magic. I've been making over 80% of my investment weekly since I started investing with her.
This is not the first time I am hearing of Brenda Brown and her exploits, how she handles investments and generates good profits. She has really made a good name for herself, but I have no idea how to reach her
Through tele gram
Hey Codie! An idea! You mentioned in another video the No No businesses due its ROI and other hazards and one of them was Hotels or Hospitality businesses including restaurants. Now contrasting those business with this one in this video of managing properties. I have come across knowing that there are Management Companies who manage other people's hotel properties at a certain percentage of sales. Isn't that a good idea? However it is certainly a human resource intensive business. And managing people in a Semi-skilled industry can be challenging and nerve wrecking at times. I will be happy to get your input on this too. Thank you!
@user-codiesancheez I do not get it. There are so many other channels on the above link by clicking the profile picture. And those channels are not of my interest, neither I get to communicate with you.
Awesome video! This reinforces our plan to proceed with owning this type of business. Great insights and pro tips!
Do you have a real estate license?
@@eliot5220 gong through the education to get it by the end of the month? Why the question?
@@exhernandez because I wonder if your state requires a license for property management
@@eliot5220 Great point and thanks for the tip!
WOW Great Information. Thanks Codie. Victor Da Connector (Balderas) Dallas Texas
Hello Codie! Have you ever covered the Gym business with regards to manageability and rate of failure or success? Thanks!
Good one Codie!
Great video Codie. do you recommend any property management book or any mentor?
Question: On your other video you spoke towards the collapse of the commercial real estate market due to shadow bank collapse. Does this affect rentals as well?
Loved the video thank you Codi and the boy scout Updated to a man scout😅
Awesome video! Loved it.
The state you manage properties in makes ALL the difference in the world. I would never to PM in California and I'm a broker! We have a PM department and I see what they go through. California has sooooo many laws pertaining to PM and way too many laws protecting tenants. Any other state, I say go for it!!
I wouldn't be surprised if NY is just as bad if not worse....
Omigod you so struck a chord with me #nerdy... Now it just dawned on me that's exactly what it is many don't get me but I know it's so good I have to do it it's the right thing to do and thank you
Great information by you and Peter thanks for all the pointers and bonus nuggets Sanchez you rock..🤘🏽👍🏽😎
😎💵💷What an amazing Segment, great info and your guest seems really cool. 🏠
I’m a fun CPA here in an accounting firm! Agree on its very similar to running an accounting firm. Love this!
New info just cause I’m spreading some gifts in 2024- new rules for business owners registered with the Secretary of State - LLC owners.
Business owners are required to file a BOI with Fin Cen starting 2024.
Otherwise $500 a day penalty, $10,000 fine or 2 years in prison.
You are welcome!
Hope you get to 1million subs soon Codie!
What’s a BOI?
Notion is an incredible tool.
Perfect! Thnx!
Besides a great credit score and a bank loan, a large one mind you, how you get your first two properties? I still didn't hear that from this conversation. Also, I don't get the allure of long term over short term.
this was excellent i will look into this more
Great interview Codie
Good video, I like. Curious about your valuation process and pricing/terms process for purchasing the property management businesses you just acquired.
Interesting 😎
Bro the shade on the Eagle Scouts 😆 Eagle Scouts were the shit when I was growing up
Great video Codie! I'm sure licensing requirements are different in each state but it seems you need to be a real estate broker to start property management in Texas 😢
You’re an Eagle Scout for life!!
Excellent interviewing skills!
If you guys were to offer a real estate manager course, I'd buy it.
Cody!….you are never a former Eagle Scout! :)
Starship Troopers reference... respect.
Aww... 😮 I need this!
This video is informative, but here in California you need to have a R.E. License and then be working under a broker. So you would have to wait a minimum of 2-4 years to get licensed as a broker (it takes that long if you are already licensed as an agent) or else you could partner with a broker.. Are there any other ways around it??
I also noticed Peter is a R.E. Broker in Ohio, which also is required to run a prop management co. So, his upfront $1200 costs were from getting his broker's license?
Hello Codie Sanchez! I would recommend if you could please do some research on online colleges or popular course providers. Are they recession proof and do they have 90% rate of success? Thank you in advance!
As an Eagle Scout myself (‘05) I’m interested in this space for the off-market deals. How does one get started?
Can we get a link to the Notion board? I think that would help so many people!
I'm a property manager in the United Kingdom. Here the rental market is tightly regulated and thus you need to be up to speed on your compliance.
At worst, it can be emotionally taxing work depending on the quality of landlords and tenants you're dealing with.
However, that's really up to you and your level of competence about how you set up your business. Best of all, it's a financial sure shot and that's a great thing. 😊
Does Insurance cover if a Tenant damages the property out of resentment? Is there a rider for "Tenant Resentment Damages"?
Property management is one of the most stressful businesses you and your staff have to resolve problems 24/7. Deal with difficult tenants, owners, hoas… you have to know all the laws.. is not just about collecting rents and getting a fridge fixed
Good way
He likes it and that's awesome, but most people would find that to be really really tough way to make a living .
Currently running an insurance business, property management business may be another business to run
Great job codie, can i tag along on your next interview and learn some stuff with how you connect the interview?
Codie-🥰 big fan. keep it up.
Isn’t the compulsory collectives primary aspiration the abolition of property rights? fascinating original draft of the preamble was the pursuit of life, liberty and property. Your literal body being the ultimate property right🍀hands off without exceedingly justifiable cause.
Hi Codie, thank you for the Gems you always give us, you're loved. It would be much appreciated if you could drop the handles of these companies, so we could get ahold of them😁
Do you have a recommendation for a book on Property Management?
Does a property manager own the properties? Or does he collect rent for the owner and take a percentage, I believe you said 15%
Hey Codie! What if I am a realtor already and looking to shift to more passive creative cash flow leveraging what I already know (residential real estate Most who are renters that I convert to first time home buyers) and my license to be a PM? I’m getting burnt out just working with one house at a time and I have a family so I really want to spend more time with them :)
I’m a Realtor in the state of Arizona. Born and raised in Arizona, over 16 years in the industry. Let’s connect!!
Great video Codie!!! Love the way you break everything down, very digestible.. Keep up the great work!! #EagleScoutEntrepreneur
So you think its a good idea. . to help a system you know is broken. . . to extort your countrymen for permission to have a home. . while all other life on earth lives rent and mortgage free?. . not very smart are you 💩
I'm curious who he uses as outsourced trust accountant. Any recommendations?
Hahaha that Eagle Scout edit got me laughing. My husband says that too, "Once an Eagle always an Eagle" super proud about it!
I tried with one house - and after the first month move in - they didn't pay - it was a horror show ... :( it took so many months to get them out that we defaulted on the low mortgage and lost the house. Now I won't even rent out an extra room
He mentioned Trust Accounting, Is it best to set up a trust first? If so please elaborate on how the structure is set up.
Thank you Codie
The best videos on that are found on two channels; Clint Coons and Anderson Business Advisors.
Form an LLC, open a operating account and a trust account. On the trust account you hold all the money that doesn't pertain to your business and NEVER touch that money which will be considered a crime.
Go speak to a lawyer who handles trusts. Even if someone on here responds to you, are you really going to take that as the gospel? Go ask someone who gets paid to do it lol
Insurance increases are eating up cash flow. How much more will insurance go up?
Property Management A.I. Software