Episode 32: Eric Mieles and Alex Vazquez of H6 Homes – Full Transcript
Eric Mieles 0:00
All right, let's go. And when I went in that class, I was introduced to other professionals in the real estate space. got my license was in that industry for a while, but noticed very quickly that I wasn't building a business. I was just in a sales environment. And I knew I wanted to build something more sustainable, and something where I could build a reputation and people would seek me out rather than having to convince someone of some sort of product or service.
Picture a world where costs are down, profits are up, and customers are clamoring at your door you're listening to. Let's get up to business from Jordan. Out interviews with business owners, service providers and area experts can teach you how to create a world of success and profitability. If you're looking for an attorney to assist in your business formation, employment agreements or other legal business needs contact Jordan law at 40790655 to nine. You can also reach us on the web at Jordan law fl.com. Jordan law, we protect you and your business.
Mark Miller 1:25
Good afternoon. Good morning or whatever time you're listening to this. This is the let's get up to business podcast from Jordan law. It's Mark again today. Sorry, Jordan and Heather are actually out on a cruise for the holidays. Lucky them. So today I'm sitting with Eric and I'm sorry,
Unknown Speaker 1:43
Mark Miller 1:45
tell me a little bit about yourselves. How can people get in touch with you and what is it that y'all do?
Unknown Speaker 1:50
Sure. So Hello, everyone. And quick disclaimer, my apologies if I'm a little measly I'm all week with the flu. So I just want to put that out there in case I sound awesome. stuffy but as you mentioned, my name is Eric melas. I am the co founder along with my business partner Alex Vasquez of a residential real estate team locally by the name of each six homes. been in the business since 2005. And it's been a fantastic ride thus far with Alex and building this company and I'm looking forward to sharing a lot of any type of valuable insight we can provide to the audience.
Alex Vazquez 2:25
Yeah, absolutely. My name is Alex Vasquez. as Eric said, Eric's business partner, we run the company together. We we do a little bit of everything as far as residential real estate, investors, small businesses, leases, things like that. So yeah, it's been a great run. We've been I've been licensed since 2003. And been in the business for the long haul.
Mark Miller 2:48
And how can people get in touch with you the best
Unknown Speaker 2:50
email addresses phone numbers? Sure. Absolutely. So get touch with me directly. My email is ease and Eric j M. 500 at gmail. com. You can also find me on all the social networks under my name, Eric nellas. You can also go to our website, www dot h six homes. com. Yep.
Unknown Speaker 3:10
And I can be reached by my cell phone three to 14433483 or email Alex vas as V 001 at gmail. com and as well, all the social media under my name or company name.
Mark Miller 3:24
Excellent. Excellent. Now, how did you guys get into real estate where you said you've been doing it since 2003? Eric, you've been doing it for how many years since 2005. Okay, so the decade to half ago. What What drew you to that industry?
Unknown Speaker 3:40
I am, I was actually in the food and beverage industry for a long time. I ran bars and clubs for Wyndham hotels, and I just got tired of never being able to hang out on the holidays with the family. So I wanted something that I thought would be, you know, a little bit more free time. And I said, Well, let me get it to real estate and I'm you know, it wasn't a mistake. It was a great thing. I've been blessed. I've been through the rise. I've also seen the fall, I learned a lot through the fall, right made me a little bit stronger, smarter as far as running a business. And that's how I got into the business. And I've enjoyed it.
Unknown Speaker 4:15
Yeah, so um, early 2000s, I was in the vacation ownership industry had no idea of what that industry entailed. Had a buddy of mine said he wanted to get his real estate license. And I thought I hadn't ever I never put any thought to it. But we were best buds. And I said, All right, let's go. And when I went, in that class, I was introduced to other professionals in the real estate space, got my license was in that industry for a while but noticed very quickly that I wasn't building a business. I was just in a sales environment. And I knew I wanted to build something more sustainable, and something where I could build a reputation and people would seek me out rather than having to convince someone of some sort of product or service. And so when I would leave those results Words, I'd see an international real estate company. And I knew they were different. So long story short, I inquired. And they were a specialized niche, international real estate firm, they would fly people from England and Ireland to different parts of the country. And those people would purchase investment properties. And I got hired, and that was the start of my residential real estate journey. Gotcha. Gotcha.
Mark Miller 5:23
we are business focused podcast. So you mentioned sorry, income properties or investment properties. That's what we're looking for. Thank you. What is I Florida's got to be big for that. Am I correct? Absolutely. What is your experience with that? What kind of what kind of work do you do for those looking for those investment properties? And, you know, yeah,
Unknown Speaker 5:52
tell me a little bit about that. So great question. I think the first thing we do is when we meet an investor, we find out what their goal is. So Some investors have a goal of just making quick money on a flip. Okay, some investors have a goal of having residual income on a buy and hold. Right. So I'm Eric has a formula that we've put together that actually plugs in certain numbers that will allow for certain rates of return, we make sure that those properties have a healthy rate of return, we send them over to the investor. And if they buy into that, then that's how we proceed. But again, it starts with their goal. So based on what their goals are, we attack it that way. So on
Mark Miller 6:30
something like me and my wife have talked about, you know, three or four years from now getting a couple rental properties to do that buy and hold and, you know, what would be your target rate of return in this area? I know Orlando's kind of complicated given some of the dynamics. Sure. So
Unknown Speaker 6:47
it's interesting. I'll take a second and another key thing that we do is distinguish between speculative buys and true investing. I think it's important to note for the audience and a lot of business purposes. those that want to earn some return on their income and put it into the real estate space is defining between the two. A lot of people think they're investing but they're purely speculating. And that's a dangerous position to put yourself in a sounds in trouble in 2008 correct. So so it's two agents that have seen the boom and bust. We really bring forward that knowledge to make sure anyone at least in our control of who we work with understands those dynamics, and they make their money going into the deal. With that said, and to answer your question directly, it really depends on the sector of real estate you invest in so for example, single family rental houses buy and hold, typically a better investment for long term appreciation, wealth building, things like that, but not necessarily the best segment of the market for cash flow. Let's say you were purely looking for cash flow than me we might switch you to multifamily. multiple streams of income under one roof economies of scale duplex triplex four Plex things like that. So it back to what Alex says it really depends on your specific goals. Are we looking for a long term? You know, wealth building equity appreciation? Do we want really cash flow and we're willing to seek out, you know, those type of properties no matter where they're at as long as they hit a nice, you know, 8% plus cash on cash return things like that. So,
Mark Miller 8:21
gotcha, gotcha. That's it. Do you guys work? Like, I don't want to be the guy who's, you know, changing washers out with a break in the middle of the night? Or you know, you're not a plumber, electrician either. So if something goes wrong, do you work with companies and help people find those groups to, you know, come in property management, that's the word I'm looking for you guys help with property management, or do you do that yourselves? So we do not do
Unknown Speaker 8:45
property management expert. We do have contacts that do. And recently we've actually it's a great question that you asked me because I guess now, in our time in the industry, it's very hard to find great vendors. So we We've been diligently working on putting a list together of contractors, electricians, things, people that are the reliable, do good work and that we can refer out. And so yes, we do to answer your question we do have a small list now of reliable vendors that will perform well and get the job done. So we will do that for our clients will
Mark Miller 9:20
give them a list of preferred and people that you can you have learned to count on so they can probably count on as well.
Eric Mieles 9:27
Exactly, because I'm like you I'm not Bob the Builder at all.
Mark Miller 9:30
I can do it. I just don't want to. I was lucky. My dad was handy. So he taught, you know, me and my brothers when we were growing up, but like I'll do it in my own house. I'm not gonna do it for you know, I'll pay somebody to do that.
Unknown Speaker 9:44
Yeah, and that's to it. And I think it's important to know, for your audience, for anyone that's entering or looking to build their their portfolio. Work with and this is not a plug for us. Just it's important that you screen out the right real estate professional who also walks the walk and Just talks it. So currently me and Alex are we have our own projects going on. Okay, we're renovating where we we buy low, fixed them up, rent them for the long term. So so going through that experience is far different than just reading about it and trying to convey that information to a potential investor. So I think that's important and for your audience to seek out a professional that has their hands in that type of property. Currently,
Mark Miller 10:28
I mean, you know, we're lawyers here. Of course, I'm not a marketing director. I'd have to put that caveat out there. But, you know, we, you know, I've been working with lawyers, I would never trust somebody who didn't go to law school. Exactly, absolutely. So yeah, somebody who, you know, like you said, walks the walk. That's great. You mentioned earlier I believe one of I think Alex said something about commercial space. Obviously, working with businesses as we do. We see a lot of people who started their home, you know, the traditional yo started this company in my garage and now I'm, you know, looking to expand sure what kind of what kind of work Have you done in that space? And how do you what, what unique perspective do you bring to that? Yeah,
Unknown Speaker 11:12
that work. So we don't do a lot of commercial what we do have a small amount of experience in this commercial leasing.
Mark Miller 11:18
Okay, so we've had clients looking for commercial space to put their businesses Well, that would probably be the first step is, you know, moving out of the home or out of you know, the shared office space into a single would be, at least for a little correct.
Unknown Speaker 11:29
And so we're able to find locations for them, set up leases, even sales in smaller space or smaller commercial space. But as far as big commercial projects, no, that's that's a whole nother animal in our industry. All right. And so what we do is just the minimal as far as leasing and and sales versus
Mark Miller 11:48
commercial space, you know what you're good at and if more people did that,
Unknown Speaker 11:56
well, we feel that we represent the client better that way. Why exactly represent ourselves on something that we're
Mark Miller 12:00
Gotcha. And now so they're going back to the stuff that you are good at those those by whole projects that you all are working on or those you know those flips. What has been your What are your goals in doing that? Like what's your future plans 10 year plan
Unknown Speaker 12:16
20 year plan. So I'm just to circle back real quick. So our main day to day function is representing local buyers and sellers.
Mark Miller 12:25
I don't want to drive away from that,
Unknown Speaker 12:26
right. And so we lead with education and we're more of a consultancy than your typical quote unquote realtor. Our real mission and impact in the community is providing a consultative approach. That's number one. With that said in terms of our goals, so first and foremost, continues, Leslie growing a healthy residential firm one that's impacting the buyers and sellers that we serve. You know what we're proud to say that this year we've surpassed I would say, Alex, right. All sales are all time record. right at that $30 million mark for for volume locally here. And we just want to build next year better systems and better abilities to provide a next level service for the people that we service. I think that is the the value prop going forward for residential agent. It's no longer just showing homes, right? Because you know that the consumer has the keys to the kingdom. The internet has really leveled the playing field and they have access to more information than ever before in our industry and every other one. Yeah. So So our goal is figuring out the points of service and value along the way in a sale transaction that we can convey. And that's the goal number one for next year, I would say right. Oh,
Eric Mieles 13:45
Unknown Speaker 13:46
We want to be the resource. So we want to be the resource that people come to to find out answers to questions, real estate, related in any part of real estate that we can help Absolutely. That's our goal.
Unknown Speaker 14:01
And then as far as our the flips in the in the investments, you know, me and Alex as business partners have agreed that the goal is to lead with a great business. And then obviously, the yield that we get from that business performing, we know we want to invest for the long term is for ourselves, our families, our households. And so that's why we walk the walk and we take that money and put it into residential real estate rentals for the long term. And so I think next year, we're going to keep doing that. As long as you know, we spot the opportunities in the market and we stick to a diligent disciplined process. We don't just go with whatever trends are hot at the moment and get ourselves in financial trouble by over leveraging ourselves. And so I would say that's the focus next year. Yeah,
Alex Vazquez 14:51
Mark Miller 14:52
You guys have been doing this for a little while. What has been your process in building your company? What do you think what would have been some of the you know, successes And then some of the failures and how you got over them.
Unknown Speaker 15:01
Yeah, absolutely i can i can tell you I started by just door knocking, you know, and I know nowadays I was 1516 years old, right? So nowadays that's kind of frowned upon. And so we don't do that anymore. However, staying in front of the of the client or the prospective buyer or seller being a resource, that is what I started to do. And I've done well since I can tell you some of my failures when the market boomed back in Oh, what four or five, somewhere around there, right? I think a lot of us did, I got comfortable. And so we got used to it. It was kind of like taking orders. You know, before you got back to the office, you had four offers on the listing you just put in and so I got comfortable, and I stopped doing that marketing. I stopped keeping in touch with my clients and I saw the fall of when the market crashed. And so I quickly Went back to what I knew was the formula of success which is being in front of everyone door knocking providing a value to your service providing resources and just being there for the client.
Mark Miller 16:15
So yeah, I remember I was working for a small bank during the boom years and one of the ladies that I worked with she had sold her house four times in the in that one year I think was like 2006 like she sold the house moved three blocks away so that house moved three blocks away sold that house was three blocks away so that house and went in right tape like right as the turn happened, like she just she didn't see it coming she just couldn't find another house to buy. She got lucky but she got really lucky I think over like and then if I remember correctly, she actually because this was out in Phoenix. So you know, the further away you got for Phoenix, the cheaper It was a moving further and further away. So that you know after the bust happened. Like she bought a place twice, you know, two times closer than she originally was. Yeah, for half of what her first house costs because the market crashed so bad.
Eric Mieles 17:09
Exactly what happened?
Mark Miller 17:10
Yeah, exactly. And I think a lot of people, you know, did have, especially in the real estate space, I know, I talked to other people who were like, Oh, you know, I'm doing real estate. It's great. I'm making all this money. And then, you know, the 2008 2009 happens, and now they're working for, you know, working working for a bank again. How did you I know, you said you got through it. And by jumping back on your, your foundation, Eric, how did you get through that?
Unknown Speaker 17:38
Yeah, so I it's a perfect segue because one of the Being that this is a business focused podcast with business professionals. One of the key distinctions in our industry is realtors never look at themselves as entrepreneurs. They treat themselves as just sales people. And what happens is as a glorified salesperson, they don't put the foundational business goals in place to scale their business. They don't put leverage. They don't put systems. They don't have specific times when they're working on the business rather than working in it. And so, you know, through coaching, learning, mentors, US partnering, we started this together, just the two of us. And slowly but surely, every year, as we were implementing more and more systems to leverage and scale, we saw the business growth, 55 units, 74 units, 110 units, 120 something and it's 150 units. And each time, we could see that we were putting the foundational pieces in place for growth, which separated us from that normal everyday quote unquote, realtor. And again, I don't I don't mean to speak ill about our counterparts, but it's just a reality. It's just a fact. And so those were some of the things we did well and how we weathered the storm sort of say through those lean years. Another thing that we've implemented and I credit Alex for all of this because he watches the numbers like a hawk. He is the one that really,
Eric Mieles 19:06
Unknown Speaker 19:08
So I'm the one that's always dreaming and texting him every morning with a new idea. And he's the one that's telling me hold up there, buddy, you know, and and so that combination, which I'm we've, we've heard too many people, a partnership is hard to sustain, you know, in any type of vertical, I think, you know, and and especially real estate, but we've been fortunate that we came together and we complement each other. And I think that's a key thing. For anybody thinking of partnering in their business. I have some strengths that he sort of piggybacks off of and vice versa, and that's really how we've complemented each other and grown through the years and, and, and, and stayed as friends.
Mark Miller 19:51
And not just hating each other for the sake of business, you know. Yeah.
Unknown Speaker 19:54
Yeah, I agree. I agree with what Eric said. You have to you have to run a business and you have to know The behind the scenes of the business numbers of the business, you know how you're going to get through the hard times? And what are you going to do in the fruitful times, and you have to have partners like yourselves, you know, legal partners, you have to have accounting partners, to run a business, you have to have partners that work with you on all sides of the business so that the business can be successful.
Mark Miller 20:21
So I agree that no, one of the things that we do is we help realtors in setting up, you know, their, their business. It amazes me that, you know, you walk into a Keller Williams or you know, one of those groups, and, you know, you talk to the business owners, and they're like, Oh, yeah, I set up, you know, I set up an LLC for myself back in the day now, we're C Corp now an S corp, whatever, you know, they build it, and then they go talk to their realtors. And they're like, yeah, you should really set up an LLC and all we're just like, why would I do that? It's going to cost me 500 to $1,000 to get it set up. And then what's the return? It's like, well, first of all, every doubt, you know, every mile you drive is now a business expense. Like if you don't recoup $1,000 in a year driving as a realtor, would be shocked. But then also you know, any other output you have as a business expense and then you're only taxed on what you actually take home. And they just like so many people don't understand that basic that kind of blows my mind,
Unknown Speaker 21:12
doesn't it also offer you an offer an opportunity to take out a dividend as well as pay yourself?
Mark Miller 21:17
It kind of depends on how you set yourself up. You know, again, you'd have to talk to you know, Blair, who's our business guru here, he would, you know, but yeah, that's, it's depending on how you set yourself up, like I have a friend who's she's a therapist, and she's, you know, setting herself up in the new year as a C Corp, which means she's going to be able to do so many additional things, like as a C Corp, you know, with her and her, the people underneath her, she can offer daycare as one of the you know, executive perks of the business and so, you know, and then that's a nice write up for the company. So, you know, again, it depends on how the paperwork set up and you got to do it legally radio, so, you know, Uncle Sam, the IRS don't come after you which she You know, we're working with her to make sure that everything all those T's are dotted and I's and crossed. But, you know, like he's say, you know, as long as you're keeping an eye on the future and keep an eye on where the ball is going to be, right, it sounds like you guys are, you know, done some really amazing things. Now, I do have a question, how many realtors do you guys have? Or is it just the two of you that
Unknown Speaker 22:22
we run a team? Okay, there are 11 of us total. Excellent. However, Eric and I including four full time buyers agents, okay, it's Eric and I plus three more full time. So that's five. We have three part time agents that work full time jobs, but then do part time work. And then we have a couple of admin staff that handle a lot of paperwork, marketing, flyers, social media,
Mark Miller 22:47
stuff that I do
Unknown Speaker 22:49
the marketing side, right yeah, so that's, that's a total group of each six homes. And we feel it's better that way because we kind of all stay in our lane even within that group. We have our roles on the team. For instance, my primary role is to work with the sellers on the seller side, because I like going over the numbers. I like being able to do that with the seller. And because of our background, his strength his buyer side, so he heads up the entire buyer side.
Mark Miller 23:14
Excellent. Yeah, play to your strengths.
Alex Vazquez 23:17
Mark Miller 23:19
Any dynamic, whether it be a partnership or any band. Now, I do have a question. This is more of a personal question. What is the difference between an agent and a broker? And how does that
Unknown Speaker 23:29
sound? Yeah, that's a great question. Funny enough, this was a topic on one of our podcast episodes. Okay. Yeah. So so it's great. It's a good question and a lot of the public wonder that so what happens is in the state of Florida, in order to become a licensed agent, you must do a prerequisite you have to go through class and take, I believe it's 63 hours of classroom you must pass a classroom test and then a state exam and what happens when you pass that state examines you become a licensed Florida salesperson, okay? Your Not a real tour yet. You're just a licensed sales agent in the state of Florida that can practice real estate. But you are not affiliated associated with any of the board of realtors. You haven't subscribed to a code of ethics, believe it or not the word realtor is a trademarked word and simple that Yeah, from the National Association of Realtors, so yeah, so it's interesting. So are there organizations to call yourself a real correct so there's people that are just licensed agents that haven't subscribed to that code of ethics. And then there's licensed agents that after getting licensed, they subscribe to the code of ethics and become quote unquote, a real tour. Then you have to be licensed for two years. And then you can take your broker exam and as a broker, it enables you to open up your own brokerage and as a brokerage owner you then can have licensed agents and realtors under you operating under your brokerage That's the difference.
Mark Miller 24:58
God is there like a family Actual requirement on top of the you know, the testing and everything else is there like I mean, is there an additional ethical?
Unknown Speaker 25:09
Yeah, there's additional testing there's additional things that they subscribe to and you know, liability and expenses, you know, insurance operator brokerage, things like that the financial experience absolutely, depending on how you want to set it up to right you've got some brokers that operate out of their house and they're running a middle a minimal overhead expense to shop into their own shop pretty much. It really is, however you want to set it up. Many people ask and I know if this where you're going but so why doesn't everyone open up their own brokerage right? And some people will wonder that and they asked us as well. And really for us, we've seen a win win by almost operating a brokerage within a brokerage. I mean, we get all the benefits of operating as a team specialized systems, processes, branding, marketing, etc. but without the lights ability that a broker carries. And we can just stay in our lane, we can focus on what we do well, which is serving the client rather than ordering, you know, paper, the copy machine the game, paying the lights in the space, you know, so so that's in and to each his own right, other people have other desires and want to grow a huge brokerage, and that's fine. But for us, the focus has always been on the end consumer and how we can build a service package that benefits them. And that's it.
Mark Miller 26:30
Yeah, that's great. Yeah, a lot of people make pizza, but you know, depending on how you like it, you want to order from different places. Sure.
Unknown Speaker 26:37
Our formula is has worked for us, you know, and so that's why we stick with it and it's
Mark Miller 26:42
been good for us. You mentioned that you guys do a podcast. Tell me a little bit about that.
Unknown Speaker 26:46
Yeah, we just started doing a podcast or a couple of months in okay. And the basis of the podcast is to provide value to provide topics that a lot of home buyers and sellers don't know about the ins and outs of purchasing the things to look out for. And it's been a successful for me we haven't gone too far in, but we've been in for a few months. And we just talked about topics that we believe consumers want to hear about or don't know about and should be made aware of
Unknown Speaker 27:16
gotcha. What's the name of the podcast? It's age six homes. podcast is available on Soundcloud or iTunes and it's the age six homes welcome home podcast. Excellent. Yeah.
Eric Mieles 27:26
Thank you for asking.
Mark Miller 27:29
And, I mean, it's been about 25 minutes or so. So let's remind people who you are. Absolutely.
Unknown Speaker 27:37
So my name is Alex Vasquez again. 32144334 a three. My email is Alex VAZ. That's Alex v. z 001 at gmail, and we can be found on any of the social media under h6 homes or under our individual names. We'd love to hear from anyone that has questions about real estate, the ins and outs of investing, things like that any anything really
Unknown Speaker 28:00
And once again, my name is Eric melas. And my number is 407-383-2189. And you can find me in any of the social networks, you can look us up each six homes on Facebook. We do have a vlog series life of a realtor, you can find that. Absolutely, yeah. And you know, we're having some fun with bringing about information and education to the marketplace, via all formats, podcast videos, vlogs. You know, whatever we can do to just bring more education and awareness, because we feel with education breeds confidence with confidence buyers and sellers can make the right choices. And if they make the right choices, we have a better way of impacting our community for the better. And so that's always been our philosophy and a lot of the things that you'll see us do online and out there is all centered around education and service. So please feel free to reach out to me Say hello. If you have any questions. We'd be happy to interact and engage with everyone.
Mark Miller 29:00
another vlog I assume is on YouTube.
Unknown Speaker 29:02
Yeah, we have them on YouTube. And then we have them on Facebook as well. And that's life from a realtor series. And we you know, it's cool to have an inside look into a day of a life of a realtor. We bring you on closings and appointments and listing appointments, unity communities that
Eric Mieles 29:17
we market in, we do little series in the communities. So yeah,
Mark Miller 29:20
that's nice. Yes, that's one of the things that Fingers crossed, I get the camera that I want for Christmas. Or something like that for me and also for here. Absolutely. I think it's, you know, one of the series that I'm going to do in the new year is sitting down with Blair Jackson, who's our top business attorney, and, you know, set up my own company and go through the process with them of like, what it takes to do that. Sure, and everything that goes into, you know, all the questions that I don't know to ask, right, you know, as a brand new baby business owner, what's it going to do? And then you know, like, okay, where do you get a look where you gonna do all that stuff? So absolutely, yeah. So that you know, that personal touch, I think, is a great month. marketing tactic and it's a great resource for your clients and for the people who are looking for services like yours you know because even if you know even if they're in California the life of a realtor there's probably pretty similar to the life of a realtor they probably make a little more money that's true I brothers in San Jose, his house the same size of my house cost five times, right, but but everything's, you know, gallon milk salsa, eight bucks.
Unknown Speaker 30:27
It's all relative. You're right, you're absolutely right. I have a question for you before we leave. So on the real estate side, right, so we own a real estate business. What are the some of the things that we don't know that we may need a business attorney for or some type of business advice as far as not only, like you said, setting up the LLC S and P A's and things like that, but as far as the business itself, or maybe for our investors, that we may be able to take away and say, Hey, you need to contact these guys because they'll be able to help you set up trusts or What are some of those things you can help us with?
Mark Miller 31:01
Well, one of the things that I think every, you know, all of your agents should obviously have their own LLC, at least, you know, as I mentioned before, that's just protection for them. And, you know, there's so many tax benefits to, you know, setting it up that way. Beyond that, like, I don't know what kind of employment agreements that you have with each of those realtors and agents, and also your ad in the admin plays that you have, you know, you want something that set up for them so that I know Florida is a right to work state and you can fire them on a dime for whatever decision you make, but you don't want to do that. Because, you know, look, you want to have something equitable setup for you and for them, but also to help define their roles and define what you know what their daily duties and their job is, you know, like, you know, my contract here it says, You know, I have to post so many things on Facebook, I have to set up so many podcasts like this, I have to, you know, produce so many videos over the course of a month or I'm in violation my contract. You know, luckily I'm smart. I do all those things. But yeah, there's plenty more that goes into it. It's also like policies and procedure kind of things, you know, stuff like that. And then for the investors that are coming to work with you, you know, real estate, as you know, in Florida is very interesting and intricate, you know, each one of those properties, depending on the value should have its own LLC setup, or its own business Corporation of some sort. And they should, you know, you can nest those LLCs within each other so that you for liability sake, if they're renting that apartment or that, that, that home, that single family home to somebody, and God forbid, you know, pipe bursts, the ceiling falls on somebody, they get hurt, they don't want to, you know, they have insurance to cover that, but they don't want to have they don't as investor, you don't want that person to be able to come after your entire worth, right what just what the value of that house and the value of that is worth its oil and good point, you know, so stuff like that, you know, protective for them, and also protected for you. Yep. In whatever investment they're making. So yeah, those are Just a couple that I can think of offhand. I'm sure that you know, we can sit down with Blair at some point in the future and talk about, you know, 15 others that I'm not even aware of myself.
Eric Mieles 33:09
Good point list. Yeah, absolutely.
Mark Miller 33:12
Good. Yeah. Awesome. Well, gentlemen, I really appreciate you coming on. Again. It's Eric and Alec, sorry, for economics of age six homes. Thanks for coming on. I'm going to post this this this episode's probably going to go up and you know, in the new year, so you might even be the first or second of the new decade. And we'd like to end every episode of our podcast with if there's nothing else that our listener takes away from it. What's the one thing so in your case, two things, one from each of you that they should have that you know, you think is important to know?
So, Eric, let's start with you. Sure.
Unknown Speaker 33:51
As it relates to the real estate space from a consumer if any of the audience is in the market, lead with education, be diligent About the selection of your vendors, your agent, interview them thoroughly make an educated choice and lead with education at the foundational principle we teach, especially if you're leading into the investment side of things. Don't just go with the the the shiny trend in the marketplace, run your proforma numbers correctly, have a disciplined approach for successfully building your rental portfolio or your investment needs as
Alex Vazquez 34:27
well as normal Eric took all of my thunder.
Unknown Speaker 34:30
I know I'd say the same thing work with a professional. Make sure when whatever purchase it is, it's a smart purchase. Try not to lead with emotion. Look at the numbers and make sure it is it is but that's the difference between working with a professional because they're going to sit down and give you all the facts versus trying to push you a certain direction because they're going to make a big check or any kind of check and so work with a professional know your numbers. China to lead with emotion.
Mark Miller 35:02
Great advice. Thank you gentlemen. Both, I give thanks.
Eric Mieles 35:04
Really appreciate it. Thank you so much. Thank you.
You've been listening to let's get up to business from Jordan law. We hope you've enjoyed the podcast and would consider sharing the show. We would also love an honest five star review through iTunes, Spotify, Stitcher, or whatever pod catcher you use. If you are interested in being a guest on the podcast, please contact producer Mark through email that mark at Jordan law FL. com, use this subject line podcast guests in your email. Thank you. We look forward to speaking to you again soon.
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