Be The Bank

018 - Monetizing and Creating Multiple Revenue Streams

September 08, 2021 Justin Bogard & Super E Season 3 Episode 18
Be The Bank
018 - Monetizing and Creating Multiple Revenue Streams
Show Notes Transcript

2 Wealth Show S3 Ep18 – Monetizing and Creating Multiple Revenue Streams

 Super E and Justin talk discuss different ways to market your business and create multiple revenue streams.

 Key Takeaways:  

  1. Why multiple revenue streams?
  2. E-University
  3. Constant Cash-Flow

 Resources and links discussed  

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About the Hosts 

Justin Bogard – Note Investor specializing in performing Residential Real Estate Debt. He finds deals and acquires them for his own portfolio as well as educates investors while walking them through the process of owning a Real Estate Note!  

Super E – Real Estate Investor specializing in short-term rentals and the management of them. She connects investors with short-term tenants and manages everything in-between.  

  Connect with the Hosts: 

  • @2wealthshow – Facebook/Instagram 
  • @wealth_show - Twitter
Justin Bogard:

Welcome to the, 2 Wealth Show, a show that shares how you can create real wealth for you and your family. I'm one of your hosts, Justin Bogard. And my co-host is Elizabeth Sickles, AKA Super E. I am a real estate note investor specializing in performing residential real estate debt. I find the deals acquire them for my own portfolio, as well as educate investors while walking them through the process of owning a real estate note. My co-host Super E, is a real estate investor specializing in short-term rentals and the management of them. She connects investors with short-term tenants and manages everything in between. Our show was sponsored by BrightPath Notes and Elizabeth Maora. You can find out more information by visiting our websites at brightpathnotes.com and elizabethmaora. com. Hello to our Viewing and listening audience. This is episode number 18 of the 2 Wealth Show, and I am Justin Bogard with BrightPath notes. And then my beautiful co-host is Elizabeth with Elizabeth Maora. You got it. I like how we both got our swag on today. Look at that branding at the same time. I mean,

Elizabeth Sickles:

I also just for our listeners, I have my website actually embroidered on the back of my shirts also. I do. Absolutely.

Justin Bogard:

So is it like, uh, a big, uh, let's see it, can you turn around and see it without shocking your headphones off? Can you see? Oh yeah, I can. Yeah. Yeah. Right there at the right. The where the at the top of the half semi-circle shape is on the back of your collared shirt. Very cool.

Elizabeth Sickles:

Yeah. If you're in, I have one jacket that a sports, no, I have two jackets, two sports jackets that are also embroidered with my email address.

Justin Bogard:

That's perfect. I didn't even think of that when I did mine. Now, I'm going to use that to my advantage

Elizabeth Sickles:

And which is what we're talking about today and when a Queue our audience in on our ways to monetize and what we've learned, right. Justin

Justin Bogard:

That's right. Yeah. Elizabeth and I haven't been entrepreneurs for too long, but we've been in business long enough to know about marketing and different revenue streams, what I'm trying to say as well. And in that Elizabeth and I both have very acute knowledge in specifically what we do in real estate. I'm in real estate, uh, notes, and she is in real estate, uh, short-term rentals. And so with that now is that we have not only can we do the real estate investing, but we can also pass down knowledge to someone as well. And we both have figured out that that's another way for us to monetize for our business to have another revenue stream coming in. So Elizabeth has Elizabeth mayor or university that she has mentioned before in the past. And so what's this kind of talk about, uh, IOM university real quick.

Elizabeth Sickles:

So it's three different packages, it's all online. And it's for those that either want to self-manage or if you are looking to start your own property management company in the short term rentals. So we go through everything and it's great because it's at your own pace. Um, depending on the package you buy, you get the contracts that I have, and a lot of very important, very useful paperwork, as well as coaching calls with me, not, not with one of my teammates. So I'm very big on, uh, you know, very big on that as well.

Justin Bogard:

That's awesome. So it's kind of like almost like a mentorship program, if you will, to where you have Elizabeth, you can lean on who is very experienced in real estate and especially the short-term rental space to manage properties. And then she owns some of her own as well. So that's what I look for for too, in a anytime I'm getting education in something Elizabeth, I'm always looking for the person that's actually doing the business as well. Not just someone that says, well, I did it 20 years ago, and this is what we did. So here's your binder and this applies now, right. And not necessarily does it really apply now their skill sets that they teach you or their, what was strong back in the 1980s, as far as marketing and stuff made us necessarily work today in the same manner, but there are certain groundwork even three years ago. No, you're right. Um, so yeah, I like the way you do that. So you have three different packages and I'm sure it's, you know, uh, price point, obviously it's going to change as well. And so is there a website people can go to, to get more information on that training or the pricing for your training as well?

Elizabeth Sickles:

Absolutely. If they just go to our website, which is Elizabeth Maora.com, We have a whole tab for Elizabeth Maora university.

Justin Bogard:

That's fantastic. Okay, Elizabeth. So I have a training course as well, and it is called Constant Cash-Flow. This is going to kind of, kind of lay the groundwork for real estate note investing. And we're going to learn things like really why invest in notes, right? Real estate backed mortgages and land contracts and things like that, kind of, what are they in the iterations of them? We have many different types of notes out there, and we want to talk about specifically, you know, the commercial and residential real estate backed notes, and then really Elizabeth, how to invest in notes as well, as far as performing non- performing, if you do, what's called seller financing, you're going to learn all these terms and, uh, the nomenclature of the business, if you will, and then also using your retirement account as well. Because when I first got in the business, we found out quickly that the performing loan world w as, was really built for the self-directed retirement account, although you c an't do it with other m onies as well. It's just, it's great. When it's interest free. When the interest you get is tax-free over a long period of time and it's just constant cashflow coming in, and which is why we named it constant cashflow. So we have a 25 plus video series. Again, the course is called constant cashflow, and you can go to our website, bright path notes.com to find out more information about it and to sign up for it. And for a limited time, right now, since we just introduced the course of Elizabeth, we're offering a$300 off coupon. If you sign up today, sign up now very soon. Uh, it does a limited time offer. So we were offering it for, with the discount about$397 is what it comes out to be. And this is going to lay the groundwork. Like I said, for your note investing knowledge, we are going to have add on a subscription model to it, to advance further your education into this real estate note space. Uh, it's going to include, uh, probably some special webinars live webinars. And we're also going to add some case studies as well to the training, um, the initial training as well. So people can see kind of like a real live case study of what's going on. So me and a couple of my friends got together and said, you know what? We need to put these thoughts down and put them in a video so that other folks can benefit from our knowledge and what I wish I would've learned first in the note space, instead of jumping from, instead of a, I was already at E you know, in the alphabet, uh, I missed ABCD and I had to go back and kind of figure it out. So we're gonna make sure you start with a and get all the way to Z. And then you're gonna have a very strong, foundational base knowledge of note investing. And then Elizabeth, you're going to choose kind of what you want to do with that knowledge from there, whether you still do what I call stick and break real estate, and you can use notes as part of your buying strategy or part of your selling strategy, or it can have your own note business kinda like myself as well. And we'll show you and teach you how to do that. And then you can also just selfishly use it for your retirement account and just building your family's wealth as well, so that, you know, it's constant cashflow and you can go to our website, bright path, most.com to find out more information.

Elizabeth Sickles:

Congratulations. That's awesome.

Justin Bogard:

Thank you. Yeah, we've already got a couple of people who have gone through the course already, and we've got very positive results from it. So we look forward to helping others out as well.

Elizabeth Sickles:

And Justin is no stranger to teaching. He has a meetup slash subgroup. Um, so central Indiana real estate investors association, subgroup that he teaches every month. So, and you've been on stage several times all over the U S uh, so definitely a great, a great teacher.

Justin Bogard:

Thank you. You're welcome. So different revenue streams for your business and any business that you have, it's definitely nice to have, especially when it becomes more passive, um, among speak from my side and Elizabeth, I'm sure it probably was similar to you, but putting all the work upfront, running a training course is obviously crucial because after you get to the point to where you can start to sell something, it can be ongoing revenue for you as well. And it could be revenue for a long time, almost perpetuity,

Elizabeth Sickles:

Which is what we want.

Justin Bogard:

Yeah, right? Yeah. Yeah. It's, uh, it's two fold for me, Elizabeth. I, I give away a lot of free knowledge to people, which I totally don't mind because I want to pay forward what folks did for me when I was kind of growing up in real estate investing and learning from a lot of great mentors, I gave great advice and asked nothing in return. And then I also want to set something up that's more structured and more, uh, business appropriate to, you know, obviously to accrue, uh, cashflow or money on as well. And so building this training course, uh, obviously you learn a lot about building a training course or building a program, or to set up an educational platform for somebody to learn from because you don't, you don't just put it together quickly, right? You have to have thought about it. You have to think it through, you have to understand from the point of view of how people learn, right? Some people are visual. Some people learn by just, you know, absorbing it and doing it themselves. Some people learn just by hearing it and they can imagine it, and then they can put the thoughts down and, and make it happen. So what was your experience like building your training course?

Elizabeth Sickles:

It's a lot of time that's for sure. And an immense amount of time. And, you know, one of the things too is there's so many components to it. It doesn't matter what you're doing. So you really want to be thorough because you want to let people know, you know, these are, these are things you need to do. And you'll also allowing people to know things that you don't want to, you should not be doing. Um, and you shouldn't do so that list is very long and then actually recording the sessions, you know, it just, it takes any normous amount of time. And then you're organizing and even keeping the website, you know, up to date and running different specials here and there, um, is all really crucial, I think, to having any, any type of a training program and up refreshing it, we're getting ready in two weeks to record some additional modules, um, as well, you know, now we're in a post COVID for short-term rentals, um, things have changed, you know, for sure. So now that we're, we're finally beyond that we can go back and do some really in-depth really great modules for this.

Justin Bogard:

You brought up earlier about, we talked about some people in the, in any business that they're educating, you know, we'll talk about real estate investing if they, if they used to do the business, you know, 15, 20 years ago, and they're not doing the business right now, that may not be the best person to get your advice or education or mentorship from, because if they're not doing it in today's time and today's market with today's economy, they might not know the best things to do and in the situations for today. So the difference between, uh, those educators and educators, like, you know, Elizabeth and myself were actually in the business doing this every day. So we can apply real time, knowledge, and real time experiences for you, for you to know that the do's and don'ts right, what you were just alluding to about, uh, M university. So you explained things that you should be focused on and things that you don't have to focus on as much, uh, to get you to weed you through and comb through all the information that's coming to you at once. Because believe me, we understand it's like drinking through a fire hose. When you go through some of this training and we want, we want to build you on a, on a foundational level and then grow you into a path that you want to grow. So I'm sure in a short-term rental, uh, space, there's probably different avenues. You can go down and specialize in one thing or another, as opposed to doing everything. I know most people want to do everything, but maybe you ought to focus on specializing in one thing.

Elizabeth Sickles:

Absolutely. You know, it's just, it's kind of like, like with me, you know, I have this short term rental business and we're very, we're one stop shopping, right? We do everything from running the renovations, all the furnishing, everything with it. And then I also have the cleaning business, which is completely separate, but very integrated. And, you know, anytime you take your eyes off of, you know, like the true property management and putting it on clean, even though it's very integral, obviously, I mean, whenever I guess, opens the door, it's the first thing they see is how clean a property is or how not clean a property is. Um, but it's really, um, it's really an interesting type of, you know, business, you know, so, so to speak whenever you're not, you, you've gotta be focused on two different businesses, but again are so, so intertwined. Absolutely.

Justin Bogard:

So, Elizabeth, um, I know we're getting short on time today and we're going to cut this episode a little bit short because we wanted to get the point across of, you know, our educational companies, you know, how we have these educational training businesses now, and also kind of show people kind of, uh, be thinking of other ways that you can monetize on your knowledge or your expertise, not only what you can do in real estate or whatever business you have, if you make a make widgets. Right. You know, obviously you you're good at that, but what if you can teach somebody how to run a widget business, right. Or to sell widgets, that's another way you can monetize it. So learning how to, to expand upon what you know, and then monetize on it is another way to generate more streams of revenue

Elizabeth Sickles:

For yourself. Yeah. One of the other things there's a saying, I should have brought it up, but basically when you know how much you're worth, you'll, you won't give so many discounts. And while, you know, there's always, you know, a reason to discount here and there for holidays and things like that. But you know, one of the things I do short, I just want to share this with all of our listeners. I do short-term rental analysis, and normally there's a fee for it. If you're an existing client, there's no fee for it. And it really helps weed people out. So I had done one for a potential client. Um, we're supposed to he's rehabbing the property on his own. And then he asked me for an analysis on another property and I said, know, Hey, the first one was done in good faith. I'm happy to do a second one for you. We'll just need to sign the management contract first. And I haven't heard from him, you know? So there's, there's always ways also, especially I think as you get, you're more confident you're more established in what you're doing and when you're the expert, you're the expert. So don't, don't let people take advantage. And I give away a lot of free information, just like what Justin said, I'm all about that. I'm all about paying it forward, but these things take me a lot of time to do they're very specialized. So just, just keep that in mind. There's a nice way to say no in a nice way to say, Hey, sign this

Justin Bogard:

Right. And, and also free advice, uh, may not necessarily be free in the future. It may cost you money as well.

Elizabeth Sickles:

Exactly. But it's always lots of opportunities for revenue stream in a, in a business, whether you're brand new or especially if you're a little bit more established, people will pay

Justin Bogard:

If they want it bad enough, um, that they will pay what you, what you give as, as the value of what they're trying to buy. So, and like in consulting as well, I'm sure you do some consulting work as well as Beth. And there's a value on that. And you say, my time is worth this much an hour, and I'm happy to answer any questions that you have, and I'll be sharing my experiences with you and being transparent, but that comes at a, at a price, just like what attorneys do, you know, they have to charge an hourly rate because you're getting very specific advice from them based on the countless hours and material they've had to read to research that specific law or the learn about that type of type of law or, you know, business law or real estate law or, or whatever. So there, there is value add to that, and you're basically having a shortcut, right? You're not having to go through all the education. You're just getting it in that, in that window of time that you allow and you have to pay for it. So what's, what's a couple of hundred dollars for an hour of a specialist's time to get the exact experience that they had for the situation that you're describing that you need help with. That's right. All right. Don't forget to check out the video version of this episode, episode number 18 on the BrightPath Notes, YouTube channel or Elizabeth Maora or his YouTube channel as well. And I am Justin Bogard with B rightPath Notes.

Elizabeth Sickles:

And I'm Elizabeth with Elizabeth Maora. All right, until next time guys. See ya. Thanks everybody

Justin Bogard:

2 Wealth Show is produced by Justin Bogard and Super E s ponsored by BrightPath Notes. And Elizabeth Maora. Thanks For listening and watching to our our show.