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Slicing the Pie

SHOW SUMMARY:

We are back with this week's episode about slicing the pie. Larry and Kandas talked about what it means and shared some of the different ways on how to do it. They also discussed the list of different things you can do and share some of the things they've done recently to be able to do that.

SHOW HIGHLIGHTS:

  • Updates from the hosts
  • Share sponsor winner
  • What slicing the pie means
  • Different ways to slice the pie:
  • - Auctioning off or selling off the good stuff left behind in the house by previous owners that can add to your bottomline of the deal
  • - Selling abandoned vehicles
  • - What to do if you don't want to deal with the stuff left behind in the house
  • - House with double lot or with extra lot
  • - Increasing your income with rental properties
  • - Selling different property rights and get different amount of money for it

QUOTES:

  • "The larger your business gets and the more you scale, the less you would be able to do these."
  • "Other people's garbage is other people's treasure."

RESOURCES AND LINKS FROM THIS SHOW:

SHOW TRANSCRIPT:

Larry: Look, Queen Kandas. Look at that, “hi Larry and Queen Kandas.”

Kandas: We have had some technical difficulties with this show for the last two weeks. It has been ridiculous, but I think we’ve had our act together now. You’d think we’ve never done this before, but I think we’ve got our act together now and we are back on the 2 o’clock on Wednesdays and I swear it just does not work when we try to do this show and we are both not here. That’s where our issue was coming in.

Larry: Well, you were out of the office one week. I was out of the office one week.

Kandas: Right. Right. Right.

Larry: It just didn’t work. Look, Phyllis is in the house. Rick is in the house. Dave is in the house.

Kandas: Hey, Phyllis. Hey, Dave. Hey, Rick.

Larry: What’s happening? How you guys doing? Thanks a lot for watching.

Kandas: Thanks for being on, Manny too. I appreciate that.

Larry: Yeah. Manny is loyal.

Kandas: Every week. Even when we are not here, Manny is here.

Larry: “When are we shooting again?”

Kandas: Next year. I think we are going to hit a few ranges that are close to us.

Larry: Alain what’s up?

Kandas: But we will go back for tactical training again next year. That’s the plan. But we got to get to some ranges here. It is a little difficult to find the range like an outdoor range that’s got a room that we are looking for, that’s got the targets that we are looking for to be able to do what we are trained to do. So, that’s been a little bit difficult but we are gonna get there and we will be shooting again soon.

Larry: There you go. Yeah, it was a lot of fun. It really was. We still talk about it every week. Don’t we?

Kandas: We do. Something comes up every week about it and it has made me just a lot more aware even of being like going to grocery store, going shopping and just different things like that and it is different now. It’s different now.

Larry: It definitely is.

Kandas: Yup. And even with yesterday’s UNCC tragedy that happened, I mean you really never know and I feel so much more secure with knowing how to handle myself after that training that it is a good thing.

Larry: Let me tell you something. She is good with the weapon, I’m telling you. She beat me. She beat me to the draw, drawing from concealed… that just takes all of the…

Kandas: Takes all the badass away.

Larry: That’s too funny. Look Richard is in the house. Tammy what’s up? Hey, Stewart. “Come to shoot at the camp.” Hey, Ben you set up a range at the retreat? That would be awesome. Kenny Culver.

Kandas: What’s up Kenny?

Larry: “All the crazy people lived in South Carolina.”

Kandas: UNCC is in Charlotte, that’s North Carolina.

Larry: Kenny, you used to live here buddy. Right? Right down the street.

Kandas: That’s why he said all the crazy people, he knows.

Larry: Right. Right. Right.

Kandas: “I’m a law enforcement firearms instructor.” Seriously?

Larry: That’s awesome.

Kandas: That’s great.

Larry: That is great.

Kandas: That’s fantastic.

Larry: So, Rick you would know this place. We went to Front Sight in Nevada. We spent 4 days there with the defensive handgun training program. It was really good. When we were done, we had to pass the test from drawing from conceal and we had to like 3, 5, 7, 10 and 15 yards and we also had to go in and clear a room, clear a house actually. We had to go in and clear a house so they taught us how to do that Rick. That’s awesome man. I admire you guys to do that because it really is, I mean it’s scary. There’s a lot of adrenaline. It’s not like it is in real life when you are doing it practicing, right? So, stress level is up, much higher and they really talk about that. But one of the cool things that they really talk about at Front Sight was about not only safety but also knowing when to use deadly force.

Kandas: Present a weapon… when to present.

Larry: When to present, when not to.

Kandas: When what has to happen once you do. How to try to avoid situations like that, not at all cost but until you can get to a safe point and the last resort, how do it with morals and ethics of firearms or using deadly force with firearms and it’s so much more than just drawing a weapon and it was really good though. But I would like to connect with you later about that. That would be good and the same thing. “Who is going to do the range thing?” Yes, same thing, set up a range.

Larry: Hey.

Kandas: You let me know and I’ll tell you what we need.

Larry: Let’s all go to Arkansas to Ben’s retreat, right?

Kandas: Yeah.

Larry: Ben, it’s really easy to set up a range okay buddy. It really is. You just need a berm, some targets. We can get Rick to come over and be our range master.

Kandas: Yeah, do the calls.

Larry: Right. Do all the calls. That’s really good. Rick, I often thought and this is probably a reason they don’t do this, but the guy who is the range master doing the calls, why can’t you just buy recordings of that?

Kandas: That’s what we need ‘cause that’s what I do in the house and his voice is playing in my head and it’s like present to the ready, point in.

Larry: That’s funny. That’s funny.

Kandas: Two controlled shots to the thoracic outlet like it just plays in my head now.

Larry: Look, Ben is on the highway. Ben, you are always on the road. I’ve never been on a call with you when you weren’t on the highway.

Kandas: Stop for a second.

Larry: What’s up with that? And now he is texting and on the highway, right? And you got some precious cargo with you I’m sure, right? So, be careful with that.

Kandas: This is a real estate show and we are gonna get to that in just a second. Now, we have a share winner from last week.

Larry: It’s was from three weeks ago or two weeks ago.

Kandas: From the last show since we have had these difficulties.

Larry: We skipped two weeks.

Kandas: Well, we didn’t skip, we had some issues being able to get together from two separate locations.

Larry: Right. Right. And then one was my internet just went down. I don’t know why, it just went down. I was in the mountains and the internet went down.

Kandas: And there you go. Technical issues. Anyway, so who is our share sponsor?

Larry: Yup. That’s it.

Kandas: Kevin Gerads. “Expert marksman in the army.” Good job, Ben.

Larry: And he get a Real Estate Day Trading Jump Start.

Kandas: Kevin, you get this right there. I need you to send an email to customerservice@larrygoins.com and give me your physical mailing address and I’ll be sure to get that out since you are the share sponsor winner, thank you very much for watching, for sharing. There’s no rhyme or reason to how we choose the share winners. So, you guys make sure that you share, share, share and you got a chance to win as well.

Larry: And that’s a $297 value and the last show that we did we only had I think 8 people shared the video, right?

Kandas: Yeah. I don’t know what’s up with that.

Larry: Three of them were me. So, you had like a 30% chance of winning, right? So, guys, share this video please. Share it and we are gonna pick a winner and we will give you a Real Estate Day Trading Jump Start. It’s what we do.

Kandas: It’s just a button. It’s a button to share it and we get like 800 views or 900 views on each shows over the course of like a week and 8 shares, come on people.

Larry: I don’t know what’s up with that. Come on. So, please share the video. We really appreciate it. We will pick a winner and we also have repeat sharers so we can’t pick the same winner each time. So, your odds go up even more. Am I right?

Kandas: Ultimately, when we may start picking double, you know, you may get double prices.

Larry: There you go. There you go. All right, so next what I want to talk about is I want to talk about slicing the pie.

Kandas: Slicing the pie since you are all expecting that a while back and you have been anticipating this for weeks now, slicing the pie. My favorite pie while he is doing whatever he is doing is apple pie and my grandma actually just made me some fried apple pies.

Larry: I know and I couldn’t have any ‘cause I don’t eat sugar anymore.

Kandas: It’s delicious. Well, they’ve got sugar in them and they are like flattered with butter and they are deep fried, they are phenomenal. Anyway, slicing the pie.

Larry: So, what is slicing the pie? What is that? That’s taking something large and cutting it up.

Kandas: Imagine that.

Larry: Like a pie, take something large and cut it up into smaller slices and you can sell it for more and get more money out of it, right? There’s a lot of different ways to do this and I’m gonna go through a whole list of different things you can do and I’m gonna even share some of the things we’ve done recently to be able to do that. Now, I will tell you this, the larger your business gaps, and the more you scale, the less you will be able to do this.

Kandas: Very true.

Larry: The more you scale your business, but if you are a one-person show and you are doing a lot of it yourself, there’s a lot of this stuff that you can do and it really helped increase your bottomline and put some cash in your pocket. I don’t care if you are doing wholesaling, I don’t care if you are doing fix and flips, I don’t care if you are a landlord. It doesn’t really matter, okay. And the first thing I wanna share with you, one of the ways that we increase our income on the property or at least put some cash in our pocket is… “slicing the pie also has a tactical implications.” It seems like we’ve heard that one when we were there, did we?

Kandas: Yeah, I think so.

Larry: Do you remember that? Was that when you are going through an opening, the door opening I believe.

Kandas: When you have to move around, the thing, like that.

Larry: Like how?

Kandas: Like this. But then you get faster as you go through the opening.

Larry: I think that’s right Rick. I think that’s what it is. Maybe you can confirm that.

Kandas: Rick, we’ve got to stop talking guns. We’ve got to talk real estate right now.

Larry: That’s funny. That’s funny.

Kandas: We can go on forever with the guns.

Larry: I know right. So, slicing the pie. The first thing that I want to talk about is when you are buying from individual sellers, just about half of the houses that we buy, they leave stuff in the house, don’t they?

Kandas: Yeah, they do ‘cause Larry is a scavenger.

Larry: I’m telling you, I can’t leave it.

Kandas: He has an internal obligation to clean out this house or storage building or garage or whatever.

Larry: It’s not clean up the house, it’s to get the good stuff.

Kandas: All right, so the definition of good is then in the eye of the beholder.

Larry: Let me give you a quick example, okay. We bought this house in Grover a month or so ago. And I was over there just dropping off keys. We had a buyer, we had to wait for the seller to move out, we dropped the keys off, put it in the lock box and I go around back, this was on a Saturday morning and I go around back and there’s a storage builder, I’m like…

Kandas: No, we had had pictures of the storage building since we got the deal under contract and it just like never register that there might be stuff in the storage. We’ve been there like three times.

Larry: We have. We have. This was Kandas’ deal.

Kandas: It was my deal. And we never opened it. Never ask the lady what was in it either.

Larry: No, we really didn’t. So, I went over there and I just thought I’ll walk around the house, you know, ‘cause I want to check there was like a handful of keys I want to see what they all fit and there wasn’t even one for the storage building. So, I went back and I opened up the storage building and it’s about a probably 8x10 or something like that storage building, that thing was full of stuff. First of all, it had a generator that looked brand new. I’m like this one is going to the house.

Kandas: Scavenger. See, that’s what I am telling you. Scavenger.

Larry: So, I couldn’t help it. I can’t just leave that stuff, right?

Kandas: You can leave it on the side of the street. If we will be on the way to a house, see somebody that puts stuff at the curb, what will you get? A rope, a chain? It wasn’t even the house we were going to but they were getting rid of it so you can leave it.

Larry: But I put it in the back of Alexis’ didn’t I?

Kandas: Yeah. Got to help moving stuff around. I swear, you can’t take him anywhere.

Larry: That’s funny.

Kandas: Back to Grover. So, there was good stuff in that.

Larry: There was a Honda tiller, Honda commercial pressure washer. There was all kind of hand tools. There was an electric chainsaw that was there. Just so many other things I mean the back of my car was full and I’ve got this huge like 20x24 workshop at my house and it’s already getting full of stuff that I can’t leave. I mean there were trimmers like what do you call them weed eaters, couple of those, all kind of stuff. And right before that there was a house that we bought in Shelby, I’m going up and there’s this old heavy duty rocking chair sitting on the front porch. I’m like…

Kandas: Before that there was a house in Indianapolis that had goodies. Before that, there was a house in Kings Mountain that had goodies.

Larry: That’s true.

Kandas: I mean ultimately you can have those after you are buying the house, you bought the house, you can use it for your own stuff or you could sell it off, right?

Larry: That’s exactly right.

Kandas: That’s what we were getting to with that I think that you can then either auction them or sell off the stuff that’s left in the house from previous owners.

Larry: Right.

Kandas: And that can add to your bottomline of the deal too ‘cause that stuff right there I mean you have gotten some decent money from that.

Larry: Exactly. Yes, Manny, he is. He does collect. My son does collect some rocks, other people’s garbage, other people’s treasure. I don’t know if I go that far. That’s what Kandas says about me? Right?

Kandas: I know you very well.

Larry: “The house in Shelby for 19000, can you put wheels on it?” No. It’s a single family. Look, David Dweck is on here. I can’t believe it.

Kandas: David Dweck, how’s Florida?

Larry: Oh, David about cars, “have any barn find cars?” Well, you know, we are in the process of negotiating a deal right now that has a Corvette sitting in the backyard. And this is one that the tenants sold from us I mean literally we will have to do an episode on that. But we are close to getting it and there is a Corvette sitting in the backyard.

Kandas: Yup. If it’s still sitting in there whatever is left when we close, that transfers to the new owner.

Larry: Which leads me to the next thing about slicing the pie is abandoned vehicles. Now, it’s hard to get a title on an abandoned vehicle, right? “You find all stuff in Lower Alabama.”

Kandas: Where did you get that Lower Alabama?

Larry: I know where that came from.

Kandas: Sounds familiar.

Larry: Say, we are not in LA, we are in South Carolina, right? They have good barbecue up here David. You remember that. So anyway, I bought this lot in Hickory. David I paid $500 for the lot.

Kandas: It’s a common uncommon thing.

Larry: It is. I’ve got 4 of them right now I paid between $500 and $600 per lot. Anyway, I bought this lot for $500. I’m going up to the mountains and I said I think I’m just going to ride by and take a look at. So, I rode by and look at it I mean it’s a nice lot, a nice neighborhood, it has a house on it but the house is gone, it’s got a driveway, it’s cleared, it’s leveled, it’s ready to build on. There’s even a park across the street. So, check this out, I pull up and there’s a car in the driveway. So, I’m looking around like is anybody around here and I go up and I look and you could tell the car is abandoned. There’s no tag. It’s locked up. It’s trash. All that stuff. So, I’m on the phone like within 5 minutes I’m like calling scrap metal places. You know, what can you give me for Chevrolet, whatever it was, I can’t even remember what it was now. But you know I ended up selling this car. They came in, picked it up and took it to the scrap metal place and paid me $200 for the car. They paid me $200 for the car. I couldn’t believe it. And I only paid $500 for the whole lot.

Kandas: And it’s already got water, sewer and power run to it. I mean it is ready to build.

Larry: That’s exactly right.

Kandas: Now, he’s got $300 in that deal.

Larry: We’ve got a house right now that we are buying, it’s over in Sharon. You can’t get that wrong right here, right? ‘Cause they’ll let you know about it. So, we are buying this house and it has this huge aluminum handicap ramp and I just happened to know how expensive those things are ‘cause I bought one on Craigslist for my aunt to come to family functions and I think I paid $900 for it and it was just a straight 10-foot ramp.

Kandas: Yeah. This one bent around.

Larry: This one goes up, turns around, goes up, turns around and goes up. And I asked the lady, I said, that handicap ramp is staying, right? Knowing that we are going to sell it.

Kandas: Yup.

Larry: I could probably get 2500 bucks for that thing. So, anyway, there’s all kinds of stuff, a handicap ramp, we got a deal going right now with that and just anything and everything. Now, if you are doing a deal with this stuff and you need a tax break, here’s what you can do. There’s plenty of places out there that will pick this stuff up, local nonprofits will pick it up, you could put it all together, put it in the truck and take it over to habitat, there’s a Habitat ReStore that just opened up here in Lake Wylie. I just noticed each day when we were at lunch and places like Goodwill. And they’ll give you receipts for it.

Kandas: Kidney Foundation also will come and pick stuff up too.

Larry: Oh, they love cars.

Kandas: Oh, yeah.

Larry: They love cars. So, all these stuff, you can get receipts for it and then you can write it off on your taxes, right? You can take a deduction for that. So, what else? I’ve got my list right up here. So, another thing you can do is we bought a house, this house is also in Grover where it had a double lot and the lot went from one street, you know, the house is on the street and the lot went behind the house all the way back to the next street. You can buy this house then cut the two lots in the middle and then sell the lot in the back separately. It’s two different properties. All you have to do is get a survey and have the attorney prepare the deed. It’s not that big of a deal. So, you buy one house with a lot and then cut it apart and then sell the lot separate. Also sometimes you buy houses and it comes with an extra lot.

Kandas: Yeah, one of those right now in Kings Mountain. It’s got a lot beside it.

Larry: We do. We could sell them both separate. We don’t have to sell the house with the extra lot. We could sell just the house and then sell the lot separate. And lots are great properties to sell with a thousand dollars down and 300 a month. Those are great properties to owner finance.

Kandas: Sometimes though we might even end up selling, you can look at selling it two separate transaction but to the person that you are selling the house too maybe they have a kid or grandkid or whatever that they want to pull like a mobile home or something onto it, beside them so the family stays close together.

Larry: Exactly. And also these little lots as well, you can sell those to investors and they build duplexes on. A lot of lots are zoned where you can build you know up to 4 units. A single family, duplex, triplex or quad.

Kandas: That was perfect for that Grover house.

Larry: Oh, absolutely. ‘Cause it was right behind main street. The house was on main street but the other lot was just one street off of main street. So, that’s another thing you can do right there. Let’s talk about rental properties here for a minute. With rental properties, I don’t know if you would consider this slicing the pie or not but this is a way to increase your income. Let’s say you’ve got a tenant and you’ve got a little small two bedroom one bath house and there is no washer or drier hookup, you can offer to plumb a washer drier hookup maybe on the back porch, maybe off the kitchen or whatever, but you can offer to add a washer or drier hookup for say $40 a month. They would rather pay more in rent to have the convenience of not loading up all their laundry and go into the laundromat and it’s not gonna cost that much and you’re probably gonna get 100% return the first year and everything after that is great. Plus now you’ve got washer, drier hookup. You can install things like ceiling fans and get $10 a month. You can put a ceiling fan in each room if it is a 3-bedroom. That’s $30 a month. You put one in the living room that’s $40 a month right there. And those things aren’t very expensive either. You can pick them up for 50 bucks.

Kandas: It really helps in the rental houses that are only aired with the window units. When you’ve got rentals or you are buying rentals that have the window units, it does not have like a solid HVAC or whatnot and even if there’s already a tenant in there, you can bump the rent for a tenant that it’s already there and put those ceiling fans in.

Larry: Exactly. So, there’s all different kind of things you can do. You can even rent a house furnished. Go to Habitat ReStore and all you have to do is find some things to furnish the house with ‘cause you would be surprise a lot of tenants I mean we buy a lot of properties and we see beds that are sitting on the floor, just a mattress, we bought a house the other day where the pictures came in and it was an air mattress sitting on the floor that they were living in. They were currently living there. And it was an air mattress sitting on the floor. There’s all kinds of things you could do. You can rent a house furnished and go to a place like Habitat ReStore and pick up some furniture like that and just rent it furnished. You might get another $100 or $150 per month by doing that. And the last thing I want to talk about, about slicing the pie is you can sell different property rights and get different amounts of money for it. A good example would be like Texas, you could sell the mineral rights, the oil and mineral rights in Texas and sell that separate from selling the property. Buy the whole property, sell the property without the mineral rights, sell the mineral rights to someone else. They are doing a lot of that now, what do they call that, mining where they mine sideways and go like dig here and then go sideways.

Kandas: I am not sure what they call that. I know what you are talking about.

Larry: I think it’s called fracking. But somebody probably knows.

Kandas: I’m sure probably knows. There’s a lot of smart people out there.

Larry: Exactly. So, guys those are different ways to slice the pie as well. I hope you guys get a lot out of that. If you want to come see us, we only do our 3-day event training events. It’s 3 full days of content as me teaching all 3 days and her sitting in the back and doing nothing for all 3 days.

Kandas: Actually annoying him for three days ‘cause you see how he is on here. This is what I deal with for those 3 days then I have to remind him on certain things most of the time ‘cause he forgets to do certain things. He forgets to let people go to a bathroom break. So, there’s things that he needs me for at this events other than that though I’m in the back and I do nothing.

Larry: There you go. You heard the story from here.

Kandas: We all know that’s a lie.

Larry: And we do all them in Charlotte, North Carolina. We used to travel around and do everywhere all over the country but I don’t do that anymore. We also used to do 8 or 10 of them a year but all of them now are in Charlotte, North Carolina.

Kandas: And there’s only four, which means we’ve only got 3 left for the rest of this year. One is coming up at the end of May and registration has been open for maybe 3 weeks now. So, we’ve already got people registering. That event will fill up quickly. So, if you guys want to find out more information about that, you can go to LarryGoinsLive.com and it will tell you about that. You can order your seat if you need to call and talk to one of the guys to Ron and Dean. There’s a phone number on there if you have some more questions or deeper questions that are not answered on the webpage but I don’t think there should be anything that’s not answered.

Larry: I just recorded a brand new video. I don’t even know if it is up there yet or not. I don’t know if it is or not but…

Kandas: Don’t worry about the video, just register your seat and then you get to see him live for 3 days, not a video. Live for 3 days. The only time that we ever bring anybody in is to talk to you about how to use a self-directed IRA for real estate investing. Hopefully, we will have somebody. The last two events, it’s just been you for 3 days. So, we may have somebody coming in in the May event to talk to you guys about that or we may not. It could just be Larry all 3 days. But that would be the only time anybody else would come in.

Larry: There you go. There you go. And if you guys want to apply to work with us as your partners, you know, we have a partner program. Ben is in the partner program and several other people that are on here in the partner program where we work with you one-on-one, we help get you up and running and it’s not me standing up teaching and training, we do that at the 3-day event. What the partner program is is implementation, application.

Kandas: It’s not for everybody. We will go ahead and tell you that and it is not cheap. But it is for people that are ready to run, for people that are ready to stop doing else investing as a hobby and start doing real estate investing as a way of life, as a form of substantial income to either leave the job that they’ve got, create passive wealth or create generation of wealth. Any of those levels, we can help you get there.

Larry: There you go. That’s exactly right. And last but not the least, share, share, share. The winner next week is going to win a Real Estate Day Trading and Jump Start, home study course, $297 value.

Kandas: If you all hurry up and win all these, we can switch up the price.

Larry: That’s exactly right. We don’t have a whole lot of them left but we got a few left.

Kandas: We got to get rid of these before we can switch out the price, so we need people to share, sharing like crazy.

Larry: Look, “or launch a ministry.” Right Ben? That’s what Ben is doing.

Kandas: That’s right.

Larry: That’s awesome man. That’s awesome. Ben, when you get your website and stuff, be sure to post it here so you can share that you’ve got a website for your retreat, make sure and share that. Guys, Ben is just a great guy, great family man, very sharp investor and knows what he is doing and he is starting a family retreat in Arkansas and if you get a chance, go check it out. So, thanks a lot for watching today guys. We really appreciate it. I hope you got a lot out of that. I really, really do. By the way, we’ve got something we’re gonna be launching. We’re gonna be launching a 6-week case study in the next week or so. So, make sure you check that out as well.

Kandas: Keep an eye on your emails and then I think you’ll get some notifications. We’re gonna do a webinar next week on it too. It’s a case study program that we are launching 6 weeks, something we’ve never done before. We are super excited about being able to do it and bringing you guys these information kind of in a different way, a different platform more or less than what we’ve done in the past. So, look out for that too.

Larry: Awesome.

Kandas: LarryGoinsLive.com for the main event.

Larry: There you go. And Ben closed on Sunday on his property. Ben, you are not supposed to close on Sunday. You are supposed to be closed on Sunday. Thanks guys. I appreciate it.