Entrepreneur | Part 5 – Real Estate Terms With Michael Burer

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Audio Transcription

Get ready to enter the Thrivetime Show! We started from the bottom, now we’re here. We started from the bottom and we’ll show you how to get here. We started from the bottom, now we’re here. We started from the bottom, now we’re here. We started from the bottom, now we’re on the top. Teaching you the systems to hear what we got. Cullen Dixon’s on the hooks, I’ve written the books. He’s bringing some wisdom and the good looks. As a father of five, that’s where I’mma dive. So if you see my wife and kids, please tell them hi. It’s C and Z up on your radio. And now three, two, one, here we go. We started from the bottom, now we’re here. Started from the bottom, and that’s what we gotta do. All right, greetings, Thrive Nation. We are here in sunny San Diego, joined with Michael. There is no real estate topic to obscure Bure. He is a CFO of a large real estate company as well as being a solid low post authority. His up-and-under moves are the pump fake you just never can expect when it’s when he’s actually going to shoot it. It’s very hard, very hard to stop him. And he’s here talking about this term called the lease buyout. I’m gonna read the definition and he’s gonna fake us out a few times but he’s gonna go ahead and tell us what it means. So here we go. The definition is the process by which a landlord, tenant, or third party pays to extinguish the tenant’s remaining lease obligation and rights under its existing lease agreement. My friend, what is a lease buyout? So a tenant and a landlord enter into a contract, a lease, as we’ve previously talked about. And that’s a binding contract on both parties that’s going to specify the term that that tenant has control of that space. However, there may be a time when a landlord or another party wants access to that space and they can’t come in and just rip up that lease. So if they want access to that space, maybe they want to have another adjoining tenant that wants to expand in there into that space that the tenant occupies, the landlord may offer them a buyout of some kind to terminate their lease. So you mean in some of the buildings that you own, you might have space that you’ve leased to somebody. It’s your own building, though. You guys own it. But yet you can’t kick me out if I have a lease there? That’s right. Without doing this thing called the lease buyout? That’s right. You have to reach some kind of agreement with the tenant. Do you put that into most lease agreements, some sort of lease buyout do you agree to ahead of time or what? No. Lease buyouts usually are not part of the lease. You may have clauses in the lease that allow you to relocate a tenant in a building, but not usually a buyout. I appreciate you bringing this knowledge to me in such a profound way that I wrote it very specific. I wrote it down. This is the time to write it down. A lot of times people get up and they do toasts for weddings and they don’t write it down. No, no, but I wrote it down. So I’ll read it. I’ll write it down here. I appreciate your knowledge of lease buyouts in the same way. I appreciate the lyrical miracles found within each Mariah Carey song. All right, Thrive Nation. Today we are here talking about less E’s and less sores. And if we have time, a lassie and anybody I’ve ever known named Leslie. And so here we go. We’re here with joined with Michael. There is no real estate topic to obscure Burer and and we’re gonna give you the knowledge that you just don’t get in college And if you and if you do you’re lucky you’re lucky cuz you’re going to a good college, okay? That’s that’s I’m just gonna tell you we’re gonna get into this. I’m gonna be the definition first off here Lessie so let’s start with the lesson the person renting or leasing the property also known as the tenant Talk to me about the lessee where people might get this confused? Well, there’s two terms that sometimes people get confused which is the lessee and the lessor. Okay, got it. So the lessee is the tenant, the person who’s using the space on a short term or some kind of period of time, and the lessor is the owner of the real estate. One more time, I’m going to kind of put it on the screen here. Go for it again. So lessee is the tenant, the person who is using the space, and the lessor is the owner of the real estate. Okay, now let’s talk about Lassie. You ever see that show? It’s a great one. I don’t know if you’re old enough to see it. I remember seeing it, I was born in 1980. It was a great year, I was excited about being born in that year. And I remember watching Lassie, you ever seen it at all? Reruns. Reruns, well Lassie’s a show, if you haven’t seen it, you probably don’t want to, honestly, but I would watch it, just one of them, just so you get some context Leslie ever met you ever known someone named Leslie. I haven’t no really There’s a girl named Leslie gray And it’s not funny the video guys are laughing. This is important stuff you want to know this I am a girl named Leslie gray back in third grade. She was a nice person and just I mean it’s very Guys just don’t respect me. Fine, I’ll move on. I’ll move on. But you guys, when we get off the set, I swear to you, you’re going to be swimming in the San Diego, I don’t know, bay. Michael, to show my appreciation for you, I wrote this for you last night and it just came to me, it just, I was amazed. I woke up this morning, I’m like, did I write that? Yes, I did. Here we go. It says, there may or may not be a king-sized candy bar of every kind we could find waiting for you in your car to show my appreciation for you being here. Hope they don’t melt. Boom. All right, Thrivers, we are here in sunny San Diego with Michael, there is no real estate topic, to Obscure Burer to talk about one of my favorite topics, a topic called leverage. I’m going to read the definition and he’s going to go and explain to you what it means. The definition is the use of borrowed funds to finance a portion of the cost of an investment. My friend, what is leverage? Put simply, it’s the debt on the building. So when you go out and buy a building and you’re going to put some equity in the building, that’s the cash outlay that you are going to invest and then you’re going to maybe get the rest of it from a lender who’s going to loan you the money. That’s called leverage. Let’s say I bought a building for $100,000 and I put $20,000 down. How much am I leveraging? You are leveraging 80%. 80%. Yeah. Hey, and you know what? Even though that you sometimes will mentally block me out while we’re talking and go to a happy place. But I’m looking at you while I’m doing it. No, that’s nice. That’s nice. I respect that. It’s kind of a move you have. I’m going to go ahead and read you something I wrote for you last night, and I want to share it with you. It’s my way to show how much I appreciate you. Let’s hear it. Oh, Michael, no amount of Sherbert ice cream could show you how much I appreciate you talking about leverage with us. Boom. All right, Thrive Nation, today we are joined with Michael, there is no real estate topic, to obscure beer and sunny San Diego. A place where we could be out sun tanning, we could be out long boarding, we could be doing a lot of things here in San Diego, but instead we are here talking about a term that you want to know, that I want to know, that we all want to know. It’s called liquidity. And Michael, I’m going to go ahead and read the definition to you and then if you can go ahead and give some clarity, some context, just to give us an idea of what this term really means, that would be great. Let’s hear it. Okay, here we go. Liquidity. The ability to convert an investment into cash quickly without loss of principle. Principle. Okay, what does this mean? Liquidity, well, real estate typically is not a liquid investment. So liquidity means that you can quickly take that investment, sell it, and get it into cash, put it into something else if you wanted to. So obviously the most liquid instrument is cash, but there’s other liquid instruments like stocks usually, if it’s a highly traded stock, would be liquid. You could go sell it very quickly on the stock market. But a real estate investment, a building you own, you can’t convert that easily into cash. So let’s give an example. If I’m going to the store, I’m going to Whole Foods. I go to Whole Foods a lot right now, because my wife, you know, we’re kind of in that early 30s deal where you’re kind of like, if we eat organic, we might live forever. You’re kind of into that, if I eat some more organic, I might live forever. We’re kind of in that zone. Yep. And so we’re at Whole Foods a lot where they’re looking for organic avocados, and we’re asking, did Monsanto make this? And we’re doing a lot of it. If you guys don’t know Monsanto, it’s Google. It’ll freak you out. But we’re trying to avoid the chemtrails, eating healthy, that whole thing. And if you go to the store and you say, hey, you know, they say, hey, you owe me $10.74. And you say, well, I own some real estate. You can’t buy it with that stuff, right? You need cash, liquid currency to buy it. But the reason why you’d want to own real estate, which you can’t use to buy groceries, would be what? Well, you’re going to have a longer-term investment horizon with the real estate. So harder to get into, harder to get out of, but you want to diversify and have a variety of investments. Let’s talk about this. You have operated as the CFO of a very large real estate firm here for a while, but you’ve also started off at the entry level of the business and kind of worked your way up when the recession happened. And a lot of people had a ton of their cash in real estate. Do a lot of people say, I wish I had more liquid assets that I could use to go to Whole Foods? Yes, so people can be very cash poor, meaning they’re stuck, they have maybe some debts that are coming due, some obligations they need to satisfy, they have these real estate investments, but if the market has gone south, it’s difficult to find a buyer. And so that can lead to some financial problems. Anything else as far as liquidity that you feel like people confuse sometimes? infuse sometimes. Does some people think that like, what’s an asset that maybe people think is liquid but is really not? Maybe it’s not as liquid as they think it is. Is it not, so when you buy stocks and bonds that aren’t heavily traded, is that maybe in a situation where you could get in a bind? Sure. So, you know, there’s a lot of stocks and bonds that are not liquid at all. And based on the volume of them, you can determine how liquid they really are. Michael, I, you know, in each one of these real estate segments, I really try to write down something special for you to show how much I appreciate you being here. And this one here, I’m going to see if I can read it without getting emotional. Let’s hear it. I appreciate you more than I appreciate golden retriever puppies for what you said about liquidity. I love it. Boom. Boom. All right, Thrive Nation, I am your humble host, probably the most humble host in the world, Clay Clark. I’m here talking with you and me and him, Michael, There Is No Real Estate, topic 2 Obscure, Bjerre, about this topic of loan balance. Loan balance, how do you balance it? Loan balance. I’m going to go ahead and read the definition to you, and then he’s going to share with us what it means in terms that my mind, a kind of an ample example that my mind can handle. So here we go. Loan balance, the amount of money remaining to be paid on an amortizing loan at a given time period. What? That’s simply the amount that you owe your lender, the amount that you’ve borrowed to invest in the real estate, the amount that you have to repay to the bank. So I borrowed $100,000. The bank shows on my statement I owe $97,000 left. My loan balance is the $97,000 I owe. Not the original amount you borrowed because you paid it down with some principal payments in that example. Talk to me about this amortizing word here in the definition. The amortizing. You say amortizing loan. What is an amortizing loan. Amortizing means a loan that where you’re with every payment you’re making small payments towards the principal reducing the outstanding loan balance. A non amortizing loan you’re only paying interest so the amortizing or the loan balance stays constant the whole period whole time. Really? I you know almost speechless almost. I just want to say how I feel you know but I just hard to get it out. But I want to share with you how much I appreciate you with, with, uh, do you ever see a Star Trek to the wrath of con? I didn’t. You see the third one. The one with the old Trek. I like the Klingons. The old Trekkies. Oh, you saw the one with the Klingons. The third one. Okay. Well, I appreciate you more than I appreciate the third Star Trek with Leonard Nimoy and Shatner and all that. I appreciated that movie so much, but I appreciate you more than that. Boom! Alright, Thrive Nation, my name is Clay Clark and I’m your host. Really, the most humble host you’re ever going to have here on Thrive 15. Probably the most humble host the planet has ever had. The most humble host in the history of the galaxy. I’m here joined with Michael there is no real estate topic to obscure Burer to talk to you about this little topic called loan points not low point we’ll talk about low point if we have time but loan point. I’m gonna read the definition and then if you can go ahead and describe with me describe to me what that means kind of give us an example that’d be great. So here we go a charge prepaid by the borrower upon the origination of a loan. One point equals one percent of the loan amount. Loan point, what does that mean? So this is basically a fee that your lender is going to charge you to do the loan. So it could be called an origination fee or maybe some kind of an application fee, but in this scenario, what you’re describing, it equals one percent of the loan, called a loan point. It would be different than a basis point, which basis points may be another term people might hear, and a hundred basis points equals one percent. So you got to be careful when you’re talking to somebody when they’re saying points. Are they talking basis points? Are they talking loan points? It could be confused. I’m gonna have the program observer put this on the screen here, but the basis point, a hundred basis points equals one loan point? One percent. One percent. A hundred basis points equals one percent. That’s correct. So talk to me about the context with which you would hear loan point, basis point. When do people start throwing out this sort of terminology? So you may have a lender say, hey I’ll give you this loan and I’m going to charge you one point on the loan. So that means the lender is going to charge you one percent origination fee on the loan. One percent of the outstanding loan balance is going to be the fee to do the loan. Versus you may have a lender say, I can reduce this loan interest rate from 5% to 475. I’m going to reduce it by 25 basis points. Different context, different way of talking about points. Do you ever see people that get really screwed over, hammered, messed up, tricked? Someone’s talking to them about basis points, loan points, they’re not really sure what that terminology means, they sign on the line, uh-oh. Sorry, it can get confusing. It’s very important to make sure you know how much mathematically you’re talking about here. What is the percentage you’re talking about? Now we have a little time. I want to talk about low points. In your sporting career, you’re a guy, diehard Charger fan. You love Chargers. You love the Padres. I know you love sports of basketball Is there a low point in your sporting career that you can share with us? What is the lowest point in your sporting career? I always believe there’s no low points Michael I sincerely appreciate you coming to speak with us about the implication of alone points today Even though it truly is an interstellar holiday on other planets Hello, Thrive Nation. My name is Clay Clark. I am your host, and I am here today with Michael. There is no real estate topic too obscure. Bure talking about this little thing that I like to call, this little thing that we like to call, this little thing that the entire real estate community likes to call loan to value ratio. Or if you’re in the industry, you might say LV or if you’ve been in the industry for a few years, you might go, live, live, hey, what’s the live? So I’m going to read the definition and hopefully you know it so well at the end of this that you can just be like, hey, what’s the live? You know what I mean? What’s the live, man? So here we go. The amount of money borrowed in relation to the total market value of a property expressed as a loan amount divided by the property value. What? So LTV is what it’s often referred to as loan to value. And this is simply if you buy a building for a hundred thousand, you get an eighty thousand dollar loan, your LTV would be 80%. You know, 80 loan balance, eighty, twenty thousand of equity, hundred thousand dollars. Give us another example just one more time just so if you’re watching this the thrivers can really grasp it. Also our program observer can put this on the screen. And as we have airplanes that go over, we’re in San Diego, so airplanes can fly over. We have small monkeys that sometimes climb in the studio set here. We’re not going to be distracted. We’re just going to press on through it. So don’t be distracted. But give us one more example of what a loan to value ratio might be. So if you’re building, maybe you’re going in to get a refinance on your loan and the lender says that you know your building’s worth a million dollars million dollars and I’m gonna give you a 60% LTV loan. LTV loan. So that means that they’re gonna they’re gonna loan you six hundred thousand dollars. Everybody getting that? If you’re watching this you getting it? Are you getting it? Program Observer are we getting it? Is America getting it? You’re not getting it? We need to get it again? We do one more? Okay example number three here we go here we go. So let’s do it again. So if you have a $5 million loan and you want to borrow $2.5 million, that would be a 50% LTV loan. You have 50% equity, which would be the $2.5 million, and you have a $2.5 million loan balance. The loan to the value. And not necessarily your purchase price, but the value of the building. If any of the Thrivers are watching this and you really don’t get it, I took algebra three times and never really did get it. Miss Pospickle, I feel like she could have pushed me harder. You know, not bitter, but I mean. Now Miss Gow, you put in the time and I still didn’t get it. But I mean, you pushed. I wore you out, but she, I still didn’t get it. So if you’re struggling, you can watch it again a few times and then after that we would just encourage you to just maybe go… By a calculator. By a calculator, yeah. And I’m going to go ahead and read this, something I wrote for you last night. I was in my room, it’s about three in the morning, and I was asleep, but yet subconsciously I knew that I needed to share how much I appreciated with you, so I started to look inside my eyelids, aka sleeping, and I woke up this morning from this dream with this idea and I want to share with you today. I appreciate you speaking on loan to value ratio so much that I’ve grown a vegetable garden in your honor. All right, drivers, we are here today with there is no real estate topic to obscure, Michael Buehrer in sunny San Diego, where we could be off. Is it true that you have like, is there a lot of, is it walruses or what is it that gather seals? There are seals that gather on the water around here, right? Oh yeah. Seals are on the beach. In La Jolla, sure. Yeah, we could be out watching seals in La Jolla. No, but we are not. We are here talking about a term you’re excited about, I’m excited about. It’s called market risk. I’m going to read the definition and then Michael’s going to give us a little bit of clarity about what this means. Here we go. The possibility that downward market trends will reduce an investment’s market value. What say you? So market risk refers to the broader risk of your investment, your real estate investment. As opposed to like the risk of the tenants. Maybe if you have a building your tenants could get up and leave. You could have your building deteriorate physically. Maybe the air conditioning, maybe the physical plant stops working. That’s not what market risk is. Market risk is the broader risk that the desirability of your area or real estate investing, just generally, the whole economy could go south. That’s market risk. You guys have properties with your firm in San Diego, right? Hawaii? Yep. Any in Las Vegas? Not in Vegas. Los Angeles? Yep. Phoenix? Yep. Anywhere else? Texas, Colorado. Okay, well let’s talk about this for a second. When we had the recession that it hammered us, 2008, 2009, San Diego, I mean the market value, the market risk in San Diego was considerable, right? I mean property went way up in value before the recession and then just plummeted, didn’t it? Sure, I mean, in the Great Recession, the market risk was across the whole country. So every market was impacted. Some were impacted greater than others, but certainly all markets were impacted at that point. Well, let me ask this, though. San Diego, let’s say. How much lower did the value of properties get for a while? Now, I know since that time they’ve rebounded, but how much lower did it go? Did the property lose half of its value during the recession? Certainly, there were some properties that did, yeah, 30, 40%. And in other markets, let’s say like Oklahoma, which isn’t exactly a tourist capital, not really a lot of just rapid growth. It’s more steady eddy. I say eddy because, you know, it’s just it’s a clever way to help you remember steady. But steady eddy, it’s pretty steady. That didn’t go down as much. It was kind of more of just not too up too much or down too much. Are there market risks that are inherent when you invest in regions that are more fast-growing? I mean if you invest in Los Angeles, is that a different market risk than if you invest in Colorado? Yes, typically markets that are going to have a lot of quick appreciation have more market risk. There’s more volatility that they could decline quickly. So for example, Phoenix typically is a market that has greater peaks and greater troughs. Why? Just because of the cycle, the demand from investors and tenants is more, it depends on factors really across the nation, on employment and the strength of the economy versus core markets, the downtown San Francisco for example, much more steady, although definitely will have peaks and valleys. I heard in Phoenix properties were selling for like a fifth of what they were pre-recession when the recession hit. I mean they just dropped. Certainly. So half the house could be a million dollars and now people are buying it for $200,000, but now it’s back up again. So it’s kind of that up and down. And if you’re going to be investing in real estate, do you need to go ahead and understand the markets do this and that? They definitely do. I mean is that just part of the game? That’s part of the game and that’s often where you can make a lot of money, but you can also lose a lot. Michael, I appreciate you being here and as the Thrive community knows, I would never waste an opportunity to share with you how much I appreciate you. I formulated something last night. I used this Etch-A-Sketch. It’s hard to write on that because you’re right there. It’s hard to get any type of words out of that thing. But I was able to write in continuous cursive. As luck would have it, I can’t show it to you. I can’t prove it. I lost the Etch-A-Sketch. But this is what I wrote last night out there I deeply appreciate you talking about market risk and what that could mean for the future of hairstyling gel around the world All right thrivers we are here today talking with Michael there is no real estate topic to obscure your about this topic called moving allowance there’s going to happen is I’m going to read the definition right here from sunny San Diego and he is going to give us a little bit of an ample example that my mind can handle so here we are moving allowance the definition is a specified dollar amount paid by the owner to cover in part or in whole, tenant moving expenses. Moving allowance, talk to me about that. So when a tenant signs a lease with the landlord, the landlord is going to often provide some different concessions or inducements for that tenant to sign the lease. And those could include tenant improvements, the cost to build out the space, they could include some free rent, and they also could include moving allowance. So money to help the tenant move their office or business from another location into the new building. Do you have to be a big business before a landlord, a property owner, a real estate company is willing to offer you some moving allowance? Not necessarily. I mean it’s more a factor of how much that landlord wants to lease you the space. So if this is a space that maybe has been vacant for a while. If it’s a market that’s not as strong, the tenant has a lot more negotiating leverage and never hurts to ask. I think knowledge is power, but only if you act on it. And I think as a business owner, if we don’t ask for a moving allowance, you’re not going to get one. So is this something you could ask for? Absolutely. This is kind of a negotiation point, maybe. One of the things I want to share with the Thrive Nation before we wrap this segment up here is each segment I try to come up with a way to show my appreciation for you. Verbal bouquets, I’ve been known to do verbal cartwheels, I’ve been known to verbally sacrifice for your benefit. I wrote something down last night that might be an auditory sacrifice for you to listen to this, but I’m going to read it to you, okay? So here we go. Michael, I appreciate you being here, and I often want to give you kind of a verbal bouquet to share how much I appreciate you being here. And I just want you to know, I couldn’t appreciate you taking the time to talk about moving allowances any more than if I were to give you the rest of this Red Bull. Boom! My name is Clay Clark and I’m joined here today with Michael. There is no real estate topic too obscure. And we are talking about multi-family housing. I’m going to read the definition. He’s going to tell you what it means. So here we go. The definition is housing units that accommodate more than one family or household. Household. Multi-family housing. When does this term come up in the world of real estate? There are several different sectors in real estate. There’s office buildings, there’s industrial buildings, where we have manufacturing plants, there will be retail buildings, where you have shopping centers, there are single-family homes, traditional single-family homes, and there’s multi-family, which another name for that is simply apartment buildings. What kind of investors typically invest in multifamily? What kind of person would want to invest in multifamily versus let’s say commercial office buildings? Or how does somebody decide? If someone right now is watching this and they’re thinking about investing and they go, I have enough money saved up now where I could buy a strip center or a couple condominiums or maybe some duplexes or apartment complex. How does someone know what they’re best suited for? Well there’s a lot of variables that go into that, but traditionally multifamily housing would be a lower risk investment than say office buildings for example. It depends on the area and the locations, but you probably would get a lower yield, a lower return on your investment with multifamily, but it would be lower risk as well. Okay, so a lower return, but lower risk. Right. Michael, I was trying to think of something last night as a way to share with you how much I appreciate you, and I thought about giving you the gift of my entire vast mental collection of knowledge that I’ve assimilated over the years. You know, my entire knowledge base. I was going to give you that gift of everything I know about honey badgers, but then I decided not to. Thank you. Bye. Thank you. Alright Thrivers, we are here talking with Michael. There is no real estate topic to obscure beer from sunny San Diego at an undisclosed location. And we are talking today about the topic of net lease. We are not talking about the location because it’s undisclosed. So we’re going to talk about net lease. to go ahead and provide a little bit of clarity as to what it actually means. So here we go. Net lease. A lease in which the tenant pays, in addition to rent, all operating expenses such as real estate taxes, insurance premiums, and maintenance costs. Net lease. What does this mean, my friend? Well, as you described, it means a lease where the tenant has the obligation to maintain the building, pay for all the costs associated with it. And it would be, the other end of the spectrum would be a gross lease where the landlord picks up all those costs. You can have a lot of different types of leases on that spectrum. Yeah. But the two extremes are a gross lease where the landlord pays everything. Okay. And a net lease where the tenant is responsible for all costs. Net lease, let’s review that one more time, I’ll put this on the screen. A gross lease is where who pays for it? The landlord, the owner of the building. Gross lease is where the landlord pays for. I hope the program observer has this. And then the net lease is what? The net lease is where the tenant pays for those costs. Beautiful, beautiful. And I want you to know this. I was trying to think about, you know, how, who am I? First off, who am I to try to share how much I appreciate with you? First, I started off last night with who am I? Then I went to how am I going to share, you know, how much I appreciate you. And then it was like, when am I? When then it was, where am I? And here I am. So I’m going to share with you how much I appreciate you. And I’ve thought about it too long. And all I can say is that if I were to show my appreciation for you in the way I, in the way I truly, truly want to, it’d be uncomfortable. And I’m not going to. Boom. JT, do you know what time it is? 410. It’s TiVo time in Tulsa, Roseland, baby. Tim TiVo is coming to Tulsa, Oklahoma, June 27th and 28th. We’ve been doing business conferences here since 2005. I’ve been hosting business conferences since 2005. What year were you born? 1995. Dude, I’ve been hosting business conferences since you were 10 years old, but I’ve never had the two-time Heisman Award winning Tim Tebow come present. A lot of people have followed Tim Tebow’s football career on the field and off the field. Off the field, the guy’s been just as successful as he has been on the field. Now, the big question is, JT, how does he do it? Well, they’re going to have to come and find out, because I don’t know. Well, I’m just saying, Tim Tebow is going to teach us how he organizes his day, how he organizes his life, how he’s proactive with his faith, his family, his finances. He’s going to walk us through his mindset that he brings into the gym, into business. It is going to be a blasty blast in Tulsa, Russia. Also, this is the first Thrive Time Show event that we’ve had where we’re going to have a man who has built a $100 million net worth. Wow. Who’ll be presenting. Now, we’ve had a couple of presenters that have had a billion dollar net worth in some real estate sort of things. Yeah. But this is the first time we’ve had a guy who’s built a service business, and he’s built over $100 million net worth in the service business. It’s the yacht driving, multi-state living guru of franchising. Peter Taunton will be in the house. This is the founder of Snap Fitness, the guy behind Nine Round Boxing. He’s going to be here in Tulsa, Russia, Oklahoma June 27th and 28th. JT, why should everybody want to hear what Peter Tauten has to say? Oh, because he’s incredible. He’s just a fountain of knowledge. He is awesome. He has inspired me listening to him talk and not only that, he also has, he practices what he teaches, so he’s a real teacher. He’s not a fake teacher like business school teachers, so you’ve got to come learn from him. Also, let me tell you this, folks, I don’t want to get this wrong, because if I get it wrong, someone’s going to say, you screwed that up, buddy. So Michael Levine, this is Michael Levine, he’s going to be coming, and you say, who’s Michael Levine? I don’t want to get this wrong. This is the PR consultant of choice for Michael Jackson, for Prince, for Nike, for Charlton Heston, for Nancy Kerrigan, 34 Grammy Award winners, 43 New York Times best-selling authors he’s represented, including pretty much everybody you know who’s been a super celebrity. This is Michael Levine, a good friend of mine. He’s going to come and talk to you about personal branding and the mindset needed to be super successful. The lineup will continue to grow. We have hit Christian reporting artist Colton Dixon in the house. Now people say, Colton Dixon’s in the house? Yes, Colton Dixon’s in the house. So if you like top 40 Christian music, Colton Dixon’s going to be in the house performing. The lineup will continue to grow each and every day. We’re going to add more and more speakers to this all-star lineup, but I encourage everybody out there today, get those tickets today. Go to Thrivetimeshow.com. Again, that’s Thrivetimeshow.com. And some people might be saying, well, how do I do it? I don’t know what I do. How does it work? You just go to Thrivetimeshow.com. Let’s go there now. We’re feeling the flow. We’re going to Thrivetimeshow.com. Again, you just go to Thrivetimeshow.com, you click on the business conferences button, and you click on the request tickets button right there. The way I do our conferences is we tell people it’s $250 to get a ticket, or whatever price that you can afford. And the reason why I do that is I grew up without money. JT, you’re in the process of building a super successful company. Did you start out with a million dollars in the bank account? No, I did not. Nope, did not get any loans, nothing like that, did not get an inheritance from parents, anything like that. I had to work for it and I’m super grateful I came to a business conference. That’s actually how I met you, met Peter Taunton, I met all these people. So if you’re out there today and you want to come to our workshop, again you just got to go to Thrivetimeshow.com. You might say, well when’s it going to be? June 27th and 28th. You might say, well who’s speaking? We already covered that. You might say, where is it going to be? It’s going to be in Tulsa, Russell Oklahoma. I suppose it’s Tulsa Russel. I’m really trying to rebrand Tulsa as Tulsa Russel. I’m sort of like the Jerusalem of America. But if you type in Thrive Time Show and Jinx, you can get a sneak peek or a look at our office facility. This is what it looks like. This is where you’re headed. It’s going to be a blasty blast. You can look inside, see the facility. We’re going to have hundreds of entrepreneurs here. It is going to be packed. Now, for this particular event, folks, the seating is always limited because my facility isn’t a limitless convention center. You’re coming to my actual home office. And so it’s going to be packed. So when? June 27th to 28th. Who? You! You’re going to come. Who? You. I’m talking to you. You can get your tickets right now at Thrivetimeshow.com. And again, you can name your price. We tell people it’s $250 or whatever price you can afford. And we do have some select VIP tickets, which gives you an access to meet some of the speakers and those sorts of things. And those tickets are $500. It’s a two-day interactive business workshop, over 20 hours of business training. We’re going to give you a copy of my newest book, The Millionaire’s Guide to Becoming Sustainably Rich. You’re going to leave with a workbook. You’re going to leave with everything you need to know to start and grow a super successful company. It’s practical, it’s actionable, and it’s TiVo time right here in Tulsa, Russia. Get those tickets today at Thrivetimeshow.com again. That’s Thrivetimeshow.com Hello, I’m Michael Levine and I’m talking to you right now from the center of Hollywood, California Where I have represented over the last 35 years 58 Academy Award winners 34 Grammy Award winners 43 New York Times bestsellers I’ve represented a lot of major stars and I’ve worked with a lot of major companies and I think I’ve learned a few things about what makes them work and what makes them not work. Now why would a man living in Hollywood, California in the beautiful sunny weather of LA come to Tulsa? Because last year I did it and it was damn exciting. Clay Clark has put together an exceptional presentation, really life changing, and I’m looking forward to seeing you then. I’m Michael Levine, I’ll see you in Tulsa. James, did I tell you my good friend John Lee Dumas is also joining us at the in-person, two-day interactive Thrive Time Show business workshop. That Tim Tebow and that Michael Levine will be at the have I told you this you have not told me that he’s coming all the way from Puerto Rico this is John Lee Dumas the host of the chart topping EO fire.com podcast he’s absolutely a living legend this guy started a podcast after wrapping up his service in the United States military and he started recording this podcast daily in his home to the point where he started interviewing big time folks like Gary Vaynerchuk, like Tony Robbins, and he just kept interviewing bigger and bigger names, putting out shows day after day, and now he is the legendary host of the EO Fire podcast, and he’s traveled all the way from Truth Hill, Rico, to Tulsa, Oklahoma to attend the in-person June 27th and 28th, live time show, two day interactive business workshop. If you’re out there today, folks, you’ve ever wanted to grow a podcast, a broadcast, you want to get in, you want to improve your marketing, if you’ve ever wanted to improve your marketing, your branding, if you’ve ever wanted to increase your sales, you want to come to the two-day interactive June 27th and 28th Thrive Time Show business workshop featuring Tim Tebow, Michael Levine, John Lee Dumas, and countless big-time, super successful entrepreneurs. It’s going to be life-changing. Get your tickets right now at thrivetimeshow.com. James, what website is that? Thrivetimeshow.com James, one more time before you lose the asset. Thrivetimeshow.com Shining, everything rides on tonight Even if I got three strikes I’ma go for it This moment, we own it And I’m not to be played with Because it could get dangerous. See these people I ride with. This moment, we own it. Thrive Time Show two day interactive business workshops are the world’s highest rated and most reviewed business workshops. Because we teach you what you need to know to grow. You can learn the proven 13 point business systems that Dr. Zellner and I have used over and over to start and grow successful companies. When we get into the specifics, the specific steps on what you need to do to optimize your website, we’re going to teach you how to fix your conversion rate. We’re going to teach you how to do a social media marketing campaign that works. How do you raise capital? How do you get a small business loan? We teach you everything you need to know here during a two-day, 15-hour workshop. It’s all here for you. You work every day in your business, but for two days you can escape and work on your business and build these proven systems so now you can have a successful company that will produce both the time freedom and the financial freedom that you deserve. You’re gonna leave energized, motivated, but you’re also gonna leave empowered. The reason why I built these workshops is because as an entrepreneur, I always wish that I had this. And because there wasn’t anything like this I would go to these Motivational seminars no money down real estate Ponzi scheme get motivated seminars, and they would never teach me anything It was like you went there, and you paid for the big chocolate Easter Bunny, but inside of it. It was a hollow Nothingness, and I wanted the knowledge you’re like oh But we’ll teach you the knowledge after our next workshop And the great thing is we have nothing to upsell. At every workshop, we teach you what you need to know. There’s no one in the back of the room trying to sell you some next big get-rich-quick, walk-on-hot-coals product. It’s literally, we teach you the brass tacks, the specific stuff that you need to know to learn how to start and grow a business. I encourage you to not believe what I’m saying, but I want you to Google the Z66 auto auction. I want you to Google elephant in the room. Look at Robert Zellner and Associates. Look them up and say, are they successful because they’re geniuses or are they successful because they have a proven system? When you do that research, you will discover that the same systems that we use in our own business can be used in your business. Come to Tulsa, book a ticket, and I guarantee you it’s going to be the best business workshop ever and we’re going to give you your money back if you don’t love it. We built this facility for you, and we’re excited to see it. And now you may be thinking, what does it actually cost to attend an in-person, two-day, interactive Thrive Time Show business workshop? Well, good news. The tickets are $250 or whatever price that you can afford. What? Yes, they’re $250 or whatever price you can afford. I grew up without money, and I know what it’s like to live without money. So if you’re out there today and you want to attend our in-person, two-day interactive business workshop, all you got to do is go to Thrivetimeshow.com to request those tickets. And if you can’t afford $250, we have scholarship pricing available to make it affordable for you. I learned at the Academy at Kings Point in New York, acta non verba. Watch what a person does, not what they say. Good morning, good morning, good morning. Harvard Kiyosaki, The Rich Dad Radio Show. Today I’m broadcasting from Phoenix, Arizona, not Scottsdale, Arizona. They’re closed, but they’re completely different worlds. And I have a special guest today. Definition of intelligence is if you agree with me, you’re intelligent. And so this gentleman is very intelligent. I’ve done this show before also, but very seldom do you find somebody who lines up on all counts. And so Mr. Clay Clark is a friend of a good friend, Eric, Eric Trump. But we’re also talking about money, bricks and how screwed up the world can get in a few and a half hour. So Clay Clark is a very intelligent man. And there’s so many ways we could take this thing, but I thought since you and Eric are close, Trump, what were you saying about what Trump can’t, what Donald, who’s my age, and I can say or cannot say. Well, first of all, I have to honor you, sir. I want to show you what I did to one of your books here. There’s a guy by the name of Jeremy Thorne, who was my boss at the time. I was 19 years old working at Faith Highway. I had a job at Applebee’s, Target, and Direct TV and he said, have you read this book Rich Dad Poor Dad? And I said no. And my father, may he rest in peace, he didn’t know these financial principles. So I started reading all of your books and really devouring your books. And I went from being an employee to self-employed to the business owner to the investor. And I owe a lot of that to you. And I just want to take a moment to tell you thank you so much for allowing me to achieve success. I’ll tell you all about Eric Trump. I just want to tell you thank you, sir, for changing my life. Not only that, Clay, thank you, but you’ve become an influencer. More than anything else, you’ve evolved into an influencer where your word has more and more power. That’s why I congratulate you on becoming. As you know, there’s a lot of fake influencers out there, or bad influencers. Yeah. Anyway, I’m glad you and I agree so much and thanks for reading my books. Yeah. That’s the greatest thrill for me today. Not a thrill, but recognition is when people, young men especially, come up and say, I read your book, changed my life, I’m doing this, I’m doing this, I’m doing this. I learned at the Academy, at King’s Point in New York, acta non verba, watch what a person does not what they say Hey, I’m Ryan wimpy. I’m originally from Tulsa born and raised here. I Went to a small private liberal arts college and got a degree in business, and I didn’t learn anything like they’re teaching here I didn’t learn linear workflows. I learned stuff that I’m not using and I haven’t been using for the last nine years So what they’re teaching here is actually way better than what I got at business school. And I went what was actually ranked as a very good business school. The linear workflow, the linear workflow for us in getting everything out on paper and documented is really important. We have workflows that are kind of all over the place, so having linear workflow and seeing that mapped out on multiple different boards is pretty awesome. That’s really helpful for me. The atmosphere here is awesome. I definitely just stared at the walls figuring out how to make my facility look like this place. This place rocks. It’s invigorating, the walls are super, it’s just very cool. The atmosphere is cool, the people are nice, it’s a pretty cool place to be. Very good learning atmosphere. I literally want to model it and steal everything that’s here at this facility and basically create it just on our business side. Once I saw what they were doing, I knew I had to get here at the conference. This is probably the best conference or seminar I’ve ever been to in over 30 years of business. You’re not bored. You’re waiting live the whole time. It’s not pushy. They don’t try to sell you a bunch of things. I was looking to learn how to just get control of my life, my schedule, and just get control of business. Planning your time, breaking it all down, making time for the F6 in your life, and just really implementing it and sticking with the program. It’s really lively, he’s pretty friendly, helpful, and very welcoming. I attended a conference a couple months back, and it was really the best business conference I’ve ever attended. At the workshop I learned a lot about time management, really prioritizing what’s the most important. The biggest takeaways are you want to take a step-by-step approach to your business, whether it’s marketing, what are those three marketing tools that you want to use, to human resources. Some of the most successful people and successful businesses in this town, their owners were here today because they wanted to know more from Clay and I found that to be kind of fascinating. The most valuable thing that I’ve learned is diligence, that businesses don’t change overnight. It takes time and effort, and you gotta go through the ups and downs of getting it to where you wanna go. He actually gives you the roadmap out. I was stuck, didn’t know what to do, and he gave me the roadmap out step by step. We’ve set up systems in the business that make my life much easier, allow me some time freedom. Here you can ask any question you want, they guarantee it’ll be answered. This conference motivates me and also gives me a lot of knowledge and tools. It’s up to you to do it. Everybody can do these things. There’s stuff that everybody knows, but if you don’t do it, nobody else is going to do it for you. I can see the marketing working. It’s just an approach that makes sense. Probably the most notable thing is just the income increase that we’ve had. Everyone’s super fun and super motivating. I’ve been here before, but I’m back again because it motivated me. Your competition’s going to come eventually or try to pick up these tactics. So you better, if you don’t, somebody else will. I’m Rachel with Tip Top K9, and we just want to give a huge thank you to Clay and Vanessa Clark. Hey, guys, I’m Ryan with Tip Top K9. Just want to say a big thank you to Thrive 15. Thank you to Make Your Life Epic. We love you guys. We appreciate you and really just appreciate how far you’ve taken us. This is our old house. Right. This is where we used to live two years ago. This is our old neighborhood. See? It’s nice, right? So this is my old van and our old school marketing and this is our old team and by team I mean it’s me and another guy. This is our new house with our new neighborhood. This is our new van with our new marketing and this is our new team. We worked with several different business coaches in the past and they were all about helping Ryan sell better and just teaching sales, which is awesome, but Ryan is a really great salesman. So we didn’t need that. We needed somebody to help us get everything that was in his head out into systems, into manuals and scripts and actually build a team. So now that we have systems in place, we’ve gone from one to ten locations in only a year. In October 2016, we grossed 13 grand for the whole month. Right now it’s 2018, the month of October. It’s only the 22nd, we’ve already grossed a little over 50 grand for the whole month, and we still have time to go. We’re just thankful for you, thankful for Thrive and your mentorship, and we’re really thankful that you guys have helped us to grow a business that we run now instead of the business running us. Just thank you, thank you, thank you, times a thousand. So we really just want to thank you, Clay, and thank you, Vanessa, for everything you’ve done, everything you’ve helped us with. We love you guys. If you decide to not attend the Thrive Time workshop, you’re missing out on a great opportunity. The atmosphere at Clay’s office is very lively. You can feel the energy as soon as you walk through the door. And it really got me and my team very excited. If you decide not to come, you’re missing out on an opportunity to grow your business. Bottom line, love the environment. I love the way that Clay presents and teaches. It’s a way that not only allows me to comprehend what’s going on, but he explains it in a way to where it just makes sense. The SEO optimization, branding, marketing, I’ve learned more in the last two days than I have the entire four years of college. The most valuable thing that I’ve learned, marketing is key, marketing is everything. Making sure that you’re branded accurately and clearly. How to grow a business using Google reviews and then just how to optimize our name through our website also. Helpful with a lot of marketing, search engine optimization, helping us really rank high in Google. The biggest thing I needed to learn was how to build my foundation, how to systemize everything and optimize everything, build my SEO. How to become more organized, more efficient. How to make sure the business is really there to serve me as opposed to me constantly being there for the business. New ways of advertising my business as well as recruiting new employees. Group interviews, number one. Before we felt like we were held hostage by our employees. Group interviews has completely eliminated that because you’re able to really find the people that would really be the best fit. Hands-on how to hire people, how to deal with human resources, a lot about marketing and overall just how to structure the business, how it works for me and also then how that can translate into working better for my clients. The most valuable thing I’ve learned here is time management. I like the one hour of doing your business. It’s real critical if I’m going to grow and change. Play really teaches you how to navigate through those things and not only find freedom, but find your purpose in your business, and find the purposes for all those other people that directly affect your business as well. Everybody. Everybody. Everyone. Everyone needs to attend the conference because you get an opportunity to see that it’s real. Everyone needs to attend the conference because you get an opportunity to see that it’s real. opportunity to see that it’s real.


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