Alright, welcome back in the prospecting show. Today is July 1st, Canada Day, even though we’re in the US, and we have Jeremy Taggart on the call. How are you doing?
Good, how are you?
I’m doing great. So for the people who end up listening to the show, they all know there’s really three parts that we do the past, the present and the future for entrepreneurs mostly. So to start things off, maybe give a brief introduction of where you came from and then how you got up to where you are today.
Sure, so I actually, I guess starting back to college, and I initially went into school in biochemistry, I thought I was gonna go get my doctor and a tennis ESOL gist, and I’ll ask it about a semester, I took him even, I just really didn’t like it at all so I actually switched to Actuarial Science, so I thought I was gonna get down that path being an actuary, and I actually went to school for that, I got my degree in Actuarial Science and financial math, and then about halfway through school, I read Rich that boarded so that kind of gave me the entrepreneurial bug, and then basically from that point on, I kinda dive into real estate, educating myself on it in the last two years of school, and then I realized at that point that the nine to five W2 life wasn’t gonna be my long-term things, I went, I wasn’t Tonawanda a couple of years out of school, and then I started investing in real estate at that point. And then I eventually got my real estate license just to do a part-time to start, and then I did that for about a year part-time, and then eventually left the W2 job to do it full-time once he had few properties under my belt and self secure and not to the point where I built that business up enough to go full-time into it, so that’s kind of how I ended up where I’m at now, basically.
Yeah, and so let’s talk a little bit about Rich Dad, Poor Dad, there’s a lot of people in the entrepreneur that say, well, that’s one of the big books that change your life, change their mindset, change for outcome, whatever it was. What specifically about the book were you… What was the point where you’re just like, Hey, this is the thing I need to do, or This is the consideration I have to have my life going forward to be successful…
I think it was just the whole mindset thing, growing up, I never had any influence of anyone that was entrepreneurial, so it was kinda like just with my parents for middle class, nine to five jobs, and basically that I made the life bulb go off on the fact that what’s possible. I don’t need to work to him, 65. and then basically, at that point, I was like, I could actually managing my own hands, I can retire earlier than 65, a lot earlier, and then basically just from that point on, I… Real estate was kind of the thing that attracted to me than those, just because I love to be… The concept of it and how basically, you don’t need any special talents to succeed in real estate, it’s basically you could just… Anybody can go, and if you educate yourself on it, doesn’t take any special skills to basically become financially three through real estate.
And so that’s a huge part of the book is talking about the mindset, the Robert Kosta from years ago, and he talks a lot about his rich dad versus his poor dad. In the mindset changes, what do you think has been the piece of that book from a mindset standpoint that changed your change to you… Is it the fact that the vehicle is real estate, is it more that, Hey, you just wanna have a cast of income stream, is it that you don’t wanna have a job… What is the piece of it that you were like, Hey, this is… This is the most important part.
Yeah, I mean, even growing up, I was never really… I always, I would buy and sell stuff on eBay, and I always kinda had that entrepreneurial side to me, but I just didn’t know it, so I think just the fact that I was never… Even with a couple of years I was working, I’m not the ideal employee by any… Meeting somebody to tell you what to do all the time, and when you have to work. And I don’t know, it didn’t really appeal to me, and there’s not really an opportunity to basically put more effort into a 9 to 5 job and reap the rewards of it, whereas being self-employed entrepreneurial, you can basically make as much money as you want, which is I’ve always been really had a really good work ethic, and I think that that really appealed to me to the point where I basically could take matters in mithras and double my salary compared to what I was being limited to in an 0-5 job.
Yeah, so walk us through what your day looks like now, I know you’ve got some properties in US and management, you got the real estate, like tell me a little bit about… What your day looks like in terms of the way that you’re able to continue to grow your business.
Yeah, so my main source of active income, I am an agent or real estate agent, and I also do property management as well, so that’s kind of the day-to-day that takes on this on my time right now, because it’s just the business… You’re definitely work in a lot of hours in it, but it’s definitely profitable and basically, my long-term plan is to take that active and come from being an agent and a property manager and just keep buying rental properties, and brought up my rental portfolio to the point where that can support me and I can live off of that. Essentially, so right now it’s basically… I actually work with… My niche is kind of working with real estate investors because that’s what I do, and that’s what I enjoy looking at investment properties and the numbers side of it, more so than working with residential.
So I work probably 80% of my clients are investors, and a lot of them are out-of-state investors, ’cause kids bring such a good market for cheap houses, and there’s a lot of fixer upper properties here and just a good market to get cash flow in and as a law as development going on in the city right now, so a lot of people are… Traitorous is here, so basically looking at houses, helping client buy houses, sell houses, and then I started in the property management side of it when I left the day job because I had more time to put towards that, so kinda making it essentially a one-stop shop for out-of-state investors, so I help them buy and then help them manage it as well, and if it needs to rehab that, have contacts for that, contact for our contractors and everything I can help, I rehab it as well, so that takes up a majority of my day-to-day, and then as I get enough money for rental properties, I find those and I’m gonna continue to do that until I get my portfolio to the point where it’s Brinton come… I can basically live off of that essentially, so… Yeah, and that’s kind of a good point. You’re trying to do basically income replacement, and it sounds like because of your rich at Oran background and reading that you’re trying to convert Act if income in the Passover… Semi-passive income. That’s not exactly it. That’s the long term, it’s just to have passive income and make… Work optional essentially.
Yeah, no, that’s actually a really good way to look at it. In your mind, where is the hardest part along and you so far, because you’ve been in it for a little bit, I’m sure you’ve seen the up to the down to win the loss, and so you like and things you hate, where do you find that… Where do you think most people are gonna have a difficult time if they wanna try and do what you’re… The real estate specific… Yes, exactly, just a… If they’re trying to convert from general active income into passive income, like you’re doing right now with rental properties and propane and all that, what is the hardest part of making that transition?
I think just the fact that there’s a lot of ups and downs being self-employed and not having a steady paycheck, especially when you’re dealing with people, there’s just a lot of… It’s not steady all the time, it’s so much different scenarios that you might not know what to do right away, so you kinda gotta basically live on the fly, essentially on a day-to-day basis. So I would say that a lot of people think if you wanna handle that as far as… Or even some days I’m gonna work on… I wake up at 4-30 AM working cop80 at night, the whole day, so I think that’s only certain people could be able to be okay with that and basically have that capacity to when it’s needed, which is more often than not, if you build it up to that point it… To actually be able to sustain that, I guess. Yeah, no, that’s actually a really good point because I think there’s a quote flowing out there on the internet somewhere that says, entrepreneurs, the only people on planet earth that are willing to trade a 40-hour work week for a 80-hour work week, and it’s kind of true, because yeah, acute hours for yourself and 40 hours for someone else. And that’s definitely worth it. You know what I mean? And it doesn’t always have to about the hours, but I think your point, super valid that if your goal is to retire early, you can either have the deferred life plan or you can not like to now life plan and realistically the way that you’re gonna get them now, life is by working more, the people who retire at… I kinda joke with some of the people that we work with that are in a normal nine to five, they all say, Oh well, I work 40, 40 hours and work for 20, 30, 40 years, whatever it is. You work 80 hours a week, you can work half a number years… Yeah, I’m trying to be in and out by 30, T the goal for… Yeah, yeah, exactly, and that’s… And that’s a very reasonable expectation for people, Maven by 40 is still insane because you’re only halfway there at that point in terms of the work in life, if you go from 20 to 40 and 40 to 60. that’s still right there. Being at 30 would be insane and awesome. I’m gonna be 27 this year, and I already feel like I’ve learned so much in the last couple of years on what not to do, and the faster you can learn the fast, and I think a lot of people wait till they’re 35 to learn 40 until they learn, it’s like You guys sit there and really understand what’s important, where the money comes from, how do you help you serve, how you grow and all that, and I think… I don’t say the stuff that you’re talking about is the number one way to do it, because real estate is… A lot of people think that that’s the key or the answer to the solution to it, and not a lot of it, we’re not willing to put any effort to actually understand it, they think, Oh, let me just buy one property and cash flow it positive, and that’s gonna be now in a can retire, and the problem is that’s really not realistic to do it like that, there’s so many more pieces to it, there’s renovations, there are people who are doing Burt or they’re people who are flipping or people who realize that, Hey, if you buy a multi-family or something in that you might only get 100 a door per month, then no one’s living on $100, so it’s a little bit different model than I think what people actually perceive it to be. So what is the biggest thing that you’ve learned in your process so far, the one piece where you’re like, Man, I wish I knew this before it happened…
I’d say the biggest learning curves part is on the investing side, really, it’s just you… You can only read so much in a book or a podcast, videos just really actually pulling the trigger and buying properties and be having them, that stuff you can only learn, basically, when you do it, essentially. So knowing what self-costs we have and what could go wrong in a house and what you need to look for, but it’s kind of like learning by trial by air basically, so you want that along the way, but I’ve never really had anything that set me back too bad, it’s just… There’s always gonna be something to learn when it comes to houses and really, I think that’s the only way you can learn it, but I wish I would have done that prior to obviously would help, but that’s probably been the biggest thing that I didn’t know prior to starting to buy properties and everything… Yeah, that is a very good point, ’cause a lot of people would understand this in there, you can read a book on how to do push-ups, but you actually have to do them to get the result, and that’s kind of like your point, I think… Right in the fact of, Hey, you can read all of our real estate, you can read about investing and syndication and brokerage and all that different kind of work, but I want you to actually do it and you actually put someone in and actually put the effort in you’re never gonna learn how to be successful with… And I think the crazy important part about that, in my opinion, is how do you take that to the next level?
How do you actually implement it? How do you get more people on the team? How do you grow the business? How do you get these outside investor, because at the end of the day, people I think are really misled leverage, right? There’s so many people out there that have money in no time, and there’s tons of people who have time and no money, if you can bring those two people together in a real estate deal, you pretty much have a home run because you could take the people who have all the money in no time, go deploy their capital as a partner, go take your capital that might be less, but you have a little bit of time on your side and you can go invest it and basically make sure the property on Beacon… Find the property, we have a friendship, whatever that, doing… And then from there, you’ve really leveraged other people’s resources, what are your thoughts on that, have you started going down that route of working with other people… I know you talked about investors, but are you working one-on-one with specific investors to grow your portfolio?
Of my stuff I bought so far as just me, I haven’t had any partners or anything, but when you say the time thing, like the beginning… For me, I had way more time than money, first italics as Italy had the money, so I was doing a ton of the work myself on properties and stuff on buying kitchens on Craigslist, literally trying to find the best deal on stuff material that I possibly could, ’cause it’s like in a word and putting in the time really, and now I’m kinda transitioning as my net worth grow and everything to being more busy and not quite having as much time, so I basically hire everything out as far as rehabs go and all that.
I’m actually, I’m doing a flip right now and I’m using… Basically, you were saying one of my clients, he actually landing on it because he has more money than time, so it’s essentially, we’re kind of working together on that patient, and that could be a good example of leveraging his money to a men working on the project. Myself, so basically… He makes money, I make money. You can come together to do something like that, which is what I like about real estate. There’s so many different avenues you can go and you can get creative with it, it’s not just one thing, one thing that’s possible to make money, there’s so many different ways that you can make… Plenty with it.
Yeah, no, that’s definitely true. I think it also comes down to mentorship or training, there’s people out, there’s lots of people who train and teach and show how they do things, but you have to pick the mentor… Right, right. Are the partners… You can’t just work with anybody, you have to decide who’s gonna be a good fit for you, have you had a particular mentor in your journey so far, have you been mostly self-pod and solid?
I would say definitely mostly self-taught and self-Redstone for that on the real estate company, I’m an agent for a property manager for their… Both investors as well.
They’ve been doing it, like my one broker, he’s been investing for a long as I’ve been alive, so being able to bounce ideas off them and get advice or have a huge… And they… Their broker is an investor as well, so just easy able to pick their range anytime I want a sense. Let’s just been a ton of advice, like real world experience advice that they’ve gone through themselves that, especially locally, it’s definitely stuff that you can’t read in a book.
Sure, yeah, no, that’s absolutely true. Where do you see yourself going in the future? We talk a lot about your story, how you got to where you’re at, kind of what you’re going through now, and some of the up and coming ideas. But what’s the future hold? Do you have a certain number of poems or you have a certain type of properties or a certain… Do you have some kind of goal or end point that you’re trying to achieve over the next five to 10 years, you had 30, so we’re kind of tied on time for 30 years old. What’s the goal?
Yeah, short term, basically, I’m focusing on getting at least 30 units by the time I’m 30, so that’s kind of where I wanna be short-term like the next three to five years, and then I think at that point, ’cause eventually I wanna open a gym as well, so that’s kind of like, well, that’s not really… You can’t get rich opening a gym, so I know that it’s not like more of like a passion thing, so I think eventually I wanna have… And again, that’ll be the next kind of level training for me in my third is, and then I’ll probably still always be the real estate, but it’s just a matter of how big I wanna scale, the girl stayed off the least the agent side of it, and even the investor side, initially, I wanted to… 00-units, still this big empire, when I was in college, it’s kind of like what my initial goals were, but as I get more into it, I’m more focused on basically just the time freedom, I kinda realize that you don’t need a huge massive portfolio because the more units, you have the more time you get to put into it, even if you have other people hearing it for you, you still have to manage it essentially, so I’m kinda leaning towards maybe getting 30 to 50 units, they’re a big department building, having that paid off, basically to provide for anything come up with need and then still do real estate, but I can be more selective with the clients, work with basically whoever I want to, and it really won’t be any pressure as far as having to make money off of it and then open a gym at some point as well, so basically, I’m just working on building up that portfolio until I get to that point and kinda figure it out at that point in time.
Yeah, and I think that that’s a really good point. You have to push through your original goals, not that you have to settle for less or do less than whatever your core goal is, but at the end of the day, you’ve realized what’s actually important, it’s really that time’s important, not just money. And so you’re kind of sitting there and saying, Hey, these are the things that your time, money interface and where you can spend your effort to get the same result, and it sounds like that 30 to 50 unit mix is probably enough in most cases, to do full income replacement, especially as you’re doing mortgage pay down on that, that starts getting alerts if he were enough enough at the keyboard basically, which as I’ve realized the past four years and the… And if I get to the Bornean now it’s like why I refer all contain with that, and then I have a ton of time to be able to basically do what I wanna travel, spend time with my future family and in a gym at some point as well, yeah, no, absolutely. So if people are… I know you’re local here, we’re both in Pittsburgh, if people are interested in learning more about some of the stuff that you’re doing, or maybe they’re trying to buy and sell a house, there are a bunch of local people who listen to the show, what’s the best way for them to reach you.
My website’s Jeremy, Tiger dot com, did shoot me a contact form on there, emails Jeremy at Army Tiger dot com, and then probably like social media, I’m MEAC on Instagram, I would say. Let’s just share meta.
Awesome, well, I appreciate you coming on the show. I know we’ve had this, probably three or four people now in the real estate space that came and talk about their model, and it’s interesting because so many different people, even though they’re all in real estate, that you and two other spends are gated as an other guys on the show, and then there was also a Dougal. They’re all in the real estate space, a slightly different method than U, which is great because I can see the value of multiple people getting into the real estate space and being successful there, so I really appreciate your insight and the goals that you have, and… Thank you very much for coming on the show.
Yeah, no problem at all.
Thanks for having me.
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